Ever Leap Services Limited entered into a legally binding share purchase deed to acquire Copper Quest PNG Limited from Coppermoly Limited (ASX:COY) on December 13, 2022. The consideration for the Proposed Sale comprises the buy-back and cancellation by the Company of approximately 1,955,024,388 fully paid ordinary shares in the Company (Shares) held (or to be held) by the Buyer and certain other major Shareholders and directors (Buyback), together with a cash payment to the Company of AUD 0.5 million. The purchase price comprises AUD 0.5 million payable to the Company on Completion, the Buyer, the Major Shareholders and the Directors buying back and cancelling their Shares.

Completion is subject to various conditions precedent being satisfied before 30 April 30, 2023, the acquisition and cancellation of all of the Shares held by the Major Shareholders and the Directors, the transfer of the Sale Shares to the Buyer, the variation to the number of Shares to be issued to Jade Triumph International Limited, various regulatory approvals, including, Copper Quest having obtained shareholder approval for the transaction, the Deed and this transaction being approved by the Minister for Mining in PNG for the purposes of the Mining Act, such other consents and approvals from government agencies that the Company and Buyer agree are desirable; As part of the Completion obligations, Jian Xuan is expected to resign as a Director of the Company.