Atlas Pearls Ltd. ("Atlas" or "the Company") announced a further update in relation to the repayment schedule associated with the Company's loan with Boneyard Investments Pty Ltd. (Boneyard) which was announced to ASX on 30 January 2017 and varied on 28 June 2017 ("the Varied Loan Agreement"). Boneyard is an entity associated with Tim Martin, Non-executive Director of Atlas. The Company previously advised on 2 April 2020 that a repayment of $750,000 due to Boneyard on 6 March 2020 was deferred until 6 April 2020. As part of the ongoing negotiations on the repayment schedule for its total debt of $2.5 million due to Boneyard, the Company advises that the repayment of $750,000 due on 6 April is now scheduled for payment on 29 May 2020. All other terms of the Varied Loan Agreement remain the same. The Company continues negotiations with Boneyard regarding the revision of the remaining loan repayment schedule.