Shenghe Resources' acquisition of equity in Peak Company is making progress: all prerequisites have been met and the transaction will be completed.

On May 14, 2025, the 9th Board of Directors of Shenghe Resources Holdings Limited agreed at its third meeting to allow its wholly-owned subsidiary, Bright Rare Earth, to acquire all common stock of Picke Company. In July, the implementing entity for the cooperation was changed to Shenghe Singapore, which holds a 19.7% stake. On September 4, the Board of Directors agreed to adjust the valuation of the 100% equity of Picke Company from AUD 158 million to AUD 195 million. The acquisition was approved by the Picke Company shareholder meeting on September 16. On September 18, approval was obtained from the Fair Competition Commission of Tanzania, and on September 19, approval was received from an Australian court and relevant committees were submitted. With the satisfaction of all conditions, the acquisition scheme became effective, and it is expected that the payment and delivery of the equity will be completed on September 30.