Inflection Resources Signs Non-Binding Heads of Agreement with Anglogold Ashanti That Outlines the Principal Terms Under Which Anglogold May Enter into A Multi-Year Earn-In Agreement Across A Number of InflectionS Copper-Gold Projects in New South Wales, Australia
Phases II and III are staged earn-in's whereby AngloGold may select up to five Designated Projects in which to earn up to a 65% interest in each by funding exploration expenditures of AUD million over three years in Phase II and a further AUD 0 million over two years in Phase III on each Designated Project, for cumulative maximum expenditures of AUD 35 million. AngloGoldretains the further right to earn an additional 10% interest in each Designated Project in Phase IV by completing a Pre-Feasibility Study solely funded by AngloGold within an additional three-year period; and granting Inflection, subject to existing underlying royalties, a 2% or 1% net smelter royalty.