Skip to main content

AI assistant

Sign in to chat with this filing

The assistant answers questions, extracts KPIs, and summarises risk factors directly from the filing text.

ALDORO RESOURCES LIMITED AGM Information 2020

Oct 25, 2020

64422_rns_2020-10-25_fe0bbc1f-287b-4776-8c8f-20357aba1ac5.pdf

AGM Information

Open in viewer

Opens in your device viewer

ALDORO RESOURCES LIMITED

ACN 622 990 809

NOTICE OF ANNUAL GENERAL MEETING

Notice is given that the Meeting will be held at:

TIME : 11:00 am (WST) DATE : Wednesday 25[th] November 2020

PLACE : Mirador Corporate 1/1 Altona Street WEST PERTH WA 6005

This Notice of Meeting should be read in its entirety. If Shareholders are in doubt as to how they should vote, they should seek advice from their professional advisers prior to voting.

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 Shareholders at 4:00pm WST on 23[rd] November 2020.

Should you wish to discuss the matters in this Notice of Meeting please do not hesitate to contact the Company Secretary on +61 8 6559 1792.

1

BUSINESS OF THE MEETING

AGENDA

1. FINANCIAL STATEMENTS AND REPORTS

To receive and consider the annual financial report of the Company for the financial year ended 30 June 2020 together with the declaration of the directors, the director’s report, the Remuneration Report and the auditor’s report.

2. RESOLUTION 1 – ADOPTION OF REMUNERATION REPORT

To consider and, if thought fit, to pass, with or without amendment, the following resolution as a non-binding resolution :

“That, for the purposes of section 250R(2) of the Corporations Act and for all other purposes, approval is given for the adoption of the Remuneration Report as contained in the Company’s annual financial report for the financial year ended 30 June 2020.”

Note: the vote on this Resolution is advisory only and does not bind the Directors or the Company.

Voting Prohibition Statement:

A vote on this Resolution must not be cast (in any capacity) by or on behalf of either of the following persons:

  • (a) a member of the Key Management Personnel, details of whose remuneration are included in the Remuneration Report; or

  • (b) a Closely Related Party of such a member.

However, a person (the voter ) described above may cast a vote on this Resolution as a proxy if the vote is not cast on behalf of a person described above and either:

  • (a) the voter 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:

  • (i) does not specify the way the proxy is to vote on this Resolution; and (ii) expressly authorises the Chair to exercise the proxy even though this Resolution is connected directly or indirectly with the remuneration of a member of the Key Management Personnel.

3. RESOLUTION 2 – ELECTION OF DIRECTOR – RHOD GRIVAS

To consider and, if thought fit, to pass, with or without amendment, the following resolution as an ordinary resolution :

“That, for the purpose of clause 14.4 of the Constitution, Listing Rule 14.4 and for all other purposes, Mr Rhod Grivas, a Director who was appointed as an additional Director on 20 November 2019, retires by rotation, and being eligible, is re-elected as a Director, and his compensation as an independent director of the Company, as described in the Explanatory Statement, is approved.”

4. RESOLUTION 3 – ELECTION OF DIRECTOR – CAEDMON MARRIOTT

To consider and, if thought fit, to pass, with or without amendment, the following resolution as an ordinary resolution :

2

“That, for the purpose of clause 14.4 of the Constitution and for all other purposes, Dr Caedmon Marriott, a Director who was appointed as an additional Director on 20 November 2019, retires by rotation, and being eligible, is re-elected as a Director, and his compensation as a director of the Company, as described in the Explanatory Statement, is approved.”

5. RESOLUTION 4 – ELECTION OF DIRECTOR – LINCOLN HO

To consider and, if thought fit, to pass, with or without amendment, the following resolution as an ordinary resolution :

“That, for the purpose of clause 14.4 of the Constitution and for all other purposes, Mr Lincoln Ho is elected as a Director, and his compensation as a director of the Company, as described in the Explanatory Statement, is approved.”

