South West Pinnacle Exploration Ltd. has executed a Shareholders' Agreement to formalize its 17.5% equity participation in Al Hadeetha Mining LLC, a joint venture company based in Oman. The agreement, signed on May 29, 2026, outlines the governance, funding, and operational framework for the entity, which has been allocated Block 22B by the Ministry of Energy and Minerals, Sultanate of Oman. This strategic move allows South West Pinnacle Exploration Ltd to expand its footprint in the mining sector through international collaboration.

The joint venture involves partnerships with Alara Oman Operations Pty Limited, Al Tasnim Mining LLC, and Al Hadeetha Investment Services LLC. The agreement specifies the rights and obligations of each shareholder, including capital contributions and loan provisions. It establishes a Board of Directors comprising nominee directors from each shareholder to oversee the management and operational matters of Al Hadeetha Mining LLC.

The transaction is classified as a related party transaction and has been conducted on an arm's length basis. Alara Oman Operations Pty Limited is a subsidiary of Alara Resources Ltd, an Australian listed company in which South West Pinnacle Exploration Ltd. and its promoters hold a stake. Additionally, Vikas Jain, the Chairman and Managing Director of South West Pinnacle, holds a directorship in Alara Resources Ltd.

South West Pinnacle has nominated Mr. Vikas Jain as its nominee Board Member on the Board of Al Hadeetha Mining LLC. The company noted that the agreement pertains to the governance and operational management of the joint venture and does not impact the management or control of South West Pinnacle Exploration Ltd itself. The disclosure was made to the National Stock Exchange of India and Bombay Stock Exchange under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Key Details of the Joint Venture

Partner Entities

South West Pinnacle Exploration Limited has secured three Letters of Award (LOA) and Work Orders aggregating to over ₹22.68 Crores (including GST) for exploration, drilling, and related support services. The orders span operations across two states — Odisha and Rajasthan — and are expected to be executed during the current financial year. The company made this disclosure under Regulation 30, updating the stock exchanges on May 12, 2026.

Key Order Details

The following table summarises the three work orders received by South West Pinnacle Exploration Limited:

Letter of Award from Odisha Lift Irrigation Corporation Ltd

South West Pinnacle Exploration Limited received two Letters of Award from Odisha Lift Irrigation Corporation Ltd for the installation of successful deep borewells for a Solar Pumping system in the state of Odisha. The aggregate value of both work orders is approximately ₹9.68 Crores (including GST). Odisha Lift Irrigation Corporation Ltd is a State Public Sector Undertaking (PSU) under the Government of Odisha.

Work Order from Hindmetal Exploration Services Private Ltd

The company also received a Work Order from Hindmetal Exploration Services Private Ltd for imparting exploration, drilling, and support services in the state of Rajasthan. The aggregate value of this contract is approximately ₹13 Crores (including GST). Hindmetal Exploration Services Private Ltd is a 100% subsidiary of M/s Hindustan Zinc Limited.

Summary of Orders

All three LOAs/Work Orders are expected to be completed during the current financial year. The orders reflect South West Pinnacle Exploration Limited's continued engagement with both public sector undertakings and private sector clients across multiple states for exploration and drilling services.