Ann: Lady Ida Project Update, page-2

BEACON MINERALS LIMITED ACN 119 611 559
Registered Address 144 Vivian Street, Boulder, WA 6432
Website www.beaconminerals.com Phone 08 9093 2477 1
ASX ANNOUNCEMENT
20 July 2023
LADY IDA PROJECT UPDATE
Beacon Minerals Limited (ASX:BCN) (Beacon or the Company) provides an update in relation to the Lady
Ida Project transaction.
The Company has received advice from ASX in relation to the acquisition of M16/262, M16/263, M16/264,
L15/224, L16/58, L16/62, L16/103 and applications L16/138 and L16/142, which together form the “Lady
Ida Project”, from Lamerton Pty Ltd and Geoda Pty Ltd (Acquisition), for further information please see ASX
releases dated 24 March 2023 “Beacon Acquires the Lady Ida Gold Project” and 21 June 2023 “Update on
the Acquisition of the Lady Ida Project”.
ASX advised Beacon on 19 June 2023 that the Acquisition is an acquisition to which ASX Listing Rule 10.7
applies. ASX Listing Rule 10.7 requires that the consideration for the Acquisition cannot be cash and can
only consist of the issue of restricted securities in the Company. As a result of this decision by ASX, the
proposed Acquisition cannot proceed in its current form.
The Board is reviewing potential alternatives to acquire the tenements contemplated under Acquisition as
the Board continues to believe that an Acquisition would be in the best interests of shareholders.
The Company will continue to provide updates to shareholders as the matter progresses.
Authorised for release by the Board of Beacon Minerals Limited.
This announcement is issued to end the voluntary suspension requested by the Company on 19 July 2023

I'm confused