Celsius Resources Limited — AGM Information 2018

Oct 11, 2018

CELSIUS RESOURCES LIMITED ACN 009 162 949

NOTICE OF ANNUAL GENERAL MEETING

TIME : 12.00pm WST DATE : Tuesday 13 November, 2018 PLACE : London House, Ground Floor, 216 St Georges Terrace, Perth

This Notice of Meeting should be read in its entirety. If Shareholders are in doubt as to how they should vote, they should seek advice from their professional advisers prior to voting.

Should you wish to discuss the matters in this Notice of Meeting please do not hesitate to contact the Company Secretary on (+61 8) 6188 8181.

IMPORTANT INFORMATION

VENUE AND TIME OF MEETING

The Annual General Meeting of the Shareholders of Celsius Resources Limited which this Notice of Annual General Meeting relates to will be held at London House, Ground Floor, 216 St Georges Terrace, Perth on Tuesday 13 November, 2018 at 12.00pm WST.

YOUR VOTE IS IMPORTANT

The business of the Meeting affects your shareholding and your vote is important.

VOTING IN PERSON

To vote in person, attend the Annual General Meeting on the date and at the place set out above.

VOTING ELIGIBILITY

The Directors have determined pursuant to Regulation 7.11.37 of the Corporations Regulations 2001 (Cth) that the persons eligible to vote at the Annual General Meeting are those who are registered Shareholders at 4:00pm WST on 11 November 2018

VOTING BY PROXY

To vote by proxy, please complete and sign the enclosed Proxy Form and return by the time and in accordance with the instructions set out on the Proxy Form.

In accordance with section 249L of the Corporations Act, members are advised that:

• each member has a right to appoint a proxy;

• the proxy need not be a member of the Company; and

• a member who is entitled to cast 2 or more votes may appoint 2 proxies and may specify the proportion or number of votes each proxy is appointed to exercise. If the member appoints 2 proxies and the appointment does not specify the proportion or number of the member’s votes, then in accordance with section 249X(3) of the Corporations Act, each proxy may exercise one-half of the votes.

Shareholders and their proxies should be aware that changes to the Corporations Act made in 2011 mean that:

• if proxy holders vote, they must cast all directed proxies as directed; and

• any directed proxies which are not voted will automatically default to the Chair, who must vote the proxies as directed.

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NOTICE OF ANNUAL GENERAL MEETING

Notice is given that the Annual General Meeting of Shareholders of Celsius Resources Limited (ABN 95 009 162 949) ( Company ) will be held at London House, Ground Floor, 216 St Georges Terrace, Perth on Tuesday 13 November 2018 at 12.00pm WST. The Directors have determined pursuant to Regulation 7.11.37 of the Corporations Regulations 2001 (Cth) that the persons eligible to vote at the Annual General Meeting are those who are registered Shareholders of the Company at 4:00pm WST on 11 November 2018.

The Explanatory Statement has been prepared to provide information which the Directors believe to be material to Shareholders in deciding whether or not to pass the Resolutions.

AGENDA

1. FINANCIAL STATEMENTS AND REPORTS

To receive and consider the financial report of the Company for the year ended 30 June 2018 together with the declaration of the directors, the directors’ report, the Remuneration Report and the auditor’s report.

2. RESOLUTION 1 – ADOPTION OF REMUNERATION REPORT

To consider and, if thought fit, to pass, with or without amendment, the following resolution as a non-binding resolution : “That, for the purpose of Section 250R(2) of the Corporations Act and for all other purposes, approval is given for the adoption of the remuneration report as contained in the Company’s annual financial report for the financial year ended 30 June 2018.” Note: the vote on this Resolution is advisory only and does not bind the Directors or the Company.

Voting Prohibition Statement:

A vote on this Resolution must not be cast (in any capacity) by or on behalf of either of the following persons:	A vote on this Resolution must not be cast (in any capacity) by or on behalf of either of the following persons:
(a)	a member of the Key Management Personnel, details of whose remuneration are included in the
	Remuneration Report; or
(b)	a Closely Related Party of such a member.
However, a person (the voter) described above may cast a vote on this Resolution as a proxy if the vote is
not cast on behalf of a person described above and either:
(a)	the voter is appointed as a proxy by writing that specifies the way the proxy is to vote on this
	Resolution; or
(b)	the voter is the Chair and the appointment of the Chair as proxy:
	(i) does not specify the way the proxy is to vote on this Resolution; and
	(ii) expressly authorises the Chair to exercise the proxy even though this Resolution is connected
	directlyor indirectlywith the remuneration of a member of the KeyManagement Personnel.

3. RESOLUTION 2 – RE-ELECTION OF DIRECTOR – MR WILLIAM OLIVER

To consider and, if thought fit, to pass, with or without amendment, the following resolution as an ordinary resolution :

“That, for the purpose of clause 13.2 of the Constitution and for all other purposes, Mr William Oliver, a Director, retires by rotation, and being eligible, is re-elected as a Director.”

4. RESOLUTION 3 – APPROVAL OF 10% PLACEMENT CAPACITY

To consider and, if thought fit, to pass, with or without amendment, as a special resolution the following:

“That, for the purpose of ASX Listing Rule 7.1A and for all other purposes, approval is given for the Company to issue up to that number of Equity Securities equal to 10% of the issued capital of the Company at the time of issue calculated in accordance with the formula prescribed in Listing Rule 7.1A.2 and otherwise on the terms and conditions in the Explanatory Statement .”

