Tigers Realm Coal (TIG) Q3 2024 TU earnings summary

Executive summary

• Entered into a Share Purchase Agreement to sell Russian subsidiaries and mining/port operations for US$49 million to APM-Invest.

• Proceeds from the sale are intended to be returned to shareholders upon completion.

• All conditions precedent under the SPA that are TIG's responsibility have been satisfied; only Presidential approval for APM-Invest remains outstanding.

Significant events and developments

• SPA includes a "locked box" mechanism: all revenue from Russian subsidiaries accrues to APM-Invest post-June 2024.

• Any payment from Russian subsidiaries to TIG before completion would trigger a Material Adverse Event and allow SPA termination.

• APM-Invest has waived its right to terminate the SPA for unmet conditions until 31 December 2024.

Capital allocation and financing

• Intention to use US$49 million sale proceeds for capital return to shareholders.