Laneway Resources Limited (ASX:LNY) entered into an agreement to acquire Masterson Minerals Pty Ltd from BCMGT Holdings Ltd for AUD 17 million on February 7, 2022. Initial deposit of AUD 0.5 million (which has been paid); Work programs on plant re-start works will commence shortly. Satisfaction of conditions precedent including obtaining of any necessary shareholder and regulatory approvals;Completion Payment: At Completion (15 April 2022) payment of AUD 7.45 million and issue of 100m Laneway ordinary shares and 100m options to acquire ordinary shares (1.5c exercise price, expiring 31 July 2023) to the vendors;Deferred Payment: Final payment of AUD 8.5 million - of which a maximum of AUD 2.5 million payable in Laneway ordinary shares at the then prevailing share price (shares issued at Laneway’s election); and Capped Royalty: Laneway will pay the vendors a 1% net smelter royalty on the value of gold produced from the tenements being acquired, capped at a total royalty payment of AUD 5 million. The total acquisition cost is approximately AUD 17 million. The upfront cash component of the transaction is expected to be primarily debt funded and the deferred consideration is expected to be funded from operating cashflows once mining and production commences. The Company is progressing debt funding alternatives to fund the upfront cash consideration and the Company will also now proceed with the previously announced Entitlement Offer equity raising which will fund the working capital requirements to commence production. Further details of the debt facility will be provided once definitive agreements have been entered into. As disclosed in this Prospectus dated March 15, 2022. a portion of the proceeds of the Placement and Entitlement Offer will be used for part of the consideration for the proposed acquisition of Masterson Minerals Pty Ltd.

Laneway Resources Limited (ASX:LNY) completed the acquisition of Masterson Minerals Pty Ltd from BCMGT Holdings Ltd on November 8, 2022.