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Diamond drilling program commenced at Arthur River prospect in Tasmania
Program designed to investigate continuity, gain understanding of drilling conditions and provide additional samples for metallurgical test work and potential offtake partner.
GWR Group Limited is assessing metallurgical tests with potential off takers, low-cost downstream processing, and green processing opportunities with potential industrial hubs with nearby renewable energy sources.
GWR Group Ltd has entered into a further variation to the previously announced Binding Term Sheet to grant mining rights for the C4 Iron deposit and the transfer of its residual rights in relation to the JWD Iron deposit.
As part of the agreed variation, GWR has agreed to substitute the obligations for GV to pay the sum of $5,000,000 on 19 March 2023 (together with interest) and to pay $15,000,000 upon the earlier of 19 January 2024 or the date immediately after GV has shipped or otherwise sold an aggregate of 1,000,000 tonnes of iron ore from the C4 deposit.
The effect of the variation means that GWR will receive a minimum of approximately $52,000,000 from GV over the next 10 years compared to the minimum of approximately $20,000,000 GWR is entitled to receive from GV under the existing arrangement.