Ann: Trading Halt, page-7

Offer Price:

Offer Price of A$0.10 per Security.

Discount:

• 47.4% discount to the last traded price on Thursday, 31 October 2024, A$0.19
• 45.1% discount to the 5-day VWAP A$0.182
• 45.1% discount to the 15-day VWAP A$0.182

Offer Details:

• The Offeror seeks to raise approximately A$6 million by way of a Two Tranche Placement of up to 60 million shares (“Securities”) to sophisticated and professional investors (the "Offer" or the “Placement”). The Company reserves the right to accept oversubscriptions.
• The Company’s major shareholder, Shenghe Resources (Singapore) Pte Ltd (“Shenghe Resources”), has committed to subscribe for approximately $1.2 million in the Placement. Shenghe Resources will not exceed 19.9% of the total number of fully paid ordinary shares on issue inclusive of the Placement Securities.
• Shenghe Resources participation in the Placement will be issued subject to regulatory and shareholder approval in Tranche Two of the Placement.
• It is the Company’s intention to also conduct a Share Purchase Plan (“SPP”) to seek to raise up to $2.0 million, although the terms and timing of the SPP have not yet been determined. Subject to the ASX Listing Rules and market circumstances at the relevant time it is intended that the SPP will be offered at the same price as the Placement and will enable existing eligible shareholders to apply for up to $30,000 worth of new shares in the Company. The final details of the SPP may vary from those disclosed above. Further details will be provided in due course.

Use of Proceeds:

• Early and enabling works;
• Finalisation of an EPCM agreement;
• Land relocation and compensation payments;
• Camp costs, local community & CSR programs;
• Transaction costs associated with the Shenghe investment, development and funding agreement;
• Peak and Mamba corporate costs and costs of the Offer.