• Completed sale of Cockatoo Island Project for A$4.5 million
• Received A$2.5 million upfront cash, holds 4% equity in Crestlink Pty Ltd
• Remaining A$2 million due in December 2026
• Suspended from trading, focused on identifying new growth opportunities

Pearl Gull Iron Limited (ASX: PLG) has reported on its activities during the March 2026 quarter. The key highlight was the completion of the sale of the company's Cockatoo Island Project for total consideration of A$4.5 million, including A$2.5 million in upfront cash received in December 2025 and a 4% indirect equity interest in Crestlink Pty Ltd. The final cash payment of A$2.0 million is due in December 2026. Following the completion of this transaction, the company's securities have been suspended from trading as it works to demonstrate compliance with ASX Listing Rule 12.1. The company's focus is now on identifying and pursuing new projects and growth opportunities in suitable commodities and jurisdictions, with the assistance of its corporate adviser. The company held cash of approximately A$1.68 million as at 31 March 2026, with a further A$2.0 million to be received in December 2026. The company has lowered its overhead costs and intends to conserve cash until it can identify a suitable new opportunity.

The company's key focus is to identify and pursue new projects and growth opportunities in suitable commodities and jurisdictions. The company will continue to keep the market informed as these new opportunities progress.