What's going on Bill?

It's just about six months since BR exercised his pre empt rights over Red Bore. I was led to believe he had to make quarterly reports on exploration to THX. Very quiet, wonder what he has done todate?.

The report on the pre empt is as follows.

On 19 June 2017 Thundelarra announced a Farm-In Agreement with Sandfire Resources NL (SFR) to explore at the Red Bore Project, subject to Thundelarra’s JV partner, Mr W Richmond (“Richmond”), not exercising his pre-emptive right.

Thundelarra has received an executed acceptance of the Pre-Emptive Offer Notice, together with payment of $1,650,000 (GST included). This constitutes exercise of Richmond’s pre-emptive right.

The effect of Richmond exercising his pre-emptive right is:

• ➢  Thundelarra has received $1,650,000 in cash (GST included)
  
  
• ➢  Richmond sole funds at least $1,500,000 on exploration over the next 18 months
  
  
• ➢  Richmond can earn a further 75% interest by defining a JORC 2012 Resource of at least 30,000t of contained copper / copper equivalent
  
  
• ➢  Richmond to sole fund all exploration through to definition of the resource described above and, while sole funding, to keep the tenement in good standing
  
  
• ➢  Thundelarra to be completely free-carried until production starts*
  
  Until that all happens THX still has 90%... and SFR waiting in the wings.