6. RESOLUTION 5 – APPROVAL OF 7.1A MANDATE

To consider and, if thought fit, to pass, the following resolution as a special resolution :

“That, for the purposes of Listing Rule 7.1A and for all other purposes, approval is given for the Company to issue up to that number of Equity Securities equal 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 set out in the Explanatory Statement.”

Dated: 23 October 2020

By order of the Board

Sarah Smith Company Secretary

3

Voting by proxy

To vote by proxy, please complete and sign the enclosed Proxy Form and return by the time and in accordance with the instructions set out on the Proxy Form.

In accordance with section 249L of the Corporations Act, Shareholders are advised that:

  • each Shareholder has a right to appoint a proxy;

  • the proxy need not be a Shareholder of the Company; and

  • a Shareholder who is entitled to cast two (2) or more votes may appoint two (2) proxies and may specify the proportion or number of votes each proxy is appointed to exercise. If the member appoints two (2) proxies and the appointment does not specify the proportion or number of the member’s votes, then in accordance with section 249X(3) of the Corporations Act, each proxy may exercise one-half of the votes.

Shareholders and their proxies should be aware that:

  • if proxy holders vote, they must cast all directed proxies as directed; and

  • any directed proxies which are not voted will automatically default to the Chair, who must vote the proxies as directed.

Voting in person

To vote in person, attend the Meeting at the time, date and place set out above.

Should you wish to discuss the matters in this Notice of Meeting please do not hesitate to contact the Company Secretary on +61 8 6559 1792.

4

EXPLANATORY STATEMENT

This Explanatory Statement has been prepared to provide information which the Directors believe to be material to Shareholders in deciding whether or not to pass the Resolutions.

1. FINANCIAL STATEMENTS AND REPORTS

In accordance with the Constitution, the business of the Meeting will include receipt and consideration of the annual financial report of the Company for the financial year ended 30 June 2020 together with the declaration of the directors, the directors’ report, the Remuneration Report and the auditor’s report.

The Company will not provide a hard copy of the Company’s annual financial report to Shareholders unless specifically requested to do so. The Company’s annual financial report is available on its website at www.aldororesources.com.au

2. RESOLUTION 1 – ADOPTION OF REMUNERATION REPORT

2.1 General

The Corporations Act requires that at a listed company’s annual general meeting, a resolution that the remuneration report be adopted must be put to the shareholders. However, such a resolution is advisory only and does not bind the company or the directors of the company.

The remuneration report sets out the company’s remuneration arrangements for the directors and senior management of the company. The remuneration report is part of the directors’ report contained in the annual financial report of the company for a financial year.

The chair of the meeting must allow a reasonable opportunity for its shareholders to ask questions about or make comments on the remuneration report at the annual general meeting.

2.2 Voting consequences

Under the Corporations Act, a company is required to put to its shareholders a resolution proposing the calling of another meeting of shareholders to consider the appointment of directors of the company ( Spill Resolution ) if, at consecutive annual general meetings, at least 25% of the votes cast on a remuneration report resolution are voted against adoption of the remuneration report and at the first of those annual general meetings a Spill Resolution was not put to vote. If required, the Spill Resolution must be put to vote at the second of those annual general meetings.

If more than 50% of votes cast are in favour of the Spill Resolution, the company must convene a shareholder meeting ( Spill Meeting ) within 90 days of the second annual general meeting.

All of the directors of the company who were in office when the directors' report (as included in the company’s annual financial report for the most recent financial year) was approved, other than the managing director of the company, will cease to hold office immediately before the end of the Spill Meeting but may stand for re-election at the Spill Meeting.

5

Following the Spill Meeting those persons whose election or re-election as directors of the company is approved will be the directors of the company.

2.3 Previous voting results

At the Company’s previous annual general meeting the votes cast against the remuneration report considered at that annual general meeting were less than 25%. Accordingly, the Spill Resolution is not relevant for this Annual General Meeting.

