Tulla Resources Plc agreed to Spin-Off Phoenix Industrial Minerals Pty Ltd on February 13, 2023. As per the terms of the spin off transaction, Tulla Resources will recieve 3 shares of Phoenix for each share they held in the company. Transaction is subject to shareholders, regulatory, court approvals, obtaining financing and other customary conditions. As of May 8, 2023, High Court of Justice in the United Kingdom ordered to convene the shareholders meeting. As of May 29, 2023, Tulla resources Shareholders approved the demerger. As of June 20, 2023, Court approved the transaction. The record date is June 21, 2023. Transaction is expected to close in late June, 2023. Computershare Investor Services Pty Limited acted as a transfer agent, Azure Capital acted as a financial advisor, Shakespeare Martineau and Adam Charles, Tim McEwen, Cecilia Mehl, Neena Aynsley, Andrew McLean and Sian Newnham of Herbert Smith Freehills acted as legal advisors to Tulla Resources Plc.

Tulla Resources Plc completed the Spin-Off of Phoenix Industrial Minerals Pty Ltd on June 22, 2023.