Voting Exclusion : The Company will disregard any votes cast in favour of the Resolution by or on behalf of a person who is expected to participate in, or who will obtain a material benefit as a result of, the proposed issue (except a benefit solely by reason of being a holder of ordinary securities in the Company) or an associate of that person (or those persons). However, the Company will not disregard a vote if it is cast by a person as a proxy for a person who is entitled to vote, in accordance with the directions on the Proxy Form, or, it is cast by the person chairing the meeting as proxy for a person who is entitled to vote, in accordance with a direction on the Proxy Form to vote as the proxy decides.

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5. RESOLUTION 4 – RATIFICATION OF SHARE ISSUE

To consider and, if thought fit, to pass, with or without amendment, the following resolution as an ordinary resolution :

“That, for the purposes of ASX Listing Rule 7.4 and for all other purposes, Shareholders ratify the issue of 48,650,054 Shares on the terms and conditions set out in the Explanatory Statement.”

Voting Exclusion: The Company will disregard any votes cast in favour of the Resolution by or on behalf of a person who participated in the issue or any associates of those persons. However, the Company need not disregard a vote if it is cast by a person as a proxy for a person who is entitled to vote, in accordance with the directions on the Proxy Form, or, it is cast by the person chairing the meeting as proxy for a person who is entitled to vote, in accordance with a direction on the Proxy Form to vote as the proxy decides.

6. RESOLUTION 5 – RATIFICATION OF ISSUE OF OPTIONS

To consider and, if thought fit, to pass, with or without amendment, the following resolution as an ordinary resolution :

“That, for the purposes of ASX Listing Rule 7.4 and for all other purposes, Shareholders ratify the issue of 2,000,000 Options on the terms and conditions set out in the Explanatory Statement.”

Voting Exclusion: The Company will disregard any votes cast in favour of the Resolution by or on behalf of a person who participated in the issue or any associates of those persons. However, the Company need not disregard a vote if it is cast by a person as a proxy for a person who is entitled to vote, in accordance with the directions on the Proxy Form, or, it is cast by the person chairing the meeting as proxy for a person who is entitled to vote, in accordance with a direction on the Proxy Form to vote as the proxy decides.

DATED: 4 OCTOBER 2018 BY ORDER OF THE BOARD

MS MELANIE ROSS COMPANY SECRETARY

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EXPLANATORY STATEMENT

This Explanatory Statement has been prepared for the information of the Shareholders of the Company in connection with the business to be conducted at the Annual General Meeting to be held at London House, Ground Floor, 216 St Georges Terrace, Perth on 24 November 2018 at 12.00pm WST.

The purpose of this Explanatory Statement is to provide information which the Directors believe to be material to Shareholders in deciding whether or not to pass the Resolutions in the Notice of Meeting.

1. FINANCIAL STATEMENTS AND REPORTS

In accordance with the Constitution, the business of the Meeting will include receipt and consideration of the annual financial report of the Company for the financial year ended 30 June 2018 together with the declaration of the directors, the directors’ report, the Remuneration Report and the auditor’s report.

The Company will not provide a hard copy of the Company’s annual financial report to Shareholders unless specifically requested to do so. The Company’s annual financial report is available on its website at www.celsiusresources.com.au.

2. RESOLUTION 1 – ADOPTION OF REMUNERATION REPORT

2.1 General

The Corporations Act requires that at a listed company’s annual general meeting, a resolution that the remuneration report be adopted must be put to the shareholders. However, such a resolution is advisory only and does not bind the company or the directors of the company.

The remuneration report sets out the company’s remuneration arrangements for the directors and senior management of the company. The remuneration report is part of the directors’ report contained in the annual financial report of the company for a financial year.

The chair of the meeting must allow a reasonable opportunity for its shareholders to ask questions about or make comments on the remuneration report at the annual general meeting.

2.2 Voting consequences

A company is required to put to its shareholders a resolution proposing the calling of another meeting of shareholders to consider the appointment of directors of the company ( Spill Resolution ) if, at consecutive annual general meetings, at least 25% of the votes cast on a remuneration report resolution are voted against adoption of the remuneration report and at the first of those annual general meetings a Spill Resolution was not put to vote. If required, the Spill Resolution must be put to vote at the second of those annual general meetings.

If more than 50% of votes cast are in favour of the Spill Resolution, the company must convene a shareholder meeting ( Spill Meeting ) within 90 days of the second annual general meeting. All of the directors of the company who were in office when the directors' report (as included in the company’s annual financial report for the previous financial year was approved, other than the managing director of the company, will cease to hold office immediately before the end of the Spill Meeting but may stand for re-election at the Spill Meeting.

Following the Spill Meeting those persons whose election or re-election as directors of the company is approved will be the directors of the company.

2.3 Previous voting results

At the Company’s previous annual general meeting the votes cast against the remuneration report considered at that annual general meeting were less than 25%. Accordingly, the Spill Resolution is not relevant for this Annual General Meeting.

2.4 Proxy voting restrictions

Shareholders appointing a proxy for this Resolution should note the following:

If you appoint a member of the Key Management Personnel (other than the Chair) whose remuneration details are included in the Remuneration Report, or a Closely Related Party of such a member as your proxy

You must direct your proxy how to vote on this Resolution . Undirected proxies granted to these persons will not be voted and will not be counted in calculating the required majority if a poll is called on this Resolution.

