Under the agreement, KWG will earn 80% interest in any chromite within the claims optioned by Bold from Fancamp hosting the Black Horse chromite occurrence. For other discovery, KWG is to split the interest 20%/80% with Bold.

So, after further exploration cost in the amount of $2.2 million and $700,000 option 1 payment, KWG will get 40% interest (not 50%) in any chromite optioned from Fancamp. KWG already spent almost the same amount of FNC market cap in the Blackhorse Koper Lake Property.

I don't know what has been discussed between FNC and BOL. But there is a possibility that the original agreement might fall through. Bold can issue shares, but the payment should come from KWG where Loeb fund still has 40 million shares to unload.