Midwest Ltd , along with its consortium partners Midwest Energy Limited and the Non-Ferrous Materials Technology Development Centre (NFTDC), has signed a Memorandum of Understanding (MoU) with PT Perusahaan Mineral Nasional (Persero) (PERMINAS). This agreement aims to collaborate on developing critical minerals and rare earth resources in Indonesia, marking the company's first structured engagement with a Southeast Asian state-owned strategic minerals enterprise.

Scope of Collaboration

The MoU establishes a framework for the parties to evaluate potential collaboration across the rare earth value chain in Indonesia. This includes upstream exploration and resource assessment, mining, processing, extraction, refining, and downstream manufacturing, with a specific focus on rare earth magnet production. The agreement is designed to complement Midwest Limited's ongoing strategy to build a presence across the rare earth value chain.

Under the terms of the agreement, the parties will establish a joint working group to plan and monitor the implementation of the project. The consortium will leverage complementary expertise across the value chain, with each partner contributing distinct capabilities.

Role of Each Partner

Midwest Limited will contribute skills in exploration, mine planning, environmental studies, and mineral processing operations. Midwest Energy Limited will provide technology and operational expertise for establishing the rare earth magnet manufacturing plant, while NFTDC will offer technology and technical services across the value chain. PERMINAS, Indonesia's state-owned strategic minerals enterprise, will provide access to critical minerals and rare earth resources for joint development in Indonesia.

Key Agreement Details

The following table outlines the key parameters of the MoU:

The disclosure confirms that the MoU does not specify any monetary consideration or financial commitment at this stage. The transaction involves related parties, as Midwest Energy Limited is part of the promoter group; however, the company has stated that the transaction is conducted at arm's length. The filing was submitted to the exchanges in compliance with Regulation 30 of the SEBI (LODR) Regulations, 2015.

Midwest Ltd has confirmed that its promoters and promoter group have not created any encumbrance on their shareholding during the financial year ended March 31, 2026, other than those already disclosed. The declaration was submitted to the stock exchanges pursuant to Regulation 31(4) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. This regulatory filing ensures transparency regarding the pledging or hypothecation of shares by the promoters, which is a key indicator of financial stability for investors.

The disclosure was addressed to the Listing Departments of BSE Limited and National Stock Exchange of India Ltd. on April 09, 2026. Rama Raghava Reddy Kollareddy, a Promoter, signed the declaration on behalf of the Promoters and Promoters' Group. The company confirmed that the list of promoters and promoter group members forming part of this declaration was enclosed as Annexure I.

The filing provides a comprehensive list of 52 entities categorized under the Promoter and Promoter Group. The list includes individuals such as Ravindra Reddy Guntaka and Ramachandra Kollareddy, as well as corporate entities like Orange Koi Private Limited and DRK (IND) Trading Private Limited. The list also notes that Midwest Quartz Private Limited changed its name to Midwest Altira Private Limited effective January 23, 2026.

The complete list includes various other entities, such as trusts and limited liability partnerships, all classified under the Promoter Group. The declaration confirms that no new charges have been created on the shares held by these entities during the specified financial year, providing assurance to shareholders regarding the status of the promoter holdings.