If you appoint the Chair as your proxy (where he/she is also a member of the Key Management Personnel whose remuneration details are included in the Remuneration Report, or a Closely Related Party of such a member).

You do not need to direct your proxy how to vote on this Resolution. However, if you do not direct the Chair how to vote, you must mark the acknowledgement on the Proxy Form to expressly authorise the Chair to exercise his/her discretion in exercising your proxy even though this Resolution is connected directly or indirectly with the remuneration of Key Management Personnel .

If you appoint any other person as your proxy. You do not need to direct your proxy how to vote on this Resolution, and you do not need to mark any further acknowledgement on the Proxy Form.

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3. RESOLUTION 2 – RE-ELECTION OF WILLIAM OLIVER

Clause 13.2 of the Constitution requires that at the Company's annual general meeting in every year, one-third of the Directors for the time being, or, if their number is not a multiple of 3, then the number nearest one-third (rounded upwards in case of doubt), shall retire from office, provided always that no Director (except a Managing Director) shall hold office for a period in excess of 3 years, or until the third annual general meeting following his or her appointment, whichever is the longer, without submitting himself or herself for re-election.

The Directors to retire at an annual general meeting are those who have been longest in office since their last election, but, as between persons who became Directors on the same day, those to retire shall (unless they otherwise agree among themselves) be determined by drawing lots.

A Director who retires by rotation under clause 13.2 of the Constitution is eligible for re-election. The Company currently has four Directors and accordingly one must retire. Mr William Oliver, the director longest in office since his last election, will retire by rotation at the Annual General Meeting and, being eligible, offers himself for reelection.

Mr Oliver was appointed to this role on 23 December 2010 and is considered to be an independent director by the Board.

Mr Oliver has 20 years’ experience in the international resources industry working for both major and junior companies. He holds an honours degree in Geology from the University of Western Australia as well as a postgraduate diploma in finance and investment from FINSIA.

Mr Oliver has led large scale resource definition projects for Rio Tinto and previously worked in near mine exploration/resource definition roles for New Hampton Goldfields and Harmony Gold. He managed exploration in Portugal for Iberian Resources Limited including target generation and grassroots exploration across a range of commodities.

More recent roles include Bellamel Mining, BC Iron, Signature Metals and Orion Gold NL. He is currently Managing Director of Tando Resources Ltd (ASX: TNO) and Non-Executive Director of Minbos Resources Ltd (ASX: MNB) and Koppar Resources Ltd (ASX: KRX). He has wide-ranging exploration experience including expertise in nearmine exploration/resource extension and resource definition as well as significant experience in the technical and economic evaluation of resources projects.

Mr Oliver, will retire in accordance with clause 13.2 of the Constitution and ASX Listing Rule 14.4 and being eligible, seeks election from Shareholders.

The other Directors of the Company unanimously recommend the re-election of Mr Oliver.

4. RESOLUTION 3 – APPROVAL OF 10% PLACEMENT CAPACITY

GENERAL

ASX Listing Rule 7.1A provides that an Eligible Entity (as defined below) may seek shareholder approval by special resolution passed at an annual general meeting to have the capacity to issue up to that number of Equity Securities (as defined below) equal to 10% of its issued capital (10% Placement Capacity) without using that company’s existing 15% annual placement capacity granted under ASX Listing Rule 7.1.

An Equity Security is a share, a unit in a trust, a right to a share or unit in a trust or option, an option over an issued or unissued security, a convertible security, or, any security that ASX decides to classify as an equity security.

Any Equity Securities issued under the 10% Placement Capacity must be in the same class as an existing class of quoted Equity Securities.

As at the date of this Notice, the Company currently has two classes of quoted Equity Securities on issue, being Shares (ASX Code: CLA) and Options (ASX Code: CLAO)

The Company is an Eligible Entity.

If Shareholders approve Resolution 3, the number of Equity Securities the Eligible Entity may issue under the 10% Placement Capacity will be determined in accordance with the formula prescribed in ASX Listing Rule 7.1A.2 (as set out in section 4.1 below). The effect of Resolution 3 will be to allow the Company to issue Equity Securities up to 10% of the Company’s fully paid ordinary securities on issue under the 10% Placement Capacity during the period up to 12 months after the Meeting, without subsequent Shareholder approval and without using the Company’s 15% annual placement Facility granted under Listing Rule 7.1.

Resolution 3 is a special resolution. Accordingly, at least 75% of votes cast by Shareholders present and eligible to vote at the Meeting must be in favour of Resolution 3 for it to be passed.

4.1 ASX Listing Rule 7.1A

ASX Listing Rule 7.1A came into effect on 1 August 2012 and enables an Eligible Entity to seek shareholder approval at its annual general meeting to issue Equity Securities in addition to those under the Eligible Entity’s 15% annual placement capacity.

An Eligible Entity is one that, as at the date of the relevant annual general meeting: (a) is not included in the S&P/ASX 300 Index; and

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(b) has a maximum market capitalisation (excluding restricted securities and securities quoted on a deferred settlement basis) of $300,000,000.

The Company is an Eligible Entity as it is not included in the S&P/ASX 300 Index and has a current market capitalisation of $89,614,519 based on the amount of Shares on issue and expected capital raising price of shares to be issued 27 September 2018.

