Coolabah Metals Limited announced the signing of a Binding Heads of Agreement for the acquisition of a 100% interest in two (2) grant mining leases ML5571 and ML5572. The acquisition enhances the Gunpowder Creek Project within the highly prospective Mount Isa Inlier. The acquisition of ML5571 and ML5572 is consistent with the Company's strategy to explore and discover Au deposits in the highly prospective Mount Isa Inlier to enhance the status and value of the Gunpowder Creek Project.

ML5572 has an area of 4 hectares, the 100% acquisition consolidates the area and reduces the risk of a small portion of the prospect being held by another party in the event of a discovery. Subject to satisfaction (or waiver) of the Conditions Precedent, the Company agrees to acquire, and the Vendors agree to sell their 100% legal and beneficial interest in the Sale Assets, free from Encumbrances and third-party rights.