CLASSIC MINERALS LTD — Capital/Financing Update 2024

Aug 1, 2024

Appendix 3B - 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 1/8/2024 Reason for update to a previous announcement Updated Timetable - Further Extension of closing date Refer to next page for full details of the announcement

Appendix 3B - Proposed issue of securities

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Appendix 3B - 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

ABN

Registration Number

77119484016

1.3 ASX issuer code

CLZ

1.4 The announcement is

Update/amendment to previous announcement

1.4a Reason for update to a previous announcement

Updated Timetable - Further Extension of closing date

1.4b Date of previous announcement to this update

11/7/2024

1.5 Date of this announcement

1/8/2024

1.6 The Proposed issue is:

A standard +pro rata issue (non-renounceable or renounceable)

1.6a The proposed standard +pro rata issue is:

• Non-renounceable

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Appendix 3B - Proposed issue of securities

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Part 3 - Details of proposed entitlement offer issue

Part 3A - Conditions

3A.1 Do any external approvals need to be obtained or other conditions satisfied before the entitlement offer can proceed on an unconditional basis? No

Part 3B - 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

Is the proposed security a 'New class' (+securities in a class that is not yet quoted or recorded by ASX) or an 'Existing class' (additional securities in a class that is already quoted or recorded by ASX)? Existing class

Will the proposed issue of this If the entity has quoted company +security include an offer of options, do the terms entitle option attaching +securities? holders to participate on exercise? Yes No

Details of +securities proposed to be issued

ASX +security code and description

CLZ : ORDINARY FULLY PAID

ISIN Code (if Issuer is a foreign company and +securities do not have +CDIs issued over them)

CLZ

ISIN Code for the entitlement or right to participate in a non-renounceable issue (if Issuer is foreign company and +securities do not have +CDIs issued over them)

Offer 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 1

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Appendix 3B - Proposed issue of securities

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What will be done with fractional Maximum number of +securities
entitlements? proposed to be issued (subject to
rounding)
Fractions rounded down to the nearest 455,441,195
whole number or fractions disregarded
Offer price details for retail security holders
In what currency will the offer be What is the offer price per +security
made? for the retail offer?
AUD - Australian Dollar AUD 0.00400
Oversubscription & Scale back details
Will individual +security holders be permitted to apply for more than their
entitlement (i.e. to over-subscribe)?
Yes
Describe the limits on over-subscription As per section 5.6 of the Prospectus and without contravening section 606 of the Corps Act.
Will a scale back be applied if the offer is over-subscribed?
Yes
Describe the scale back arrangements At directors discretion
Will these +securities rank equally in all respects from their issue date with
the existing issued +securities in that class?
Yes
Attaching +Security
Is the proposed attaching security a 'New class' (+securities in a class that is not yet quoted or recorded by ASX)
or an 'Existing class' (additional +securities in a class that is already quoted or recorded by ASX)?
New class
Attaching +Security - New class (+securities in a class that is not yet quoted or recorded by ASX)
Details of attaching +securities proposed to be issued
ISIN Code (if Issuer is a foreign company and +securities do not have +CDIs issued over them)
CLZUOPT5
ISIN Code for the entitlement or right to participate in a non-renounceable issue (if Issuer is
foreign company and +securities do not have +CDIs issued over them)

Have you received confirmation from ASX that the terms Will the entity be seeking quotation of the 'new' class of of the proposed +securities are appropriate and +securities on ASX? equitable under listing rule 6.1?

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Appendix 3B - Proposed issue of securities

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No No ASX +security code +Security description New class-code to be confirmed CLZ unlisted option 5 +Security type Options Offer ratio (ratio of attaching securities at which the new +securities will be issued) The quantity of attaching +securities to be issued For a given quantity of the new +securities issued 1 2 What will be done with fractional entitlements? Maximum number of +securities proposed to be issued (subject to rounding) Fractions rounded down to the nearest whole number or fractions disregarded 227,702,597 Offer price details for retail security holders In what currency will the offer be made? What is the offer price per +security for the retail offer? AUD 0.00000 AUD - Australian Dollar

Oversubscription & Scale back details Will individual +security holders be permitted to apply for more than their entitlement (i.e. to over-subscribe)? Yes

Describe the limits on over-subscription

As per section 5.6 of the Prospectus and without contravening section 606 of the Corps Act.

