Bastion Minerals impairment and acquisition update

Bastion Minerals Limited (ASX:BMO) has announced that it will record an impairment of $1,663,601 for its Chilean assets and $542,472 for its existing Canadian assets. The company has also extended the date for the Extraordinary General Meeting to approve the issue of Consideration Shares, Consideration Options, Performance Shares Tranche 1, Performance Shares Tranche 2, and Introducer Shares and Introducer Options related to the proposed acquisition of Arcus Resources Pty Ltd.

Executive Commentary

The Company is taking necessary steps to comply with AASB 6 Exploration for and Evaluation of Mineral Resources and is focused on its Swedish and Western Australian projects, along with the new Canadian projects. The decision to record an impairment is in line with the review of the June 2024 Half Year Financial Statements. The extension of the Extraordinary General Meeting date provides additional time for the approval process related to the Arcus Acquisition.

Summary of Impairment and Acquisition Extension

Bastion Minerals Limited (ASX:BMO) has announced an impairment of $1,663,601 for its Chilean assets and $542,472 for its existing Canadian assets, in accordance with AASB 6 Exploration for and Evaluation of Mineral Resources. The company is also extending the date for the Extraordinary General Meeting to approve the issue of Consideration Shares, Consideration Options, Performance Shares Tranche 1, Performance Shares Tranche 2, and Introducer Shares and Introducer Options related to the proposed acquisition of Arcus Resources Pty Ltd. The Company remains focused on its Swedish and Western Australian projects, along with the new Canadian projects, subject to the completion of the Arcus Acquisition.