Benz Mining Corp. — Capital/Financing Update 2021

Oct 21, 2021

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

==> picture [21 x 22] intentionally omitted <==

Announcement Summary

Entity name

BENZ MINING CORP.

Date of this announcement

Friday October 22, 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 Warrants exercisable at C$0.65 each and expiring 909,090 22/10/2021 to be confirmed 30 August 2023

Refer to next page for full details of the announcement

Notification of Issue, Conversion or Payment up of Unquoted E it S iti

1 / 7

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

==> picture [21 x 22] intentionally omitted <==

Part 1 - Entity and announcement details

1.1 Name of entity

BENZ MINING CORP.

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

1.2 Registered number type

ARBN

Registration number

642228804

1.3 ASX issuer code

BNZ

1.4 The announcement is

==> picture [8 x 8] intentionally omitted <==

New announcement

1.5 Date of this announcement

22/10/2021

Notification of Issue, Conversion or Payment up of Unquoted E it S iti

2 / 7

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

Part 2 - Issue details

==> picture [21 x 22] intentionally omitted <==

2.1 The +securities the subject of this notification are:

==> picture [8 x 8] intentionally omitted <==

Other

Please specify

Broker Warrants exercisable at C$0.65 each and expiring 30 August 2023

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

==> picture [8 x 9] intentionally omitted <==

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

Notification of Issue, Conversion or Payment up of Unquoted E it S iti

3 / 7

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

==> picture [21 x 22] intentionally omitted <==

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 New class - code to be confirmed	+Security description Warrants exercisable at C$0.65 each and expiring 30 August 2023
+Security type	ISIN code
Other
Date the +securities the subject of this notification were issued
22/10/2021
Will all the +securities issued in this class rank equally in all respects from their issue date?
Yes

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

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

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

Issued as part consideration for services relating to the placement as announced on 31 August 2021

Notification of Issue, Conversion or Payment up of Unquoted E it S iti

4 / 7

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

Issue details

==> picture [21 x 22] intentionally omitted <==

Number of +securities

909,090

Were the +securities issued for a cash consideration?

==> picture [9 x 8] intentionally omitted <==

No

Please describe the consideration being provided for the +securities

Issued as part consideration for services relating to the placement as announced on 31 August 2021

Purpose of the issue

To pay for services rendered

Additional Details

Notification of Issue, Conversion or Payment up of Unquoted E it S iti

5 / 7

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

==> picture [21 x 22] intentionally omitted <==

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
BNZ : CHESS DEPOSITARY INTERESTS 1:1	51,002,898
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
BNZAJ : WARRANT EXPIRING 01-JUN-2023 EX CAD 0.17	12,285,455
BNZAK : WARRANT EXPIRING 29-OCT-2023 EX CAD 1.00	7,628,571
BNZAA : ORDINARY FULLY PAID	58,396,767
BNZAB : OPTION EXPIRING 02-OCT-2023 EX CAD 0.64	3,900,000
BNZAC : OPTION EXPIRING 18-JAN-2025 EX CAD 3.00	9,713
BNZAD : OPTION EXPIRING 03-MAR-2025 EX CAD 0.076	70,000
BNZAE : OPTION EXPIRING 27-APR-2025 EX CAD 0.12	2,100,000
BNZAF : OPTION EXPIRING 01-JUN-2025 EX CAD 0.21	1,140,000
BNZAG : OPTION EXPIRING 31-AUG-2027 EX CAD 0.265	137,500
BNZAH : WARRANT EXPIRING 27-APR-2023 EX CAD 0.12	26,910,750
BNZAI : WARRANT EXPIRING 27-APR-2023 EX CAD 0.076	2,115,652
New class - code to be confirmed : Warrants exercisable at C$0.65 each and expiring 30	909,090
August 2023

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

Notification of Issue, Conversion or Payment up of Unquoted E it S iti

6 / 7

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

==> picture [21 x 22] intentionally omitted <==

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?

909,090

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)? N/A

Notification of Issue, Conversion or Payment up of Unquoted E it S iti

7 / 7