Good find indeed Mason!
Here is the answer to the question we had about future payments to Barrick p. 200
Highlands Pacific invested in excess of US$60M into exploration and development at Kainantu before it was purchased by Barrick in December 2007 for US$141M.
Barrick subsequently spent US$34.5M on exploration and development at Kainantu (regional exploration, definition drilling of the Kora deposit and mine development at the Irumafimpa deposit) before the project was acquired by KNT.
KNT purchased the project for US$62M (a US$2M deposit and a maximum of US$60M in payments triggered by exploration success (indicated resources = 1M oz triggers a US$20M payment) within 10 years and/or 1M oz mined. Of note, K92 Mining Inc. (V-KNT) when K92 acquired Kainantu, it acquired significant tax losses. We assume no taxes paid until 2021.
Gold Stream, NSR & Off-Take - Kainantu is subject to a gold stream (arranged in Feb 2016 for US$4.8M in payments made). The stream (payable to global private equity fund CRH) is for a minimum of 18K oz and a maximum of 20K oz produced from Irumafimpa over a 36 month period.
Also, CRH has been granted a 0.25% NSR royalty on Kora (with a buy-back provision) and a 0.5% NSR on Irumafimpa. We understand that this has been re-negotiated as a gold stream from Kainantu (regardless of ore source). A recently negotiated offtake agreement (November, 2017) includes a provision for funding of US$15M in non-dilutive financing, to secure the long term offtake for production from the Kora deposit.
