Description of Activities

Description of transaction: The proposed transaction involves the acquisition by Midnab Resources (Proprietary) Limited of the entire issued share capital in Otjitombo Mining (Proprietary) Limited.

Acquiring undertaking: The primary acquiring undertaking is Midnab Resources (Proprietary) Limited, a private company incorporated in terms of the laws of the Republic of Namibia. The acquiring group is engaged in early-stage exploration for various minerals, including gold, lithium, platinum, palladium, and copper in Western Australia, as well as lithium in Ontario and the Northwest Territories. It also holds a stake in the inactive Gravenhage manganese project in South Africa. In Namibia, the acquiring group holds a majority participating interest in an Exclusive Prospecting Licence (EPL) EPL8374, for gold and copper exploration.

Target undertaking: The primary target undertaking is Otjitombo Mining (Proprietary) Limited, a private company incorporated in terms of the laws of the Republic of Namibia. The target undertaking is involved in prospecting activities for base and rare metals with mineral licences located within the Kunene and Otjozondjupa regions, which include EPLs 7213, 7402, and 7789 and EPLs 5402 and 6927. 

Relevant market: The merging parties submit that the relevant market is the prospecting activities for base and rare metals in the Otjozondjupa and Kunene regions.

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