Cygnus is manager of the Projects and the key terms of the Agreements are outlined below (refer GOR’s ASX Announcement 10 October 2017, and CY5 ASX Announcement 22 March 2018).

Location and outline of Cygnus - Gold Road exploration projects

Wadderin Earn-In Agreement

  • Gold Road can earn a 51% interest in the Wadderin Project by spending A$1.6 million within 30 months
  • After the initial earn-in, Gold Road can elect to earn a further 24% interest (75% in total) by spending a further A$900,000 (A$2.5 million in aggregate) over a further 18 months (4 years in aggregate)
  • Gold Road can withdraw from the earn-in after spending a minimum of A$900,000 within 18 months.

Lake Grace Earn-In Agreement

  • Gold Road can earn a 51% interest in the Lake Grace Project by spending A$700,000 within 30 months
  • After the initial earn-in, Gold Road can elect to earn a further 24% interest (75% in total) by spending a further A$500,000 (A$1.2 million in aggregate) over a further 18 months (4 years in aggregate)
  • Gold Road can withdraw from the earn-in after spending a minimum of A$400,000 within 18 months.

Yandina Joint Venture Key Terms
The Yandina Joint Venture comprises four tenement applications covering an area of approximately 1,727km<sup>2</sup> over the highly prospective Yandina Shear which is known to host gold mineralisation elsewhere in the Southwest Terrane.

The initial interests in the joint venture are

  • Gold Road 75%
  • Cygnus Gold 25%

Should a party's equity in the joint venture fall to 10% or less, its share will be automatically acquired by the other party in exchange for a 1% NSR

Cygnus will initially manage the Yandina joint venture.