CLASSIC MINERALS LTD — Capital/Financing Update 2021

Feb 1, 2021

Proposed issue of securities

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Update Summary

Entity name

CLASSIC MINERALS LTD

Announcement Type

Update to previous announcement

Date of this announcement

Tuesday February 2, 2021

Reason for update to a previous announcement

date of Quotation of Options to be delayed by 1 day, to 03 Feb 2021

Refer to next page for full details of the announcement

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Proposed issue of securities

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Part 1 - Entity and announcement details

1.1 Name of +Entity

CLASSIC MINERALS LTD

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.

1.2 Registered Number Type

Registration Number

ABN 77119484016

1.3 ASX issuer code

CLZ

1.4 The announcement is

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Update/amendment to previous announcement

1.4a Reason for update to a previous announcement

date of Quotation of Options to be delayed by 1 day, to 03 Feb 2021

1.4b Date of previous announcement(s) to this update

Tuesday January 19, 2021

1.5 Date of this announcement

Tuesday February 2, 2021

1.6 The Proposed issue is:

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A +bonus issue

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Part 2 - Details of proposed bonus issue

Part 2A - Conditions

2A.1 - Are any of the following approvals required for the +bonus issue to be unconditional? +Security holder approval Court approval Lodgement of court order with +ASIC ACCC approval FIRB approval Another approval/condition external to the entity Yes

2A.1a Conditions

Approval/Condition Date for determination Is the date estimated or ** Approval actual? received/condition met? Lodgement of court order Tuesday January 19, 2021 with +ASIC Actual Yes Comments

Part 2B - Issue 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 CLZ : ORDINARY FULLY PAID Is the proposed security a 'New Will the proposed issue of this If the entity has quoted company class' (+securities in a class that is +security include an offer of options, do the terms entitle option not yet quoted or recorded by ASX) attaching +securities? holders to participate on exercise? or an 'Existing class' (additional No No securities in a class that is already quoted or recorded by ASX)? New class

Details of +securities proposed to be issued

ISIN Code (if Issuer is a foreign company and +securities are non CDIs) CLZOA

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Proposed issue of securities

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Proposed issue of securities
Have you received confirmation from	Will the entity be seeking quotation
ASX that the terms of the proposed	of the 'new' class of +securities on
+securities are appropriate and	ASX?
equitable under listing rule 6.1?	Yes
No
ASX +security codeNew class-code to be confirmed	+Security descriptionLoyalty Option exercisable at $ 0.003 within three years from date of issue.
+Security type
Options
Issue 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
1	4
What will be done with fractional	Maximum number of +securities
entitlements?	proposed to be issued (subject to
	rounding)
Fractions rounded up to the next	4,258,742,077
whole number
Reason for the update of 'Maximum Number of +securities proposed to be issued'Will all the +securities issued in this class rank equally in all respects from
their issue date?
Yes

Options details +Security currency Exercise price Expiry date AUD - Australian Dollar AUD 0.0030 Friday February 2, 2024 Details of the type of +security that will be issued if the option is exercised CLZ : ORDINARY FULLY PAID Number of securities that will be issued if the option is exercised 4,258,742,077 Please provide a URL link for a document lodged with ASX setting out the material terms of the +securities proposed to be issued or provide the information by separate announcement. https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02331538-6A1015905?access_token=8 3ff96335c2d45a094df02a206a39ff4

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Proposed issue of securities

Part 2C - Timetable

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2C.1 +Record date

Monday January 25, 2021

2C.3 Ex date

Friday January 22, 2021

2C.4 Record date

Monday January 25, 2021

2C.5 +Issue date

Tuesday February 2, 2021

2C.6 Date trading starts on a normal T+2 basis

Wednesday February 3, 2021

2C.7 First settlement of trades conducted on a +deferred settlement basis and on a normal T+2 basis Friday February 5, 2021

Part 2D - Further Information

2D.1 Will holdings on different registers or subregisters be aggregated for the purposes of determining entitlements to the +bonus issue?

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No

2D.2 Countries in which the entity has +security holders who will not be eligible to participate in the proposed +bonus issue

Shareholders with registered addresses outside Australia and New Zealand.

2D.3 Will the entity be changing its dividend/distribution policy as a result of the proposed +bonus issue No

2D.4 Details of any material fees or costs to be incurred by the entity in connection with the proposed +bonus issue

ASIC fees $3,206 ASX listing fees $13,200 legal fees $5,000 miscellaneous $3,594 total $25,000

2D.5 Any other information the entity wishes to provide about the proposed +bonus issue

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