CAZALY RESOURCES LIMITED — Share Issue/Capital Change 2021

Dec 1, 2021

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

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Announcement Summary

Entity name

CAZALY RESOURCES LIMITED

Date of this announcement

Thursday December 02, 2021

The +securities the subject of this notification are:

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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 Director Options C 1,500,000 02/12/2021 to be confirmed

Refer to next page for full details of the announcement

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

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Part 1 - Entity and announcement details

1.1 Name of entity

CAZALY RESOURCES LIMITED

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

1.2 Registered number type

ABN

Registration number

23101049334

1.3 ASX issuer code

CAZ

1.4 The announcement is

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New announcement

1.5 Date of this announcement

2/12/2021

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

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Part 2 - Issue details

2.1 The +securities the subject of this notification are:

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Other

Please specify

Director Options C

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

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

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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 +Security description New class - code to be confirmed Director Options C +Security type ISIN code Options Date the +securities the subject of this notification were issued 2/12/2021

Will all the +securities issued in this class rank equally in all respects from their issue date? Yes

Have you received confirmation from ASX that the terms of the +securities are appropriate and equitable under listing rule 6.1? Yes

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

Please refer to CAZ AGM Notice of Meeting dated 15 October 2021 https://wcsecure.weblink.com.au/pdf/CAZ/02436531.pdf

Options Details +Security currency Exercise price Expiry date AUD - Australian Dollar AUD 0.00000000 12/10/2025

Details of the existing class of +security that will be issued upon exercise or conversion of this new class of company option

Other

Description

CAZ : ORDINARY FULLY PAID

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

Unquoted options that vest 24 months after Commencement (12 October 2021). Exercisable at a price that is 150% of the volume weighted average price for Shares traded on the ASX over the five (5) Trading Days immediately preceding their vesting date. The holder must be a Director of the Company at the time that vesting conditions are met.

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

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

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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 to Managing Director pursuant to receiving CAZ shareholder approval at AGM held on 19 November 2021

Issue details Number of +securities 1,500,000 Were the +securities issued for a cash consideration? No Please describe the consideration being provided for the +securities Nil Purpose of the issue Other Additional Details As per CEO/Managing Director contract. Issue of options approved by shareholders on 19/11/21.

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

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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
CAZ : ORDINARY FULLY PAID	369,563,267
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
CAZAR : OPTION EXPIRING 11-JUN-2024 EX $0.066	500,000
CAZAP : OPTION EXPIRING 19-NOV-2022 EX $0.0495	10,000,000
CAZAQ : OPTION EXPIRING 08-MAR-2024 EX $0.05	2,000,000
New class - code to be confirmed : Director Options C	1,500,000

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

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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? Yes

5.2a Date of meeting or proposed meeting to approve the issue under listing rule 7.1

19/11/2021

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