ALICE QUEEN LIMITED — Capital/Financing Update 2021

Aug 24, 2021

ASX Announcement 25 AUG 2021

Alice Queen Completes Strongly Supported $1.5m Capital Raise

Highlights

• Capital raise completed raising $1.47 million (before costs) at $0.011 per share

• The offer was significantly over-subscribed, being strongly supported by major shareholder, Chris Morris, along with several existing shareholders and some new institutional and sophisticated investors

• Funds will be used to finalise the Horn Island Scoping Study, accelerate exploration activities at Horn Island and provide working capital flexibility.

Advanced gold and copper explorer, Alice Queen Limited ( ASX:AQX ) (“ Alice Queen ” or the “ Company ”), is pleased to announce it has received binding commitments to raise $1.47 million via a private placement ( Placement ).

The Placement was strongly supported by major shareholder Chris Morris, in addition to other existing shareholders, new institutional and sophisticated investors. The Placement will result in the issue of 133,636,365 shares at an issue price of $0.011 per share reflecting a 20.4% discount to the last close price of $0.014 (on 23 August 2021) and a 20.4% discount to the 15-day volume weighted average price (VWAP).

For every two shares subscribed in the Placement, the Company intends to issue an option, with an exercise price of A$0.03 and maturity of 2 years from the date of issue, subject to shareholder approval at the next general meeting of the Company. The Company intends to seek a listing on the ASX of these options when approved.

Henslow Pty Ltd acted as Lead Manager to the Placement.

The proceeds from the Placement will be primarily used to:

• Complete the Horn Island Scoping Study

• Accelerate further exploration at Horn Island via an IP Survey

• Provide working capital

The Placement shares will rank equally with existing shares on issue and are expected to be allotted on 3 September 2021 and will be issued without shareholder approval under the Company’s remaining placement capacity under LR7.1 and LR7.1A, 24,076,844 shares under LR7.1 and 109,559,521 shares under 7.1A.

In connection with their role in the Placement, in addition to standard capital raising fees, the Company has agreed to issue the lead manager an aggregate of 10,000,000 options on the same terms as the attaching options granted to participating shareholders in the Placement having an exercise price of $0.03, with an expiry date 2 years from the issue date, subject to shareholder approval at the next general meeting of the Company.

Alice Queen’s Managing Director, Andrew Buxton said,

As the Horn Island Scoping Study nears completion, we are pleased to have completed “ a capital raise that will allow us to accelerate further exploration at Horn Island. With the Scoping Study on track to be delivered in October 2021, it is exciting to be concurrently recommencing exploration there. In the background it is reassuring to have received widespread support for this raise, including a significant investment from our largest shareholder, Chris Morris. We wish to thank all of the participants in this placement, both existing and new, for their support.”

An Appendix 3B in respect of the Placement will be released shortly after this announcement.

Approved by the Board of Alice Queen Limited.

For more information:

Andrew Buxton

Managing Director, Alice Queen Limited +61 (0) 403 461 247 andrew.buxton@alicequeen.com.au