Announcement PDF Boab Metals Limited ACN 107 159 713 Notice of Annual General Meeting The Annual General Meeting of the Company will be held as follows: Time and date: 11:00am (AWST) on Tuesday, 25 November 2025 In-person: The offices of the Australian Institute of Company Directors, Level 1, 77 St Georges Terrace, Perth WA 6000 The Notice of Annual General Meeting should be read in its entirety. If Shareholders are in doubt as to how to vote, they should seek advice from their suitably qualified advisor prior to voting. Should you wish to discuss any matter, please do not hesitate to contact the Company Secretary by telephone on +61 8 6268 0449. Shareholders are urged to vote by lodging the Proxy Form Page 2 Boab Metals Limited ACN 107 159 713 (Company) Notice of Annual General Meeting Notice is hereby given that the annual general meeting of Shareholders of Boab Metals Limited (ACN 107 159 713) will be held at the offices of the Australian Institute of Company Directors, Level 1, 77 St Georges Terrace, Perth WA 6000 on Tuesday, 25 November 2025 at 11:00am (AWST) (Meeting). The Explanatory Memorandum provides additional information on matters to be considered at the Meeting. The Explanatory Memorandum and the Proxy Form form part of the Notice. The Directors have determined pursuant to regulation 7.11.37 of the Corporations Regulations 2001 (Cth) that the persons eligible to vote at the Meeting are those who are registered as Shareholders on Friday, 21 November 2025 at 5:00pm (AWST). Terms and abbreviations used in the Notice are defined in Schedule 1. Agenda 1 Annual Report To consider the Annual Report of the Company and its controlled entities for the financial year ended 30 June 2025, which includes the Financial Report, the Directors' Report and the Auditor's Report. Note: there is no requirement for Shareholders to approve the Annual Report. 2 Resolutions Resolution 1 – Remuneration Report To consider and, if thought fit, to pass with or without amendment, as a non-binding ordinary resolution the following: 'That, the Remuneration Report be adopted by Shareholders, on the terms and conditions in the Explanatory Memorandum.' Note: a vote on this Resolution is advisory only and does not bind the Directors or the Company. Resolution 2 – Re-election of Director – Gary Comb To consider and, if thought fit, to pass with or without amendment, as an ordinary resolution the following: ‘That, for the purpose of Listing Rule 14.4, Clause 13.2 of the Constitution and for all other purposes, Gary Comb, retires and being eligible, is re-elected as a Director of the Company, on the terms and conditions in the Explanatory Memorandum.’ Page 3 Resolution 3– Approval of 10% Placement Facility To consider and, if thought fit, to pass with or without amendment, as a special resolution the following: 'That, pursuant to and in accordance with Listing Rule 7.1A and for all other purposes, Shareholders approve the issue of Equity Securities totalling up to 10% of the issued capital of the Company at the time of issue, calculated in accordance with the formula prescribed in Listing Rule 7.1A.2 and on the terms and conditions in the Explanatory Memorandum.’ Resolution 4 – Ratification of issue of Consideration Shares To consider and, if thought fit, to pass with or without amendment, the following as an ordinary resolution: 'That, pursuant to and in accordance with Listing Rule 7.4 and for all other purposes, Shareholders ratify the issue of 8,333,333 Consideration Shares issued under Listing Rule 7.1, on the terms and conditions in the Explanatory Memorandum.’ Resolution 5 – Ratification of issue of June Placement Shares To consider and, if thought fit, to pass with or without amendment, the following as an ordinary resolution: 'That, pursuant to and in accordance with Listing Rule 7.4 and for all other purposes, Shareholders ratify the issue of: (a) 14,160,490 June Placement Shares issued under Listing Rule 7.1; and (b) 23,339,510 June Placement Shares issues under Listing Rule 7.1A, on the terms and conditions in the Explanatory Memorandum.’ Resolution 6 – Ratification of issue of Tranche 1 Shares pursuant to the October Placement To consider and, if thought fit, to pass with or without amendment, the following as an ordinary resolution: 'That, pursuant to and in accordance with Listing Rule 7.4 and for all other purposes, Shareholders ratify the issue of 12,515,441 Tranche 1 Shares issued under Listing Rule 7.1, on the terms and conditions in the Explanatory Memorandum.’ Resolution 7– Approval of issue of Tranche 2 Shares pursuant to the October Placement To consider and, if thought fit, to pass with or without amendment, the following as an ordinary resolution: 'That, pursuant to and in accordance with Listing Rule 7.1 and for all other purposes, Shareholders approve the issue of up to 112,484,559 Tranche 2 Shares, on the terms and conditions in the Explanatory Memorandum.’ Page 4 Resolution 8 – Re-insertion of Proportional Takeover Bid Approval Provisions To consider and, if thought fit, to pass without or without amendment, as a special resolution the following: 'That, the modification of the Company's Constitution to re-insert the proportional takeover bid approval provisions contained in Rule 9 of the Constitution for a period of three years from the date of approval of this Resolution is approved under and for the purposes of sections 648G(4) and 136(2) of the Corporations Act and for all other purposes.’ Resolution 9 – Approval of Employee Securities Incentive Plan To consider and, if thought fit, to pass without or without amendment, as an ordinary resolution the following: ‘That, pursuant to and in accordance with exception 13(b) of Listing Rule 7.2 and for all other purposes, Shareholders approve the employee securities incentive plan of the Company known as the "Boab Metals Limited Employee Securities Incentive Plan" (New Plan) and the issue of up to 38,000,000 Securities under the New Plan on the terms and conditions in the Explanatory Memorandum.' Resolution 10 – Approval of potential termination benefits under the New Plan To consider and, if thought fit, to pass without or without amendment, as an ordinary resolution the following: 'That, for a period commencing from the date this Resolution is passed and ending upon the expiry of all Securities issued or to be issued under the New Plan, the giving of benefits to any current or future person holding a managerial or executive office of the Company or a related body corporate in connection with that person ceasing to hold such office is given under and for the purposes of Part 2D of the Corporations Act, on the terms and conditions in the Explanatory Memorandum.' Resolution 11 – Approval to issue MD Performance Rights To consider and, if thought fit, to pass with or without amendment, as an ordinary resolution the following: ‘That, pursuant to and in accordance with Listing Rule 10.14 and for all other purposes, Shareholders approve the issue of 1,225,807 MD Performance Rights to Mr Simon Noon (or his nominees) under the New Plan, on the terms and conditions in the Explanatory Memorandum.’ Resolution 12(a) to (d) – Approval to issue Director Performance Rights To consider and, if thought fit, to pass with or without amendment, the following each as a separate ordinary resolution: 'That, pursuant to and in accordance with Listing Rule 10.14, section 195(4) of the Corporations Act and for all other purposes, Shareholders approve the issue of up to 9,000,000 Director Performance Rights to the Directors (or their respective nominees) under the New Plan as follows: Page 5 (a) up to 4,000,000 Director Performance Rights to Mr Simon Noon; (b) up to 2,000,000 Director Performance Rights to Mr Gary Comb; (c) up to 1,500,000 Director Performance Rights to Mr Richard Monti; and (d) up to 1,500,000 Director Performance to Mr Andrew Parker, on the terms and conditions set out in the Explanatory Memorandum.” Voting prohibitions Resolution 1: In accordance with sections 250BD and 250R of the Corporations Act, a vote on this Resolution must not be cast (in any capacity) by or on behalf of a member of the Key Management Personnel details of whose remuneration are included in the Remuneration Report, or a Closely Related Party of such a member. A vote may be cast by such person if the vote is not cast on behalf of a person who is excluded from voting on this Resolution, and: (a) the person is appointed as a proxy by writing that specifies the way the proxy is to vote on this Resolution; or (b) the voter is the Chair and the appointment of the Chair as proxy does not specify the way the proxy is to vote on this Resolution, but expressly authorises the Chair to exercise the proxy even if this Resolution is connected with the remuneration of a member of the Key Management Personnel. Resolution 10: In accordance with section 200E(2A) of the Corporations Act, a vote on this Resolution must not be cast by any participants or potential participants in the New Plan and their associates, otherwise the benefit of this Resolution will be lost by such a person in relation to that person's future retirement. However, a vote may be cast by such a person if: (a) the person is appointed as proxy by writing that specifies the way the proxy is to vote on the Resolution; and (b) it is not cast on behalf of the person or an associate of the person. Resolution 9, Resolution 10, Resolution 11 and Resolution 12(a) to (d) (inclusive): In accordance with section 250BD of the Corporations Act, a person appointed as a proxy must not vote, on the basis of that appointment, on this Resolution if: (a) the proxy is either a member of the Key Management Personnel or a Closely Related Party of such member; and (b) the appointment does not specify the way the proxy is to vote on the Resolution. However, the above prohibition does not apply if: (a) the proxy is the Chair; and Page 6 (b) the appointment expressly