ALBRIGHT METALS LTD — Capital/Financing Update 2017

Oct 12, 2017

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12 October 2017

Market Announcements Platform Australian Securities Exchange Level 40, Central Park 152-158 St George’s Terrace Perth WA 6000

BRYAH RESOURCES LTD – PRE-QUOTATION DISCLOSURE

Bryah Resources Ltd (ACN 616 795 245) ( Company ) confirms that the Offer by the Company pursuant to the prospectus dated 26 April 2017 ( Prospectus ) has now closed.

The following information is required to be provided to ASX Limited ( ASX ) for release to the market in connection with the admission to the official list and official quotation of fully paid ordinary shares ( Shares ) and listed options exercisable at $0.30 on or before 31 October 2020 ( Options ) in the Company.

Capitalised terms which have not been otherwise defined in this document have the same meaning as they have in the Prospectus.

CONFIRMATION THAT THERE ARE NO LEGAL, REGULATORY, STATUTORY OR CONTRACTUAL IMPEDIMENTS

The Company confirms that there are no legal, regulatory, statutory or contractual impediments to the Company entering the tenements that are yet to be transferred to the Company by Australian Vanadium Limited, Jalein Pty Ltd and Pet FC Pty Ltd, and carrying out exploration activities such that the Company will be able to spend its cash in accordance with its commitments for the purposes of Listing Rule 1.3.2(b).

CONFIRMATION OF ISSUE OF SHARES TO AUSTRALIAN VANDIUM LIMITED

The Company confirms that 3,000,000 Shares have been issued to Australian Vanadium Limited pursuant to the mineral rights agreement dated 19 January 2017.

CONFIRMATION OF ISSUE OF OPTIONS TO ARGONAUT SECURITIES PTY LIMITED

The Company confirms that 1,000,000 Options have been issued to Argonaut Securities Pty Limited pursuant to the lead manager mandate dated 21 March 2017.

ABN 59 616 795 245 Level 1, 85 Havelock Street West Perth WA 6005 Ph (08) 9321 0001 www.bryah.com.au

SECURITIES SUBJECT TO ASX RESTRICTION

The number of securities subject to ASX restrictions and the restriction period applied to those securities of the Company following the issue of securities pursuant to the Prospectus is set out below.

Class	Number	Restriction Period
Ordinary Fully Paid Shares to Related Party Seed Capitalists, Vendors and Promoters	15,300,000	24 months from date of quotation
Listed Options exercisable at $0.30 on or before 31 October 2020 issued to Argonaut Securities Pty Limited	1,000,000	24 months from date of quotation
Unlisted Options exercisable at $0.30 on or before 30 April 2020 issued to Directors and Promoters	2,800,000	24 months from date of quotation
Ordinary Fully Paid Shares to Unrelated Seed Capitalists and Vendors	12,700,000	12 months from date of issue
Unlisted Options exercisable at $0.30 on or before 30 April 2020 issued to Unrelated Seed Capitalists	2,700,000	12 months from date of issue

UPDATED STATEMENT OF COMMITMENTS

The Company intends to apply funds raised from the Offer together with existing cash reserves post admission over the first two years following admission of the Company to the official list of ASX as follows:

Funds available	Based on actual funds raised ($5,000,000)	Percentage of Funds (%)
Existing cash reserves	5,352	0.1
Funds raised from the Offer	5,000,000	99.9
Total	5,005,352	100%
Allocation of funds
Exploration and evaluation - Bryah Basin Project	2,050,000	41.0
Exploration and evaluation - Gabanintha Project	950,000	19.0
Administration costs	1,500,000	30.0
Working capital	80,352	1.5
Costs of the Offer	425,000	8.5
Total	5,005,352	100%

1736342_1_Pre-Quotation Disclosure - Bryah.docx

The above table is a statement of current intentions as of the date of this announcement. As with any budget, intervening events and new circumstances have the potential to affect the manner in which the funds are ultimately applied. The Board reserves the right to alter the way funds are applied on this basis.

For and on behalf of Bryah Resources Limited

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Neil Marston

Managing Director & Company Secretary

1736342_1_Pre-Quotation Disclosure - Bryah.docx