Common use of Exploration Programs and Budgets Clause in Contracts

Exploration Programs and Budgets. The Company and Group Companies' exploration operations shall be conducted, expenses shall be incurred, and assets shall be acquired only pursuant to an approved exploration program and budget. The Parties undertake to set the term of each exploration program and budget so that the program runs over the same period as the Company's financial year after completion of the First Expenditure Period or the Second Expenditure Period (as the case may be).