Ann: Proposed issue of securities - MEI, page-3

For the new CEO's incentive package

1. Position: Chief Executive Officer (CEO) with the intention that Nick Holthouse shall assume the role of Managing
Director within 6 months of the Commencement Date.
2. Commencement Date: Upon and subject to Completion of the Acquisition by Meteoric of the Caldeira Project.
3. Salary: $320,000 per annum (exclusive of statutory superannuation).
4. Incentives to be issued pursuant to Incentive Plan:
• 5 million Performance Rights which shall convert into Ordinary Shares on a one-for-one basis upon:
i. Completion of the acquisition of the Caldeira Project; and
ii. Delineation on the Caldeira Project of an Inferred Mineral Resource Estimate (JORC 2012) of not less
than 100Mt at or above a Total Rare Earths Oxide grade of 2,500 PPM, by no later than 2 April 2024.
• 5 million Performance Rights which shall convert into Ordinary Shares on a one-for-one basis upon
delineation on the Caldeira Project of an Indicated and/or Measured Mineral Resource Estimate (JORC 2012)
of not less than 200Mt at or above a Total Rare Earths Oxide grade of 3,000 PPM, by no later than 2 April
2025.
• 5 million Performance Rights which shall convert into Ordinary Shares on a one-for-one basis upon
completion of positive feasibility studies on the Caldeira Project, as evidenced by a decision to mine resolved
by the Company Board, by no later than 2 April 2026.
• 5 million Performance Rights which shall convert into Ordinary Shares on a one-for-one basis upon the
Company securing funding for the construction of the first stage of a rare earths processing facility on the
Caldeira Project, by no later than 2 April 2027.
5. Termination: Immediately for cause and otherwise on six months’ notice by either party.