We've entered into a binding agreement to sell 100% of our Spargoville Nickel Rights to Mandilla Nickel Pty Ltd, a wholly owned subsidiary of Astral Resources NL.

In return, we'll receive 20,000,000 Astral shares, valued at a deemed issue price of $0.15 each, for total consideration of $3,000,000. Half of those shares, 10,000,000, will be voluntarily escrowed for six months from completion.

This transaction is still conditional. It needs Astral to secure all necessary shareholder and regulatory approvals to issue the shares, the parties to finalise any further agreements needed to complete the sale, and all other required approvals to be obtained. Nothing is complete yet, and the Transaction could still fall over if these conditions aren't met or waived.

For us, this is about sharpening our focus. Managing Director Robert Mencel put it simply: the deal lets Estrella put more energy into our flagship tenements in Timor-Leste, while still holding upside through our stake in Astral via these new shares. Rather than running the Spargoville nickel ground ourselves, we're converting it into an equity position in a company positioned to advance it.

It's worth remembering this sits alongside our existing portfolio, including the Carr Boyd Nickel Project, and our growing manganese and copper work in Timor-Leste, which remains the centre of our exploration effort.

If you have questions about this announcement, we'd encourage you to put them to us through the investor hub.