Government Approval for NT Acquisition Received 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

• Approval for the acquisition of the granted NT acreage in the Sale and Purchase Agreement (SPA) has been received from the NT Government

• The approval represents satisfaction of the key remaining condition to completion of the transaction U

PDATE ON TRANSACTION AND PROGRESS TO COMPLETION

On 27 February 2024, the Company announced the execution of a binding 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 SPA with the Vendors.

On 31 May 2024, the Company and the Vendors received the consent of the Northern Land Council 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.

The Company has now also received approval for the acquisition of the granted NT acreage in the SPA from the delegate of the Minister of Mining under section 96 of the Petroleum Act 1984.

The parties will now move forward to completion of the Transaction once deeds of assignment and assumption for key existing agreements have been executed.

Source: Top End Energy