BARYS RESOURCES LIMITED — Capital/Financing Update 2025

Sep 24, 2025

Appendix 3B - Proposed issue of securities

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Announcement Summary

Entity name

ENRG ELEMENTS LTD

Announcement Type

New announcement

Date of this announcement

25/9/2025

The Proposed issue is:

A standard pro rata issue (including non-renounceable or renounceable)

Total number of +securities proposed to be issued for a standard pro rata issue (including non-renounceable or renounceable)

enounceable)
		Maximum Number of
ASX +security code	+Security description	+securities to be issued
New class-code to be	Options exercisable at $0.002 expiring 4 years from issue	813,444,663
confirmed	date.
EEL	ORDINARY FULLY PAID	1,626,889,326

Ex date

29/9/2025

+Record date

30/9/2025

Offer closing date

17/10/2025

Issue date

24/10/2025

Refer to next page for full details of the announcement

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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

ENRG ELEMENTS LTD

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

ACN

Registration Number

149230811

1.3 ASX issuer code

EEL

1.4 The announcement is

New announcement

1.5 Date of this announcement

25/9/2025

1.6 The Proposed issue is:

A standard +pro rata issue (non-renounceable or renounceable)

1.6a The proposed standard +pro rata issue is:

• Renounceable

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Appendix 3B - Proposed issue of securities

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Part 3 - Details of proposed entitlement offer issue

Part 3A - Conditions

3A.1 Do any external approvals need to be obtained or other conditions satisfied before the entitlement offer can proceed on an unconditional basis? No

Part 3B - Offer details

+Class or classes of +securities that will participate in the proposed issue and +class or classes of +securities proposed to be issued

ASX +security code and description

EEL : ORDINARY FULLY PAID

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 If the entity has quoted company +security include an offer of options, do the terms entitle option attaching +securities? holders to participate on exercise? Yes No

Details of +securities proposed to be issued

ASX +security code and description

EEL : ORDINARY FULLY PAID

ISIN Code (if Issuer is a foreign company and +securities do not have +CDIs issued over them)

ISIN Code for the tradable rights created under a renounceable right issue (if Issuer is foreign company and +securities do not have +CDIs issued over them)

Offer ratio (ratio to existing holdings at which the proposed +securities will be issued) The quantity of additional +securities For a given quantity of +securities to be issued held

1 2

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Appendix 3B - Proposed issue of securities

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What will be done with fractional Maximum number of +securities entitlements? proposed to be issued (subject to rounding) Fractions of 0.5 or more rounded up 1,626,889,326 Offer price details for retail security holders In what currency will the offer be What is the offer price per +security made? for the retail offer? AUD - Australian Dollar AUD 0.00100

Oversubscription & Scale back details

Will individual +security holders be permitted to apply for more than their entitlement (i.e. to over-subscribe)? Yes

Describe the limits on over-subscription

The maximum number of shares to be issued under the offer is 1,626,889,326 and the maximum number of options to be issued under the offer is 813,444,663.

Will a scale back be applied if the offer is over-subscribed? Yes

Describe the scale back arrangements

The Company and Lead Manager have absolute discretion regarding the scale back of Securities to Applicants.

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

Attaching +Security

Is the proposed attaching 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)? New class

Attaching +Security - New class (+securities in a class that is not yet quoted or recorded by ASX)

Details of attaching +securities proposed to be issued

ISIN Code (if Issuer is a foreign company and +securities do not have +CDIs issued over them)

ISIN Code for the tradable rights created under a renounceable right issue (if Issuer is foreign company and +securities do not have +CDIs issued over them)

Have you received confirmation from ASX that the terms Will the entity be seeking quotation of the 'new' class of of the proposed +securities are appropriate and +securities on ASX? equitable under listing rule 6.1?

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Appendix 3B - Proposed issue of securities

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No Yes ASX +security code +Security description New class-code to be confirmed Options exercisable at $0.002 expiring 4 years from issue date. +Security type Options Offer ratio (ratio of attaching securities at which the new +securities will be issued) The quantity of attaching +securities to be issued For a given quantity of the new +securities issued 1 2 What will be done with fractional entitlements? Maximum number of +securities proposed to be issued (subject to rounding) Fractions of 0.5 or more rounded up 813,444,663 Offer price details for retail security holders In what currency will the offer be made? What is the offer price per +security for the retail offer? AUD 0.00000 AUD - Australian Dollar

Oversubscription & Scale back details

Will individual +security holders be permitted to apply for more than their entitlement (i.e. to over-subscribe)? Yes

Describe the limits on over-subscription

The maximum number of shares to be issued under the offer is 1,626,889,326 and the maximum number of options to be issued under the offer is 813,444,663.

