Step 8. Licence granted - Prospecting Licence

Rent is required to be paid within 1 month of the anniversary of the commencement of term (date of grant).
  • A form 5 Report on Operations - Expenditure on mining tenement is required to be lodged within 60 days of the anniversary of the commencement of term (grant date).

If minimum expenditure has not been met an application for exemption from expenditure commitment can be lodged within 60 days from the end of the period to which it relates. Refer to:

  • An extension of term (Form 9) can be lodged during the final year of the initial 4 year term on any prospecting licence that was applied for after 10 Feb 2006 for 1 period of 4 years. If the prospecting licence has retention status it can be extended for further 4 year periods - refer to Extension of Term for Prospecting Licences.
  • A retention status can be applied for at any time during the term of a prospecting licence.
  • The limit of the amount of material, etc. that can be removed or extracted is 500 tonnes. If more is required then an application for excess tonnage can be made.

In some cases bonds may be applied to prospecting licences.