Orion Equities Limited provides update on termination of iron ore royalty entitlement

Orion Equities Limited (ASX: $OEQ) has provided an update on the termination of its iron ore royalty entitlement related to the Paulsens East Iron Ore Project. The company previously announced that its subsidiary, CXM Pty Ltd, had agreed to terminate and provide releases under the Orion Royalty in relation to the project, in consideration of a payment from Miracle Iron Holdings Pty Ltd. Strike Resources Limited, the entity selling the project to Miracle, has announced that shareholders have approved the disposal of the project at a General Meeting held earlier today, and completion of the agreement is scheduled to occur on Friday, 8 March 2024. Orion has indicated that it will provide another update after the completion of the sale on the aforementioned date.

Executive Commentary on Termination of Iron Ore Royalty Entitlement

We are pleased to provide this update on the termination of our iron ore royalty entitlement related to the Paulsens East Iron Ore Project. The agreement to terminate and provide releases under the Orion Royalty, in exchange for the payment from Miracle Iron Holdings Pty Ltd, marks a significant development for Orion Equities Limited. We are encouraged by Strike Resources Limited's announcement that shareholders have approved the disposal of the project, and we look forward to the completion of the agreement on 8 March 2024. We remain committed to providing further updates as the situation progresses.

Summary of Orion Equities' Update on Iron Ore Royalty Entitlement

Orion Equities Limited (ASX: $OEQ) has provided an update on the termination of its iron ore royalty entitlement related to the Paulsens East Iron Ore Project. The company's subsidiary, CXM Pty Ltd, agreed to terminate and provide releases under the Orion Royalty in relation to the project, in exchange for a payment from Miracle Iron Holdings Pty Ltd. Strike Resources Limited, the entity selling the project to Miracle, has announced that shareholders have approved the disposal of the project, with completion of the agreement scheduled to occur on Friday, 8 March 2024. Orion has indicated that it will provide another update after the completion of the sale. The company remains optimistic about the developments and looks forward to further progress in this regard.