Overview of Omnia Metals Group Ltd's announcement

Omnia Metals Group Ltd (ASX: $OM1) has terminated the proposed acquisition of Dixie Gold Inc. The termination was due to the Company's inability to meet the closing conditions, resulting from current market conditions and overall negative sentiment in the lithium sector. Dixie Gold Inc. has filed a Notice of Civil Claim seeking damages for breach of contract and misrepresentation.

Executive commentary on the termination and future focus

The Board's decision not to pursue the Acquisition was made in the best interests of shareholders after careful consideration of the factors that would have resulted in Omnia being unable to satisfy the closing conditions. Omnia denies Dixie's claim and intends to fully defend itself. The Company remains focused on near-term exploration opportunities at existing assets and will continue to assess further acquisition opportunities which complement its existing future metals focus.

Summary of Omnia Metals Group Ltd's announcement

Omnia Metals Group Ltd (ASX: $OM1) has terminated the proposed acquisition with Dixie Gold Inc. The Company denies Dixie's claim and intends to fully defend itself. Omnia remains focused on near-term exploration opportunities at existing assets and will continue to assess further acquisition opportunities which complement its existing future metals focus. The Company also plans to complete a Capital Raise in the near future to fund potential acquisitions, exploration, and general working capital. Omnia is working with the ASX to have the suspension of its securities lifted.