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.
Pearl Gull plans to use the proceeds from the sale to pursue new projects and growth opportunities while maintaining exposure to the Cockatoo Island Project via its equity interest and royalty entitlements.
At the time of reporting, Pearl Gull Iron's share price was $0.023.