Conroy Gold and Natural Resources PLC entered into a binding agreement with Demir Export A.S ("Demir Export"), the Company's joint venture partner, that will result in Demir Export exiting the Joint Venture ("JV") Framework Agreement with a Net Smelter Royalty ("NSR"). Demir Export have expended a total of ?5,657,671 across the licences covered by the joint venture agreement since the JV became unconditional on 31 March 2022. The NSR is at a net smelter return rate of 2% and is capped at the total investment by Demir Export in the project.

Under the terms of the NSR agreement, with effect from commercial production, a net smelter return, at a rate of 2%, will be paid to Demir Export calculated on the sales of minerals. The maximum aggregate amount payable to the Royaltyholder (being Demir Export) shall be capped at the amount of the total investment by Demir Export.