CLASSIC MINERALS LTD — Capital/Financing Update 2023

Jul 23, 2023

Proposed issue of securities

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Announcement Summary

Entity name

CLASSIC MINERALS LTD

Announcement Type

New announcement

Date of this announcement

23/7/2023

The Proposed issue is:

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An offer of securities under a securities purchase plan

Total number of +securities proposed to be issued for an offer of securities under a securities purchase plan

		Maximum Number of
ASX +security code	+Security description	+securities to be issued
CLZ	ORDINARY FULLY PAID	2,447,060,000

+Record date

21/7/2023

Offer closing date

11/8/2023

+Issue date

18/8/2023

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.

If the +securities are being offered under a +disclosure document or +PDS and are intended to be quoted on ASX, we also apply for quotation of all of the +securities that may be issued under the +disclosure document or +PDS on the terms set out in Appendix 2A of the ASX Listing Rules (on the understanding that once the final number of +securities issued under the +disclosure document or +PDS is known, in accordance with Listing Rule 3.10.3C, we will complete and lodge with ASX an Appendix 2A online form notifying ASX of their issue and applying for their quotation).

1.2 Registered Number Type

Registration Number

ABN 77119484016

1.3 ASX issuer code

CLZ

1.4 The announcement is

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New announcement

1.5 Date of this announcement

23/7/2023

1.6 The Proposed issue is:

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An offer of +securities under a +securities purchase plan

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Part 4 - Details of proposed offer under securities purchase plan

Part 4A - Conditions

4A.1 Do any external approvals need to be obtained or other conditions satisfied before the offer of +securities under the +securities purchase plan issue can proceed on an unconditional basis? No

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Part 4B - Offer 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

Will the proposed issue of this +security include an offer of attaching +securities? No

Details of +securities proposed to be issued

ASX +security code and description CLZ : ORDINARY FULLY PAID Maximum total number of those +securities that could be issued if all offers under the +securities purchase plan are accepted 2,447,060,000

Will the offer be conditional on applications for a minimum number of +securities being received or a minimum amount being raised (i.e. a minimum subscription condition)? Yes Describe the minimum subscription condition Minimum application for 2,352,941 securities at $ 0.00085 for $ 2,000.00

Will the offer be conditional on applications for a maximum number of +securities being received or a maximum amount being raised (i.e. a maximum subscription condition)? Yes Describe the maximum subscription condition Maximum amount to be raised will be $ 2,080,000.00 Will individual security holders be required to accept the offer for a minimum number or value of +securities (i.e. a minimum acceptance condition)? No Will individual security holders be limited to accepting the offer for a maximum number or value of +securities (i.e. a maximum acceptance condition)? Yes Is the maximum acceptance unit based or dollar based? Dollar based ($) Please enter the maximum acceptance value $ 30,000

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Describe all the applicable parcels available for this offer in number of securities or dollar value

SPP Offer Total amount payable No. of Shares Offer A $30,000 35,294,118 Offer B $25,000 29,411,765 Offer C $20,000 23,529,412 Offer D $15,000 17,647,059 Offer E $10,000 11,764,706 Offer F $5,000 5,882,353 Offer G $2,000 2,352,941

Offer price details

Has the offer price been determined?

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Yes

In what currency will the offer What is the offer price per be made? +security? AUD - Australian Dollar AUD 0.00085

Oversubscription & Scale back details

Will a scale back be applied if the offer is over-subscribed? Yes

Describe the scale back arrangements

When determining the amount (if any) by which to scale back an SPP application, the Company may take into account a number of factors including, but not limited to the amount applied for by each Eligible Shareholder under the SPP the date on which the application under the SPP was received with earlier applications given precedence the number of Shares held at the Record Date and the extent to which an Eligible Shareholder has sold or bought additional Shares after the Record Date

Will these +securities rank equally in all respects from their issue date with the existing issued +securities in that class?

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Yes

Part 4C - Timetable

4C.1 Date of announcement of +security purchase plan

24/7/2023

4C.2 +Record date

21/7/2023

4C.3 Date on which offer documents will be made available to investors

25/7/2023

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4C.4 Offer open date

24/7/2023

4C.5 Offer closing date 11/8/2023

4C.7 +Issue date and last day for entity to announce results of +security purchase plan offer 18/8/2023

Part 4D - Listing Rule requirements

4D.1 Does the offer under the +securities purchase plan meet all of the requirements of listing rule 7.2 exception 5 or do you have a waiver from those requirements? Yes

Part 4E - Fees and expenses

4E.1 Will there be a lead manager or broker to the proposed offer? No

4E.2 Is the proposed offer to be underwritten? No

4E.3 Will brokers who lodge acceptances or renunciations on behalf of eligible +security holders be paid a handling fee or commission? No

4E.4 Details of any other material fees or costs to be incurred by the entity in connection with the proposed offer

Part 4F - Further Information

4F.01 The purpose(s) for which the entity intends to use the cash raised by the proposed issue

Working capital for the Kat Gap project

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• 4F.1 Will the entity be changing its dividend/distribution policy if the proposed offer is successful? No

4F.2 Countries in which the entity has +security holders who will not be eligible to accept the proposed offer

4F.3 URL on the entity's website where investors can download information about the proposed offer https://www.classicminerals.com.au/investor.php

4F.4 Any other information the entity wishes to provide about the proposed offer

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