CAVALIER RESOURCES LIMITED — Capital/Financing Update 2024

Oct 3, 2024

Appendix 3B - Proposed issue of securities

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Update Summary Entity name CAVALIER RESOURCES LIMITED Announcement Type Update to previous announcement Date of this announcement 4/10/2024 Reason for update to a previous announcement Extension of closing date for rights issue offer. Refer to next page for full details of the announcement

Appendix 3B - Proposed issue of securities

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Appendix 3B - Proposed issue of securities

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Part 1 - Entity and announcement details

1.1 Name of +Entity

CAVALIER 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.

If the +securities are being offered under a +disclosure document or +PDS and are intended to be quoted on ASX, we also apply for quotation of all of the +securities that may be issued under the +disclosure document or +PDS on the terms set out in Appendix 2A of the ASX Listing Rules (on the understanding that once the final number of +securities issued under the +disclosure document or +PDS is known, in accordance with Listing Rule 3.10.3C, we will complete and lodge with ASX an Appendix 2A online form notifying ASX of their issue and applying for their quotation).

1.2 Registered Number Type

ACN

Registration Number

635842143

1.3 ASX issuer code

CVR

1.4 The announcement is

Update/amendment to previous announcement

1.4a Reason for update to a previous announcement

Extension of closing date for rights issue offer.

1.4b Date of previous announcement to this update

19/9/2024

1.5 Date of this announcement

4/10/2024

1.6 The Proposed issue is:

A standard +pro rata issue (non-renounceable or renounceable)

1.6a The proposed standard +pro rata issue is:

• Non-renounceable

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Appendix 3B - Proposed issue of securities

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Part 3 - Details of proposed entitlement offer issue

Part 3A - Conditions

3A.1 Do any external approvals need to be obtained or other conditions satisfied before the entitlement offer can proceed on an unconditional basis? No

Part 3B - Offer details

+Class or classes of +securities that will participate in the proposed issue and +class or classes of +securities proposed to be issued

ASX +security code and description

CVR : ORDINARY FULLY PAID

Is the proposed security a 'New class' (+securities in a class that is not yet quoted or recorded by ASX) or an 'Existing class' (additional securities in a class that is already quoted or recorded by ASX)? Existing class

Will the proposed issue of this If the entity has quoted company +security include an offer of options, do the terms entitle option attaching +securities? holders to participate on exercise? No No

Details of +securities proposed to be issued

ASX +security code and description

CVR : ORDINARY FULLY PAID

ISIN Code (if Issuer is a foreign company and +securities do not have +CDIs issued over them)

ISIN Code for the entitlement or right to participate in a non-renounceable issue (if Issuer is foreign company and +securities do not have +CDIs issued over them)

Offer ratio (ratio to existing holdings at which the proposed +securities will be issued) The quantity of additional +securities For a given quantity of +securities to be issued held

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Appendix 3B - Proposed issue of securities

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What will be done with fractional	Maximum number of +securities
entitlements?	proposed to be issued (subject to
	rounding)
Fractions rounded up to the next	14,460,556
whole number
Offer price details for retail security holders
In what currency will the offer be	What is the offer price per +security
made?	for the retail offer?
AUD - Australian Dollar	AUD 0.12000
Oversubscription & Scale back details
Will individual +security holders be permitted to apply for more than their
entitlement (i.e. to over-subscribe)?
Yes
Describe the limits on over-subscription Director discretion
Will a scale back be applied if the offer	is over-subscribed?
Yes
Describe the scale back arrangements Director discretion
Will these +securities rank equally in all respects from their issue date with
the existing issued +securities in that class?
Yes

Part 3C - Timetable

3C.1 +Record date

25/9/2024

3C.2 Ex date

24/9/2024

3C.4 Record date

25/9/2024

3C.5 Date on which offer documents will be sent to +security holders entitled to participate in the +pro rata issue

30/9/2024

3C.6 Offer closing date

16/10/2024

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3C.7 Last day to extend the offer closing date

11/10/2024

3C.9 Trading in new +securities commences on a deferred settlement basis

17/10/2024

3C.11 +Issue date and last day for entity to announce results of +pro rata issue 23/10/2024

3C.12 Date trading starts on a normal T+2 basis 24/10/2024

3C.13 First settlement date of trades conducted on a +deferred settlement basis and on a normal T+2 basis

28/10/2024

Part 3E - Fees and expenses

3E.1 Will there be a lead manager or broker to the proposed offer? Yes

3E.1a Who is the lead manager/broker?

Kerr Allan Financial Pty Ltd (trading as Dalton Equities)

3E.1b What fee, commission or other consideration is payable to them for acting as lead manager/broker?

The fee comprises: (1) Management fee of 2% of the total amount raised under any Shortfall Offer; (2) Arranging fee of 4% of the total proceeds raised by the Lead Manager under any Shortfall Offer; and (3) Issue of 2.5 million Lead Manager Options (for every 7 million shares issued under the rights issue) provided an aggregate of no less than $1,500,000 is raised from the Offer and any Shortfall Offer.

3E.2 Is the proposed offer to be underwritten?

No

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

3E.4 Details of any other material fees or costs to be incurred by the entity in connection with the proposed offer

Part 3F - Further Information

3F.1 The purpose(s) for which the entity intends to use the cash raised by the proposed issue

Conduct near-mine development and exploration drilling at the Crawford Gold Project, undertake drilling at the Ella's Rock Li-Au-Ni Project and for general working capital purposes.

3F.2 Will holdings on different registers or subregisters be aggregated for the purposes of determining entitlements to the issue? No

3F.3 Will the entity be changing its dividend/distribution policy if the proposed issue is successful? No

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3F.4 Countries in which the entity has +security holders who will not be eligible to participate in the proposed issue

All countries other than Australia and New Zealand.

3F.5 Will the offer be made to eligible beneficiaries on whose behalf eligible nominees or custodians hold existing +securities No 3F.6 URL on the entity's website where investors can download information about the proposed issue

www.cavalierresources.com.au

3F.7 Any other information the entity wishes to provide about the proposed issue

3F.8 Will the offer of rights under the rights issue be made under a +disclosure document or product disclosure statement under Chapter 6D or Part 7.9 of the Corporations Act (as applicable)? Yes

3F.9 Any on-sale of the +securities proposed to be issued within 12 months of their date of issue will comply with the secondary sale provisions in sections 707(3) and 1012C(6) of the Corporations Act by virtue of: The publication of a +disclosure document or +PDS for the +securities proposed to be issued

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