ADVANCE METALS LIMITED — Capital/Financing Update 2021

Jun 29, 2021

Notification of Issue, Conversion or Payment up of Unquoted Equity Securities

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Announcement Summary

Entity name

PACIFIC AMERICAN HOLDINGS LIMITED

Date of this announcement

Wednesday June 30, 2021

The +securities the subject of this notification are: Other

Total number of +securities to be issued/transferred

Total number of ASX +security +securities to be code Security description issued/transferred Issue date New class - code Unlisted options exercisable at $0.02 and expiry 7,000,000 29/06/2021 to be confirmed date 30 June 2022.

Refer to next page for full details of the announcement

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Notification of Issue, Conversion or Payment up of Unquoted Equity Securities

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Part 1 - Entity and announcement details

1.1 Name of entity

PACIFIC AMERICAN HOLDINGS LIMITED

We (the entity named above) give notice of the issue, conversion or payment up of the following unquoted +securities.

1.2 Registered number type

ABN

Registration number

83127131604

1.3 ASX issuer code

PAK

1.4 The announcement is

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New announcement

1.5 Date of this announcement

30/6/2021

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Notification of Issue, Conversion or Payment up of Unquoted Equity Securities

Part 2 - Issue details

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2.1 The +securities the subject of this notification are:

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Other

Please specify

Execution of a Farm-in Agreement and shareholder approval issue 7m unlisted options.

2.2a This notification is given in relation to an issue of +securities in a class which is not quoted on ASX and which:

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does not have an existing ASX security code ("new class")

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Part 3C - number and type of +securities the subject of this notification (new class) where issue has not previously been notified to ASX in an Appendix 3B

New +securities ASX +security code +Security description New class - code to be confirmed Unlisted options exercisable at $0.02 and expiry date 30 June 2022. +Security type ISIN code Options Date the +securities the subject of this notification were issued 29/6/2021 Will all the +securities issued in this class rank equally in all respects from their issue date? Yes Have you received confirmation from ASX that the terms of the +securities are appropriate and equitable under listing rule 6.1? Yes Please provide a URL link for a document lodged with ASX setting out the material terms of the +securities being issued. Options Details +Security currency Exercise price Expiry date AUD - Australian Dollar AUD 0.02000000 30/6/2022 Details of the existing class of +security that will be issued upon exercise or conversion of this new class of company option Other Description ARR Fully Paid Ordinary Shares Any other information the entity wishes to provide about the +securities the subject of this notification The issue of the options were approved by shareholders on 31 May 2021 so refer to the ASX announcement on 12 January 2021 and the Notice of Annual General Meeting. Please provide any further information needed to understand the circumstances in which you are notifying the issue of these +securities to ASX, including why the issue of the +securities has not been previously announced to

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Notification of Issue, Conversion or Payment up of Unquoted Equity Securities

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the market in an Appendix 3B

None

Issue details

Number of +securities

7,000,000

Were the +securities issued for a cash consideration?

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No

Please describe the consideration being provided for the +securities

Part of an earn-in in respect to the Salazar Farm -In

Purpose of the issue

To pay for the acquisition of an asset

Additional Details

Name of company or asset being acquired

Various tenements under the Salazar farm-In as announced on 12 January 2021

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Notification of Issue, Conversion or Payment up of Unquoted Equity Securities

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Part 4 - +Securities on issue

Following the issue, conversion or payment up of the +securities the subject of this application, the +securities of the entity will comprise:

(A discrepancy in these figures compared to your own may be due to a matter of timing if there is more than one application for quotation/issuance currently with ASX for processing.)

4.1 Quoted +Securities (Total number of each +class of +securities quoted)

	Total number of
ASX +security code and description	+securities on issue
PAK : ORDINARY FULLY PAID	318,584,900
4.2 Unquoted +Securities (Total number of each +class of +securities issued but not quoted	on ASX)
	Total number of
ASX +security code and description	+securities on issue
PAKAA : OPTION EXPIRING 04-JUN-2024 EX $0.063	1,500,000
New class - code to be confirmed : Unlisted options exercisable at $0.02 and expiry date 30	7,000,000
June 2022.

4.2 Unquoted +Securities (Total number of each +class of +securities issued but not quoted on ASX)

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Part 5 - Other Listing Rule requirements

5.1 Were the +securities issued under an exception in Listing Rule 7.2 and therefore the issue did not need any security holder approval under Listing Rule 7.1? No

5.2 Has the entity obtained, or is it obtaining, +security holder approval for the issue under listing rule 7.1? Yes

5.2a Date of meeting or proposed meeting to approve the issue under listing rule 7.1

31/5/2021

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