Common Contracts
1 similar Venture Agreement contracts
ContractVenture Agreement • November 12th, 2019
$6 MILLION PATERSON FARM-IN AND JOINT VENTURE AGREEMENT WITH FORTESCUE KEY POINTS• Fortescue Metals Group Ltd (“Fortescue”) to explore Carawine’s eastern Paterson Project tenements in Western Australia targeting copper, gold and base metals• Fortescue to pay $125,000 cash up front and spend $0.5 million on exploration in the first eighteen months• Fortescue has the right to earn up to a 75% interest by spending $6 million total in two stages:o Stage 1: 51% interest after $1.5 million exploration spend within three yearso Stage 2: 24% interest after additional $4.5 million exploration spend within four years• Agreement provides Fortescue with a significant and highly prospective tenement holding within the Paterson Province• Agreement ensures Carawine is well positioned to share in the benefits of any discovery• Complements Carawine’s recent farm-in and joint venture agreement with Rio Tinto Exploration Pty Ltd (announced to the ASX on 28 October 2019), with the potential for up to $11.
