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.