authorises the Chair to exercise the proxy even though the Resolution is connected directly or indirectly with remuneration of a member of the Key Management Personnel. Further, in accordance with section 224 of the Corporations Act, a vote on these Resolutions must not be cast (in any capacity) by or on behalf of a related party of the Company to whom the relevant Resolution would permit a financial benefit to be given, or an associate of such a related party. However, the above prohibition does not apply if: (a) it is cast by a person as a proxy appointed by writing that specifies how the proxy is to vote on the relevant Resolution; and (b) it is not cast on behalf of a related party of the Company to whom the relevant Resolution would permit a financial benefit to be given, or an associate of such a related party. Please note: If the Chair is a person referred to in the section 224 Corporations Act voting prohibition statement above, the Chair will only be able to cast a vote as proxy for a person who is entitled to vote if the Chair is appointed as proxy in writing and the Proxy Form specifies how the proxy is to vote on the relevant Resolution. Voting exclusions Pursuant to the Listing Rules, the Company will disregard any votes cast in favour of: (a) Resolution 3: if at the time of the Meeting, the Company is proposing to make an issue of Equity Securities under Listing Rule 7.1A.2, by or on behalf of any persons who are expected to participate in, or who will obtain a material benefit as a result of, the proposed issue (except a benefit solely by reason of being a Shareholder), or any of their respective associates. (b) Resolution 4: by or on behalf of Sandfire Resources Limited, or any of their respective associates. (c) Resolution 5(a): by or on behalf of any person who participated in the issue of the June Placement Shares, or any of their respective associates. (d) Resolution 5(b): by or on behalf of any person who participated in the issue of the June Placement Shares, or any of their respective associates. (e) Resolution 6: by or on behalf of any person who participated in the issue of the Tranche 1 Shares, or any of their respective associates. (f) Resolution 7: by or on behalf of any person who is expected to participate in, or who will obtain a material benefit as a result of, the proposed issue of these Tranche 2 Shares (except a benefit solely by reason of being a Shareholder), or any of their respective associates. (g) Resolution 9: by or on behalf of a person who is eligible to participate in the New Plan, or any of their respective associates. (h) Resolution 11: by or on behalf of Simon Noon (or his nominee/s), and any other person referred to in Listing Rules 10.14.1, 10.14.2 or 10.14.3 who is eligible to participate in the New Plan, or any of their respective associates. Page 7 (i) Resolution 12(a): by or on behalf of Simon Noon (or his nominee/s), and any other person referred to in Listing Rules 10.14.1, 10.14.2 or 10.14.3 who is eligible to participate in the New Plan, or any of their respective associates. (j) Resolution 12(b): by or on behalf of Gary Comb (or his nominee/s), and any other person referred to in Listing Rules 10.14.1, 10.14.2 or 10.14.3 who is eligible to participate in the New Plan, or any of their respective associates. (k) Resolution 12(c): by or on behalf of Richard Monti (or his nominee/s), and any other person referred to in Listing Rules 10.14.1, 10.14.2 or 10.14.3 who is eligible to participate in the New Plan, or any of their respective associates. (l) Resolution 12(d): by or on behalf of Andrew Parker (or his nominee/s), and any other person referred to in Listing Rules 10.14.1, 10.14.2 or 10.14.3 who is eligible to participate in the New Plan, or any of their respective associates. The above voting exclusions does not apply to a vote cast in favour of the relevant Resolution by: (a) a person as proxy or attorney for a person who is entitled to vote, in accordance with directions given to the proxy or attorney to vote on the Resolution in that way; (b) the Chair as proxy or attorney for a person who is entitled to vote, in accordance with a direction given to the Chair to vote on the Resolution as the Chair decides; or (c) a holder acting solely in a nominee, trustee, custodial or other fiduciary capacity on behalf of a beneficiary provided the following conditions are met: (i) the beneficiary provides written confirmation to the holder that the beneficiary is not excluded from voting, and is not an associate of a person excluded from voting, on the Resolution; and (ii) the holder votes on the Resolution in accordance with directions given by the beneficiary to the holder to vote in that way. BY ORDER OF THE BOARD Jerry Monzu Company Secretary Boab Metals Limited Dated: 24 October 2025 Page 8 Boab Metals Limited ACN 107 159 713 (Company) Explanatory Memorandum 1. Introduction The Explanatory Memorandum has been prepared for the information of Shareholders