AUSGOLD LIMITED — Capital/Financing Update 2021

Jul 4, 2021

Notification of Issue, Conversion or Payment up of Unquoted Equity Securities

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Announcement Summary

Entity name

AUSGOLD LIMITED

Date of this announcement

Monday July 05, 2021

The +securities the subject of this notification are: Other

Total number of +securities to be issued/transferred

Total number of ASX +security +securities to be code Security description issued/transferred Issue date New class - code Unlisted Options 7,000,000 30/06/2021 to be confirmed

Refer to next page for full details of the announcement

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Notification of Issue, Conversion or Payment up of Unquoted Equity Securities

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Part 1 - Entity and announcement details

1.1 Name of entity

AUSGOLD LIMITED

We (the entity named above) give notice of the issue, conversion or payment up of the following unquoted +securities.

1.2 Registered number type

ABN

Registration number

67140164496

1.3 ASX issuer code

AUC

1.4 The announcement is

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New announcement

1.5 Date of this announcement

5/7/2021

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Part 2 - Issue details

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2.1 The +securities the subject of this notification are:

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Other

Please specify

The issue of unlisted options to employees of Ausgold Limited

2.2a This notification is given in relation to an issue of +securities in a class which is not quoted on ASX and which:

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does not have an existing ASX security code ("new class")

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Part 3C - number and type of +securities the subject of this notification (new class) where issue has not previously been notified to ASX in an Appendix 3B

New +securities ASX +security code +Security description New class - code to be confirmed Unlisted Options +Security type ISIN code Options Date the +securities the subject of this notification were issued 30/6/2021

Will all the +securities issued in this class rank equally in all respects from their issue date? Yes

Have you received confirmation from ASX that the terms of the +securities are appropriate and equitable under listing rule 6.1? No

Please provide a URL link for a document lodged with ASX setting out the material terms of the +securities being issued.

Options Details +Security currency Exercise price Expiry date AUD - Australian Dollar AUD 0.06000000 30/6/2024 Details of the existing class of +security that will be issued upon exercise or conversion of this new class of company option Other

Description

one fully paid ordinary share

Any other information the entity wishes to provide about the +securities the subject of this notification

4,000,000 options exercisable at AUD $0.06, vesting 6 months after date of grant, expiring on 30 June 2024 3,000,000 options exercisable at AUD $0.08, vesting 12 months after date of grant, expiring on 30 June 2024 The options entitle the holder to subscribe for one share upon exercise of each option No cash is payable for the issue of the options

Please provide any further information needed to understand the circumstances in which you are notifying the

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issue of these +securities to ASX, including why the issue of the +securities has not been previously announced to the market in an Appendix 3B N/A Issue details Number of +securities 4,000,000 Were the +securities issued for a cash consideration? No Please describe the consideration being provided for the +securities Nil Purpose of the issue Other Additional Details 4,000,000 options exercisable at AUD $0.06, vesting 6 months after date of grant, exp.30/06/24 Number of +securities 3,000,000 Were the +securities issued for a cash consideration? No Please describe the consideration being provided for the +securities No Purpose of the issue Other Additional Details 3,000,000 options exercisable at AUD $0.08, vesting 12 months after date of grant, exp. 30/06/24

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Part 4 - +Securities on issue

Following the issue, conversion or payment up of the +securities the subject of this application, the +securities of the entity will comprise:

(A discrepancy in these figures compared to your own may be due to a matter of timing if there is more than one application for quotation/issuance currently with ASX for processing.)

4.1 Quoted +Securities (Total number of each +class of +securities quoted)

	Total number of
ASX +security code and description	+securities on issue
AUC : ORDINARY FULLY PAID	1,585,349,541
4.2 Unquoted +Securities (Total number of each +class of +securities issued but	not quoted on ASX)
	Total number of
ASX +security code and description	+securities on issue
AUCAB : PERFORMANCE RIGHTS	58,250,000
AUCAA : OPTION EXPIRING VARIOUS DATES EX VARIOUS PRICES	3,700,000
AUCAAB : OPTION EXPIRING 03-MAY-2024 EX $0.063	16,000,000
AUCAAA : OPTION EXPIRING 01-MAR-2024 EX $0.08	10,000,000
New class - code to be confirmed : Unlisted Options	7,000,000

4.2 Unquoted +Securities (Total number of each +class of +securities issued but not quoted on ASX)

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Part 5 - Other Listing Rule requirements

5.1 Were the +securities issued under an exception in Listing Rule 7.2 and therefore the issue did not need any security holder approval under Listing Rule 7.1? No

5.2 Has the entity obtained, or is it obtaining, +security holder approval for the issue under listing rule 7.1? No

5.2b Are any of the +securities being issued without +security holder approval using the entity's 15% placement capacity under listing rule 7.1? Yes

5.2b.1 How many +securities are being issued without +security holder approval using the entity's 15% placement capacity under listing rule 7.1?

7,000,000

5.2c Are any of the +securities being issued without +security holder approval using the entity's additional 10% placement capacity under listing rule 7.1A (if applicable)? No

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