Any Equity Securities issued must be in the same class as an existing class of quoted Equity Securities. The Company currently has one class of quoted Equity Securities on issue, being the Shares (ASX Code: CLA).

The exact number of Equity Securities that the Company may issue under an approval under Listing Rule 7.1A will be calculated according to the following formula:

(A x D) – E

Where:

• A is the number of Shares on issue 12 months before the date of issue or agreement:

  • (A) plus the number of Shares issued in the previous 12 months under an exception in ASX Listing Rule 7.2;

  • (B) plus the number of partly paid shares that became fully paid in the previous 12 months;

  • (C) plus the number of Shares issued in the previous 12 months with approval of holders of Shares under Listing Rules 7.1 and 7.4. This does not include an issue of fully paid ordinary shares under the entity’s 15% placement capacity without shareholder approval; and

  • (D) less the number of Shares cancelled in the previous 12 months.

• D is 10%.

• E is the number of Equity Securities issued or agreed to be issued under ASX Listing Rule 7.1A.2 in the 12 months before the date of issue or agreement to issue that are not issued with the approval of holders of Ordinary Securities under ASX Listing Rule 7.1 or 7.4.

• 4.2 Technical information required by ASX Listing Rule 7.1A

Pursuant to and in accordance with ASX Listing Rule 7.3A, the information below is provided in relation to this Resolution 3:

• (a) Minimum Price

The minimum price at which the Equity Securities may be issued is 75% of the volume weighted average price of Equity Securities in that class, calculated over the 15 ASX trading days on which trades in that class were recorded immediately before:

• (i) the date on which the price at which the Equity Securities are to be issued is agreed; or (ii) if the Equity Securities are not issued within 5 ASX trading days of the date in section 4.2(a)(i), the date on which the Equity Securities are issued.

(b) Date of Issue The Equity Securities may be issued under the 10% Placement Capacity commencing on the date of the Meeting and expiring on the first to occur of the following:

• (i) 12 months after the date of this Meeting; and

• (ii) the date of approval by Shareholders of any transaction under ASX Listing Rules 11.1.2 (a significant change to the nature or scale of the Company’s activities) or 11.2 (disposal of the Company’s main undertaking) (after which date, an approval under Listing Rule 7.1A ceases to be valid),

( 10% Placement Capacity Period ).

• (c) Risk of voting dilution

Any issue of Equity Securities under the 10% Placement Capacity will dilute the interests of Shareholders who do not receive any Shares under the issue. If Resolution 3 is approved by Shareholders and the Company issues the maximum number of Equity Securities available under the 10% Placement Capacity, the economic and voting dilution of existing Shares would be as shown in the table below.

The table below shows the dilution of existing Shareholders calculated in accordance with the formula outlined in ASX Listing Rule 7.1A(2), on the basis of the current market price of Shares and the current number of Equity Securities on issue as at the date of this Notice.

The table also shows the voting dilution impact where the number of Shares on issue (Variable A in the formula) changes and the economic dilution where there are changes in the issue price of Shares issued under the 10% Placement Capacity.

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Number of Shares on Issue (Variable ‘A’ in ASX Listing Rule 7.1A2)		**Dilution **	**Dilution **
	Issue Price (per Share)	0.062 50% decrease in Issue Price	0.125 Issue Price	0.187 50% increase in Issue Price
716,916,154 (Current Variable A)	Shares issued – 10% voting **dilution **	716,916,154 Shares	716,916,154 Shares	716,916,154 Shares
	Funds raised	$1,311,171	$2,672,772	$3,983,943
1,075,374,231 (50% increase in Variable A)	Shares issued – 10% voting **dilution **	$44,448,802	$89,614,519	$134,063,321
	Funds raised	1,075,374,231 Shares	1,075,374,231 Shares	1,075,374,231 Shares
1,433,832,308 (100% increase in Variable A)	Shares issued – 10% voting **dilution **	100,859,309 Shares	100,859,309 Shares	100,859,309 Shares
	Funds raised	$66,673,202	$134,421,779	$201,094,981

*The number of Shares on issue (Variable A in the formula) could increase as a result of the issue of Shares that do not require Shareholder approval (such as under a pro-rata rights issue or scrip issued under a takeover offer) or that are issued with Shareholder approval under Listing Rule 7.1.

The table above uses the following assumptions:

1. There are currently 716,916,154 Shares on issue;

2. The issue price set out above is the closing price of the Shares on the ASX on 27 September 2018.

3. The Company issues the maximum possible number of Equity Securities under the 10% Placement Capacity.

4. The Company has not issued any Equity Securities in the 12 months prior to the Meeting that were not issued under an exception in ASX Listing Rule 7.2 or with approval under ASX Listing Rule 7.1.

5. The issue of Equity Securities under the 10% Placement Capacity consists only of Shares. It is assumed that no Options are exercised into Shares before the date of issue of the Equity Securities.

6. The calculations above do not show the dilution that any one particular Shareholder will be subject to. All Shareholders should consider the dilution caused to their own shareholding depending on their specific circumstances.

7. This table does not set out any dilution pursuant to approvals under ASX Listing Rule 7.1.

8. The 10% voting dilution reflects the aggregate percentage dilution against the issued share capital at the time of issue. This is why the voting dilution is shown in each example as 10%.

9. The table does not show an example of dilution that may be caused to a particular Shareholder by reason of placements under the 10% Placement Capacity , based on that Shareholder’s holding at the date of the Meeting.

