Grange Resources Limited announced that it has entered into a binding agreement with its joint venture partner, SRT Australia Pty Ltd., to re-acquire SRT's 30% interest in the Southdown Magnetite Project. Upon completion of the transaction, Grange will hold 100% ownership in the Southdown Project. Grange believes that Southdown remains a world-class project, with the ability to contribute to a less CO2 intensive steel manufacturing industry.

Grange's current intention is to develop the Project and target the earliest delivery of the product to market. 100% ownership of 1.2 billion tonnes of high-quality mineral resources, including ore reserves of 388 million tonnes is in keeping with its plan to grow and diversify its operations into a multi-asset business. Sale and Purchase Agreement (SPA): Transaction: the acquisition by Grange of SRT's 30% interest in the Southdown Project; Conditions precedent: include FIRB approval, Ministerial consent, and no breach of Seller warranty; Cut-off date for satisfaction of conditions precedent: 180 days of the date of the agreement (Cut-off Date).

SRT can extend Cut-off Date for FIRB approval condition by a further 180 days; Grange provides SRT with a cash amount, right to future off-take and cancellation of future royalty obligations; Termination: subject to SRT's right to extend the Cut-off Date for FIRB approval condition by a further 180 days, either party may terminate the SPA if a condition precedent has not been satisfied or waived by the Cut-off Date. Either party can also terminate the SPA if the other party suffers an insolvency event prior to completion; Warranties and liability limitations: the SPA contains warranties and liability limitations customary for transactions of this nature.