Admiralty Resources NL reported that it has reached an indicative joint venture structure with Hainan pursuant to the Term Sheet and is now progressing to settling a final Joint Venture Agreement between the Company and Hainan. summary of the terms of the proposed Joint Venture Agreement is as follows: A Joint Venture Company (JVco) to be incorporated for the purpose of operating Mariposa to be owned by ADY and Hainan in equal proportions. Capital contributions by Hainan and ADY into JVco to be made in equal proportions. The first stage of the Mariposa project to be a 500,000 t/pa capacity production plant, with the ability to be expanded into a 2,000,000 t/pa capacity production plant with further capital investment. ADY to receive a preferential payment of: the first 10% of after-tax profits of JVco capped at A$500,000 per year over 10 years at 500,000 t/pa production; and the first 20% of after-tax profits of JVco capped at A$1,000,000 per year over 5 years at 2,000,000 t/pa production until such time that the total of the preferential payments made to ADY is equivalent to AUD 5,000,000. Hainan to be paid a management fee of 20% of the after-tax profits of JVco after payment of ADY's preferential payment. Any after-tax profit earned by JVco after payment of the ADY preferential payment and the Hainan management fee to be shared by Hainan and ADY in equal proportions. Hainan must act in good faith on a best endeavours basis to commence construction operations at Mariposa by 31 March 2022. The Joint Venture Agreement will otherwise be on standard commercial terms for a joint venture agreement of this nature in the relevant jurisdictions.