CAULDRON ENERGY LIMITED — Capital/Financing Update 2021

Jun 24, 2021

ASX Announcement 25 June 2021

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Final step for Blackwood gold underground exploration operations and completion of planned personnel transition

Highlights

• Receipt of consent from Melbourne Water necessary to conduct planned exploration at the Blackwood Gold Project.

• Obtaining of the consent allows the Company to utilise the 1.5km Tyrconnel Adit to access the multiple reef and shaft systems as part of its planned underground exploration programs at the historic Blackwood mine.

ABN

22 102 912 783

Address

Unit 47, Level 1 1008 Wellington Street WEST PERTH WA 6005

PO BOX 1024 West Leederville WA 6007

ASX Code CXU

Securities on Issue

455,999,512 shares

• Melbourne Water’s consent follows approval in March 2021 by Victoria’s mining regulator, Earth Resources Regulation (ERR) for Cauldron’s planned priority underground drilling and sampling exploration operation (ASX 18 March 2021).

• With consents having now been received from ERR and Melbourne Water, Cauldron is free to commence its exploration operations.

• Following Simon Youds move to an executive role in May 2021 (ASX 25 May 2021); Jess Oram to transition in coming weeks to a non-executive board role; the changes reflecting a shift in Cauldron’s operational focus.

6,833,395 Options (exercise price: $0.03; expiry 31 Dec 2021)

16,666,666 Options (exercise price: $0.03; expiry 31 Mar 2022) 10,000,0000 Unlisted Options (exercise: $0.03; expiry 16-Sep-22) 6,000,0000 Unlisted Options (exercise: $0.05; expiry 16-Sep-23) 45,354,839 Options (exercise price: $0.05; expiry 30 Nov 2023)

9,000,000 Performance Rights (expiring 10 August 2025)

Board of Directors

Cauldron Energy Limited ( Cauldron or the Company ) (ASX: CXU) is pleased to announce it has received consent from Melbourne Water, the final regulatory step required for the Company to initiate its exploration operations. The Company also has completed a planned executive transition reflecting a move to being more operationally focussed exploration activities.

Receipt of Melbourne Water’s consent to the Company’s application for Minor Works on or near waterways, MWA-1208356, is the final regulatory step required for the exploration operational activities in and around the Tyrconnel portal. The Tyrconnel adit bisects both the Eastern and prolific Western reef systems around 100 m below surface, underneath a cluster of shaft collars installed by historic miners. This provides the geologists the ideal platform to test both the up-dip and down-dip extension of this zone of known high grade gold mineralisation. Compared to drilling from surface, these drillholes are significantly shorter in length, thus reducing cost, and importantly provides no interruption of the enjoyment of the local community living at Barry’s Reef. It also demonstrates how mining exploration and potentially mining can proceed in the area providing jobs and enhancing the economy.

Simon Youds Executive Chairman

Jess Oram Executive Director & Chief Executive Officer

Qiu Derong Non-executive Director

Judy Li Non-executive Director

Chenchong Zhou Non-executive Director

Michael Fry Company Secretary

WWW.CAULDRONENERGY.COM.AU

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The changes in executive personnel reflects the shift in operational style in the project of both Victoria and Western Australia. The Company retains access to the geological skills and experience while providing a focus on advancing each project along the project development pipeline. The reformed executive provides multi-commodity project development experience from a long work history of establishing mines.

Commenting on this market update, Chief Executive Officer Jess Oram said: “achieving the final regulatory step that allows underground access to mineralised reefs of the Blackwood system will now allow Cauldron to investigate the plunge extensions of known mineralisation. It is an exciting prospect to finally be in a position to test for extensions of the goldfield whilst ensuring the pristine environment remains unharmed.”

END

Authorised for release by Mr Simon Youds, Executive Chairman.

For further information please contact:

Simon Youds Michael Fry Executive Chairman Company Secretary Cauldron Energy Limited Cauldron Energy Limited T: (08) 6270 4693 T: (08) 6260 4693 M: +61 448 110 009 M: +61 417 996 454 jess.oram@cauldronenergy.com.au michael.fry@cauldronenergy.com.au

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• This announcement has been prepared by Cauldron Energy Limited (“Company”). The material contained in this announcement is for information purposes only. This announcement is not an offer or invitation for subscription or purchase of, or a recommendation in relation to, securities in the Company and nether this announcement nor anything contained in it shall form the basis of any contract or commitment.

• This announcement may contain forward-looking statements. Forward-looking statements include, but are not limited to, statements concerning Cauldron Energy Limited’s business plans, intentions, opportunities, expectations, capabilities and other statements that are not historical facts. Forward-looking statements include those containing such words as could-plan-target-estimate-forecast-anticipate-indicate-expect-intend-may-potential-should or similar expressions. Such forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties, assumptions and other important factors, many of which are beyond the control of the Company, and which could cause actual results to differ from those expressed in this announcement. Because actual results might differ materially to the information in this announcement, the Company does not make, and this report should not be relied upon as, any representation or warranty as to the accuracy, or reasonableness, of the underlying assumptions and uncertainties. Investors are cautioned to view all forward-looking statements with caution and to not place undue reliance on such statements.

• The announcement has been prepared by the Company based on information available to it, including information from third parties, and has not independently verified. No representation or warranty, express or implied, is made to the fairness, accuracy or completeness of the information or opinions contained in this announcement.

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