Upwards and Onwards, page-172

Yes this is NME land. The JV contract is for MCT to spend $5M to earn 51% of the project.

Note it is not progressive, they have to spend the full $5M within the 5 year time period to participate. If for any reason they don't do the spend or the time expires the whole 100% remains with NME. They don't get for example 25% if they only spend $2.5M.

That said they are on their third drill program and success now will make raising further capital easy so I doubt very much the future 51/49 JV will not eventuate.

(the above detail is covered in a couple of the early asx J/V announcements)