BAYAN MINING AND MINERALS LIMITED — Director's Dealing 2021

Jul 12, 2021

Appendix 3X Initial Director’s Interest Notice

Rule 3.19A.1

Appendix 3X

Initial Director’s Interest Notice

Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX’s property and may be made public. Introduced 30/9/2001.

Name of entity	Balkan Mining and Minerals Limited
ABN	67 646 716 681

We (the entity) give ASX the following information under listing rule 3.19A.1 and as agent for the director for the purposes of section 205G of the Corporations Act.

Name of Director	Ross Cotton
Date of appointment	18 December 2020

Part 1 - Director’s relevant interests in securities of which the director is the registered holder In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust

Note: In the case of a company, interests which come within paragraph (i) of the definition of “notifiable interest of a director” should be disclosed in this part.

Number & class of securities

Nil

• See chapter 19 for defined terms.

Appendix 3X Page 1

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Appendix 3X Initial Director’s Interest Notice

Part 2 – Director’s relevant interests in securities of which the director is not the registered holder

In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust

Name of holder & nature of interest Note: Provide details of the circumstances giving rise to the relevant interest. Skyflake Investments Pty Ltd atf Skyflake Trust (Mr Cotton is sole director and shareholder)

Number & class of Securities 1,750,000 options exercisable at $0.50 each, on or before 6 July 2024. 600,000 Class A Performance Rights; 600,000 Class B Performance Rights; and 600,000 Class C Performance Rights; on the terms and conditions set out in section 10.4.1 of the Company’s Prospectus dated 25 May 2021. Each Performance Right is exercisable into one (1) fully paid ordinary share upon and from the date of satisfaction of the relevant vesting condition until the expiry date. Vesting Conditions: Class A: the Company achieving a volume weighted average price (VWAP) of Shares of at least $0.60, calculated over 20 consecutive trading days on which the Company’s Shares have traded. Class A performance rights will lapse on 6 July 2023. Class B: the Company achieving a VWAP of Shares of at least $1.20, calculated over 20 consecutive trading days on which the Company’s Shares have traded. Class B performance rights will lapse on 6 July 2024. Class C: the Company achieving a VWAP of Shares of at least $1.80, calculated over 20 consecutive trading days on which the Company’s Shares have traded. Class C performance rights will lapse on 6 July 2024. Subject to accelerated vesting or forfeiture should the Company terminate Mr Cotton’s engagement in certain circumstances before 18 December 2022.

• See chapter 19 for defined terms.

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Appendix 3X Initial Director’s Interest Notice

Part 3 – Director’s interests in contracts

Note: In the case of a company, interests which come within paragraph (ii) of the definition of “notifiable interest of a director” should be disclosed in this part.

Detail of contract	The Company has entered into a consultancy agreement with Skyflake Investments Pty Ltd ATF Skyflake Trust (an entity controlled by Mr Ross Cotton) (Consultant) and Mr Ross Cotton under which Ross Cotton is appointed as Managing Director of the Company.
Nature of interest	The Company will pay the Consultant a fee of $20,000 per month.
Name of registered holder (if issued securities)	Mr Ross Cotton
No. and class of securities to which interest relates	N/A

• See chapter 19 for defined terms.

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