Date Closed

October 31, 2023

Lead Office

Vancouver

On November 3, 2023, Appian Capital Advisory LLP ("Appian") announced its acquisition from Iluka Resources Inc. ("Iluka") of near-production ready mineral sands deposits, 100% ownership interest in Iluka's North Carolina subsidiary and other certain assets. The acquisition was completed through Appian's majority-owned subsidiary Atlantic Strategic Minerals LLC ("Atlantic"). The acquired mineral sands deposits are expected to produce high-quality critical minerals, including ilmenite and zircon, once Appian restarts the mining operations. The agreement includes the provision for the sale of mineral sands products back to Iluka.

Appian, headquartered in London, United Kingdom, is the investment advisor to Appian Natural Resources capital funds that invest in mining or mining related companies, assets and management teams.

Atlantic, based in Richmond, Virginia, is a manufacturer of mineral sands and critical minerals.

Iluka. located in Perth, Australia, is a global critical minerals company with expertise in exploration, development, mining, processing, marketing and rehabilitation.

McCarthy Tétrault advised Appian and Atlantic with a team led by Shea Small and Patrick Deutscher that included Leisa Nolan, Kara Bodie and Jesslyn Chong (Business).