3. RESOLUTION 2 – ELECTION OF DIRECTOR – RHOD GRIVAS

Clause 14.4 of the Constitution allows the Directors to appoint at any time a person to be a Director either to fill a casual vacancy or as an addition to the existing Directors, but only where the total number of Directors does not at any time exceed the maximum number specified by the Constitution.

Pursuant to clause 14.4 of the Constitution and ASX Listing Rule 14.4, any Director so appointed holds office only until the next following annual general meeting and is then eligible for election by Shareholders but shall not be taken into account in determining the Directors who are to retire by rotation (if any) at that meeting.

Rhod Grivas, having been appointed by other Directors on 20 November 2019 in accordance with the Constitution, will retire in accordance with the Constitution and Listing Rule 14.4 and being eligible, seeks election from Shareholders.

Rhod Grivas has over 30 years experience as a geologist and over the past 20 years has held a number of positions as executive and non-executive director of operational and exploration resource companies, including Australian Stock Exchange (“ASX”) and Toronto Stock Exchange (“TSX”) listed companies. He has corporate experience in equity markets, corporate management, governance and compliance dealing with the ASX, ASIC and other authorities for both ASX listed and TSX listed companies. He is currently chairman of several ASX listed companies.

Rhod Grivas has no interests, position or relationship that might influence, or reasonably be perceived to influence, in a material respect his/her capacity to bring an independent judgement to bear on issues before the Board and to act in the best interest of the Company as a whole rather than in the interests of an individual security holder or other party.

If elected the Board considers Mr Grivas will be an independent Director.

The Company conducts appropriate checks on the background and experience of candidates before their appointment to the Board. These include checks as to a person’s experience, educational qualifications, character, criminal record and bankruptcy history. The Company undertook such checks prior to the appointment of Mr Grivas’s.

The Board has reviewed Mr Grivas’s performance since his appointment to the Board and considers that Mr Grivas’s skills and experience will continue to enhance the Board’s ability to perform its role. Accordingly, the Board supports the election of Rhod Grivas and recommends that Shareholders vote in favour of Resolution 2.

6

4. RESOLUTION 3 – ELECTION OF DIRECTOR – CAEDMON MARRIOTT

Clause 14.4 of the Constitution allows the Directors to appoint at any time a person to be a Director either to fill a casual vacancy or as an addition to the existing Directors, but only where the total number of Directors does not at any time exceed the maximum number specified by the Constitution.

Pursuant to clause 14.4 of the Constitution, any Director so appointed holds office only until the next following annual general meeting and is then eligible for election by Shareholders but shall not be taken into account in determining the Directors who are to retire by rotation (if any) at that meeting.

Caedmon has over 18 years’ experience in mineral exploration and equity capital markets, in various roles across geological exploration, fund management, mining project evaluation and corporate finance. Caedmon was previously Managing Director of private exploration company Hanno Resources, responsible for establishing and managing the company’s frontier exploration in Western Sahara. Prior to Hanno Resources, Caedmon worked as a buy-side mining analyst at GLG Global Mining Fund, Och-Ziff Capital and JPMorgan Natural Resources Fund, and in mining corporate finance and equity research with Ambrian Partners and GMP Securities. He holds a PhD in Geology and is a Chartered Financial Analyst.

During the past three years, Caedmon has held a position as Non-Executive Director of Golden Mile Resources Limited (current).

Dr Marriott has no interests, position or relationship that might influence, or reasonably be perceived to influence, in a material respect his/her capacity to bring an independent judgement to bear on issues before the Board and to act in the best interest of the Company as a whole rather than in the interests of an individual security holder or other party.

If elected the Board considers Dr Marriott will not be an independent Director due to his position as Managing Director of the Company.

The Company conducts appropriate checks on the background and experience of candidates before their appointment to the Board. These include checks as to a person’s experience, educational qualifications, character, criminal record and bankruptcy history. The Company undertook such checks prior to the appointment of Dr Marriott.

