Top End Energy Limited (Top End or the Company) (ASX:TEE) is pleased to provide an update on the acquisition of the granted Northern Territory (NT) acreage from wholly owned subsidiaries of Hancock Prospecting Limited (Hancock), first announced on 27 February 2024.

HIGHLIGHTS

• Consent has been received from the Northern Land Council (NLC) for the previously announced acquisition of granted NT acreage from Hancock

• NLC consent satisfies a critical condition for completion, with approval from the NT regulator being the final outstanding requirement

• Transaction remains on schedule for completion in June 2024

UPDATE ON TRANSACTION AND PROGRESS TO COMPLETION

On 27 February 2024, the Company announced the execution of a binding term sheet (the Term Sheet) to acquire NT Exploration Permits (EP) 144, 153 and 154 (the Permits) from Minerals Australia Pty Ltd and Jacaranda Minerals Limited, wholly owned subsidiaries of Hancock (together, the Vendors)(the Transaction). On 14 May 2024, the Company announced that it had entered into a full form Sales and Purchase Agreement (SPA) with the Vendors.

The Company and the Vendors have since received the consent of the NLC to the transfer of the titles pursuant to the terms of the existing Co-existence and Exploration Deeds with the Traditional Owners of the Permits. This consent represents satisfaction of a critical condition required for the Transaction.

Completion of the Transaction is now only pending approval from the NT regulator. The parties are engaging with the NT Government and expect to receive this approval in the coming weeks.

Source: Top End Energy

To read the full ASX Announcement, click here.