• Granted exclusive option to Scorpion Minerals to acquire 100% of Maguires Reward project
• Completed pro-rata non-renounceable entitlement issue raising $1.1 million
• Progressed regulatory approvals to support potential development of Maguires Reward project

During the quarter, OZZ Resources Limited (OZZ) issued a Notice of Meeting of Shareholders for the approval of a binding option agreement with Scorpion Minerals Limited (SCN) to acquire 100% of the Maguires Reward project. The company received an initial payment of $100,000 and will receive a fee of $2.5 million (plus GST) via cash consideration or SCN shares upon exercise of the option. OZZ also announced a pro-rata non-renounceable entitlement issue of 19 shares for every 66 shares held at $0.04 per share to raise approximately $1.1 million, which was fully underwritten. Subsequent to the quarter, OZZ completed the entitlement issue, raising $433,987 and converting $631,511 of debt to equity. During the quarter, the company progressed regulatory approvals to support the potential development of the Maguires Reward project, including work to advance the application for a Mining Licence over the Old Prospect North and South deposits. This forms part of the broader transaction with Scorpion Minerals Limited.