in connection with the business to be conducted at the Meeting to be held at the offices of the Australian Institute of Company Directors, Level 1, 77 St Georges Terrace, Perth WA 6000 on Tuesday, 25 November 2025 at11:00am (AWST). The Explanatory Memorandum forms part of the Notice which should be read in its entirety. The Explanatory Memorandum contains the terms and conditions on which the Resolution will be voted. The Explanatory Memorandum includes the following information to assist Shareholders in deciding how to vote on the Resolution: Section 2 Action to be taken by Shareholders Section 3 Annual Report Section 4 Resolution 1– Remuneration Report Section 5 Resolution 2 – Re-election of Director – Gary Comb Section 6 Resolution 3– Approval of 10% Placement Facility Section 7 Resolution 4 – Ratification of issue of Consideration Shares Section 8 Resolution 5 – Ratification of issue of June Placement Shares Section 9 Resolution 6 – Ratification of issue of Tranche 1 Shares Section 10 Resolution 7 – Approval of issue of Tranche 2 Shares pursuant to the October Placement Section 11 Resolution 8 – Re-insertion of Proportional Takeover Bid Approval Provisions Section 12 Resolution 9 – Approval of Employee Securities Incentive Plan Section 13 Resolution 10 – Approval of potential termination benefits under the New Plan Section 14 Resolution 11 – Approval to issue MD Performance Rights Section 15 Resolution 12(a) to (d) – Approval to issue Director Performance Rights Schedule 1 Definitions Page 9 Schedule 2 Clause 16 of the Constitution (Proportional Takeover Bid Approval) Schedule 3 Summary of material terms of New Plan Schedule 4 Terms and conditions of MD Performance Rights Schedule 5 Independent Valuation of MD Performance Rights Schedule 6 Terms and conditions of Director Performance Rights Schedule 7 Independent Valuation of Director Performance Rights A Proxy Form is located at the end of the Explanatory Memorandum. 2. Action to be taken by Shareholders Shareholders should read the Notice including the Explanatory Memorandum carefully before deciding how to vote on the Resolution. 2.1 Voting in person To vote in person, attend the Meeting on the date and at the place set out above. 2.2 Voting by a corporation A Shareholder that is a corporation may appoint an individual to act as its representative and vote in person at the Meeting. The appointment must comply with the requirements of section 250D of the Corporations Act. The representative should bring to the Meeting evidence of his or her appointment, including any authority under which it is signed. 2.3 Voting by proxy A Proxy Form is made available with the Notice. This is to be used by Shareholders if they wish to appoint a representative (a 'proxy') to vote in their place. All Shareholders are invited and encouraged to attend the Meeting or, if they are unable to attend in person, sign and return the Proxy Form to the Company in accordance with the instructions thereon. Lodgement of a Proxy Form will not preclude a Shareholder from attending and voting at the Meeting in person. Please note that: (a) a member of the Company entitled to attend and vote at the Meeting is entitled to appoint a proxy; (b) a proxy need not be a member of the Company; and (c) a member of the Company entitled to cast two or more votes may appoint two proxies and may specify the proportion or number of votes each proxy is appointed to exercise, but where the proportion or number is not specified, each proxy may exercise half of the votes. Page 10 The enclosed Proxy Form provides further details on appointing proxies and lodging Proxy Forms. Section 250BB(1) of the Corporations Act provides that an appointment of a proxy may specify the way the proxy is to vote on a particular resolution and, if it does: (a) the proxy need not vote on a show of hands, but if the proxy does so, the proxy must vote that way (i.e. as directed); (b) if the proxy has 2 or more appointments that specify different ways to vote on the resolution – the proxy must not vote on a show of hands; (c) if the proxy is the Chair of the meeting at which the resolution is voted on – the proxy must vote on a poll, and must vote that way (i.e. as directed); and (d) if the proxy is not the Chair – the proxy need not vote on the poll, but if the proxy does so, the proxy must vote that way (i.e. as directed). Section 250BC of the Corporations Act provides that, if: (a) an appointment of a proxy specifies the way the proxy is to vote on a particular resolution at a meeting of the Company's members; (b) the appointed proxy is not the chair of the meeting; (c) at the meeting, a poll is duly demanded, or is otherwise required under section 250JA on the resolution; and (d) either the proxy is not recorded as attending the meeting or the proxy does not vote on the resolution, the Chair of the meeting is taken, before voting on the resolution closes, to have been appointed as the proxy for the purposes of voting on the resolution at the meeting. 