Aurumin Australia Pty Ltd executed a binding Share Purchase Agreement to acquire Sandstone Gold Project in Western Australia from Middle Island Resources Limited (ASX:MDI) for AUD 12 million on December 15, 2021. As per the transaction, Aurumin Limited will pay AUD 6 million in cash and will issue 30 million fully paid Ordinary shares. The transaction will be financed from Aurumin Limited capital raising. The transaction is subject to shareholders approval of Aurumin Limited and Middle Island Resources Limited, regulatory approval and third-party consents being obtained. The Middle Island Resources Board supports the transaction and recommends that shareholders vote for the transaction. The transaction is expected to close within few weeks after the scheduled general meeting on February 11, 2022. Middle Island Resources may use the proceeds to advance the Barkly Copper-Gold Super Project and fully fund current planned exploration for two years. As of March 1, 2022, All conditions precedent under the Share Purchase Agreement have been satisfied or waived. MDI and Aurumin Limited expect to complete the sale within a week.

Aurumin Australia Pty Ltd completed the acquisition of Sandstone Gold Project in Western Australia from Middle Island Resources Limited (ASX:MDI) on March 20, 2022.