On 12 September, we announced that we had executed a series of agreements with Good Importing International Pty Ltd (GII) to develop the ABx bauxite projects in Queensland and, potentially, New South Wales. Following ASX confirmation that ABx shareholder approval is not required for the transaction, ABx3 has now received $2.7 million in Stage 1 funding from GII.

The Stage 1 funding will be deployed to finalise the project design for an initial extraction of bauxite from the Binjour mine, exported via Bundaberg port. The Stage 1 program is expected to take 12-24 months.

Subject to satisfaction or waiver of the Stage 2 Condition Precedent, GII will invest a further $2.7m by way of share subscription to increase its ownership of ABx3 to 75%. The funds from Stage 2 Completion will be used to:

- Pay all land acquisition and lease costs, and security deposits

- Construct infrastructure at Binjour mine and Bundaberg port

The Stage 2 program is expected to take just 3 months because of the limited mine and port infrastructure required.