Trans Metal Fund LP received a non-binding offer to acquire Ortac Resources (UK) Limited from MetalsTech Limited (ASX:MTC) for $56 million on January 15, 2024. The consideration includes $36 million cash on completion, $20 million cash payable upon receipt of an underground mining activity permit (which the Company expects to have granted in Q1 this year). As of February 2, 2024, further deferred payment of $25 million will be paid.

TMF obligations under the definitive agreements will not be subject to any financing conditions and would be funded from internal cash reserves. The transaction is subject to proceeding to definitive agreements (and the terms of such agreements) as well as any required regulatory approvals (including MTC shareholder approval).