Phase II Duck Creek Exploration Program: AngloGold Ashanti elected to designate the Company's Duck Creek Exploration License as a Phase II Project as part of the Exploration Agreement announced on June 14, 2023. As part of Phase II at Duck Creek, AngloGold Ashanti retains the right to earn an initial 51% interest in the project by investing AUD7,000,000 in exploration expenditures. Upon completion of Phase II, AngloGold Ashanti retains the additional right, as part of a Phase III program, to earn up to a 65% interest by investing a further AUD20,000,000 in expenditures.
Upon completion of Phase III, AngloGold Ashanti retains the right to earn up to a 75% interest by completing a pre-feasibility study with a minimum two-million-ounce gold or copper-gold equivalent resource (Measured & Indicated category) and ceding a 2% or 1% net smelter return royalty to Inflection. Inflection is operating Phases I and II and is receiving a 10% management fee for doing so.