Note 10 – JOINT VENTURE 

Next Graphite, Inc. (the “Company”) entered into a Joint Venture Agreement (“JVA”) with Micron Investments Pty. Ltd. (“Micron”) on June 8, 2015, which was subsequently amended on July 10 and July 17, 2015, as set forth under Item 5 below. Pursuant to the JVA, as amended, the Company and Micron are to enter into a Farm-Out Agreement which the Company expects to be completed by December 15, 2015. The JVA and Farm-Out Agreement will require Micron to pay $1.1 million to build and operate a graphite processing plant and in exchange, Micron will receive, upon achievement of milestones, up to a 63% interest in the mining and mineral rights held by the Company at its Aukam site. The Company will retain a minimum of 37% after having purchased the 10% interest held by its local partner as set forth in Item 5 below.

Upon the Joint Venture agreement with “Micron Investments PTY, Ltd (Micron)” which signed on June 8, 2015, the Micron pays to the Company a minimum of $180,000 over the length of the Farm-Out period  , and the Company has received for the amount of $59,991 in 3^rd quarter, 2015. The Farm-out period is until (i) investing the Farm-out amount of $1.1 million in cash or (ii) the completion of the Plant and Infrastructure set up and (iii) government authorization to begin commercial operations.

In July, 2015 Micron was acquired by Caribou King Resources, Ltd.