what is npv., page-7

VIC,
Pretty straightforward, actually:

> GF must spend $5 million in the first 12 months, which end soon.

> IF (and only if) they satisfy this Minimum Spend requirement, they can undertake the 150,000 metre drilling requirement in the subsequent 2 years. But it's ALL OR NOTHING re the drilling requirement. Theoretically, they could drill 149,000 metres in the 2 years, and walk away with NOTHING. So there are no partial or proportional rights earned for drilling anything less than 150,000 metres.

> If GF doesn't satisfy the Minimum Spend in the first year, any other rights under the JV (and the JV itself) would terminate.