MRC Secures Further Payments for Skaland

Mineral Commodities Ltd (MRC) has provided an update on the sale of its Skaland Graphite Project to Norge Mineraler Holding AS. The transaction, initially expected to conclude on March 21, 2025, faced delays due to Norge Mineraler’s funding issues. Despite the setback, Norge Mineraler has reaffirmed its commitment to finalizing the acquisition. As a demonstration of its commitment, Norge Mineraler has made a non-refundable partial payment of USD 500,000 and agreed that the previously refundable USD 1,000,000 deposit is now nonrefundable. To ensure business continuity, Norge Mineraler will provide a working capital payment of NOK 5.0 million to Skaland Graphite AG by May 23, 2025. Additionally, they will pay MRCGN AUD 45,500 to partially cover incurred costs. Further bolstering MRC’s position, Norge Mineraler will secure a parent company guarantee guaranteeing its obligations under the share purchase agreement (SPA). MRC CEO Scott Lowe acknowledged the importance of the final payment to stakeholders and emphasized close collaboration with Norge Mineraler to expedite the process. The outstanding amount owed to MRC is estimated at USD 9.62 million, accruing interest daily from March 21, 2025. A comprehensive update will be provided upon finalization of these arrangements. These payments underscore Norge Mineraler’s commitment to acquiring the Skaland Graphite Project despite the funding challenges, offering some assurance to MRC and its stakeholders.