BHP has completed Stage 1 of the exploration farm-in agreement with RTR, dated 31 October 2018.
BHP has exercised its option to form the exploration joint venture with RTR, the JV has now commenced.
BHP has exercised its option to form the exploration joint venture with RTR, the JV has now commenced.
BHP’s JV interest commences at 65% with the option to earn a further 10%.
The farm-in agreement comprises two stages:
- Stage 1: BHP has exercised its option to sole fund a minimum of AUD$4.5 million on exploration expenditures over the first 3 years of the farm-in agreement to earn a 65% interest in the tenement by payment of the remaining first earn-in amount to RTR, a Joint Venture is now formed, BHP’s interest commences at 65% with RTR’s interest at 35%.
- Stage 2: BHP has the option to fund a further AUD$2.5 million on exploration expenditures, to earn a further 10% interest in the tenement, bringing BHP’s interest to 75%, with RTR interest at 25%.
Red Tiger Resources Limited’s Directors look forward to providing you further updates on the progress of the Joint Venture with BHP – towards our vision of exploring mineral resources to create value and reward our stakeholders.