The initial US$1,500,000 is a minimum commitment (" Minimum Commitment"); Phases I, II and III are at Newcrest's election to proceed. Should Newcrest elect to continue to Phase I, it shall also pay to Discovery Harbour US$250,000. Newcrest can withdraw from the Agreement any time after meeting the Minimum Commitment. The cumulative expenditure through to the end of Phase II is US$31,500,000. Any excess expenditures from a previous phase will be applied to the subsequent phase. Newcrest may extend the Phase III period by 12 months by paying Discovery Harbour US$500,000. At the end of Stage III, if Newcrest earns a 75% interest it then must acquire Discovery Harbour's 25% interest at a fair value based upon parameters using standard industry valuation methods.