Pearl Gull to sell Cockatoo Island project for $4.5m 

Pearl Gull Iron (ASX: PLG) has executed a binding asset sale and purchase agreement (with Buccaneer Resources, Crestlink and JCA WA Nominees. 

Under the agreement, Pearl Gull Iron Company will sell 100% of its interest in the tenements which comprise its Cockatoo Island project (including mining lease 04/235), together with all mining information, plant and infrastructure and the benefit of certain contracts relating to those tenements for $4.5m in cash, a 4% equity interest in Crestlink and a royalty payable on materials extracted from the Cockatoo Island project. 

Cockatoo Island is situated off the Northwest coast of WA and has a rich history of high-grade iron ore mining since the 1950s.  

Pearl Gull Iron’s tenements are prospective for iron ore and contain numerous infrastructure elements which at various times have supported the mining operations, such as the airstrip, offices, water storage and a series of tracks that support the exploration activities, according to the company.  

The potential of the Pearl Gull tenements surrounding the Cockatoo Island Seawall mine is to find new structural positions of the rich haematite unit mined by BHP, Portman and Pluton from 1951 until 2014.  

In addition, several areas with geology potentially suitable for beneficiation processing to produce an enriched ore have been identified with initial drilling and test work in some areas conducted by previous operators. 

The proposed transaction is subject to shareholder approval to be sought at a general meeting expected to be held in late October 2025, with completion expected during Q4, CY25.