Venari Minerals NL

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            <div class="vpd-section-title">Important Notice</div>
            <p>Venari Minerals NL (ACN 007 090 904) (<strong>Company</strong>) has lodged a prospectus dated 23 July 2026 (<strong>Prospectus</strong>) with the Australian Securities and Investments Commission (<strong>ASIC</strong>) in respect of a proposed pro-rata non-renounceable entitlement offer of one (1) bonus loyalty option (<strong>Option</strong>) for every ten (10) fully paid ordinary shares in the capital of the Company (<strong>Shares</strong>) held by those eligible shareholders registered at the record date, exercisable at $0.12 each on or before the date that is 2 years from the date of issue (<strong>Offer</strong>).</p>
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Roboto

29 October 2024

ASTUTE FINALISES VALUATION PROCESS FOR ACQUISITION
OF 2% ROYALTY AT THE GEORGINA BASIN IOCG PROJECT, NT
Key Highlights
•

SRK Consulting Australasia finalises its report on the
valuation of the 2% NSR Royalty over the Georgina IOCG
Project, with a preferred valuation of A$70,000.

•

Consideration to be via the issue of 2,413,793 ASE shares.

•

Astute to proceed with obtaining shareholder approval for the
transaction prior to the end of Q4 2024.

Further to its ASX release dated 30 September 2024 “ Astute Exercises Call Option to Acquire IOCG Project
Royalty”, Astute Metals NL (ASX: ASE) (“ASE”, “Astute” or “the Company”) is pleased to advise that SRK
Australia Pty Ltd (SRK) has issued its final valuation of the 2% net smelter royalty (“Royalty”) held over
the Georgina IOCG Project in the Northern Territory, providing a preferred valuation of $70,000 plus any
applicable Goods and Services Tax.
The Board of Astute has decided to acquire the Royalty by issuing 2,413,793 fully-paid ordinary shares in
ASE (“Shares”) at a price of 2.9 cents per Share.
In accordance with the terms of the Call Option Deed dated 28 November 2022 (“Deed”), the acquisition
of the Royalty is subject to ASE shareholder approval. Under the terms of the Deed, approval must be
obtained prior to the end of Q4 2024. The Company is well advanced in preparing a draft Notice of
Meeting, with further details to be provided shortly.
Separately, Greenvale Energy Ltd (“Greenvale”) has indicated its dissatisfaction with certain aspects of
the valuation report. Greenvale has requested SRK to withdraw its report, indicating that otherwise it
intends to pursue legal action on the matter. SRK has responded to Greenvale advising that the report
will not be withdrawn. Irrespective of the above, Astute believes that report is appropriate, and that the
conclusion can be relied upon. However, should SRK alter their conclusion, which the Company considers
may only reasonably occur in response to the identification of manifest error in the valuation, Astute will
comply with the outcome of such an altered valuation. In the interim, Astute will proceed with the
shareholders’ meeting to approve the issue of the consideration shares based on the terms of the Deed.
Astute Chairman, Tony Leibowitz, said:

“With the Company now in the process of finalising its drilling plans for the next drilling campaign
and the Fair Market Valuation of the Royalty complete, I am pleased that Astute can proceed with
advancing the Georgina IOCG Project without the complexity of having outside stakeholders, giving
us full flexibility to explore this exciting asset moving forward.”
Authorisation
This announcement has been authorised for release by the Board of Astute.
More Information
Matt Healy

Executive Director & CEO
mhealy@astutemetals.com
+61 (0) 431 683 952

Nicholas Read

Media & Investor Relations
nicholas@readcorporate.com.au
+61 (0) 419 929 046

Suite 6, Level 5, 189 Kent St, Sydney NSW 2000 | GPO Box 2733, Sydney NSW 2001
+61 (0) 2 8046 2799 | admin@astutemetals.com
www.astutemetals.com

Acquisition of 2% Royalty at the Georgina Basin IOCG Project