The Company holds a 62.0% interest in Ivanhoe Australia Limited (“Ivanhoe Australia”), which is developing its copper-gold discoveries in the Cloncurry region of Queensland, Australia, and also is planning the development of its wholly-owned Merlin Project, a high-grade molybdenum and rhenium deposit. This transaction terminates the current option to enter into a farm and joint venture agreement in respect of the Merlin Project Tenements (Option), which was granted to INPL by ACPL under the Subscription Agreement announced on 29 November 2018. The Company wishes to commence development of the Merlin Project. INPL has the right to sole fund $5,000,000 of joint venture expenditure to take its interest in the Merlin Project Tenements and the Merlin JVA to 80%, whereupon ACPL will be free carried until completion of a feasibility study. NWN holds a portfolio of nickel exploration projects, including the Ruins Project, located adjacent to the recent nickel sulphide discoveries reported by Buxton Resources (“Buxton”, ASX: BUX) at its Merlin Project.The Ruins Project is located immediately south-east of Buxton’s Merlin Project and is considered highly prospective for nickel sulphides as well as other associated metals (Cu, Co and PGEs), having similar geology and proximity to the Merlin discovery. ![]() ![]() This Agreement is governed by the laws in force in the Northern Territory of Australia and, the Company shall comply with all applicable laws of the Commonwealth and, subject to this Agreement, all laws of the Territory applicable to the Merlin Project.
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