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Proposed Transaction for the acquisition of 50% of the Mount Ida Magnetite Royalty from Red Rock Resources PLC - Anglo Pacific Group

Anglo Pacific Group PLC (“Anglo Pacific”) (LSE:APF) (TSX:APY) announces that it has agreed to a proposal with Red Rock Resources PLC to acquire 50% of the Mount Ida 1.5% Gross Revenue Iron Ore Royalty (GRR) currently held by Red Rock Resources PLC. The acquisition will total US$14 million paid in three instalments as follows: Tranche 1: US$6 million on completion and agreement of the terms of the transaction, for a 0.3% GRR. Tranche 2: US$4 million payment for a further 0.225% GRR following the results of a positive definitive feasibility study (DFS), a formal decision to mine and that 20% of the pre-production capital costs outlined in the DFS are provided for. Tranche 3: US$4 million for a further 0.225% GRR following the commencement of commercial production, taking the total to 0.75% GRR. The payments are to be made in a combination of cash and Anglo Pacific shares to be determined, subject to settlement and execution of formal documentation, and approval of the London and Toronto Stock Exchanges. For a full copy of this release please click here.