Shareholders should note that there is a risk that:

• (i) the market price for the Company’s Shares may be significantly lower on the issue date than on the date of the Meeting; and

• (ii) the Shares may be issued at a price that is at a discount to the market price for those Shares on the date of issue.

• (d) Purpose of Issue under 10% Placement Capacity The Company may issue Equity Securities under the 10% Placement Capacity for the following purposes:

• (i) as cash consideration in which case the Company intends to use funds raised for the acquisition of new resources, assets and investments (including expenses associated with such an acquisition), continued exploration expenditure on the Company’s current cobalt and nickel assets, general working capital; or

• (ii) as non-cash consideration for the acquisition of new resources assets and investments including previously announced acquisitions, in such circumstances the Company will provide a valuation of the non-cash consideration as required by listing Rule 7.1A.3.

The Company will comply with the disclosure obligations under Listing Rules 7.1A(4) and 3.10.5A upon issue of any Equity Securities.

(e) Allocation under the 10% Placement Capacity The Company’s allocation policy for the issue of Equity Securities under the 10% Placement Capacity will be dependent on the prevailing market conditions at the time of any proposed placement(s).

The recipients of Equity Securities to be issued under the 10% Placement Capacity have not been determined. However, the recipients of Equity Securities could consist of existing Shareholders or new investors (or both) none of whom are related parties of the Company.

The Company will determine the recipients at the time of issue under the 10% Placement Capacity, having regard to the following factors:

• (i) the purpose of the issue;

• (ii) alternative methods of raising funds available to the Company at that time, including, but not limited to, an entitlement issue or other offer where existing Shareholders may participate;

• (iii) the effect of the issue of the Equity Securities on the control of the Company;

• (iv) the circumstances of the Company, including, but not limited to, the financial position and solvency of the Company; and

• (v) advice from corporate, financial and broking advisers (if applicable).

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Further, if the Company is successful in acquiring new assets or investments, it is likely that the recipients under the 10% Placement Capacity will be the vendors of the new assets or investments.

(f) Previous Approval under ASX Listing Rule 7.1A

The Company previously obtained approval from its Shareholders pursuant to ASX Listing Rule 7.1A at its annual general meeting held on 24 November 2017 ( Previous Approval ).

The Company has issued 45,929,654 fully paid ordinary shares at an issue price of $0.055 per share, and 48,650,054 fully paid ordinary shares at an issue price of $0.185 pursuant to the Previous Approval.

During the 12 month period preceding the date of the Meeting, being on and from 24 November 2017, the Company otherwise issued a total of 211,619,610 Shares which represents approximately 42% of the total number of Equity Securities on issue in the Company on 24 November 2017, which was 505,296,544.

Further details of the issues of Equity Securities by the Company during the 12 month period preceding the date of the Meeting are set out in Schedule A.

• (g) Compliance with ASX Listing Rules 7.1A.4 and 3.10.5A

When the Company issues Equity Securities pursuant to the 10% Placement Capacity, it will give to ASX:

(i) a list of the allottees of the Equity Securities and the number of Equity Securities allotted to each (not for release to the market), in accordance with Listing Rule 7.1A.4; and

(ii) the information required by Listing Rule 3.10.5A for release to the market.

• 4.3

Voting Exclusion

A voting exclusion statement is included in this Notice. The Company will exclude a person who is expected to participate in, or who will obtain a material benefit as a result of, the proposed issue, except a benefit solely in the capacity of a Shareholder if the resolution is passed, and any Associates of those persons.

5. RESOLUTION 4 – RATIFICATION OF PRIOR ISSUE OF PLACEMENT SHARES

5.1 General

On 11 May 2018, the Company issued 48,650,054 Shares at an issue price of $0.185 per Share to raise $9,000,260 (Placement).

48,650,054 Shares were issued pursuant to the Company’s capacity under ASX Listing Rule 7.1A which was approved by Shareholders at the annual general meeting held on 24 November 2017.

Resolution 4 seeka Shareholder ratification pursuant to ASX Listing Rule 7.4 for the issue of those Shares under the Placement (Ratification).

5.2 ASX Listing Rule 7.1A

ASX Listing Rule 7.1A provides that in addition to issues permitted without prior shareholder approval under ASX Listing Rule 7.1, an entity that is eligible and obtains shareholder approval under ASX Listing Rule 7.1A may issue or agree to issue during the period for which the approval is valid a number of quoted equity securities which represents 10% of the number of fully paid ordinary securities on issue at the commencement of that 12 month period as adjusted in accordance with the formula in ASX Listing Rule 7.1.

Where an eligible entity obtains shareholder approval to increase its placement capacity under ASX Listing Rule 7.1A then any ordinary securities issued under that additional placement capacity:

• (a) will not be counted in variable “A” in the formula in ASX Listing Rule 7.1A; and

• (b) are counted in variable “E”,

until their issue has been ratified under ASX Listing Rule 7.4 (and provided that the previous issue did not breach ASX Listing Rule 7.1A) or 12 months has passed since their issue.

By ratifying the issue the subject of Resolution 4, the base figure (ie variable “A”) in which the Company’s 15% and 10% annual placement capacities are calculated will be a higher number which in turn will allow a proportionately higher number of securities to be issued without prior Shareholder approval.