The Board has reviewed Dr Marriott’s performance since his appointment to the Board and considers that Dr Marriott’s skills and experience will continue to enhance the Board’s ability to perform its role. Accordingly, the Board supports the election of Caedmon Marriott and recommends that Shareholders vote in favour of Resolution 3.

5. RESOLUTION 4 – ELECTON OF DIRECTOR – LINCOLN HO

Clause 14.3 of the Constitution grants the Company the power to elect a person as a Director by resolution passed in general meeting. Clause 14.3 allows for a Shareholder to nominate themselves or a nominee as Director provided that, at least 30 business days before the meeting they provide a notice in writing duly signed by the nominee giving their consent to the nomination and signifying their candidature for the office.

7

Pursuant to clause 14.3, the Pioneer Development Fund (Aust) Limited (ACN 103 118 761) ( PDF ), holder of 9.5% of the Shares of the Company has nominated Lincoln Ho for the position of non-executive Director of the Company. The notice required by clause 14.3 is attached to this Notice as Appendix A. Mr Ho, who serves as a director of PDF, has provided the requisite consent to the nomination.

With a background in equities trading over 8 years, Mr Ho has wide knowledge and experience in corporate restructure, mergers and acquisitions. Mr Ho has the ability to negotiate deals across local and overseas markets, working in conjunction with experienced corporate financiers across the emerging caps space. In particular, Mr Ho has a focus on a network of industry and finance contacts across South-East Asia.

During the past three years, Mr Ho has had directorships in the following ASX listed companies:

  • (a) Red Mountain Mining Limited (current)

  • (b) Sultan Resources Limited (resigned); and

  • (c) Pure Minerals Limited (resigned).

The Company conducts appropriate checks on the background and experience of candidates before their appointment to the Board. These include checks as to a person’s experience, educational qualifications, character, criminal record and bankruptcy history. The Company has undertaken such checks of Mr Ho prior to this meeting.

The Board supports the election of Lincoln Ho and recommends that Shareholders vote in favour of Resolution 4.

If elected, Mr Ho will not be considered an independent director on the basis of his role as a director of PDF, a substantial Shareholder in the Company, and will serve as a representative of PDF.

6. RESOLUTION 5 – APPROVAL OF 7.1A MANDATE

6.1 General

Broadly speaking, and subject to a number of exceptions, Listing Rule 7.1 limits the amount of Equity Securities that a listed company can issue without the approval of its shareholders over any 12 month period to 15% of the fully paid ordinary securities it had on issue at the start of that period.

However, under Listing Rule 7.1A, an eligible entity may seek shareholder approval by way of a special resolution passed at its annual general meeting to increase this 15% limit by an extra 10% to 25% ( 7.1A Mandate ).

An ‘eligible entity’ means an entity which is not included in the S&P/ASX 300 Index and has a market capitalisation of $300,000,000 or less. The Company is an eligible entity for these purposes.

Resolution 5 seeks Shareholder approval by way of special resolution for the Company to have the additional 10% placement capacity provided for in Listing Rule 7.1A to issue Equity Securities without Shareholder approval.

8

If Resolution 5 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 5 is not passed, the Company will not be able to access the additional 10% capacity to issue Equity Securities without Shareholder approval under Listing Rule 7.1A, and will remain subject to the 15% limit on issuing Equity Securities without Shareholder approval set out in Listing Rule 7.1.

6.2 Technical information required by Listing Rule 7.1A

Pursuant to and in accordance with Listing Rule 7.3A, the information below is provided in relation to Resolution 5:

(a) Period for which the 7.1A Mandate is valid

The 7.1A Mandate will commence on the date of the Meeting and expire on the first to occur of the following:

  • (i) the date that is 12 months after the date of this Meeting;

  • (ii) the time and date of the Company’s next annual general meeting; and

  • (iii) the time and date of approval by Shareholders of any transaction under Listing Rule 11.1.2 (a significant change in the nature or scale of activities) or Listing Rule 11.2 (disposal of the main undertaking).

