DEEP SOURCE (00990) announced that on December 1, 2025, the company entered into a loan agreement with borrower Gold Valley Pilbara Pty Ltd. Under the agreement, the company agreed to provide a principal loan of US$6 million (approximately HK$46.8 million) to the borrower, with a term of 12 months from the first utilization date.

The acquisition of interests in the Bella Bella Vanadium project aligns with the group's long-term strategic vision for Australia's natural resources market. This move will enable the group to diversify its business, support global expansion, and facilitate future investments in Australia. Australia accounts for approximately 24% of global ilmenite resources, with increasing applications of the metal in large-scale power grids and redox flow batteries.

The company noted that shareholders of BBI Group Pty Ltd, which holds all assets of the Balla Balla Vanadium project, are eager to sell the target company. However, any sale of related interests to foreign buyers requires approval from Australia's Foreign Investment Review Board (FIRB). Given the time-sensitive nature of the transaction, the borrower (as an Australian entity) agreed to secure the loan to fund its acquisition of the target company.

Upon completion of the transaction, the target company may subsequently seek FIRB approval to allow DEEP SOURCE to acquire a 40% stake. Therefore, the company agreed to provide the interest-free loan under the current structured arrangement, as it will gain the right to acquire the 40% stake in the target company upon the borrower's successful acquisition.