Tulla Resources Plc (ASX:TUL) (Tulla Resources or the Company) is pleased to advise that further to its announcement of 21 January 2022 its wholly owned subsidiaries, Central Norseman Gold Corporation Pty Ltd (CNGC) and Pangolin Resources Pty Ltd (Pangolin Resources), have entered into an Offtake and Funding Agreement with Constance Iron Limited (previously known as Koch Metals Limited) (Constance) in respect to their iron ore asset at Norseman. A condition precedent for the agreement to come into full force and effect is the successful completion of the initial public offering (raising at least GBP£56.41 million) and listing of Constance on the London Stock Exchange by 30 September 2022 (or such later date as agreed by the parties).
CNGC and Pangolin Resources (Tulla Parties) retain ownership to 100% of the rights to the iron ore and associated iron (Fe) products at the Norseman Project pursuant to the Mineral Rights Deed – Industrial Minerals entered into between CNGC, Pangolin Resources and Pantoro South Pty Ltd on 9 July 2019 (MRD).
Commenting on the Iron Ore transaction, Tulla Resources’ Executive Chairman, Kevin Maloney, said:
“This is an important transaction for Tulla Resources. While our focus is on the recommencement of the gold operations at Norseman, the agreement with Constance Iron is a key part of the Company’s strategic plan to diversify our asset base and unlock value for our shareholders. We look forward to continuing to build on our excellent relationship with Constance Iron and their team, who have considerable experience in the development and production of iron ore assets.”
Tulla Resources is a diversified Resources House whose primary asset is its 50% interest in the flagship Norseman Gold Project.
In 2007 Norseman Gold Plc acquired Central Norseman Gold Corporation Pty Ltd (CNGC), the operating entity of the Gold Project. Norseman Gold Plc changed its name to Tulla Resources Plc on 30 December 2020.
On 17 March 2021, Tulla Resources Plc was admitted to the Official List of ASX and the Company commenced trading on 18 March 2021.
The focus of Tulla Resources is to continue to work closely with its joint venture partner to bring the Gold Project back into production scheduled for August 2022. The Norseman Gold Project also provides an excellent opportunity for exploration and future production growth as demonstrated by the excellent results from the exploration program centred on the Scotia Mining Centre.
Tulla Resources has an experienced and well credentialed Board. The Company has a strategy of developing and acquiring other resource assets to provide commodity and geographical diversity.
December 2021 with its JV Partner, Pantoro South, the Company entered into a binding term sheet with a subsidiary of Mineral Resources Limited (MIN) in respect to its lithium deposits at Norseman.
In January 2022 Tulla Resources entered into a heads of agreement with Constance Iron Limited for an off-take and funding arrangement in respect to its iron ore asset at Norseman. The parties have now entered into a final Offtake and Funding Agreement, subject to the condition precedent of Constance Iron Limited listing on the London Stock Exchange.