Minerals Pty Ltd entered into a term sheet to acquire Lewis Ponds Project (EL5583) and Mt Bulga Project (EL8966) from Godolphin Resources Limited (ASX:GRL) for AUD 11 million on December 20, 2023. The term sheet is subject to execution of definitive legal documentation with the terms of the proposed sale including a share sale and purchase agreement an appropriate security package to secure payment of the deferred purchase price and the parties having obtained any necessary shareholder, statutory and regulatory approvals and/or waivers required including, relevant NSW Ministerial approval for the transfer. The proceeds are intended to be used for advancement of other advanced exploration assets, including Godolphin's flagship Narraburra Rare Earths Project and working capital.

If definitive agreements have not been signed by February 16, 2024 and no new agreement is entered into, the term sheet may be terminated by either party.