International Graphite Ltd entered into Sale Agreement to acquire Springdale Graphite Project from Comet Resources Limited (ASX:CRL) for AUD 8 million on October 27, 2021. The consideration consists of 40 million shares in International Graphite Ltd initially valued at AUD 8 million, based on the proposed IPO issue price per share of AUD 0.20, which will be subject to ASX imposed escrow in accordance with the ASX Listing Rules. Following the Transaction and IPO, Comet is expected to own approximately 25% of International Graphite. The transaction is subject to due diligence, Comet's shareholders approval, International Graphite receiving conditional approval from ASX for the IPO, third party approval and No material adverse effect having occurred.

International Graphite Ltd completed the acquisition of Springdale Graphite Project from Comet Resources Limited (ASX:CRL) on April 7, 2022.