• PR12423 covers an area of 5.04km2 and is located approximately 30km NE of Kolwezi
  • Project area contains Roan sequence that has been thrust faulted over younger Kundulungu sediments
  • Historical trenching and surface sampling has returned anomalous cobalt mineralisation
  • Taruga exploration programme to sample all Roan outcrops and conduct wide-spaced soli sampling programmes to target the prospective geological sequence

PR12423 Project: High Grade Cobalt Mineralisation

TAR to acquire 95% interest in PR12423 on the following terms:

  • US$100,000 payment on completion of a 60 day due diligence period (65% project interest)
  • Successful conversion of Permis de Recherche (PR) no. 12423 to a PEPM during the due diligence period
  • TAR to fund exploration to completion of a DFS within 3 years
  • TAR has the option to extend for a further 2 years by making a payment of US$500,000
  • TAR to make annual payments of US$50,000 for two years starting 1 year after commencement date
  • US$2,250,000 on completion of DFS (95% project interest)
  • TAR has a first right on the remaining 5% project interest
  • TAR will make a final payment of US$5,000,000 should TAR discover resources in the Measured and Indicated categories exceeding 250,000 tonnes of contained metal OR 1,000,000 tonnes of contained copper on the Permit after acquiring the 90% Project Interest and at the conclusion of its feasibility studies
  • TAR can withdraw at any stage

The Company has received warranties that are generally expected in transactions of this nature. None of the parties are related parties of Taruga.