Ookami Limited advises that it has finalised its review of the prospectivity of the Boulbi Project, including completion of a field mapping and soil sampling exercise (as detailed in its ASX announcements dated 3 November 2022 and 30 January 2023). As a result of this review, subject to shareholder approval, the Company intends to divest its interest in the Boulbi Project. The Company further advises that a dispute has arisen in respect to Ookami's obligation to sole fund the Boulbi Project pursuant to the terms of the applicable earn-in and shareholders agreement (Earn-In and Shareholders Agreement) with the other shareholders in the joint venture entity.

The Company considers the basis of the claims, which are the subject of the dispute, to be without merit and the formal dispute resolution procedure under the Earn-In and Shareholders Agreement has been invoked. Ookami will provide shareholders with updates in respect to this matter as and when required.