CAPRICORN METALS LTD — Share Issue/Capital Change 2019

Nov 25, 2019

Notification of Consolidation/Split

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Notification of Consolidation/Split

Announcement Summary

Entity name CAPRICORN METALS LTD

Applicable security for the reorganisation

CMM ORDINARY FULLY PAID CMMAC OPTION EXPIRING VARIOUS DATES EX VARIOUS PRICES CMMAB OPTION EXPIRING 31-MAY-2020 EX 10C Announcement Type Update to previous announcement Date of this announcement Tuesday November 26, 2019 Reason for the Update Registration of securities on pre-consolidation basis and despatch of new holding statements.

Additional Information No additional information. Refer to below for full details of the announcement Announcement Details Part 1 - Entity and announcement details

1.1 *Name of +Entity CAPRICORN METALS LTD Registration Number 1.2 *Registered Number Type ABN 84121700105 1.3 *ASX issuer code CMM 1.4 *The announcement is Update/amendment to previous announcement

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1.4a Reason for update to a previous announcement

Registration of securities on pre-consolidation basis and despatch of new holding statements.

1.4b * Date of previous announcement(s) to this update

Thursday October 17, 2019

1.5 *Date of this announcement

Tuesday November 26, 2019

1.6 *Securities affected by the reorganisation

CMM ORDINARY FULLY PAID CMMAC OPTION EXPIRING VARIOUS DATES EX VARIOUS PRICES CMMAB OPTION EXPIRING 31-MAY-2020 EX 10C

Part 2 - Approvals

2.1 *Are any of the below approvals required for the reorganisation before business day 0 of the timetable?

• Security holder approval Court approval

• Lodgement of court order with +ASIC ACCC approval

• FIRB approval

• Another approval/condition external to the entity required to be given/met before business day 0 of the timetable for the reorganisation.

Yes

2.2 Approvals

Approval/Condition Date for determination Is the date estimated Approval +Security holder Wednesday or actual? received/condition approval November 20, 2019 Actual met? Yes Comments**

Part 3 - Reorganisation timetable and details

3.1 *+Record date

Monday November 25, 2019

3.2 Date of +security holder meeting

Wednesday November 20, 2019

3.3 Last day for trading in the pre-re-organised +securities

Thursday November 21, 2019

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3.4 *Effective date. Trading in the re-organised securities commences on a +deferred settlement basis. If the +entity's securities are suspended from trading during this period there will be no +deferred settlement trading however ASX still captures this date.

Friday November 22, 2019

3.5 Record date

Monday November 25, 2019

3.6 First day for +entity to send notices to +security holders of the change in the number of +securities they hold. First day for +entity to register +securities on a post-reorganised basis Tuesday November 26, 2019

3.7 *+Issue date. +Deferred settlement market ends. Last day for +entity to send notices to +security holder of the change in the number of +securities they hold. Last day for +entity to register +securities on a post-reorganised basis Monday December 2, 2019

3.8 Trading starts on a normal T+2 basis

Tuesday December 3, 2019

3.9 First settlement of trades conducted on a +deferred settlement basis and on a normal T+2 basis

Thursday December 5, 2019

Part 4 - Reorganisation type and details

4.1 *The reorganisation is

+Security consolidation

4.1a *Consolidation ratio: the +securities will be consolidated on the basis that every

5

(pre-consolidation) +securities will be consolidated into

1

(post-consolidation) +security (/ies).

4.2 *Scrip fraction rounding

Fractions rounded up to the next whole number

Part 5 - +Securities on issue before and after reorganisation

5.1 *+Securities on issue before and after the reorganisation

ASX +Security Code ASX +Security CMM Description ORDINARY FULLY PAID Quoted/unquoted Number on issue Number on issue after Estimate/Actual Quoted before reorganisation reorganisation Actual 1,623,705,773 324,741,473

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ASX +Security Code ASX +Security
CMMAC Description
OPTION EXPIRING
VARIOUS DATES EX
VARIOUS PRICES
Quoted/unquoted Number on issue Number on issue after Estimate/Actual
Unquoted before reorganisation reorganisation Estimated
82,890,028 16,578,006
ASX +Security Code ASX +Security
CMMAB Description
OPTION EXPIRING
31-MAY-2020 EX 10C
Quoted/unquoted Number on issue Number on issue after Estimate/Actual
Unquoted before reorganisation reorganisation Estimated
8,500,000 1,700,000
5.2 Exercise price of options
ASX +Security Code ASX +Security Description
CMMAC OPTION EXPIRING
VARIOUS DATES EX
VARIOUS PRICES
Quoted/unquoted Exercise price before Exercise price after
Unquoted reorganisation reorganisation
0.00000000 0.00000000
ASX +Security Code ASX +Security Description
CMMAB OPTION EXPIRING
31-MAY-2020 EX 10C
Quoted/unquoted Exercise price before Exercise price after
Unquoted reorganisation reorganisation
0.10000000 0.50000000
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Part 6 - Further information

6.1 Further information relating to the reorganisation

Deferred settlement trading ends 2 December 2019. Normal trading commences 3 December 2019.

6.2 Additional information for inclusion in the Announcement Summary

No additional information.

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