Cradle Resources Limited ('Cradle') advises that the previously announced transaction between Cradle and Tremont Investments Limited ('Tremont') in connection with the Panda Hill Niobium Project has completed.

Following completion

Cradle has bought back and cancelled 36.9 million shares held by Tremont. Cradle now has 152,748,622 ordinary shares on issue.

PHT will be owned by Tremont 63.2% and Cradle 37.2%.

Tremont will fund all ongoing financial requirements of PHT and the Panda Hill Project until the development costs of the Panda Hill Project are raised.

Under the shareholder agreement, PHT may only undertake a development capital raising for the Panda Hill Project by a combination of bank debt and the issue of new ordinary shares at US$1.00 minimum or such greater price as third parties participate.

Cradle holds 19,086,345 shares in PHT and the right to a further 490,219 shares subject to regulatory approval (representing 37.2% of issued shares).

Cradle has approximately $740k in cash.

Contact:

Grant Davey

Tel: +61 8 6143 6730

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