(b) Minimum Price

Any Equity Securities issued under the 7.1A Mandate must be in an existing quoted class of Equity Securities and be issued at a minimum price of 75% of the volume weighted average price of Equity Securities in that class, calculated over the 15 trading days on which trades in that class were recorded immediately before:

  • (i) the date on which the price at which the Equity Securities are to be issued is agreed by the entity and the recipient of the Equity Securities; or

  • (ii) if the Equity Securities are not issued within 10 trading days of the date in Section 5.2(b)(i), the date on which the Equity Securities are issued.

(c) Use of funds raised under the 7.1A Mandate

The Company intends to use funds raised from issues of Equity Securities under the 7.1A Mandate for:

  • (i) the acquisition of new resources, assets and investments including expenses associated with such an acquisition;

  • (ii) continued exploration expenditure on the Company’s current assets/or projects (funds would then be used for project, feasibility studies and ongoing project administration);

9

(iii) the development of the Company’s current business; or

(iv) general working capital.

The Company will comply with the disclosure obligations under Listing Rules 7.1A(4) and 3.10.5A upon issue of any Equity Securities.

(d) Risk of Economic and Voting Dilution

Any issue of Equity Securities under the 7.1A Mandate will dilute the interests of Shareholders who do not receive any Shares under the issue.

If Resolution 5 is approved by Shareholders and the Company issues the maximum number of Equity Securities available under the 7.1A Mandate, the economic and voting dilution of existing Shares would be as shown in the table below.

The table below shows the dilution of existing Shareholders calculated in accordance with the formula outlined in Listing Rule 7.1A.2, on the basis of the closing market price of Shares and the number of Equity Securities on issue as at 13 October 2020.

The table also shows the voting dilution impact where the number of Shares on issue (Variable A in the formula) changes and the economic dilution where there are changes in the issue price of Shares issued under the 7.1A Mandate.

Dilution Dilution Dilution
Number of Shares on Issue
(Variable A in ASX Listing
Rule 7.1A2)
Shares
issued –
10% voting
dilution
Issue Price
$0.044 $0.088 $0.132
50%
decrease
Issue Price 50%
increase
Funds Raised
Current 66,380,803
Shares
6,638,080
Shares
$292,075 $584,151 $876,226
50% increase 99,571,205
Shares
9,957,120
Shares
$438,113 $876,227 $1,314,339
100%
increase
132,761,606
Shares
13,276,161
Shares
$584,151 $1,168,302 $1,752,453

*The number of Shares on issue (Variable A in the formula) could increase as a result of the issue of Shares that do not require Shareholder approval (such as under a prorata rights issue or scrip issued under a takeover offer) or that are issued with Shareholder approval under Listing Rule 7.1.

The table above uses the following assumptions:

  1. There are currently 66,380,803 Shares on issue.

  2. The issue price set out above is the closing market price of the Shares on the ASX on 13 October 2020.

10

  1. The Company issues the maximum possible number of Equity Securities under the 7.1A Mandate.

  2. The Company has not issued any Equity Securities in the 12 months prior to the Meeting that were not issued under an exception in Listing Rule 7.2 or with approval under Listing Rule 7.1, or ratified under ASX Listing Rule 7.4.

  3. The issue of Equity Securities under the 7.1A Mandate consists only of Shares. It is assumed that no Options are exercised into Shares before the date of issue of the Equity Securities.

  4. The calculations above do not show the dilution that any one particular Shareholder will be subject to. All Shareholders should consider the dilution caused to their own shareholding depending on their specific circumstances.

  5. This table does not set out any dilution pursuant to approvals under Listing Rule 7.1 unless otherwise disclosed.

  6. The 10% voting dilution reflects the aggregate percentage dilution against the issued share capital at the time of issue. This is why the voting dilution is shown in each example as 10%.

  7. The table does not show an example of dilution that may be caused to a particular Shareholder by reason of placements under the 7.1A mandate, based on that Shareholder’s holding at the date of the Meeting.

