Unfortunately Hochschild has the Las Dos Marias project tied up until Aug 2023. I personally was extremely disappointed in the LOI because most earn-in agreements will call for a minimum investment for Year 1, Year 2, etc. (and/or some cash for the owning company). We negotiated for none of that. The ppty is tied up for 5 years with $0 minimum investment required during that time up until the end date, then the $7M.
"August 22, 2018. AURYN Mining Corporation (OTC: CDCHD) is pleased to announce the signing of a binding Letter of Intent (“LOI”) with Hochschild Mining PLC, for the Las Dos Marias project (“LDM”). Please note, the currently named LDM project is a consolidation of over 3,000 hectares and is significantly larger than what has historically been known by our shareholders as the LDM (see the graphic included below.)
This LOI gives Hochschild the option to invest US$7,000,000.00 into the LDM project over a 5-year period to earn a 51% joint venture interest in the LDM properties. An option to invest an additional US$23,000,000.00 is available to Hochschild to gain an additional 9% interest. If all US$30,000,000.00 is invested, Hochschild will own 60% of the LDM project with AURYN holding the remaining 40% as a joint venture partner. The LOI is subject to further due diligence and the signing of a definitive agreement."