2.4 Chair's voting intentions Subject to the following paragraph, if the Chair is appointed as your proxy and you have not specified the way the Chair is to vote on Resolution 1, Resolution 9, Resolution 10, Resolution 11 and Resolution 12(a) to (d) by signing and returning the Proxy Form, you are considered to have provided the Chair with an express authorisation for the Chair to vote the proxy in accordance with the Chair’s intention, even though these Resolutions are connected directly or indirectly with the remuneration of a member of the Key Management Personnel of the Company. If the Chair is a person referred to in the voting prohibition statement applicable to a Resolution (under section 224 of the Corporations Act), the Chair will only be able to cast a vote as proxy for you on the relevant Resolution if you are entitled to vote and have specified your voting intention in the Proxy Form. 2.5 Submitting questions Shareholders may submit questions in advance of the Meeting to the Company. Questions must be submitted by emailing the Company Secretary at info@boabmetals.com within 5 Business Days prior to the Meeting. Page 11 Shareholders will also have the opportunity to submit questions during the Meeting in respect to the formal items of business. In order to ask a question during the Meeting, please follow the instructions from the Chair. The Chair will attempt to respond to the questions during the Meeting. The Chair will request prior to a Shareholder asking a question that they identify themselves (including the entity name of their shareholding and the number of Shares they hold). 3. Annual Report In accordance with section 317 of the Corporations Act, Shareholders will be offered the opportunity to discuss the Annual Report, including the Financial Report, the Directors' Report and the Auditor's Report for the financial year ended 30 June 2025. There is no requirement for Shareholders to approve the Annual Report. At the Meeting, Shareholders will be offered the opportunity to: (a) discuss the Annual Report which is available online at https://boabmetals.com/investors/ (b) ask questions about, or comment on, the management of the Company; and (c) ask the auditor questions about the conduct of the audit and the preparation and content of the Auditor's Report. In addition to taking questions at the Meeting, written questions to the Chair about the management of the Company, or to the Company's auditor about: (a) the preparation and content of the Auditor's Report; (b) the conduct of the audit; (c) accounting policies adopted by the Company in relation to the preparation of the financial statements; and (d) the independence of the auditor in relation to the conduct of the audit, may be submitted no later than five business days before the Meeting to the Company Secretary at the Company's registered office. The Company will not provide a hard copy of the Company’s Annual Report to Shareholders unless specifically requested to do so. 4. Resolution 1– Remuneration Report 4.1 General In accordance with subsection 250R(2) of the Corporations Act, the Company must put the Remuneration Report to the vote of Shareholders. The Directors' Report for the year ended 30 June 2025 in the 2025 Annual Report contains the Remuneration Report which sets out the remuneration policy for the Company and the remuneration arrangements in place for the executive Directors, specified executives and non-executive Directors. In accordance with subsection 250R(3) of the Corporations Act, Resolution 1 is advisory only Page 12 and does not bind the Directors. If Resolution 1 is not passed, the Directors will not be required to alter any of the arrangements in the Remuneration Report. If the Company's Remuneration Report receives a 'no' vote of 25% or more (Strike) at two consecutive annual general meetings, Shareholders will have the opportunity to remove the whole Board, except the managing director (if any). Where a resolution on the Remuneration Report receives a Strike at two consecutive annual general meetings, the Company will be required to put to Shareholders at the second annual general meeting a resolution on whether another meeting should be held (within 90 days) at which all Directors (other than the managing director, if any) who were in office at the date of approval of the applicable Directors' Report must stand for re-election. The Company's Remuneration Report did not receive a Strike at the 2024 annual general meeting held on 26 November 2024. If the Remuneration Report receives a Strike at this Meeting, Shareholders should be aware that if a second Strike is received at the 2026 annual general meeting, this may result in the re-election of the Board. The Chair will allow a reasonable opportunity for Shareholders as a whole to ask about, or make comments on the Remuneration Report. 