they are in the 3rd year and need to spend a total of 1.25million of which

"Significant progress on the year three option earn-in requirements has been made with UC very close to having earned a 40% interest."

This will give them another 15% or 40% overall.

By March 2011 they spend another 1.25million for another 15% or 55% overall.

So they really only need whatever remains of this year's expenditure and another 1.25 million by next March.