(1)  The holder of an exploration licence, a special exploration right or a retention licence has the exclusive right to mark out and apply for a lease that is to relate to both–

(a) the area or part of the area of land comprised in the licence; and

(b) the minerals, or category of minerals, specified in the licence.

(2)  The holder of an exploration licence, a special exploration right or retention licence may forgo the exclusive right referred to in subsection (1) by notice in writing to any other person consenting to that person, either alone or in conjunction with the holder, marking out and applying for a lease.

(3)  A person who receives a notice under subsection (2) is to provide the Registrar with a copy of that notice within 14 days of the date of the notice.

(4)  If, in respect of an area of land comprised in an exploration licence, a special exploration licence or a retention licence, a person forgoes an exclusive right to mark out and apply for a lease and a lease is granted, that area of land ceases to be subject to the licence.