Alkane Resources — Capital/Financing Update 2025

Jun 24, 2025

Appendix 3B - Proposed issue of securities

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Update Summary

Entity name

ALKANE RESOURCES LIMITED

Announcement Type

Update to previous announcement

Date of this announcement

25/6/2025

Reason for update to a previous announcement

1. Date of Alkane Resources Limited General Meeting scheduled 28 July 2025.

2. Date of Mandalay Resources Corporation Special Meeting scheduled 28 July 2025.

3. Approval of the Swedish Inspectorate of Strategic Products received on 17 July 2025.

Refer to next page for full details of the announcement

Appendix 3B - Proposed issue of securities

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Appendix 3B - Proposed issue of securities

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Part 1 - Entity and announcement details

1.1 Name of +Entity

ALKANE RESOURCES LIMITED

We (the entity named above) give ASX the following information about a proposed issue of +securities and, if ASX agrees to +quote any of the +securities (including any rights) on a +deferred settlement basis, we agree to the matters set out in Appendix 3B of the ASX Listing Rules.

If the +securities are being offered under a +disclosure document or +PDS and are intended to be quoted on ASX, we also apply for quotation of all of the +securities that may be issued under the +disclosure document or +PDS on the terms set out in Appendix 2A of the ASX Listing Rules (on the understanding that once the final number of +securities issued under the +disclosure document or +PDS is known, in accordance with Listing Rule 3.10.3C, we will complete and lodge with ASX an Appendix 2A online form notifying ASX of their issue and applying for their quotation).

1.2 Registered Number Type

Registration Number

ABN 35000689216

1.3 ASX issuer code

ALK

1.4 The announcement is

Update/amendment to previous announcement

1.4a Reason for update to a previous announcement

1. Date of Alkane Resources Limited General Meeting scheduled 28 July 2025.

2. Date of Mandalay Resources Corporation Special Meeting scheduled 28 July 2025.

3. Approval of the Swedish Inspectorate of Strategic Products received on 17 July 2025.

1.4b Date of previous announcement to this update

28/4/2025

1.5 Date of this announcement

25/6/2025

1.6 The Proposed issue is:

A placement or other type of issue

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Appendix 3B - Proposed issue of securities

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Part 7 - Details of proposed placement or other issue

Part 7A - Conditions

7A.1 Do any external approvals need to be obtained or other conditions satisfied before the placement or other type of issue can proceed on an unconditional basis? Yes 7A.1a Conditions

Approval/Condition Date for determination Is the date estimated or ** Approval actual? received/condition met? +Security holder approval 28/7/2025 Actual No

Comments

The approval is required by shareholders of Mandalay Resources Corporation rather than Alkane Resources Limited for the purposes of the Canadian plan of arrangement.

Approval/Condition	Date for determination	Is the date estimated or	**** Approval**
Court approval	1/8/2025	actual?	received/condition met?
		Actual	No
Comments
Approval is required from the Supreme Court of British Colombia.
Approval/Condition	Date for determination	Is the date estimated or	**** Approval**
FIRB approval	1/7/2025	actual?	received/condition met?
		Estimated	No
Comments
Approval is required from the Foreign Investments Review Board.
Approval/Condition	Date for determination	Is the date estimated or	**** Approval**
Other (please specify in	1/8/2025	actual?	received/condition met?
comment section)		Estimated	No

Comments

1. The approval of shareholders of Alkane Resources Limited for the purposes of the ASX Listing Rules.

2. Various conditions as specified in a Canadian Plan of Arrangement.

Part 7B - Issue details

Is the proposed security a 'New class' (+securities in a class that is not yet quoted or recorded by ASX) or an 'Existing class' (additional securities in a class that is already quoted or recorded by ASX)? Existing class

Will the proposed issue of this +security include an offer of attaching +securities? No

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Appendix 3B - Proposed issue of securities

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Details of +securities proposed to be issued

ASX +security code and description

ALK : ORDINARY FULLY PAID

Number of +securities proposed to be issued

768,031,285

Offer price details Are the +securities proposed to be issued being issued for a cash consideration? No

Please describe the consideration being provided for the +securities

The relevant shares to be issued are in consideration for the acquisition of shares in Mandalay under the Plan of Arrangement.

Please provide an estimate of the AUD equivalent of the consideration being provided for the +securities 0.732020

Will these +securities rank equally in all respects from their issue date with the existing issued +securities in that class? Yes

Part 7C - Timetable

7C.1 Proposed +issue date

5/8/2025

Part 7D - Listing Rule requirements

7D.1 Has the entity obtained, or is it obtaining, +security holder approval for the entire issue under listing rule 7.1? Yes

7D.1a Date of meeting or proposed meeting to approve the issue under listing rule 7.1

28/7/2025

7D.2 Is a party referred to in listing rule 10.11 participating in the proposed issue? No 7D.3 Will any of the +securities to be issued be +restricted securities for the purposes of the listing rules? No 7D.4 Will any of the +securities to be issued be subject to +voluntary escrow? No

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Appendix 3B - Proposed issue of securities

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Part 7E - Fees and expenses

7E.1 Will there be a lead manager or broker to the proposed issue? No

7E.2 Is the proposed issue to be underwritten? No

7E.4 Details of any other material fees or costs to be incurred by the entity in connection with the proposed issue

Customary financial advisory, legal and administrative transaction costs in connection with the plan of arrangement.

Part 7F - Further Information

7F.01 The purpose(s) for which the entity is issuing the securities

The shares are to be issued in connection with the Plan of Arrangement.

7F.1 Will the entity be changing its dividend/distribution policy if the proposed issue proceeds? No

7F.2 Any other information the entity wishes to provide about the proposed issue

Refer to ASX announcement on 28 April 2025 and the Alkane Notice of Meeting announced on 25 June 2025.

7F.3 Any on-sale of the +securities proposed to be issued within 12 months of their date of issue will comply with the secondary sale provisions in sections 707(3) and 1012C(6) of the Corporations Act by virtue of: The publication of a cleansing notice under section 708A(5), 708AA(2)(f), 1012DA(5) or 1012DAA(2)(f)

Appendix 3B - Proposed issue of securities

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