CARBINE RESOURCES LIMITED — Capital/Financing Update 2021

Apr 19, 2021

Proposed issue of securities

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Update Summary

Entity name

CARBINE RESOURCES LIMITED

Announcement Type

Update to previous announcement

Date of this announcement

Tuesday April 20, 2021

Reason for update to a previous announcement

Update to timetable

Refer to next page for full details of the announcement

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Part 1 - Entity and announcement details

1.1 Name of +Entity

CARBINE RESOURCES LIMITED

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.

1.2 Registered Number Type

Registration Number

ABN 81122976818

1.3 ASX issuer code

CRB

1.4 The announcement is

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Update/amendment to previous announcement

1.4a Reason for update to a previous announcement

Update to timetable

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

Thursday April 1, 2021

1.5 Date of this announcement

Tuesday April 20, 2021

1.6 The Proposed issue is:

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A non-+pro rata offer of +securities under a +disclosure document or +PDS

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Part 5 - Details of proposed non-pro rata offer under a disclosure document or PDS

Part 5A - Conditions

5A.1 - Are any of the following approvals required for the non-+pro rata offer of +securities under a +disclosure document or +PDS? +Security holder approval Court approval Lodgement of court order with +ASIC ACCC approval FIRB approval Another approval/condition external to the entity Yes

5A.1a Conditions

Approval/Condition Date for determination Is the date estimated or ** Approval actual? received/condition met? +Security holder approval Thursday May 20, 2021 Actual

Comments

Part 5B - Offer details

Is the proposed security a 'New Will the proposed issue of this class' (+securities in a class that is +security include an offer of not yet quoted or recorded by ASX) attaching +securities? or an 'Existing class' (additional No securities in a class that is already quoted or recorded by ASX)? Existing class

Details of +securities proposed to be issued

ASX +security code and description

CRB : ORDINARY FULLY PAID

The number of +securities to be offered under the +disclosure document or +PDS 100,000,000

Will the offer be conditional on applications for a minimum number of +securities being received or a minimum amount being raised (i.e. a minimum subscription condition)? Yes

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----- Start of picture text ----- Describe the minimum subscription conditionMinimum of $2.5 million raised by the issue of 83,333,333Will individual security holders be required to accept the offer for aminimum number or value of +securities (i.e. a minimum acceptancecondition)?NoWill individual security holders be limited to accepting the offer for amaximum number or value of +securities (i.e. a maximum acceptancecondition)?NoReason for the update of 'Maximum Number of +securities proposed to be issued'Offer price detailsHas the offer price been determined?YesIn what currency will the offer be What is the offer price per +security?made?AUD 0.03000AUD - Australian DollarOversubscription & Scale back detailsWill the entity be entitled to accept over-subscriptions?NoWill a scale back be applied if the offer is over-subscribed?YesDescribe the scale back arrangementsScale back arrangements will be detailed in the prospectus to be lodged with the ASXWill these +securities rank equally in all respects from their issue date withthe existing issued +securities in that class?Yes----- End of picture text -----

Part 5C - Timetable 5C.1 Lodgement date of +disclosure document or +PDS with ASIC Thursday April 22, 2021

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5C.2 Date when +disclosure document or +PDS and acceptance forms will be made available to investors Friday April 23, 2021

5C.3 Offer open date Friday April 30, 2021

5C.4 Closing date for receipt of acceptances

Friday May 21, 2021

5C.6 Proposed +issue date

Friday May 28, 2021

Part 5D - Listing Rule requirements

5D.1 Has the entity obtained, or is it obtaining, +security holder approval for the entire issue under listing rule 7.1? Yes

5D.1a Date of meeting or proposed meeting to approve the issue under listing rule 7.1

Thursday May 20, 2021

5D.2 Is a party referred to in listing rule 10.11 participating in the proposed issue? Yes

Part 5E - Fees and expenses

5E.1 Will there be a lead manager or broker to the proposed offer? No

5E.2 Is the proposed offer to be underwritten? No

5E.3 Will brokers who lodge acceptances or renunciations on behalf of eligible +security holders be paid a handling fee or commission? No

5E.4 Details of any other material fees or costs to be incurred by the entity in connection with the proposed offer

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Part 5F - Further Information

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5F.01 The purpose(s) for which the entity intends to use the cash raised by the proposed issue

To assist the Company to re-comply with Chapters 1 and 2 of the Listing Rules and to support the proposed exploration program following completion of the transaction with Australian United Silica Corporation Pty Ltd

5F.1 Will the entity be changing its dividend/distribution policy if the proposed offer is successful? No

5F.2 Please explain the entity's allocation policy for the offer, including whether or not acceptances from existing +security holders will be given priority

Details of the allocation policy will be included in the prospectus to be lodged with the ASX

5F.3 URL on the entity's website where investors can download the +disclosure document or +PDS

This will be updated when the prospectus is lodged on the Company's website

5F.4 Any other information the entity wishes to provide about the proposed offer

The Company notes the timetable is indicative only and will be updated prior to lodgment of the prospectus. Further details regarding are also set out in the notice of meeting lodged with the ASX on 20 April 2021.

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