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MOHO RESOURCES LIMITED — Capital/Financing Update 2025
Feb 9, 2025
65359_rns_2025-02-09_56f94f09-16dc-470a-8f37-673c844fdc2a.pdf
Capital/Financing Update
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10 February 2025
Sale of Empress Springs
Summary
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Moho Resources Limited (ASX:MOH) has executed a binding Sale and Purchase Agreement with Qld Aus Graphite Pty Ltd (QAG) for the sale of the Empress Springs Project located in Western Queensland.
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The total consideration for the sale is approximately $1.258 million, consisting of an initial cash payment of $258,000 upon completion, followed by $1 million in deferred cash payments 12 months post-completion.
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Upon completion of the transaction, Moho will receive a 1% net smelter royalty (NSR) on the project.
Moho Resources Limited (ASX:MOH) (“Moho” or “the Company”) is pleased to announce the execution of a binding Sale and Purchase Agreement (“Agreement”) with Qld Aus Graphite Pty Ltd (QAG) for the sale of the Empress Springs Project (“Empress Springs” or “the Project”). The total consideration for this transaction is up to $1.258 million, which will enhance the Company’s balance sheet as it reviews its current project portfolio and explores new opportunities.
Transaction Details – Empress Springs Project
Under the terms of the Agreement, QAG will pay Moho a total of $1.258 million, which includes an initial payment of $258,000 in cash at the time of acquisition completion, with an additional $1 million payable as a deferred cash payment 12 months following completion. The $1 million deferred payment is secured by the parent company of QAG acting as guarantor.
Upon completion of the transaction, QAG will also grant Moho a 1% net smelter royalty on the area covering the Project, with the details documented in a formal royalty deed.
Completion of the sale is expected to occur 10 days after the satisfaction or waiver of the conditions precedent outlined in Appendix A.
Overview of the Empress Springs Project
Moho listed on the ASX in 2018 with the Empress Springs Project Joint Venture with IGO under which Moho could earn up to a 70% interest in three mineral exploration permits: EPM25208, EPM25209, and EPM25210. Following its IPO, the Company conducted exploration programs that fulfilled the relevant earn-in requirements according to the Joint Venture Agreement. Additionally, Moho staked adjoining tenements (EPMs 27193 - 27200 and EPMs 27816 - 27821), which expanded the land size of the Empress Springs Project.
The project encompasses remote tenements with high exploration costs, which do not align with the Company's financial strategy and capacity. Furthermore, the administrative obligations have consumed significant time and resources.
ABN 81 156 217 971 168 STIRLING HIGHWAY, NEDLANDS WA 6009 +61 (8) 6165 8858 ASX: MOH [email protected] www.mohoresources.com.au
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The sale of Empress Springs aligns with Moho's strategic objective of realising value from its existing portfolio while seeking new project opportunities that will benefit shareholders.
For further information please contact:
Peter Christie, Chairman T: (08) 6269 3300
ABN 81 156 217 971 168 STIRLING HIGHWAY, NEDLANDS WA 6009 +61 (8) 6165 8858 ASX: MOH [email protected] www.mohoresources.com.au
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FORWARD-LOOKING STATEMENTS
This document may include forward-looking statements. Forward-looking statements include, but are not limited to, statements concerning Moho Resources Limited’s planned exploration program and other statements that are not historical facts. When used in this document, words such as "could," "plan," "expect," "intend," "may”, "potential," "should," and similar expressions are forward-looking statements. Although Moho believes that its expectations reflected in these forward- looking statements are reasonable, such statements involve risks and uncertainties and no assurance can be given that further exploration activities will result in the actual values, results or events expressed or implied in this document.
ABOUT MOHO RESOURCES LTD
Moho Resources Ltd is an Australian exploration company exploring for gold and other minerals across Australia.
Moho’s Board is chaired by Mr Peter Christie, a qualified accountant and tax agent and highly successful businessman. He has served on the boards of several public companies in the resource sector since 2006 and is the current club president of WAFL club, the South Fremantle Bulldogs.
Moho has a strong and experienced Board with Mr Michael Pereira and Mr Bryce Gould, corporate advisors, both as Non-Executive Directors.
ABN 81 156 217 971 168 STIRLING HIGHWAY, NEDLANDS WA 6009 +61 (8) 6165 8858 ASX: MOH [email protected] www.mohoresources.com.au
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Appendix A
Conditions
The Conditions and the party who is entitled to the benefit of the Condition are set out in the following table:
| Condition Precedent | Party entitled to benefit |
|---|---|
| Moho obtaining all consents, waivers and | Moho and QAG |
| approvals necessary under the JV Agreement | |
| to enable it to sell its interests in the JV Permits | |
| toQAG. | |
| Theparties enteringinto the RoyaltyDeed. | Moho |
| Moho irrevocably releasing its caveat over | QAG |
| EPM25208, EPM25209 and EPM25210 | |
| Indicative Approval for the transfer of the | QAG |
| Permits to QAG being granted on terms | |
| acceptable toQAG | |
| Completion of the QAG ’s legal, technical, | QAG |
| financial and operational due diligence | |
| investigations into the mining assets, to the | |
| satisfaction ofQAG |
ABN 81 156 217 971 168 STIRLING HIGHWAY, NEDLANDS WA 6009 +61 (8) 6165 8858 ASX: MOH [email protected] www.mohoresources.com.au