Will a scale back be applied if the offer is over-subscribed? Yes

Describe the scale back arrangements

The Company and Lead Manager have absolute discretion regarding the scale back of Securities to Applicants.

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

Options details

+Security currency

AUD - Australian Dollar

Exercise price Expiry date AUD 0.0020 24/10/2029

Details of the type of +security that will be issued if the option is exercised

EEL : ORDINARY FULLY PAID

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Appendix 3B - Proposed issue of securities

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Number of securities that will be issued if the option is exercised

One fully paid ordinary share in the Company (ASX: EEL)

Please provide a URL link for a document lodged with ASX setting out the material terms of the +securities proposed to be issued or provide the information by separate announcement.

Part 3C - Timetable

3C.1 +Record date

30/9/2025

3C.2 Ex date

29/9/2025

3C.3 Date rights trading commences

29/9/2025

3C.4 Record date

30/9/2025

3C.5 Date on which offer documents will be sent to +security holders entitled to participate in the +pro rata issue 3/10/2025

3C.6 Offer closing date

17/10/2025

3C.7 Last day to extend the offer closing date 14/10/2025

3C.8 Date rights trading ends

10/10/2025

3C.9 Trading in new +securities commences on a deferred settlement basis

13/10/2025

3C.11 +Issue date and last day for entity to announce results of +pro rata issue

24/10/2025

3C.12 Date trading starts on a normal T+2 basis

27/10/2025

3C.13 First settlement date of trades conducted on a +deferred settlement basis and on a normal T+2 basis

29/10/2025

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Appendix 3B - Proposed issue of securities

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Part 3E - Fees and expenses

3E.1 Will there be a lead manager or broker to the proposed offer? Yes

3E.1a Who is the lead manager/broker?

Mahe Capital Pty Limited

3E.1b What fee, commission or other consideration is payable to them for acting as lead manager/broker?

• 100 Options (on the same terms as the entitlement offer) for every $1 raised under the Entitlement Offer. - $60,000

• 1% of the total amount raised under the Entitlement Offer

• 5% of the Underwritten Amount (less any amount underwritten by Mr Jiandong He)

• 5% of any Shortfall Securities placed by the Lead Manager

3E.2 Is the proposed offer to be underwritten?

Yes

3E.2a Who are the underwriter(s)?

Mahe Capital Pty Limited

3E.2b What is the extent of the underwriting (ie the amount or proportion of the offer that is underwritten)?

Partially underwritten for $1,000,000 representing 1,000,000,000 New Shares

3E.2c What fees, commissions or other consideration are payable to them for acting as underwriter(s)?

See 3E.1b above. Fees include payments payable by acting as Lead Manager and Underwriter.

3E.2d Please provide a summary of the significant events that could lead to the underwriting being terminated

Refer Section 7.4(c) of the Prospectus.

• 3E.2e Is a party referred to in listing rule 10.11 underwriting or sub-underwriting the proposed offer? Yes

3E.2e (i) What is the name of that party?

Mr Jiandong He

• 3E.2e (ii) What is the extent of their underwriting or sub-underwriting (ie the amount or proportion of the offer they have underwritten or sub-underwritten)?

$240,000

• 3E.2e (iii) What fee, commission or other consideration is payable to them for acting as underwriter or sub-underwriter?

Nil

3E.3 Will brokers who lodge acceptances or renunciations on behalf of eligible +security holders be paid a handling fee or commission? No 3E.4 Details of any other material fees or costs to be incurred by the entity in connection with the proposed offer

Part 3F - Further Information

3F.1 The purpose(s) for which the entity intends to use the cash raised by the proposed issue

Refer Section 4.1 of the Prospectus.

3F.2 Will holdings on different registers or subregisters be aggregated for the purposes of determining entitlements to the issue?

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Appendix 3B - Proposed issue of securities

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No

3F.3 Will the entity be changing its dividend/distribution policy if the proposed issue is successful? No 3F.4 Countries in which the entity has +security holders who will not be eligible to participate in the proposed issue

Only shareholders who have a registered address in Australia, New Zealand or the People's Republic of China are eligible to participate.

3F.5 Will the offer be made to eligible beneficiaries on whose behalf eligible nominees or custodians hold existing +securities No

3F.6 URL on the entity's website where investors can download information about the proposed issue

3F.7 Any other information the entity wishes to provide about the proposed issue

3F.8 Will the offer of rights under the rights issue be made under a +disclosure document or product disclosure statement under Chapter 6D or Part 7.9 of the Corporations Act (as applicable)? Yes

3F.9 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 +disclosure document or +PDS for the +securities proposed to be issued

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