CNGR Netherlands New Energy Technology B.V entered into a binding Share Sale Agreement to acquired 90% stake in Solaroz Lithium Brine Project in Argentina from Lithium Energy Limited (ASX:LEL) for AUD 97 Million on April 26, 2024. CNGR will pay AUD 2.8 million deposit with the balance of the AUD 94.1 million consideration payable by CNGR AUD 82.6 million,payable at completion AUD 4.6 million to be transferred to a joint escrow account held for the benefit of both LithiuEnergy and CNGR for a period of 2 years from the date of completion, to serve as security for LithiumEnergy 's performance under the Agreement, after which it will be released to Lithium Energy; and AUD 6.9 million deferred consideration payable by CNGR if the Benchmark Lithium Carbonate Price exceeds US$23,000/tonne. (AUD 35,412/tonne) Completion will occur after the satisfaction (or waiver, as applicable) of a number of conditions precedent, including receipt of Lithium Energy shareholder approval, receipt of regulatory approvals and receipt of environmental and concession related approvals relating to the Solaroz Project.

the Company expects to convene a general meeting for Q2/Q3 2024 to seek shareholder approval for the Sale. Subject to completion of the sale of Solaroz and completion of the proposed spin-out and IPO of Axon Graphite Limited. Completion of the proposed transaction is targeted to occur in Q4 2024.