Pearl Gull Iron (ASX:PLG) has completed the sale of its Cockatoo Island Project, receiving total consideration of $4.5 million in cash, a 4% indirect equity interest in Crestlink, and royalties on certain materials extracted from the project’s tenements.
The company has already received an upfront cash payment of $2.5 million, with a further $2 million due on Dec. 19.
The transaction also entitles Pearl Gull to two royalties: 2% of the free-on-board value of all iron ore sold by Buccaneer Resources and $0.50 per tonne of ballast extracted and used by Crestlink in constructing its multi-user supply base on Cockatoo Island.
Through a 4.55% stake in JCA WA Nominees, Pearl Gull now holds a 4% indirect equity interest in Crestlink, which is advancing a major $300 million multi-user aviation and marine logistics development in the Kimberley, fully funded and fully permitted, with construction expected to commence in Q2 2026.