Sociedad Química y Minera de Chile S.A. (NYSE:SQM) and Hancock Prospecting Pty Ltd agreed to acquire remaining 62.21% stake in Azure Minerals Limited (ASX:AZS) from Yandal Investments Pty. Ltd. and DELPHI Unternehmensberatung Aktiengesellschaft for approximately AUD 1.1 billion on October 26, 2023. HPPL currently owns 18.37% and SQM owns 19.42% of Azure?s shares, for a combined holding of approximately 37.79%. The Transaction is subject to limited conditions, obtaining FIRB approval, specific competition law approvals and Azure shareholders approving the joint bid arrangements between SQM and Hancock. Significantly, it is not subject to any financing or due diligence conditions and the Takeover Offer is not subject to any minimum acceptance condition. The Azure Board unanimously recommends the Transaction in the absence of a superior proposal and subject to the independent expert concluding that the Scheme Proposal is in the best interests of Azure shareholders and that the Takeover Offer is fair and reasonable, obtaining specific competition law approvals and the requisite Australian Court. A meeting of Azure shareholders to approve the Transaction is expected to be held in mid to late March 2024. As of February 14, 2024, Azure Minerals Limited has lodged a draft copy of the Transaction Booklet with the Australian Securities & Investments Commission in relation to the proposed acquisition. As February 28, 2024, The Joint Bidders have confirmed that all competition law approvals required under the Transaction Implementation Deed between Azure, SH Mining and the Joint Bidders have been obtained. The Transaction remains subject to other conditions as set out in the Transaction Implementation Deed. Each of these conditions needs to be satisfied or (if applicable) waived before the Scheme can become effective or the Takeover Offer can become unconditional. The transaction is expected to complete on April 11, 2024.

Barrenjoey is acting as Azure?s financial adviser and Christian Owen, Jeremy Horwood, Mark McCowan and Katrina Sleiman of Corrs Chambers Westgarth acted as Azure?s legal adviser in relation to the transaction. Nicola Charlston and Roger Davies of King & Wood Mallesons acted as legal advisor to Hancock Prospecting Pty Ltd. Deloitte Corporate Finance Pty Limited acted as independent expert for Azure and was paid a fee of AUD 0.15 million, BDO Corporate Tax (WA) Pty Ltd. acted as accountant for Azure.