Tempus Resources Limited (ASX:TMR) entered into a conditional agreement to acquire Somerset Minerals Pty Ltd for AUD 2.4 million on April 29, 2024. The consideration comprises of upfront consideration of 300 million fully paid ordinary shares and deferred consideration of 100 million performance rights which convert into Shares on a one for one basis on achievement of certain milestones, (A) 50,000,000 Performance Rights (Tranche 1 Performance Rights) will vest on the delineation by the Company of a JORC compliant Mineral Resource of 20Mt with grade of at least 1.00% copper equivalent at the Prescott Copper Project, as verified by an independent competent person under the JORC Code 2012 (Tranche 1 Milestone); and (B) 50,000,000 Performance Rights (Tranche 2 Performance Rights) will vest on the delineation by the Company a JORC compliant Mineral Resource of 50Mt with grade of at least 1.00% copper equivalent at the Prescott Copper Project, as verified by an independent competent person under the JORC Code 2012 (Tranche 2 Milestone). The Deferred Consideration will be issued no later than 3 months after the date of the Meeting (or such later date to the extent permitted by any ASX waiver or modification of the Listing Rules) and it is intended that issue of the Deferred Consideration will occur on the same date.

The acquisition conditional upon completion of financial, legal and technical due diligence by Tempus and receipt of all Tempus shareholder approval, regulatory, ministerial, or third-party approvals required to complete the acquisition by both parties.