CLARA RESOURCES AUSTRALIA LTD — Capital/Financing Update 2024

Jul 1, 2024

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ASX Announcement

2 July 2024

UPDATE ON ASHFORD COKING COAL PROJECT ACQUISITION

On 3 May 2024 Clara Resources Australia Limited (Clara or the Company) advised that Clara had executed binding agreements to purchase the remaining 60% of Renison Coal Pty Ltd (owner of the Ashford Coking Coal Project) from Savannah Goldfields Limited (Savannah). Completion was scheduled for 22 May 2024. Clara and Savannah subsequently agreed a Letter of Variation granting Clara the option to extend SPA completion to 1 July 2024.

Clara anticipates settlement and completion in the next week. To this end Clara and Savannah have agreed a further Variation to extend SPA completion to 10 July 2024.

The balance of settlement monies due to Savannah and payable on Completion is A$3.31m, comprising the A$3.01m completion payment and a A$300,000 deferred payment previously payable on 31 July 2024.

This ASX release was authorized by the Board of Clara Resources Australia Ltd.

Peter Westerhuis Duncan Gordon Chief Executive Officer Cerberus Advisory Clara Resources Ltd T: +61 404 006 444 T: +61 7 3303 0681 E: info@clararesources.com.au

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