Technical information required by ASX Listing Rule 7.4

5.3 Technical information required by ASX Listing Rule 7.4 Pursuant to and in accordance with ASX Listing Rule 7.5, the following information is provided in relation to the Ratification:

• (a) 48,650,054 Shares were issued pursuant to ASX Listing Rule 7.1A;

• (b) the issue price was $0.185 per Share;

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• (c) the Shares issued were all fully paid ordinary shares in the capital of the Company issued on the same terms and conditions as the Company’s existing Shares;

• (d) the Shares were issued to institutional and professional investors. None of these subscribers are related parties of the Company; and

• (e) the funds raised from this issue are being used to fund the progression of the Opuwo Cobalt Project, including completion of the Scoping Study, additional drilling programs, and commencement of a Pre-Feasibility Study (assuming a positive Scoping Study outcome).

6. RESOLUTION 5 - RATIFICATION OF ISSUE OF OPTIONS

• 6.1 General

On 16 April 2018, the Company issued to Gaks Investment Holdings Pty Ltd 1,000,000 unlisted Options exercisable at $0.13 each and 1,000,000 unlisted Options exercisable at $0.16 each on or before 2 years from issue, in consideration for investor relation services provided.

• 6.2 Technical information required by ASX Listing Rule 7.4 Pursuant to and in accordance with ASX Listing Rule 7.5, the following information is provided in relation to the Ratification:

• (a) 2,000,000 unlisted Options were issued to Gaks Investment Holdings Pty Ltd;

• (b)

• the Options were issued for nil cash consideration, for investor relation services;

• (c)

  • the Options were issued on the terms and conditions set out in Section 6.1 above;

• (d) the Options were issued to Gaks Investment Holdings Pty Ltd, who is not a related party of the Company; and

• (e) no funds were raised from this issue as the Options were issued in consideration for investor relation services.

7. ENQUIRIES

Shareholders may contact the Company Secretary on (+61 8) 6188 8181 if they have any queries in respect of the matters set out in these documents.

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SCHEDULE A – ISSUES OF EQUITY SECURITIES SINCE 24 NOVEMBER 2017

Below is a list of all Equity Securities issued by the Company in the past 12 months:

Date	Quantity and Class of Equity Securities Issued	Recipients	Issue price and discount to Market Price (if applicable)1	Form of consideration
28/11/2017	1,116,667 fully paid ordinary shares	Listed optionholders	$0.01	Amount raised: $11,167 Amount spent: $11,167 Use of funds: Project expenditure, working capital Amount remaining: nil
05/12/2017	2,000,000 fully paid ordinary shares	Unlisted optionholders	$0.05	Amount raised: $100,000 Amount spent: $100,000 Use of funds: Project expenditure, working capital Amountremaining: nil
08/12/2017	1,490,764 fully paid ordinary shares	Listed optionholders	$0.01	Amount raised: $14,908 Amount spent: $14,908 Use of funds: Project expenditure, working capital Amountremaining: nil
15/12/2017	1,964,000 fully paid ordinary shares	Listed optionholders	$0.01	Amount raised: $19,640 Amount spent: $19,640 Use of funds: Project expenditure, working capital Amount remaining: nil
21/12/2017	1,400,000 fully paid ordinary shares	Listed optionholders	$0.01	Amount raised: $14,000 Amount spent: $14,000 Use of funds: Project expenditure, working capital Amount remaining: nil
05/01/2018	820,000 fully paid ordinary shares	Listed optionholders	$0.01	Amount raised: $8,200 Amount spent: $8,200 Use of funds: Project expenditure, working capital Amountremaining: nil
05/01/2018	2,500,000 unlisted option3s	Paradisium Pty Ltd	nil	No consideration paid as shares were issued in return for investor relation services Current Value9: $162,730
12/01/2018	2,624,250 fully paid ordinary shares	Listed optionholders	$0.01	Amount raised: $26,243 Amount spent: $26,243 Use of funds: Project expenditure, working capital Amountremaining: nil
12/01/2018	16,000,000 unlisted options4	Joint Lead Managers on capital raising – Hartleys and Aesir (or their nominees)	Nil	No consideration paid as shares were issued in return for capital raising services Current Value9: $570,070
29/01/2018	48,600 fully paid ordinary shares	Listed optionholders	$0.01	Amount raised: $486 Amount spent: $486 Use of funds: Project expenditure, working capital Amountremaining: nil
29/01/2018	6,000,000 unlisted options5	Union Square LLC and Core Consultants Pty (Guernsey)Ltd	nil	No consideration paid as shares were issued in return

