Ann: New Hope Increases Malabar Investment, page-11

Here is the announcement from Malabar:

Malabar Announces A$160 million Proposed Equity Raise

Malabar Resources (“Malabar” or the “Company”) today announces the launch of an institutional
placement of ordinary shares at a price of A$1.80 per share for proceeds of at least A$160 million (the
“Proposed Equity Raise”). The Proposed Equity Raise is expected to close on or around 23 February
2024.

As announced in November 2023, Malabar is committed to developing the Maxwell Project as a 300m
longwall (vs 145m longwall) to realise the mine’s full potential.

The Proposed Equity Raise is expected to result in approximately 88.9 million new fully paid ordinary
shares (“New Shares”) being issued, representing ~17.7% of existing shares on issue (assuming
proceeds of A$160 million).
New Hope Group Ltd, one of the Company’s existing major shareholders, has provided a binding
commitment to subscribe for up to A$105 million of the Proposed Equity Raise. This commitment will
comprise two tranches:

• First, ~A$76 million, or any lesser amount which would result in a pro forma shareholding of
19.9%; and
• Second, ~A$29 million, which, if required, depending on the overall take up of the Proposed
Equity Raise, will be conditional on Malabar shareholder approval under section 611 item 7 of
the Corporations Act.

The Company expects to use the gross proceeds of the Proposed Equity Raise alongside existing funding
sources, including cash on balance sheet and undrawn debt facilities, for the development of the
Maxwell Project.