New Risk • Dec 23
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Australian stocks, typically moving 38% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (38% average weekly change). Minor Risks Revenue is less than US$5m (AU$2.2m revenue, or US$1.4m). Market cap is less than US$100m (AU$36.6m market cap, or US$24.5m). Announcement • Dec 23
ACAM GP Limited entered into a binding Scheme Implementation Deed to acquire Hartshead Resources NL (ASX:HHR) for AUD 40 million. ACAM GP Limited entered into a binding Scheme Implementation Deed to acquire Hartshead Resources NL (ASX:HHR) for AUD 40 million on December 23, 2025. Shareholders will receive A$0.014 cash per Fully Paid Share, representing a 133% premium to the last closing price of A$0.006 and a 114% premium to the 30-day VWAP, and A$0.0007 cash per Partly Paid Share, the Scheme Consideration implies a fully diluted equity value for Hartshead of approximately AUD 40 million.
The Directors of Hartshead unanimously recommend that shareholders vote in favour of the Scheme, in the absence of a Superior Proposal (as defined in the SID) and subject to the Independent Expert concluding that the Scheme is in the best interests of shareholders. The SID provides for the implementation of the Scheme, which is subject to several conditions precedent, including but not limited to i.e., Approval by Hartshead shareholders at a Courtconvened Scheme Meeting, Approval by the Supreme Court of Western Australia, Receipt of all necessary regulatory consents and approvals, including from ASIC and the North Sea Transition Authority, No restraints, no material adverse change and no prescribed occurrence in respect of Hartshead. ACAM or Hartshead Resources may terminate this deed at any time before the Delivery Time on the Second Court Date. Hartshead currently expects that the Scheme will be implemented in the 1st half of calendar year 2026.
Blackwall Legal LLP is acting as Hartshead’s legal adviser in connection with the Scheme. Gilbert + Tobin is acting as ACAM’s Australian legal adviser and Watson Farley & Williams LLP is acting as ACAM LP’s UK legal adviser in connection with the Scheme. New Risk • Sep 30
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2024. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Minor Risks Latest financial reports are more than 6 months old (reported December 2024 fiscal period end). Share price has been volatile over the past 3 months (19% average weekly change). Revenue is less than US$5m (AU$3.3m revenue, or US$2.2m). Market cap is less than US$100m (AU$16.9m market cap, or US$11.2m). 
