Traka Resources Withdraws from Option Agreement

Traka Resources Limited (ASX:TKL) has announced its withdrawal from the option agreement to acquire an 80% interest in the Mavago and Meponda Projects located in Mozambique. The decision comes after the completion of due diligence, including technical, financial, and regulatory considerations, leading to the determination that the project no longer aligns with the Company's strategic objectives. The withdrawal does not require any further payments beyond the initial option fee, which was already paid on signing. This move allows the Company to shift its focus to other high potential base metal, battery, and precious metal projects currently under review, while maintaining its commitment to advancing its existing assets in Gorge Creek and Cranbrook.

Executive Commentary

The withdrawal from the Mavago and Meponda Option Agreement aligns with our commitment to maximizing shareholder value through the acquisition, discovery, and advancement of high-quality metals projects. After thorough due diligence, it became evident that the Mavago and Meponda Projects no longer fit into our strategic objectives. This decision enables us to direct our resources towards projects that are more aligned with our current focus and have the potential to deliver significant value to our shareholders. We remain dedicated to progressing our existing assets in Gorge Creek and Cranbrook, and we are actively seeking new projects that complement our portfolio and create value for our shareholders.

Summary

Traka Resources Limited (ASX:TKL) has officially withdrawn from the option agreement to acquire an 80% interest in the Mavago and Meponda Projects in Mozambique. The decision was made following a comprehensive due diligence process, which revealed that the projects no longer align with the Company's strategic objectives. This move allows the Company to shift its focus to other high potential base metal, battery, and precious metal projects currently under review, while maintaining its commitment to advancing its existing assets in Gorge Creek and Cranbrook. Traka Resources remains dedicated to maximizing shareholder value through the acquisition, discovery, and advancement of high-quality metals projects and is actively seeking new projects that complement its portfolio and create value for its shareholders.