Pearl Gull Pty Ltd signed a formal agreement to acquire Cockatoo Island Project from Pelican Resources Limited (ASX:PEL) for AUD 3.75 million on September 13, 2017. The acquisition price will be payable as an initial cash payment of AUD 0.15 non-refundable deposit payable on execution of the agreement, a second cash payment of AUD 1.35 million on completion of the sale and/or transfer of the mining lease and use rights, a third cash payment of AUD 0.75 million on or before March 31, 2018 and the issuance of AUD 1.5 million worth of fully paid ordinary shares in Cockatoo Iron, parent of Pearl Gull Pty Ltd, at a deemed issue price of either AUD 0.30 per share. The transaction is subject to approvals from regulatory, ministerial and governmental authorities, approvals from necessary third party and approval from shareholders of Pelican Resources. The conditions must be satisfied or waived on or before 90 days after the date of the agreement or any later date as the parties may agree. Pelican Resources will hold its annual general meeting in November 2017 for shareholder approval. On October 16, 2017, Pelican Resources' Board recommends shareholders to vote in favor of the deal. As on November 17, 2017, the shareholders of Pelican Resources Limited approved the transaction.

Pearl Gull Pty Ltd completed the acquisition of Cockatoo Island Project from Pelican Resources Limited (ASX:PEL) on January 16, 2018. In accordance with the terms of the agreement, Pelican has received the second cash payment of AUD 1.35 million.