• Fortescue to acquire 100% of Red Hawk Mining shares
• Offer price of A$1.05 per share, increasing to A$1.20 if 75% acquired within 7 days
• Represents a 29-48% premium to Red Hawk's 30-day VWAP

Fortescue Ltd (Fortescue, ASX: FMG) and Red Hawk Mining Limited (Red Hawk, ASX: RHK) have announced a transaction under which Fortescue, through its wholly owned subsidiary FMG Pilbara Pty Ltd (the Bidder), proposes to acquire all of Red Hawk's fully paid ordinary shares (Red Hawk Shares) for cash consideration of A$1.05 per share (Offer Price), increasing to A$1.20 per share (Increased Offer Price) if the Bidder acquires a relevant interest in 75 per cent or more of the Red Hawk Shares within seven days, by way of an off-market takeover bid. The Offer Price represents an attractive premium of 29 per cent to Red Hawk's 30-day volume weighted average price (VWAP) to 24 January 2025, and the Increased Offer Price represents a 48 per cent premium to Red Hawk's 30-day VWAP to 24 January 2025. The Increased Offer Price implies a fully diluted equity value for Red Hawk of A$254 million. Red Hawk's board of directors has unanimously recommended that Red Hawk shareholders accept the Offer at both the Offer Price and, if relevant, the Increased Offer Price, in the absence of a superior proposal, and subject to the Independent Expert continuing to conclude that the Offer is fair and reasonable, or not fair but reasonable to Red Hawk shareholders.