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## NOTES TO THE FINANCIAL STATEMENTS CONTINUED FOR THE FINANCIAL YEAR ENDED 30 JUNE 2011 

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The Group has an office lease for Office 6 & 7, 34-38 Lochiel Avenue, Mount Martha with a primary three year term that expires on 31 January 2013. Rent is payable monthly in advance. Annually from the commencement date, the rent is adjusted by reference to the consumer price index. There is an option to extend for one further term of three years, except that a market review of rent will be triggered on renewal. 

The Group has an office lease for Level 25, 367 Collins Street, Melbourne with a primary six year term that expires on 30 November 2016 and a 4% p.a. rental increase. Rent is payable monthly in advance. There is no option for renewal at the end of the term. 

The Group also has an office lease at Level 10, 406 Collins Street, Melbourne with a five year term that expires on 31 May 2012 and a 4% p.a. rental increase. Rent is payable monthly in advance. 

The Group has two office leases in Brazil. One at Rua Visconde de Pirajá, 303 – 9º Andar – Salas 904/912, Ipanema, Rio de Janeiro with a primary four year term that expires on 30 April 2015. Rent is payable monthly in advance. There is an option to extend for a further term, which is negotiable at the end of the lease. The second office lease is at Av Afonso Delambert Neto, 619 sala 5 Lagoa da Conceição, Florianópolis with a primary four year term that expires on 30 April 2015. Rent is payable monthly in advance. The lease can be renewed for no more than 12 months. A market review of rent is triggered at the end of the lease term. 

The Group has an office lease at Antequera 777, 101, Sam Isidro, Peru with a primary term that expires on 31 July 2013. Rent is payable monthly in advance. There is an option to extend for a further term of twelve months, on essentially the same terms and conditions, except that a market review of rent will be triggered on renewal. 

## (c) Exploration Expenditure Commitments 

Some subsidiaries within the Group have commitments for exploration expenditure arising from obligations to government, to perform minimum exploration and evaluation work and expend minimum amounts of money pursuant to the award of exploration permits WA-314-P, WA-315-P, WA-398-P, Block 1037, Block 1101, Block 1102, Block 1165, Block 1166, Block Z-38, Block 144 and AC/P8 (30 June 2010: WA-314-P, WA-315-P, WA-398-P, Block 1037, Block 1101, Block 1102, Block 1165, Block 1166, Block Z-38, Block 144 and AC/P8) not provided for in the financial statements and payable. Included in exploration expenditure commitments are $90,965,044 (30 June 2010: $175,918,961) of commitments that relate to the non-guaranteed work commitments: 