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

At directors discretion

Will all the +securities issued in this class rank equally in all respects from their issue date? Yes

Options details

+Security currency AUD - Australian Dollar Exercise price Expiry date AUD 0.0200 30/6/2027

Details of the type of +security that will be issued if the option is exercised CLZ : ORDINARY FULLY PAID

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Appendix 3B - Proposed issue of securities

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Number of securities that will be issued if the option is exercised

One fully paid ordinary share (ASX: CLZ)

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://www.classicminerals.com.au/

Part 3C - Timetable

3C.1 +Record date

7/6/2024

3C.2 Ex date

6/6/2024

3C.4 Record date

7/6/2024

3C.5 Date on which offer documents will be sent to +security holders entitled to participate in the +pro rata issue

12/6/2024

3C.6 Offer closing date

28/8/2024

3C.7 Last day to extend the offer closing date

23/8/2024

3C.9 Trading in new +securities commences on a deferred settlement basis

29/8/2024

3C.11 +Issue date and last day for entity to announce results of +pro rata issue

4/9/2024

3C.12 Date trading starts on a normal T+2 basis

5/9/2024

3C.13 First settlement date of trades conducted on a +deferred settlement basis and on a normal T+2 basis

9/9/2024

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Appendix 3B - Proposed issue of securities

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Part 3E - Fees and expenses

• 3E.1 Will there be a lead manager or broker to the proposed offer? No 3E.2 Is the proposed offer to be underwritten? Yes 3E.2a Who are the underwriter(s)? Still Capital Pty Ltd

• 3E.2b What is the extent of the underwriting (ie the amount or proportion of the offer that is underwritten)? 50% of the shortfall

3E.2c What fees, commissions or other consideration are payable to them for acting as underwriter(s)? $250,000.00 3E.2d Please provide a summary of the significant events that could lead to the underwriting being terminated As per section 9.3.5 of the Prospectus 3E.2e Is a party referred to in listing rule 10.11 underwriting or sub-underwriting the proposed offer? No 3E.3 Will brokers who lodge acceptances or renunciations on behalf of eligible +security holders be paid a handling fee or commission? No 3E.4 Details of any other material fees or costs to be incurred by the entity in connection with the proposed offer

Part 3F - Further Information

3F.1 The purpose(s) for which the entity intends to use the cash raised by the proposed issue Working Capital as per the prospectus 3F.2 Will holdings on different registers or subregisters be aggregated for the purposes of determining entitlements to the issue? No 3F.3 Will the entity be changing its dividend/distribution policy if the proposed issue is successful? No 3F.4 Countries in which the entity has +security holders who will not be eligible to participate in the proposed issue 3F.5 Will the offer be made to eligible beneficiaries on whose behalf eligible nominees or custodians hold existing +securities Yes 3F.5a Please provide further details of the offer to eligible beneficiaries As per Prospectus

3F.6 URL on the entity's website where investors can download information about the proposed issue https://www.classicminerals.com.au/

3F.7 Any other information the entity wishes to provide about the proposed issue

3F.8 Will the offer of rights under the rights issue be made under a +disclosure document or product disclosure statement under Chapter 6D or Part 7.9 of the Corporations Act (as applicable)? Yes

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Appendix 3B - Proposed issue of securities

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3F.9 Any on-sale of the +securities proposed to be issued within 12 months of their date of issue will comply with the secondary sale provisions in sections 707(3) and 1012C(6) of the Corporations Act by virtue of: The publication of a cleansing notice under section 708A(5), 708AA(2)(f), 1012DA(5) or 1012DAA(2)(f)

Appendix 3B - Proposed issue of securities

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