CLASSIC MINERALS LTD — Capital/Financing Update 2023

Oct 29, 2023

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CLASSIC MINERALS LIMITED

71 Furniss Rd, Landsdale Western Australia 6065 ASX: CLZ | ABN 77119 484 016 contact@classicminerals.com.au

30 October 2023

ASX Announcement

On 15 December 2022, Classic Minerals Limited (ASX:CLZ) ( Company ) issued 21,875,000 options to Shortfall applicants[1] under the Company’s October 2022 entitlement offer, those applicants having agreed to wait until the relevant share issue capacity was available to the Company to issue the securities they had applied for, as detailed in the ASX announcement of 2 November 2022.[ 2] On 25 January 2023, a further 15,107,890 options were issued to Shortfall applicants.

The options were issued under the Company’s Listing Rule 7.1A capacity. However, securities issued under Listing Rule 7.1A must be in an existing quoted class of an entity’s equity securities and be issued for cash consideration. The options issued to the Shortfall applicants were “free attaching” and not quoted. Accordingly, the options should have been issued under the Company’s Listing Rule 7.1 capacity.

The Board has approached the option holders, who have agreed to have the options cancelled and re-issued under Listing Rule 7.1 in due course. The 36,982,890 Options have now been cancelled and an Appendix 3H will be lodged with ASX shortly.

This announcement has been approved by the Board.

ENDS:

1 Being CLZ shareholders who applied for shares and options under the Shortfall Offer included in CLZ’s entitlement offer prospectus dated 19 September 2022

2 Excerpt from announcment:

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