ADHERIUM LIMITED — Major Shareholding Notification 2025

Jun 22, 2025

604 Page 1 of 2 15 July 2001

Form 604

Corporations Act 2001

Section 671 B

Notice of change of interests of substantial holder

To Company Name/Scheme

ACN/ARSN

Adherium Limited

605 352 510

1. Details of substantial holder (1)

Name

ACN/ARSN (if applicable)

Trudell Medical Limited

N/A

There was a change in the interests of the 23 06 2025 substantial holder on / / __ The previous notice was given to the company on 12 12 2022 I I The previous notice was dated 12 12 2022 I I

2. Previous and present voting power

The total number of votes attached to all the voting shares in the company or voting interests in the scheme that the substantial holder or an associate (2) had a relevant interest (3) in when last required, and when now required, to give a substantial holding notice to the company or scheme, are as follows:

ompany or scheme, are as follows:
Class of securities (4)	Previous notice	Voting power(5)		Present notice Person's votes Voting power(5)
Ordinary	Person's votes 1,103,080,272
			22.15%	178,776,885	19.90%

3. Changes in relevant interests

Particulars of each change in, or change in the nature of, a relevant interest of the substantial holder or an associate in voting securities of the company or scheme, since the substantial holder was last required to give a substantial holding notice to the company or scheme are as follows:

s follows:
Date of change 07/12/2023	Person whose relevant interest chanced TrudellMedical Limited	Nature of change (6) Share Consolidation 1:15	Consideration given in relation to change (7)	Class and number of securities affected (1,029,541,587) 50,000,000 11,000,000	Person's votes affected (1,029,541,587) 50,000,000 11,000,000
27/05/2024 01/07/2024	Trudell Medical Limited TrudellMedical Limited	Entitlement Offer Placement	$1,000,000 $220,000
23/06/2025 44,238,200 44,238,200 Convertible Notes Conversion of TrudellMedical Limited

4. Present relevant interests

Particulars of each relevant interest of the substantial holder in voting securities after the change are as follows:

Holder of relevant interest	Holder of relevant interest	Registered holder of securities		Person entitled to be registered as holder (8}	Nature of relevant interest (6)	Nature of relevant interest (6)	Class and number of securities		Person's votes
Trudell Medical Limited		Trudell Medical Limited		N/A	Ordinary Shares		178,776,885		19.90%

604 Page 2 of 2 15 July 2001

5. Changes in association

The persons who have become associates (2) of, ceased to be associates of, or have changed the nature of their association (9) with, the substantial holder in relation to voling interests in the company or scheme are as follows:

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Name and ACN/ARSN (if applicable) Nature of association
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6. Addresses

The addresses of persons named in this form are as follows:

Name	Address
Trudell Medical Limited	725 Baransway Drive, London, Ontario N5V 5G4, Canada

Signature

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print name capacity
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sign here date 23 06 2025 I I
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DIRECTIONS
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• (1) If there are a number of substantial holders with similar or related relevant interests (eg. a corporation and its related corporations, or the manager and trustee of an equity trust), the names could be included in an annexure to the form. If the relevant interests of a group of persons are essentially similar, they may be referred to throughout the form as a specifically named group if the membership of each group, with the names and addresses of members is clearly set out in paragraph 6 of the form.

• (2) See the definition of "associate" in section 9 of the Corporations Act 2001.

• (3) See the definition of "relevant interest" in sections 608 and 6718(7) of the Corporations Act 2001.

• (4) The voting shares of a company constitute one class unless divided into separate classes.

• (5) The person's votes divided by the total votes in the body corporate or scheme multiplied by 100.

• (6) Include details of:

• (a) any relevant agreement or other circumstances because of which the change in relevant interest occurred. If subsection 671 B(4) applies, a copy of any document setting out the terms of any relevant agreement, and a statement by the person giving full and accurate details of any contract, scheme or arrangement, must accompany this form, together with a written statement certifying this contract, scheme or arrangement; and

• (b) any qualification of the power of a person to exercise, control the exercise of, or influence the exercise of, the voting powers or disposal of the securities to which the relevant interest relates (indicating clearly the particular securities to which the qualification applies).

See the definition of "relevant agreement" in section 9 of the Corporations Act 2001.

• (7) Details of the consideration must include any and all benefits, money and other, that any person from whom a relevant interest was acquired has, or may, become entitled to receive in relation to that acquisition. Details must be included even if the benefit is conditional on the happening or not of a contingency. Details must be included of any benefit paid on behalf of the substantial holder or its associate in relation to the acquisitions, even if they are not paid directly to the person from whom the relevant interest was acquired.

• (8) If the substantial holder is unable to determine the identity of the person (eg. if the relevant interest arises because of an option) write "unknown".

• (9) Give details. if appropriate, of the present association and any change in that association since the last substantial holding notice.