Mineral Commodities Ltd (ASX: MRC), a mining and development company aspiring to be a leading vertically integrated diversified producer of graphitic anode materials and value-added mineral products, has provided an update on the sale of its Skaland Graphite Project. The company’s wholly owned subsidiary, MRC Graphite Norway Pty Ltd, entered into a binding share purchase agreement with Norge Mineraler Holding AS for the sale of 100% of the shares in Skaland Graphite AS. The initial announcement regarding the agreement was made on December 29, 2024.
While all conditions precedent to the share purchase agreement were satisfied on March 17, 2025, and completion was initially due on March 21, 2025, Norge Mineraler has faced funding constraints, leading to delays in payments. As a result of ongoing discussions, Norge Mineraler has made non-refundable payments totalling GBP1,000,000 to cover costs related to the delay and to support Skaland’s business operations. Furthermore, Norge Mineraler will provide up to GBP410,000 for Skaland’s operational costs, which will also be non-refundable and not applied against the purchase price.
The parties have also agreed that up to USD500,000 already paid by the buyer will no longer be allocated against the purchase price on a pro rata basis from August 1, 2025, until the completion of the transaction. In addition, Norge Mineraler will purchase a new drill rig for Skaland’s use prior to 5:00 PM London time on July 30, 2025.
The completion of the transaction has been extended and is now expected to occur no later than 12 noon Oslo time on October 31, 2025. This announcement was authorised by the CEO and Company Secretary of Mineral Commodities Ltd.