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Manrope

The Yandal Project (also known as Flushing Meadows) is currently being progressed by Yandal Resources Ltd (Yandal).

The royalty obligation by Yandal to Maximus is: a) $40 per ounce on the first 50,000 ounces of gold from the tenement area. Yandal must prepay the first $200,000 of royalties (representing the first 5,000 ounces of gold production) upon commencement of gold production from all or any part of the tenement area; and b) $20 per ounce for gold in excess of 50,000 ounces and less than 150,000 ounces in respect of gold from the tenement area. Additionally, there is a 3% net smelter return royalty for any gold by-product or co-product from the tenement area. The royalty is satisfied once there is 150,000 ounces of gold produced from any part of the tenement area and is capped at $4,000,000.

The Company retains entitlement to two contingent $1 million payments (totalling $2 million) plus a gold production royalty in respect of the Bird in Hand Gold Project (BIHGP) with Terramin Australia Limited (Terramin). The first payment is due upon the environmental approval to mine (PEPR) from the South Australian Department for Energy and Mining (DEM), and the second payment is payable on the commencement of bullion production from the site. Maximus also retains a 0.5% gross royalty on gold produced in excess of 50,000 ounces mined. The BIHGP has a resource base of 588,000 tonnes at 13.3g/t for 252,000 ounces of gold. 

Terramin submitted a mining lease application (MLA) in respect of the BIHGP in June 2019. In early 2023, DEM completed an assessment report for the Minister for Energy and Mining (Minister) in which it supported the issue of Mining Lease (ML) for the BIHGP. In February 2023, Terramin was informed by the Minister of his decision to refuse to grant a ML in respect of the BIHGP. 

In March 2023, the Minister issued a letter to Terramin advising of his intention to seek to reserve the land being the subject of the MLA thus preventing future applications for mining tenements in that area (Proclamation). The Government proceeded with the Proclamation of the MLA area in April 2023. Terramin has commenced legal action in the Supreme Court of South Australia against these decisions by the Minister in August 2023. The Supreme Court is scheduled to hear the action in mid-October 2024.

Maximus is entitled to a 2% Net Smelter Return (NSR) for all minerals produced from the Canegrass Project.

Discovered by Maximus, the Canegrass Project is located in the Murchison region, ~620km north-east of Perth, Western Australia and contains a JORC (2012) Global Inferred Mineral Resource Estimate (MRE) of 146Mt at 0.70% V2O5, 31.8% Fe & 6.6% TiO2 (>0.5% V2O5 cut-off). The Project is ~15km from Windimurra Vanadium operations.

Viking Mines Limited (ASX:VKA) 100% owned subsidiary, Viking Critical Minerals (Viking) commenced a Farm-In Arrangement (FIA) in December 2022 with Red Hawk Mining (ASX:RHK), formerly called Flinders Mines (ASX: FMS). The FIA allows Viking to earn up to 99% of the Canegrass Project for $1.25M cash and $4M exploration spend over a 54-month period. As of August 2023, the Viking has successfully completed Stage 1 of the Farm-In Agreement and attained a 25% equity stake.

 During the period, Viking completed a Pit Optimisation Study  on the Canegrass Global MRE with all six pit optimisations delivering pit Mineral Resources ranging from 31Mt to 92Mt, indicating the robust nature of the project (18 March 2024).