Kainantu Resources Ltd. (TSXV:KRL) entered into a definitive agreement to acquire Kili Teke Gold-Copper Project from Harmony Gold (PNG) Exploration Limited for $1 million on April 6, 2022. The consideration will be paid in two installment $0.5 million on closing and $0.5 million on receipt of post-closing regulatory approvals. In addition to the cash payments, KRL will grant HGEL a 1.5% net smelter royalty upon the commencement of commercial production in the future. KRL will also grant HGEL common share purchase warrants on closing of the Transaction exercisable for up to 9.9% of the Company's issued share capital as of closing the Transaction, with each warrant being exercisable at an exercise price of CAD 0.28 per share, representing a 25% premium to KRL's 30-day VWAP to April 5, 2022. HGEL has also been granted anti-dilutions rights with respect to future financings of KRL to maintain its equity ownership in KRL. The transaction is subject to TSX Venture Exchange (the "TSX-V"), PNG regulatory approval and registration of the sale agreement and all schedules to it, and KRL (at its discretion) raising financing of up to $1 million. The transaction is expedted to close on May 31, 2022. Kainantu Resources on November 4, 2022 closed the first tranche of its previously announced private placement financing of CAD 2.5 million. The net proceeds from the Offering are intended to be used, but are not limited to, the completion of the acquisition of the Kili Teke Project (which requires a further payment to Harmony Gold (PNG) Exploration Limited of $400,000 as a condition of closing).

Kainantu Resources Ltd. (TSXV:KRL) completed the acquisition of Kili Teke Gold-Copper Project from Harmony Gold (PNG) Exploration Limited on September 14, 2023. HGEL has obtained the necessary approvals from the PNG Mineral Resource Authority.