Malachite Resources Limited (ASX Code: MAR) ('Malachite') is pleased to advise that it has completed the Share Sale Agreement (first announced 28 July 2020) relating to the sale of Volga Elderberry Pty Ltd, a wholly owned subsidiary of Malachite, which held a joint venture interest in the Lorena Gold Project ('Lorena').

Together with the Deed of Release which was executed in July of this year and other associated documentation, the settlement of the dispute in respect of Lorena has now been finalised on commercial terms satisfactory to Malachite.

As a result Malachite now holds a 2% Net Smelter Return on gold produced from future underground operations at Lorena and has been released of all obligations and liabilities arising out of the Lorena Gold Project and those associated with Ore Processing Services Pty Ltd.

Malachite has retained 100% of EPM 18908 near Lorena, which holds the Bloodwood copper/gold and Lady Mary gold prospects where encouraging exploration was previously undertaken by the Company.

Malachite's Executive Director and CEO Mr. Geoff Hiller said: 'The completion of this matter now allows Malachite to maintain its focus on its nickel prospects in the Solomon Islands, while also retaining an appropriate ongoing royalty interest and some continuing gold exploration upside in the region'.

Contact:

Mr. Geoff Hiller

Email: info@malachite.com.au

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