Ann: Prospectus For a non- renounceable pro rata offer, page-3

Capital raising.

To me, it was a relief to see shareholders getting the chance to participate 100% in the cap raise of $1m by way of an Entitlements Issue ('EI'). I had hoped for it, as expressed previously by me on 2 different occasions. I thought that raising $2m by way of a 1 for 10 at 1c would be the way to go. I was right about the $2m, but not the price.

$2m?? Yes! there are 2 lots of $1m. The first is the EI. The second is a Placement ('P'). The P is easy to miss. It is part of the Prospectus. Here:

8.11 Placement

In addition to the Offer, the Company may also seek, subject to Shareholder approval (to be sought at a Shareholder meeting to be held in or about early September 2024), to raise up to a further $1 million through a placement on the same terms as the Offer.
Applications under the placement can be made by using the application form for the Shortfall Offer which accompanies this Prospectus.
The offer of securities under the Placement is made under this Prospectus and is both subject to Shareholder approval and at the Directors’ discretion. Funds raised under the Placement will be used as follows:
Use of Placement funds (approx.)
Allocation

# Steam Engine Stage 2 Resource and exploration drilling $450,000.
# Steam Engine Feasibility and other mining studies $200,000.
$ Drilltest Bottletree core targets and define extent of copper mineralisationn at existing deposit locations $350,ooo.

## Total use of funds $1m

In the event less than $1 million is raised under the placement, funds will be allocated at the Director’s discretion depending upon exploration and study progress and success.

The said expenditure is different from the EI raising, which is:

# Completion of Steam Engine Resource drilling $100 ,000
# Drill Steam Engine SAM targets $150,000
# Conduct Steam Engine soil sampling $50,000
$ Conduct Steam Engine exploration drilling program $300,000
# Drill Bottletree CEI diamond holes $300,000
$ General working capital (including to pay the costs of the Rights Issue and other expenses incurred in the ordinary course of business) purposes $100,000

## Total use of funds $1m