Sch 3Exploration licence

Schedule 3—Exploration licence

Regulation 28(1)

I, [insert name], *the Minister/*acting as delegate of the Minister, grant to [insert full name of holder] of [insert address of holder] this exploration licence. The licence is granted under section 25 of the Act, over the area described in the attached document plan.

The licence is effective *to/*for [insert expiry date or term of years from date of registration].

This licence is subject to the Schedule of Conditions attached and the following conditions:

1. The licensee must expend in connection with exploration of the land a minimum of the following (remove where necessary, depending on term of years from date of registration)—

$ in the first year of the term of the licence;

$ in the second year of the term of the licence;

$ in the third year of the term of the licence;

$ in the fourth year of the term of the licence;

$ in the fifth year of the term of the licence—

unless this requirement is varied, or application of this requirement is suspended for a specified period, in accordance with the Act. The required expenditure may be varied on the second and fourth anniversaries (as applicable) of the licence grant if the area of the licence is decreased in accordance with section 38A of the Act.

2. The reporting date is [insert reporting date] annually.