11

				for corporate advisory services Current Value9: $94,307
06/02/2018	210,277 fully paid ordinary shares	Listed optionholders	$0.01	Amount raised: $2,103 Amount spent: $2,103 Use of funds: Project expenditure, working capital Amountremaining: nil
06/02/2018	2,000,000 unlisted options6	Mr Edward Legg	nil	No consideration - issued as part of the Project Manager’s remuneration packages Current Value9: $108,734
21/02/2018	56,000 fully paid ordinary shares	Listed optionholders	$0.01	Amount raised: $560 Amount spent: $560 Use of funds: Project expenditure, working capital Amountremaining: nil
21/03/2018	300,000 fully paid ordinary shares	Listed optionholders	$0.01	Amount raised: $3,000 Amount spent: $3,000 Use of funds: Project expenditure, working capital Amountremaining: nil
29/03/2018	5,861,353 fully paid ordinary shares	Listed optionholders	$0.01	Amount raised: $58,614 Amount spent: $58,614 Use of funds: Project expenditure, working capital Amount remaining: nil
16/04/2018	688,008 fully paid ordinary shares	Listed optionholders	$0.01	Amount raised: $6,880 Amount spent: $6,880 Use of funds: Project expenditure, working capital Amount remaining: nil
16/04/2018	1,000,000 fully paid ordinary shares	Unlisted optionholders	$0.05	Amount raised: $50,000 Amount spent: $50,000 Use of funds: Project expenditure, working capital Amountremaining: nil
16/04/2018	2,000,000 fully paid ordinary shares	Unlisted optionholders	$0.075	Amount raised: $150,000 Amount spent: $150,000 Use of funds: Project expenditure, working capital Amountremaining: nil
16/04/2018	6,000,000 unlisted options7	Stewardship Investments (Pty) Ltd and Ms Melanie Ross	nil	No consideration - issued as part of the Director and Company Secretary’s remuneration packages Current Value9: $397,506
16/04/2018	2,000,000 unlisted options8	Gaks Investment Holdings Pty Ltd	nil	No consideration paid as shares were issued in return for corporate advisory services Current Value9: $181,961
17/04/2018	8,834,208 fully paid ordinary shares	Listed optionholders	$0.01	Amount raised: $88,342 Amount spent: $88,342 Use of funds: Project expenditure, working capital Amount remaining: nil

12

20/04/2018	710,357 fully paid ordinary shares	Listed optionholders	$0.01	Amount raised: $7,104 Amount spent: $7,104 Use of funds: Project expenditure, working capital Amount remaining: nil
27/04/2018	3,106,425 fully paid ordinary shares	Listed optionholders	$0.01	Amount raised: $31,064 Amount spent: $31,064 Use of funds: Project expenditure, working capital Amountremaining: nil
02/05/2018	10,282,222 fully paid ordinary shares	Listed optionholders	$0.01	Amount raised: $102,822 Amount spent: $102,822 Use of funds: Project expenditure, working capital Amountremaining: nil
04/05/2018	414,925 fully paid ordinary shares	Listed optionholders	$0.01	Amount raised: $4,149 Amount spent: $4,149 Use of funds: Project expenditure, working capital Amount remaining: nil
04/05/2018	2,000,000 fully paid ordinary shares	Unlisted optionholders	$0.05	Amount raised: $100,000 Amount spent: $100,000 Use of funds: Project expenditure, working capital Amount remaining: nil
11/05/2018	48,650,054 fully paid ordinary shares	Institutional and professional investors	$0.185	Amount raised: $9,000,260 Amount spent: nil Use of funds: Project expenditure, working capital Amount remaining: $9,000,260 Intended use for remaining cash: Project expenditure including costs for scoping study and further drilling program in Namibia. Working capital.
15/05/2018	2,000,000 fully paid ordinary shares	Unlisted optionholders	$0.05	Amount raised: $100,000 Amount spent: $100,000 Use of funds: Project expenditure, working capital Amount remaining: nil
15/05/2018	1,156,500 fully paid ordinary shares	Listed optionholders	$0.01	Amount raised: $11,565 Amount spent: $11,565 Use of funds: Project expenditure, working capital Amountremaining: nil
22/05/2018	8,000,000 fully paid ordinary shares	Unlisted optionholders	$0.05	Amount raised: $400,000 Amount spent: $400,000 Use of funds: Project expenditure, working capital Amountremaining: nil
22/05/2018	393,598 fully paid ordinary shares	Listed optionholders	$0.01	Amount raised: $3,936 Amount spent: $3,936 Use of funds: Project expenditure, working capital Amountremaining: nil

13

31/05/2018	8,000,000 fully paid ordinary shares	Unlisted optionholders	$0.075	Amount raised: $600,000 Amount spent: $600,000 Use of funds: Project expenditure, working capital Amount remaining: nil
31/05/2018	152,098 fully paid ordinary shares	Listed optionholders	$0.01	Amount raised: $1,521 Amount spent: $1,521 Use of funds: Project expenditure, working capital Amountremaining: nil
01/06/2018	16,216,284 fully paid ordinary shares	Participants of the Share Purchase Plan	$0.185	Amount raised: $3,000,013 Amount spent: $1,183,608 Use of funds: Project expenditure, working capital Amount remaining: $1,816,405 Intended use for remaining cash: Project expenditure including costs for scoping study and further drilling program in Namibia. Working capital.
14/06/2018	690,200 fully paid ordinary shares	Listed optionholders	$0.01	Amount raised: $6,902 Amount spent: $6,902 Use of funds: Project expenditure, working capital Amountremaining: nil
18/06/2018	400,000 fully paid ordinary shares	Listed optionholders	$0.01	Amount raised: $4,000 Amount spent: $4,000 Use of funds: Project expenditure, working capital Amountremaining: nil
28/06/2018	493,900 fully paid ordinary shares	Listed optionholders	$0.01	Amount raised: $4,939 Amount spent: $4,939 Use of funds: Project expenditure, working capital Amount remaining: nil
11/07/2018	1,021,895 fully paid ordinary shares	Listed optionholders	$0.01	Amount raised: $10,219 Amount spent: $10,219 Use of funds: Project expenditure, working capital Amount remaining: nil
02/08/2018	936,716 fully paid ordinary shares	Listed optionholders	$0.01	Amount raised: $9,367 Amount spent: $9,367 Use of funds: Project expenditure, working capital Amountremaining: nil
24/08/2018	1,274,405 fully paid ordinary shares	Listed optionholders	$0.01	Amount raised: $12,744 Amount spent: $12,744 Use of funds: Project expenditure, working capital Amountremaining: nil
12/09/2018	246,760 fully paid ordinary shares	Listed optionholders	$0.01	Amount raised: $2,468 Amount spent: $2,468 Use of funds: Project expenditure, working capital Amountremaining: nil

14

Notes:

1. Market Price means the closing price on ASX (excluding special crossings, overnight sales and exchange traded option exercises). For the purposes of this table the discount is calculated on the Market Price on the trading day prior to the date of issue of the relevant Equity Securities.

