Pj Investimentos E Participações Ltda made an offer to acquire Tombador Iron Mineracao Ltda from Tombador Iron Limited (ASX:TI1) on October 19, 2023. Pj Investimentos E Participações Ltda agreed to acquire Tombador Iron Mineracao Ltda from Tombador Iron for BRL 10 million on October 24, 2023. Tombador Iron Limited has advised that Board has accepted the offer which made on October 19, 2023. The consideration of BRL 10 million of which BRL 5 million paid on takeover date and Five successive payments of BRL 1 million on the date that is 30 days, 60 days, 90 days, 120 days and 150 days from the Takeover Date. This Acquisition is conditional upon the satisfaction of conditions i.e., Due Diligence, Shareholder approvals of Tombador, Regulatory approvals and Sale and Purchase Agreement execution. The proposed takeover date will be the later of December 1, 2023, or the date on which Tombador Australia obtains shareholder approval for the Acquisition. The Acquisition shall be governed by and construed and interpreted in accordance with the laws of Federative Republic of Brazil and the Parties irrevocably and unconditionally submit to the exclusive jurisdiction of the courts of Belo Horizonte/MG, Brazil. Tombador Iron Limited (ASX: TI1) announced completion of deal after receiving its shareholders approval on January 3,2023. As of December 27, 2023, the shareholder of Tombador Iron at Extraordinary General Meeting approved the transaction. The transaction is expected to close on December 27, 2023.

Pj Investimentos E Participações Ltda completed the acquisition of Tombador Iron Mineracao Ltda from Tombador Iron Limited (ASX:TI1) on December 31, 2023. Following the shareholder approval, the Company executed all relevant legal documents to finalize the sale process.