• Inflection has entered into a multi-year Earn-in Agreement with AngloGold across a group of Inflection’s copper-gold projects in New South Wales.
  • AngloGold can earn up to a 75% interest individually in up to five copper-gold projects for cumulative earn-in exploration expenditures of AUD$145,000,000 and completion of Pre-Feasibility Studies.
  • AngloGold has committed to fund initial AUD$6,000,000 in exploration expenditures across the NSW portfolio or pay difference to Inflection.
  • Inflection is operating the project for a 10% management fee.

Phase I: AngloGold to fund AUD$10MM across the portfolio of projects within 3 years. Phase I is testing a wide range of Cu-Au exploration targets with first-pass and follow-up drilling;

Phase II: AngloGold may select up to 5 Designated Projects which it may individually earn-in to an initial 51% interest in by investing AUD$7MM over 3 years in each;

Phase III: AngloGold may earn up to a 65% interest in each Designated Project by investing an additional AUD$20MM over 2 years in each;

Phase IV: AngloGold may earn an additional 10% interest in each Designated Project by:

  • Completing a pre-feasibility study solely funded by AngloGold within an additional 3-year period which is required to include a minimum 2-million-ounce gold or gold-copper equivalent M+I resource; and,
  • Granting to Inflection, subject to existing underlying royalties, a 2% or 1% net smelter return.