2. Fully paid ordinary shares in the capital of the Company, (ASX Code: CLA).

3. 1,000,000 unlisted Options have an exercise price $0.175 and 1,500,000 unlisted Options have an exercise price of $0.225, all expiring 5 January 2021.

4. Unlisted Options have an exercise price of $0.075 expiring on 12 January 2021.

5. 2,000,000 Unlisted Options have an exercise price of $0.175, 2,000,000 unlisted Options have an exercise price of $0.205 and 2,000,000 Unlisted Options have an exercise price of $0.225, all expiring on 8 December 2020, with performance conditions as set out in Schedule 1 and 2 of the notice of meeting dated 14 February 2018 for General Meeting held on 20 March 2018.

6. Unlisted Options have an exercise price of $0.175 expiring on 6 February 2020, with performance conditions as set out in Schedule 3 of the notice of meeting dated 14 February 2018 for General Meeting held on 20 March 2018.

7. Unlisted Options have an exercise price of $0.175 expiring on 16 April 2021, with performance conditions as set out in Schedule 4 of the notice of meeting dated 14 February 2018 for General Meeting held on 20 March 2018.

8. 1,000,000 unlisted Options have an exercise price $0.13 and 1,000,000 unlisted Options have an exercise price of $0.16, all expiring 16 April 2020.

9. In respect of quoted Equity Securities the value is based on the closing price of the Shares ($0.125) on the ASX on 27 September 2018. Options were valued using the Black & Scholes option pricing model. Measurement inputs include the Share price on the measurement date, the exercise price, the term of the Option, the impact of dilution, the expected volatility of the underlying Share (based on weighted average historic volatility adjusted for changes expected due to publicly available information), the expected dividend yield and the risk free interest rate for the term of the Option. No account is taken of any performance conditions included in the terms of the Option other than market based performance conditions (i.e. conditions linked to the price of Shares), if applicable.

15

GLOSSARY

• $ means Australian dollars.

10% Placement Capacity has the meaning given in section 4 of this Notice.

Annual General Meeting means the meeting convened by the Notice of Meeting.

ASIC means the Australian Securities and Investments Commission.

ASX means ASX Limited.

ASX Listing Rules means the Listing Rules of ASX.

Board means the current board of directors of the Company.

Business Day means Monday to Friday inclusive, except New Year’s Day, Good Friday, Easter Monday, Christmas Day, Boxing Day, and any other day that ASX declares is not a business day.

Closely Related Party of a member of the Key Management Personnel means:

• (a) a spouse or child of the member;

• (b) a child of the member’s spouse;

• (c) a dependent of the member or the member’s spouse;

• (d) anyone else who is one of the member’s family and may be expected to influence the member, or be influenced by the member, in the member’s dealing with the entity;

• (e) a company the member controls; or

• (f) a person prescribed by the Corporations Regulations 2001 (Cth ).

Company means Celsius Resources Limited (ABN 95 009 162 949).

Constitution means the Company’s constitution.

Corporations Act means the Corporations Act 2001 (Cth).

Directors means the current directors of the Company.

Eligible Entity means an entity that, at the date of the relevant general meeting:

• (a) is not included in the S&P/ASX 300 Index; and

• (b) has a maximum market capitalisation (excluding restricted securities and securities quoted on a deferred settlement basis) of $300,000,000.

Equity Securities includes a Share, a right to a Share or Option, an Option, a convertible security and any security that ASX decides to classify as an Equity Security.

Explanatory Statement means the explanatory statement accompanying the Notice of Meeting.

Key Management Personnel has the same meaning as in the accounting standards issued by the Australian Accounting Standards Board and means those persons having authority and responsibility for planning, directing and controlling the activities of the Company, or if the Company is part of a consolidated entity, of the consolidated entity, directly or indirectly, including any director (whether executive or otherwise) of the Company, or if the Company is part of a consolidated entity, of an entity within the consolidated group.

Notice of Meeting or Notice of Annual General Meeting means this notice of annual general meeting including the Explanatory Statement.

Options means an option which enables the holder to subscribe for one Share.

Ordinary Securities has the meaning set out in the ASX Listing Rules.

Proxy Form means the proxy form accompanying the Notice.

Remuneration Report means the remuneration report set out in the Director’s report section of the Company’s annual financial report for the year ended 30 June 2018.

Resolutions means the resolutions set out in the Notice of Meeting, or any one of them, as the context requires.

Share means a fully paid ordinary share in the capital of the Company.

Shareholder means a holder of a Share.

Variable A means “A” as set out in the calculation in section 4.1 of this Notice.

WST means Western Standard Time as observed in Perth, Western Australia.

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