Gulf Manganese Corporation Limited (ASX:GMC) entered into an agreement to acquire 20% stake in Iron Fortune Pty Ltd for AUD 0.4 million on August 2, 2019. Under the agreement, Gulf Manganese Corporation Limited shall pay AUD 0.1 million as up front payment, AUD 0.2 million in cash and issuance of shares equals to AUD 0.1 million within 90 days. Gulf Manganese Corporation Limited committed to spend further AUD 0.3 million by August 31, 2020 to earn stake subject to adjustment as per the terms agreed between the parties. Hamish Bohannan will also be appointed to the Board of Iron Fortune in the position of non-executive Director. Transaction is subject to satisfactory due diligence, Gulf Board approval, regulatory body approval and confirmation that business is in good condition and fully compliant with respect to Timor Leste law and regulations. As of September 30, 2020, paid AUD 0.2 million and due diligence is completed.