MRG Metals Limited advised that it has signed a Binding Heads of Agreement (HoA) to enter into an option agreement with Savannah Resources PLC, subsidiary AME EAST AFRICA LIMITED (AME) to acquire the Jangamo Project (Mining Concession 9735C), owned by Matilda Minerals Lda (Matilda). The HoA is subject to an exclusive 45-day Due Diligence Period. Key aspects of the Option agreement include: MRG is given an exclusive 45-day due diligence period commencing on the date of signing these Heads of Agreement (Due Diligence and Due Diligence Period respectively) to validate all relevant costs (initially estimated by AME at c.USD 0.5m) and commitments and any legal, regulatory, tax or commercial matters.

On completion of the Due Diligence Period, if MRG chooses to proceed with the Transaction, the parties execute an Option Agreement providing MRG a 16-month option period (the Option and Option Period respectively), which can be extended by mutual consent. During the Due Diligence Period, AME will take all reasonable steps to prepare a draft and negotiate the Option Agreement with MRG in anticipation of it being entered into by the parties within 5 working days following the expiry of the Due Diligence Period, or earlier by agreement.