ANDROMEDA METALS LIMITED — M&A Activity 2022

Jan 23, 2022

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69 King William Road UNLEY South Australia 5061 ABN 75 061 503 375

Telephone: +61 8 8271 0600 Facsimile: +61 8 8271 0033 info@andromet.com.au www.andromet.com.au

Corporations Act 2001 (Cth)

Notice of status of Conditions

Andromeda Metals Limited ACN 061 503 375

This is a notice issued by Andromeda Metals Limited ( Andromeda ) in relation to the offer made under its off-market takeover bid for all of the ordinary shares in Minotaur Exploration Limited ( Offer ) contained in Andromeda's Bidder's Statement dated 3 December 2021 ( Bidder's Statement ).

For the purposes of section 630(2) and 630(3) of the Corporations Act 2001 (Cth), Andromeda gives notice that, as at the date of this notice:

1. the period during which the offers under the off-market bid by Andromeda to acquire all ordinary shares in Minotaur Exploration Limited ( Minotaur ) contained in Andromeda's Bidder's Statement, dated 3 December 2021, remain open for acceptance is extended until 14 February 2022;

2. the new date for the giving of the notice referred to in section 630(1) of the Corporations Act 2001 (Cth) relating to the status of the conditions in clause 14.7 of Andromeda's Bidder's Statement is 7 February 2022;

3. it has not declared the Offer free of any of the defeating conditions as set out in the Bidder's Statement;

4. so far as Andromeda is aware, the Demerger Condition in clause 14.7(l) of the Bidder's Statement has been fulfilled, but all other Conditions set out in clause 14.7 of the Bidder's Statement have not been fulfilled, and accordingly, the Offer remains subject to those Conditions; and

5. as at 9.00am (AEDT) on 24 January 2022, Andromeda's voting power in Minotaur is 65%.

Dated: 24 January 2022

Signed for and on behalf of Andromeda Metals Limited

Andrea Betti Company Secretary