Millrock and Centerra may nominate projects developed under the Alliance that would become subject to an option to joint venture agreement between the companies. Multiple projects may result from Alliance work with a designated exploration budget for each project that will initially be funded by Centerra. Upon making exploration expenditures of USD 2.0 million on a designated project, Centerra will vest with an 80% joint venture interest and Millrock will retain a 20% interest.

In the event that a party is diluted to a 10% equity interest, such interest will automatically convert to a 1.0% net smelter return royalty.