Shareholders should note that there is a risk that:

  • (i) the market price for the Company’s Shares may be significantly lower on the issue date than on the date of the Meeting; and

  • (ii) the Shares may be issued at a price that is at a discount to the market price for those Shares on the date of issue.

(e) Allocation policy under the 7.1A Mandate

The recipients of the Equity Securities to be issued under the 7.1A Mandate have not yet been determined. However, the recipients of Equity Securities could consist of current Shareholders or new investors (or both), none of whom will be related parties of the Company.

The Company will determine the recipients at the time of the issue under the 7.1A Mandate, having regard to the following factors:

  • (i) the purpose of the issue;

  • (ii) alternative methods for raising funds available to the Company at that time, including, but not limited to, an entitlement issue, share purchase plan, placement or other offer where existing Shareholders may participate;

  • (iii) the effect of the issue of the Equity Securities on the control of the Company;

  • (iv) the circumstances of the Company, including, but not limited to, the financial position and solvency of the Company;

  • (v) prevailing market conditions; and

  • (vi) advice from corporate, financial and broking advisers (if applicable).

Previous approval under Listing Rule 7.1A

(f)

11

The Company previously obtained approval from its Shareholders pursuant to ASX Listing Rule 7.1A at its annual general meeting held on 12 November 2019 ( Previous Approval ).

During the 12-month period preceding the date of the Meeting, being on and from 12 November 2019, the Company issued 5,282,361 Equity Securities pursuant to the Previous Approval ( Previous Issue ), which represent approximately 13.45% of the total diluted number of Equity Securities on issue in the Company on 12 November 2019, which was 39,258,333.

The following information is provided in accordance with Listing Rule 7.3A.6(b) in respect of the Previous Issue:

Date Issue Date – 23 July 2020
Appendix 3B – 15 July 2020
Recipients Part of a Share Placement to professional and
sophisticated investors as announced on 15 July 2020.
The placement participants were clients of Xcel
Capital Pty Ltd who acted as Lead Manager to the
Placement. None of these shares were issued to
related parties of the Company.
Number and
Class of
Equity
Securities
Issued
5,282,361 Shares (issued under Listing Rule 7.1A)
Issue Price
and discount
to Market
Price1
$0.09 per Share (at a discount of 10% to Market Price).
Consideration Amount raised: $475,412
Amount spent: $100,000
Use of funds: Funds were and continue to be used to
fund the Company’s ongoing exploration programs
including drilling at the Penny South an Unaly Hill South
Projects.

(i) Compliance with ASX Listing Rules 7.1A.4 and 3.10.5A

When the Company issues Equity Securities pursuant to the 10% Placement Capacity, it must give to ASX:

  • (A) a list of the recipients of the Equity Securities and the number of Equity Securities issued to each (not for release to the market), in accordance with ASX Listing Rule 7.1A.4; and

  • (B) the information required by ASX Listing Rule 3.10.5A for release to the market.

12

6.3 Technical information required by ASX Listing Rule 14.1A

If Resolution 5 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 5 is not passed, the Company will not be able to access the additional 10% capacity to issue Equity Securities without Shareholder approval under Listing Rule 7.1A, and will remain subject to the 15% limit on issuing Equity Securities without Shareholder approval set out in Listing Rule 7.1.

6.4 Voting Exclusion Statement

As at the date of this Notice, the Company is not proposing to make an issue of Equity Securities under Listing Rule 7.1A. Accordingly, a voting exclusion statement is not included in this Notice.

6.5 Board recommendation

The Directors unanimously recommends that Shareholders vote in favour of Resolution 5.

13

GLOSSARY

  • $ means Australian dollars.

  • 7.1A Mandate has the meaning given in Section 7.1.

Annual General Meeting or Meeting means the meeting convened by the Notice.

ASIC means the Australian Securities & Investments Commission.

ASX means ASX Limited (ACN 008 624 691) or the financial market operated by ASX Limited, as the context requires.

ASX Listing Rules means the Listing Rules of ASX.

