Binding Option Agreement Executed

• OZZ Resources grants Scorpion Minerals an exclusive option to acquire 100% interest in certain tenements and mining information
• Consideration includes $100,000 option fee and $2.5 million cash or shares upon exercise of option
• Acquisition subject to shareholder approval and other conditions precedent

OZZ Resources Limited (ASX:OZZ) has executed a binding option agreement with Scorpion Minerals Limited (ASX:SCN) to grant an exclusive option for SCN to acquire 100% of OZZ's legal and beneficial interest in certain tenements and mining information. Under the agreement, OZZ will receive an initial $100,000 option fee, and $2.5 million (plus GST) in cash or SCN shares upon exercise of the option, which expires on 22 December 2026. The option is subject to several conditions precedent, including completion of due diligence, grant of a mining lease, and obtaining necessary regulatory and shareholder approvals. As the acquisition constitutes the disposal of OZZ's main undertaking, it is subject to shareholder approval under ASX Listing Rule 11.2. OZZ has withdrawn from a previously proposed transaction and is continuing to review other project and business acquisition opportunities while focusing on minimizing operational spend.