Outback Goldfields Corp. (TSXV:OZ) agreed to acquire Sakumpu Exploration Oy from S2 Resources Ltd (ASX:S2R) for CAD 7 million on February 16, 2024. The consideration consists of CAD 1.50 million in cash and CAD 5.50 million in common equity. The completion of the Transaction remains subject to a number of terms and conditions, among other standard conditions for a transaction of this nature, including, among other things: (i) the negotiation and execution of the Definitive Agreement; (ii) completion of the Offering; (iii) approval of the shareholders of Outback and, if required, the shareholders of S2; (iv) the preparation of a NI 43-101 compliant technical report for each of the material S2 Finnish Projects that is acceptable to the TSXV and Outback; (v) the receipt of all required regulatory, stock exchanges (including the TSXV), creditor, court, security holder and other approvals, consents, permits, waivers, exemptions and orders; and (vi) if required by the TSXV, delivery of a sponsor report. There can be no assurance that all of the necessary regulatory and shareholder approvals will be obtained or that all conditions of closing will be met. As of April 25, 2024, prior to completion of the Transaction, Outback expects to complete a consolidation of its outstanding common shares pursuant to which it will issue one post-consolidation Share for each ten pre-consolidation Shares. The deemed issuance price of the Consideration Shares will be equal to the Offering Price such that S2 will receive 13,750,000 Shares, on a post-Consolidation basis, on completion of the Transaction. It is expected that S2 will own approximately 43% of Outback, on a basic basis, upon completion of the Offering and the Transaction. It is anticipated that the Transaction will close in July 2024.

Agentis Capital Mining Partners is acting as financial advisor, and Forooghian + Company Law Corporation is acting as legal counsel to Outback.