Board means the current board of directors of the Company.

Business Day means Monday to Friday inclusive, except New Year’s Day, Good Friday, Easter Monday, Christmas Day, Boxing Day, and any other day that ASX declares is not a business day.

Chair means the chair of the Meeting.

Closely Related Party of a member of the Key Management Personnel means:

  • (a) a spouse or child of the member;

  • (b) a child of the member’s spouse;

  • (c) a dependent of the member or the member’s spouse;

  • (d) anyone else who is one of the member’s family and may be expected to influence the member, or be influenced by the member, in the member’s dealing with the entity;

  • (e) a company the member controls; or

  • (f) a person prescribed by the Corporations Regulations 2001 (Cth) for the purposes of the definition of ‘closely related party’ in the Corporations Act.

Company means Aldoro Resources Limited (ACN 622 990 809).

Constitution means the Company’s constitution.

Corporations Act means the Corporations Act 2001 (Cth).

Directors means the current directors of the Company.

Equity Securities includes a Share, a right to a Share or Option, an Option, a convertible security and any security that ASX decides to classify as an Equity Security.

Explanatory Statement means the explanatory statement accompanying the Notice.

Key Management Personnel has the same meaning as in the accounting standards issued by the Australian Accounting Standards Board and means those persons having authority and responsibility for planning, directing and controlling the activities of the Company, or if the Company is part of a consolidated entity, of the consolidated entity, directly or indirectly, including any director (whether executive or otherwise) of the Company, or if the Company is part of a consolidated entity, of an entity within the consolidated group.

Notice or Notice of Meeting means this notice of meeting including the Explanatory Statement and the Proxy Form.

Option means an option to acquire a Share.

Proxy Form means the proxy form accompanying the Notice.

Remuneration Report means the remuneration report set out in the Director’s report section of the Company’s annual financial report for the year ended 30 June 2020.

Resolutions means the resolutions set out in the Notice, or any one of them, as the context requires.

Section means a section of the Explanatory Statement in this Notice.

Share means a fully paid ordinary share in the capital of the Company.

14

Shareholder means a registered holder of a Share.

Variable A means “A” as set out in the formula in Listing Rule 7.1A.2.

WST means Western Standard Time as observed in Perth, Western Australia.

15

==> picture [206 x 74] intentionally omitted <==

==> picture [165 x 33] intentionally omitted <==

==> picture [68 x 33] intentionally omitted <==

==> picture [182 x 15] intentionally omitted <==

==> picture [203 x 16] intentionally omitted <==

==> picture [171 x 16] intentionally omitted <==

[ReplaceNoImages]

