Cobra Mining Pty Ltd executed a heads of agreement to acquire Navigator Bronzewing Pty Ltd from Navigator Resources Limited on September 18, 2013. Cobra Mining Pty Ltd paid a non-refundable deposit on execution of the agreement.

Cobra Mining Pty Ltd cancelled the acquisition of Navigator Bronzewing Pty Ltd from Navigator Resources Limited on January 2, 2014. Pursuant to the terms of the agreement, Cobra was granted an exclusivity period of 30 days. Cobra was ultimately unable to satisfy the conditions precedent required and subsequently withdrew from agreement. Accordingly, the nonrefundable deposit paid by Cobra was forfeited and will not be repaid by the deed administrator.