Pearl Gull Iron Limited (ASX: PLG) has signed a binding Asset Sale and Purchase Agreement with Buccaneer Resources, Crestlink, and JCA WA Nominees for the sale of its Cockatoo Island Project. The deal is valued at AU$4.5 million in cash, alongside a 4% equity stake in Crestlink and royalties on future material extractions. The transaction, subject to shareholder approval under ASX Listing Rule 11.2, is expected to complete in Q4 2025, with a general meeting scheduled for late October.
The cash component will be paid in stages, with AU$100,000 and AU$500,000 already placed in escrow, AU$1.9 million due at completion, and AU$2 million payable 12 months after completion. Pearl Gull will also secure future upside through royalties on iron ore sales and ballast used by Crestlink. The company intends to redeploy funds toward identifying new projects, maintaining ASX listing status, and creating long-term shareholder value. Yelverton Capital is advising on the transaction.
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Nextgen Global Services Pty Ltd trading as Kapitales Research (ABN 89 652 632 561) is a Corporate Authorised Representative (CAR No. 1293674) of Enva Australia Pty Ltd (AFSL 424494). The information contained in this website is general information only. Any advice is general advice only. No consideration has been given or will be given to the individual investment objectives, financial situation or needs of any particular person. The decision to invest or trade and the method selected is a personal decision and involves an inherent level of risk, and you must undertake your own investigations and obtain your own advice regarding the suitability of this product for your circumstances. Please be aware that all trading activity is subject to both profit & loss and may not be suitable for you. The past performance of this product is not and should not be taken as an indication of future performance.