==> picture [249 x 91] intentionally omitted <==

==> picture [78 x 13] intentionally omitted <==

==> picture [159 x 11] intentionally omitted <==

==> picture [42 x 11] intentionally omitted <==

==> picture [8 x 11] intentionally omitted <==

==> picture [76 x 11] intentionally omitted <==

==> picture [10 x 11] intentionally omitted <==

==> picture [57 x 11] intentionally omitted <==

==> picture [28 x 11] intentionally omitted <==

==> picture [28 x 11] intentionally omitted <==

==> picture [103 x 11] intentionally omitted <==

==> picture [514 x 12] intentionally omitted <==

==> picture [39 x 12] intentionally omitted <==

==> picture [546 x 541] intentionally omitted <==

==> picture [40 x 14] intentionally omitted <==

==> picture [65 x 14] intentionally omitted <==

==> picture [82 x 11] intentionally omitted <==

==> picture [230 x 12] intentionally omitted <==

==> picture [96 x 12] intentionally omitted <==

==> picture [100 x 12] intentionally omitted <==

==> picture [60 x 12] intentionally omitted <==

==> picture [37 x 12] intentionally omitted <==

==> picture [41 x 11] intentionally omitted <==

==> picture [52 x 11] intentionally omitted <==

==> picture [64 x 11] intentionally omitted <==

==> picture [35 x 11] intentionally omitted <==

==> picture [44 x 11] intentionally omitted <==

==> picture [67 x 11] intentionally omitted <==

==> picture [51 x 11] intentionally omitted <==

==> picture [43 x 11] intentionally omitted <==

==> picture [33 x 11] intentionally omitted <==

==> picture [166 x 11] intentionally omitted <==

==> picture [357 x 11] intentionally omitted <==

==> picture [366 x 11] intentionally omitted <==

==> picture [134 x 11] intentionally omitted <==

==> picture [450 x 12] intentionally omitted <==

==> picture [70 x 12] intentionally omitted <==

==> picture [321 x 11] intentionally omitted <==

==> picture [419 x 11] intentionally omitted <==

==> picture [381 x 12] intentionally omitted <==

==> picture [142 x 12] intentionally omitted <==

==> picture [90 x 11] intentionally omitted <==

==> picture [409 x 11] intentionally omitted <==

==> picture [381 x 12] intentionally omitted <==

==> picture [142 x 12] intentionally omitted <==

==> picture [183 x 11] intentionally omitted <==

==> picture [329 x 11] intentionally omitted <==

==> picture [44 x 11] intentionally omitted <==

==> picture [200 x 11] intentionally omitted <==

==> picture [267 x 11] intentionally omitted <==

==> picture [26 x 12] intentionally omitted <==

==> picture [43 x 14] intentionally omitted <==

==> picture [63 x 14] intentionally omitted <==

==> picture [52 x 12] intentionally omitted <==

==> picture [19 x 12] intentionally omitted <==

==> picture [36 x 12] intentionally omitted <==

==> picture [37 x 12] intentionally omitted <==

==> picture [32 x 11] intentionally omitted <==

==> picture [46 x 11] intentionally omitted <==

==> picture [9 x 14] intentionally omitted <==

==> picture [101 x 134] intentionally omitted <==

==> picture [13 x 13] intentionally omitted <==

==> picture [29 x 10] intentionally omitted <==

==> picture [32 x 10] intentionally omitted <==

==> picture [39 x 10] intentionally omitted <==

==> picture [12 x 13] intentionally omitted <==

==> picture [29 x 11] intentionally omitted <==

==> picture [32 x 11] intentionally omitted <==

==> picture [57 x 11] intentionally omitted <==

==> picture [12 x 14] intentionally omitted <==

==> picture [29 x 11] intentionally omitted <==

==> picture [32 x 11] intentionally omitted <==

==> picture [35 x 11] intentionally omitted <==

==> picture [13 x 13] intentionally omitted <==

==> picture [32 x 11] intentionally omitted <==

==> picture [14 x 11] intentionally omitted <==

==> picture [31 x 11] intentionally omitted <==

==> picture [48 x 10] intentionally omitted <==

==> picture [322 x 10] intentionally omitted <==

==> picture [144 x 10] intentionally omitted <==

==> picture [276 x 10] intentionally omitted <==

==> picture [42 x 14] intentionally omitted <==

==> picture [150 x 14] intentionally omitted <==

==> picture [36 x 10] intentionally omitted <==

==> picture [304 x 10] intentionally omitted <==

==> picture [58 x 10] intentionally omitted <==

==> picture [153 x 27] intentionally omitted <==

==> picture [154 x 27] intentionally omitted <==

==> picture [153 x 27] intentionally omitted <==

==> picture [163 x 10] intentionally omitted <==

==> picture [78 x 10] intentionally omitted <==

==> picture [46 x 10] intentionally omitted <==

==> picture [44 x 10] intentionally omitted <==

==> picture [102 x 10] intentionally omitted <==

==> picture [53 x 10] intentionally omitted <==

==> picture [32 x 201] intentionally omitted <==

==> picture [53 x 10] intentionally omitted <==

==> picture [97 x 10] intentionally omitted <==

==> picture [62 x 10] intentionally omitted <==

/ /

==> picture [379 x 9] intentionally omitted <==

==> picture [63 x 9] intentionally omitted <==