SUMO Option Holders – Request for Extension

SUMO Option Holders – Request for Expiry Extension

The expiry date for Summit Minerals Limited (ASX: SUM) quoted options (ASX: SUMO, exercise price $0.25) is currently set for 30 September 2025.

Given the mismanagement and delays under prior leadership, as well as recent governance changes, there is a strong case for the Board to seek an extension of the expiry date to 30 September 2026. This would restore lost time, preserve up to $10.175 million in potential capital inflow, and deliver benefits to all shareholders by allowing the new leadership team to achieve exploration milestones without the need for discounted capital raisings.

Your action is important.
If you hold SUMO options or shares, please send the letter below to the Board this week, as time is short for the company to engage with the ASX.

How to send:
To: [email protected]
CC: [email protected]
Subject: Proposal to Extend SUMO Option Expiry to 30 September 2026

Letter to paste into your email

I write as an option holder of Summit Minerals Limited (ASX: SUM) regarding the expiry of the company’s quoted options (SUMO), exercisable at $0.25 and currently set for 30 September 2025.
Recent corporate developments represent a significant change in circumstances:

• Gower ceased to be the Executive Director on 30 April 2025 and left the company.
• Dr. Matthew Cobb was appointed Managing Director, with geological and operational credentials directly relevant to advancing Summit’s projects.

Under previous management, project delays and missed milestones have significantly reduced the effective time available for option holders to benefit from their investment — potentially forfeiting over $10 million in premium-priced capital that could otherwise support the company’s development plans.

The current SUMO option expiry date does not align with realistic project timelines now in place under the new leadership structure.

Rationale for the Extension:

• Restoring Time Lost to Past Mismanagement – Under previous management, project delays and missed milestones significantly reduced the effective time available for option holders to realise value, despite promotional activity that initially encouraged investment.
• Renewed Leadership Momentum – Appointment of Dr. Matthew Cobb (effective 10 March 2025) and an in-country geologist in Brazil.
• Fairness to Investors – Restores opportunity for holders whose capital has been sidelined.
• Potential Capital Lift – Preserves $10.175 million in premium-priced equity inflow without discounted raisings.
• Governance – Equal treatment for all holders, no related-party advantage.
• Precedent – Consistent with prior ASX-approved extensions in genuine changed circumstances.

Compliance Framework:
This extension is permissible under ASX Listing Rule 6.23.3, subject to:

• ASX approval, and
• Option holder approval via General Meeting or written consent.

Justification for Extension:
Fairness – addresses time lost under prior management.
Capital Recovery – preserves $10.175 million potential inflow.
Strategic Alignment – time for milestones under new leadership.
Governance – equal treatment of holders.
Market Integrity – transparent process via ASX.
Precedent – consistent with prior ASX approvals.

Recommended Next Steps:

1. Seek ASX in-principle advice.
2. Draft and lodge Notice of Meeting for option holder vote.
3. Secure approvals before expiry deadline.
4. Update ASX records and announce upon approval.

Urgency:
The Board should engage with the ASX on this matter immediately, as $10.175 million in potential capital inflow is at risk if the expiry date is not extended. Without an extension, the company may face greater difficulty raising capital, as a significant portion of investor funds remains committed within existing options.

Kind regards,
Your Name
Option Holder – ASX: SUMO
Your Contact Information