Bishop Resources NL signed a binding term sheet to acquire Bassari Mauritius Holding No 2 Ltd and Bassari Resources Senegal SARL from Bassari Resources Limited for AUD 34.3 million on August 31, 2022. Bishop Resources NL signed a Share Sale Agreement to acquire Bassari Mauritius Holding No 2 Ltd and Bassari Resources Senegal SARL from Bassari Resources Limited on February 23, 2023. Under the agreement, as consideration for the acquisition of Bassari Mauritius and Bassari Senegal, Bishop has agreed to forgive all debts and interest owing by Bassari under the existing Bishop debt facilities. Bishop will issue AUD 2 million in shares and an additional AUD 3 million worth of shares in Bishop will be issued upon receipt by Bishop of a JORC 2012 resource at the Makabingui Gold Project containing 1Moz gold at a minimum grade of 2.6g/t within 2 years of completion of Bishop?s acquisition of Bassari Mauritius and Bassari Senegal.

The transaction is subject to various conditions precedent including agreement of formal documentation, Bishop conducting further due diligence on Bassari and receipt of all required Government and third party approvals.

Bishop Resources NL completed the acquisition of Bassari Mauritius Holding No 2 Ltd and Bassari Resources Senegal SARL from Bassari Resources Limited on July 31, 2023. Bassari received 10 million shares of Bishop as part of consideration.