Flinders Mines Limited (ASX:FMS) entered into binding agreement to acquire Forge Resources Swan Pty Ltd from BBIG Group Pty Ltd for AUD 3.3 million on January 17, 2023. Flinders Mines and BBIG will now work together toward achieving the various conditions for the Proposed Transaction, which include: Flinders obtaining FIRB approval in relation to the acquisition of the shares in FRS; and completion by BBIG of an internal restructure to give effect to the staged acquisition of the Infrastructure Project and BBIG's retention of assets held by FRS which do not form part of the Infrastructure Project, noting this internal restructure is conditional upon: FIRB approval; corporate reconstruction relief in respect of the transfer of assets held by FRS which do not form part of the Infrastructure Project to another BBIG subsidiary; and consent from the Ngarluma Aboriginal Corporation in relation to the transfer of the assets held by FRS which are not part of the Infrastructure Project to the same BBIG subsidiary.

Flinders Mines Limited (ASX:FMS) cancelled the acquisition of Forge Resources Swan Pty Ltd from BBIG Group Pty Ltd on July 11, 2023. The Proposed Transaction has been terminated due to the Conditions Precedent being unable to be satisfied in the timeframe specified in the agreement. Following termination of the Proposed Transaction, the Company will retain the AUD 3.3 million purchase consideration and eliminate an expenditure commitment of approximately AUD 2 million per annum for tenement expenditure and maintenance.