CODRUS MINERALS LIMITED — Capital/Financing Update 2021

Jul 22, 2021

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ASX ANNOUNCEMENT
23 July 2021
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Issue of Incentive Performance Rights

Codrus Minerals Limited (ASX: CDR , Codrus or the Company ) is pleased to advise that it has issued 2,600,000 Performance Rights under the Company’s Employee Securities Incentive Plan to employees of Codrus.

The Performance Rights were issued in accordance with the Employee Securities Incentive Plan summarised in the Prospectus, dated 5 May 2021, and will vest subject to the satisfaction of the vesting conditions set out below which include performance and service conditions. The Performance Rights will vest over a 5 year period ending 23 July 2026.

In addition, the Company has agreed to issue 3,000,000 Performance Rights to consultant Mr Hamish Halliday, and 1,500,000 Performance Rights to consultant Mr Scott Williamson, who are both deemed to be related parties of Codrus, under the Employee Securities Incentive Plan and subject to shareholder approval. The Company will seek shareholder approval under ASX Listing Rule 10.14 at the next shareholder meeting in November 2021.

A summary of Performance Rights terms which expire 5 years from the date of issue are as follows:

• Class A: The Company’s shares achieving a volume weighted average price per share of $0.40 or more calculated over any 20 consecutive trading days on which trades in the shares are recorded on ASX; and the holder completing 12 months of continuous service at the Company.

• Class B: The Company achieving, in respect of any of its current or future mining tenements, a 30 gram x metre Gold intersection (with a minimum cut off grade of 0.2 g/t Au) or metal equivalent (as fully detailed in Section 9.4(a) of the Prospectus) as signed off by an independent geologist and 24 months of continuous service at the Company.

• Class C: The Company achieving, in respect of any of its current or future mining tenements, a JORC compliant inferred mineral resource estimate of 500,000 ounces of Gold (with a minimum cut off grade of 0.2 g/t Au) or metal equivalents (as fully detailed in Section 9.4(a) of the Prospectus) as signed off by an independent geologist.

The Performance Rights will be issued on the same terms and conditions as the Performance Rights already on issue in the Company which were previously approved by ASX. The full terms and conditions of the Performance Rights are set out in Section 9.4(a) of the Prospectus.

Further details to be provided in the Notice of Meeting.

An Appendix 3G for the issue of the Performance Rights will follow this announcement.

This announcement was authorised for release by the Board of Codrus Minerals.

Jamie Byrde

Non-Executive Director and Company Secretary.

ASX | CDR

PO Box 1175, West Perth, WA, 6872

T: +61 8 6424 9017 E: admin@codrusminerals.com.au W: codrusminerals.com.au