RESOURCES & ENERGY GROUP LIMITED - SALE OF MOUNT MACKENZIE GOLD PROJECT QLD

About this update from Resources & Energy Group Limited

Resources & Energy Group Limited (ASX: REZ) (REZ or the Company) is pleased to advise that due diligence has been completed in respect of the sale of the Mount Mackenzie Project in Queensland to QMines Limited (ASX: QML) ( QMines ). The proposed sale was previously announced to ASX on 15 April 2025 . The total consideration of $2.485 million , comprises $1 million in cash (inclusive of the previously received $100,000 deposit) and the issue of 33 million fully paid ordinary shares in QMines at a deemed price of $0.045 per share. These shares are subject to a voluntary escrow period of 12 months. QMines has also advised REZ that it has put in place funding to enable completion of the sale. The divestment is aligned with REZ's sharpened strategic focus on its wholly owned East Menzies Gold Project in Western Australia , where the Company is advancing scalable, self-managed gold production and active exploration across its extensive tenement package. REZ Group Managing Director J. Daniel Moore said: 'This transaction marks a clean and value-accretive exit from our Queensland portfolio. The proceeds strengthen our balance sheet, enabling us to focus our full attention on scaling up operations at East Menzies Gold Project . We are also pleased to retain exposure to the future success of Mount Mackenzie through our shareholding in QMines , and we thank Andrew and the QMines team for their constructive approach throughout the process.' Contact: J. Daniel Moore Email: [email protected] Tel: +61 2 9227 8900 Mark Flynn Email: [email protected] Tel: +61 416 068 733 ABOUT RESOURCES & ENERGY GROUP LIMITED (ASX:REZ) Resources & Energy Group Limited (ASX: REZ) is an ASX-listed gold explorer and miner, focused on unlocking the full potential of the East Menzies Gold Project in Western Australia . The Company is committed to advancing cost-effective gold extraction through innovative processing methods, such as vat leaching while exploring additional high-grade gold deposits within its extensive tenement package. FORWARD LOOKING STATEMENT This Announcement may contain forward-looking statements, which are identified by words such as 'may', 'could', 'should', 'believes', 'estimates', 'targets', 'expecting', or 'intends' and other similar words that involve risks and uncertainties. These statements are based on an assessment of present economic and operating conditions, and on a number of assumptions regarding future events and actions that, as at the date of this Announcement, are considered reasonable. Such forward-looking statements are not a guarantee of future performance and involve known and unknown risks, uncertainties, assumptions, and other important factors, many of which are beyond the control of the Company, the Directors, and the management. The Directors cannot and do not give any assurance that the results, performance, or achievements expressed or implied by the forward-looking statements contained in this Announcement will actually occur and investors are cautioned not to place undue reliance on these forward-looking statements. (C) 2025 Electronic News Publishing, source ENP Newswire

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