In October 2013, Ventnor entered into an agreement to sell up to 80% of Thaduna/Green Dragon to Sandfire Resources. By that stage, Ventnor had defined a JORC compliant resource of 7.9 million tonnes grading 1.8% Cu and 3.7g/t Ag for 142,000 tonnes of contained copper and 945,000 ounces of contained silver at the Project. Sandfire acquired an immediate 35% interest in the Project by paying $3 million to Ventnor and was granted an option to increase its holding to 80% in two stages by providing an additional $6 million to fund further exploration and studies.
The original joint venture agreement was superseded in August 2016 when Ventnor agreed to sell the remaining 65% of Thaduna/Green Dragon to Sandfire. Under the revised terms, the consideration for the remaining stake comprised:
a transfer of Sandfire shares to a value of $2,000,000 to Ventnor;
further payment of $1,000,000 if Sandfire proceeds with a decision to mine the Project;
a 2.0% Net Smelter Royalty (NSR) payable up to 90,000 tonnes of copper production; and
an ongoing NSR of 1.0% on copper production above 90,000 tonnes.