Mallee Resources Limited (ASX:MYL) entered into a binding agreement to acquire Exploration Licence EL5/2020 in Western Tasmania from D&B Mining Pty Ltd, Moina Gold Pty Ltd, and Geoffrey Summers for AUD 5.5 million on May 16, 2022. Mallee Resources will pay AUD 5.5 million, thorough issuance of 13,095,238 fully paid ordinary shares to vendors. These shares may be subject to ASX escrow restrictions for a period of up to 24 months from the date of re-quotation of Mallee Resources' shares on ASX. Mallee Resources will seek shareholder approval for the issuance of the shares at forthcoming General Meeting. The transaction is the parties obtaining all third party approvals and consents, including the consent of the Minister responsible for the Mineral Resources Development Act 1995 (Tas) (Mining Act) (if required), necessary to lawfully complete the matters set out in the Agreement. Mallee Resources completing and being satisfied, in its sole discretion, with the outcome of due diligence investigations on the assets. The completion of the transaction will occur on a date to be agreed between the parties, which must be no later than 60 days following after the satisfaction or waiver of the last of the conditions precedent. The Company advises that the closing date for satisfaction of conditions precedent to the Agreement has been extended to 30 September 2022.

Mallee Resources Limited (ASX:MYL) completed the acquisition of Exploration Licence EL5/2020 in Western Tasmania from D&B Mining Pty Ltd, Moina Gold Pty Ltd, and Geoffrey Summers on September 30, 2022.