Talon metals (TLOFF)

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Talon-Rio Tinto Deal Structure
The Tamarack Project is comprised of the Tamarack North Project and the Tamarack South Project with approximately 31,000 acres of Private Land and State Leases
Talon has formally earned a 51% majority interest in the Tamarack Nickel Project by:
Paying US$6 million in cash and US$1.5 million in shares to Rio Tinto (completed in March 2019);
Spending US$10 million on exploration & development and issuing an additional US$5 million in Talon shares to Rio Tinto (completed in September 2021)
To earn an additional 9% interest for a total of 60% (by March 2026), Talon must complete a feasibility study and pay US$10 million to Rio Tinto
Under the Option Agreement, Talon is appointed as the operator of the Tamarack Project, with total control over future exploration strategy
After Talon owns 60%, Rio Tinto must fund their 40% interest, or dilute; Rio Tinto has no back-in rights; Talon controls 100% of the off-take (to whom the product is sold)

https://talonmetals.com/show-me-your-deal-structure-with-rio-tinto/