4.2 Additional information Resolution 1 is a non-binding ordinary resolution. Given the personal interests of all Directors in the outcome of this Resolution, the Board declines to make a recommendation to Shareholders regarding this Resolution. 5. Resolution 2 – Re-election of Director – Gary Comb 5.1 General Listing Rule 14.4 and clause 13.1 of the Constitution provide that, other than a managing director, a Director of the Company must not hold office (without re-election) past the third annual general meeting following the director’s appointment or three years, whichever is the longer. Mr Gary Comb, who was last elected as a Non-Executive Director of the Company on 20 October 2022, retires by rotation and being eligible, seeks re-election pursuant to Resolution 2. If Resolution 2 is passed, Mr Comb will be re-elected as a Director of the Company with effect from the conclusion of the Meeting. If Resolution 2 is not passed, Mr Comb will not be re-elected as a Director of the Company. 5.2 Gary Comb Mr Comb is an engineer with over 30 years’ experience in the Australian mining industry, with a strong track record in successfully commissioning and operating base metal mines. Mr Comb was Chairman of Finders Resources Limited from 2013 until its takeover in 2018, and was Page 13 previously the Managing Director of Jabiru Metals Limited and the CEO of BGC Contracting Pty Ltd. Mr Comb is currently Non-Executive Chairman of Cyprium Metals Limited. If re-elected, Mr Comb is considered by the Board (with Mr Comb abstaining) to be an independent Director. Mr Comb is not considered by the Board to hold any interest, position or relationship that might influence, or reasonably be perceived to influence, in a material respect his capacity to bring an independent judgement to bear on issues before the Board and to act in the best interests of the entity as a whole rather than in the interests of an individual security holder or other party. Mr Comb has acknowledged to the Company that he will have sufficient time to fulfil his responsibilities as a Director. Mr Comb does not currently hold any other material directorships, other than as disclosed in this Notice. 5.3 Board recommendation The Board (other than Mr Comb who has a personal interest in the outcome of this Resolution) supports the election of Mr Comb as Mr Comb’s skills and significant experience in the mining industry is an important addition to the Board’s existing skills and experience. 5.4 Additional information Resolution 2 is an ordinary resolution. The Board (other than Mr Comb who has a personal interest in the outcome of this Resolution) recommends that Shareholders vote in favour of this Resolution. 6. Resolution 3 – Approval of 10% Placement Facility 6.1 General Listing Rule 7.1A enables an eligible entity to issue Equity Securities up to 10% of its issued share capital through placements over a 12-month period after the annual general meeting (10% Placement Facility). The 10% Placement Facility is in addition to the Company's 15% annual placement capacity under Listing Rule 7.1. Resolution 3 seeks Shareholder approval to provide the Company with the ability to issue Equity Securities under the 10% Placement Facility during the 10% Placement Period (refer to Section 6.2(f) below). The number of Equity Securities to be issued under the 10% Placement Facility will be determined in accordance with the formula prescribed in Listing Rule 7.1A.2 (refer to Section 6.2(c) below). If Resolution 3 is passed, the Company will be able to issue Equity Securities up to the combined 25% limit in Listing Rules 7.1 and 7.1A without any further Shareholder approval. If Resolution 3 is not passed, the Company will not be able to access the additional 10% capacity to issue Equity Securities without Shareholder approval provided for in Listing Rule 7.1A and will remain subject to the 15% limit on issuing Equity Securities without Shareholder approval in Listing Rule 7.1. 6.2 Listing Rule 7.1A (a) Is the Company an eligible entity? Page 14 An eligible entity for the purposes of Listing Rule 7.1A is an entity that is not included in the S&P/ASX 300 Index and has a market capitalisation of $300 million or less. The Company is an eligible entity as it is not included in the S&P/ASX 300 Index and has a market capitalisation of approximately $138.2 million, based on the closing price of Shares $0.495 on 9 October 2025. (b) What Equity Securities can be issued? Any Equity Securities issued under the 10% Placement Facility must be in the same class as an existing quoted class of Equity Securities of the eligible entity. As at the date of the Notice, the Company has on issue one quoted class of Equity Securities, being Shares. (c) How many Equity Securities can be issued? Listing Rule 7.1A.2 provides that under the approved 10% Placement Facility, the Company may issue or agree to issue a number of Equity Securities calculated in accordance with the following formula: (A x D) – E Where: A = is the number of Shares on issue at the commencement of the Relevant Period: (A) plus the