Reforme Group Pty. Ltd executed a further binding term sheet to acquire Tenstar Mining Pty Ltd from Clara Resources Australia Ltd (ASX:C7A) for AUD 0.65 million on March 29, 2023. AUD 0.25 million payable on execution of the full transaction documents, AUD 0.13 million one month after the first tranche payment, AUD 0.13 million two months after the first tranche payment and AUD 0.14 million three months after the first tranche payment. The deferred payments will be secured over the Granville assets including rehabilitation bonds. The term sheet may be terminated by Clara if the Reforme fails to make any of the purchase price payments, or if there is a material breach by the Reforme. Either party may terminate the Term Sheet if either party becomes insolvent. The sale is subject to obtaining and all regulatory approval. The sale is also subject to a pre-emptive right which must be exercised within 5 days of notice of this transaction. Notice of the required pre-emption has been forwarded. Full transaction documents will be completed with an execution date on or before April 14, 2023. As on April 13, 2023 the closing date for execution of full documentation for the sale of the Granville Tin Project has been extended by mutual consent from April 14, 2023 to on or before April 28, 2023. As on May 15, 2023, the closing date for execution of full documentation for the sale of the Granville Tin Project has been extended by mutual consent from May 12, 2023 to May 19, 2023. As on May 19, 2023, Clara Resources Australia executed a Share Sale Agreement for the sale of the Tenstar Mining to Reforme Group. Completion of the Share Sale Agreement is subject to limited Conditions Precedent, including financial assistance approvals being passed by each of Ten Star and Reforme. Subject to the satisfaction or waiver (as applicable) of the Conditions Precedent, completion is currently anticipated by end June 2023.

Reforme Group Pty. Ltd cancelled the acquisition of Tenstar Mining Pty Ltd from Clara Resources Australia Ltd (ASX:C7A) on June 30, 2023. Reforme Group Pty Ltd has advised that some of the sale conditions were not met and the sale has failed to complete.