CONICO LTD — Capital/Financing Update 2020

Aug 19, 2020

Proposed issue of securities

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Announcement Summary

Entity name CONICO LTD

Announcement Type

New announcement

Date of this announcement

Thursday August 20, 2020

The Proposed issue is:

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A placement or other type of issue

Total number of +securities proposed to be issued for a placement or other type of issue

Maximum Number of ASX +security code +Security description +securities to be issued CNJ ORDINARY FULLY PAID 120,000,000

Proposed +issue date

Friday October 9, 2020

Refer to next page for full details of the announcement

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Part 1 - Entity and announcement details

1.1 Name of +Entity

CONICO 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

ACN

Registration Number

119057457

1.3 ASX issuer code

CNJ

1.4 The announcement is

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New announcement

1.5 Date of this announcement

Thursday August 20, 2020

1.6 The Proposed issue is:

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A placement or other type of issue

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Part 7 - Details of proposed placement or other issue

Part 7A - Conditions

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----- Start of picture text ----- 7A.1 - Are any of the following approvals required for the placement or other type of issue?+Security holder approvalCourt approvalLodgement of court order with +ASICACCC approvalFIRB approvalAnother approval/condition external to the entityYes7A.1a ConditionsApproval/Condition Date for determination Is the date estimated or ** Approvalactual? received/condition met?Other (please specify in Friday October 30, 2020Actualcomment section)CommentsSubject to satisfactory due diligence on Longland Resources Ltd by Conico Ltd.Approval/Condition Date for determination Is the date estimated or ** Approvalactual? received/condition met?Other (please specify in Wednesday August 12,Actualcomment section) 2020CommentsSubject to completion of satisfactory due diligence on Conico Ltd by Longland Resources LtdApproval/Condition Date for determination Is the date estimated or ** Approvalactual? received/condition met?Other (please specify in Friday August 28, 2020Estimatedcomment section)CommentsSubject to the execution of a formal Share Purchase Agreement not inconsistent with the material termsof the binding conditional term sheet (that will supersede this Binding Conditional Term Sheet) betweenConico Ltd and all of the Longland Resources Ltd shareholders to purchase all of the shares in LonglandResources Ltd.Approval/Condition Date for determination Is the date estimated or ** Approvalactual? received/condition met?+Security holder approval Monday October 5, 2020EstimatedComments----- End of picture text -----

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Part 7B - Issue details

Is the proposed security a 'New Will the proposed issue of this class' (+securities in a class that is +security include an offer of not yet quoted or recorded by ASX) attaching +securities? or an 'Existing class' (additional No securities in a class that is already quoted or recorded by ASX)? Existing class

Details of +securities proposed to be issued

ASX +security code and description CNJ : ORDINARY FULLY PAID Number of +securities proposed to be issued 120,000,000 Offer price details Are the +securities proposed to be issued being issued for a cash consideration? No Please describe the consideration being provided for the +securities 100% of the shares in Longland Resources Ltd, which owns 100% of the Ryberg Ni-Cu-Co-PGE-Au Project and 100% of the Mestersvig (Pb-Zn) Project (in application) in east Greenland. Please provide an estimate of the AUD equivalent of the consideration being provided for the +securities 1,800,000.000000 Will these +securities rank equally in all respects from their issue date with the existing issued +securities in that class? Yes

Part 7C - Timetable 7C.1 Proposed +issue date Friday October 9, 2020

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Part 7D - Listing Rule requirements

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7D.1 Has the entity obtained, or is it obtaining, +security holder approval for the entire issue under listing rule 7.1? Yes

7D.1a Date of meeting or proposed meeting to approve the issue under listing rule 7.1

Monday October 5, 2020

7D.2 Is a party referred to in listing rule 10.11 participating in the proposed issue? No

7D.3 Will any of the +securities to be issued be +restricted securities for the purposes of the listing rules? No

7D.4 Will any of the +securities to be issued be subject to +voluntary escrow? Yes

7D.4a Please enter the number and +class of the +securities subject to +voluntary escrow and the date from which they will cease to be subject to +voluntary escrow

120,000,000 CNJ shares subject to voluntary escrow for a period of 12 months from the issue date.

Part 7E - Fees and expenses

7E.1 Will there be a lead manager or broker to the proposed issue? No

7E.2 Is the proposed issue to be underwritten? No

7E.4 Details of any other material fees or costs to be incurred by the entity in connection with the proposed issue

Part 7F - Further Information

7F.01 The purpose(s) for which the entity is issuing the securities

Acquisition of 100% of the Ryberg Ni-Cu-Co-PGE-Au Project and 100% of the Mestersvig (Pb-Zn) Project (in application) in east Greenland.

7F.1 Will the entity be changing its dividend/distribution policy if the proposed issue proceeds? No

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7F.2 Any other information the entity wishes to provide about the proposed issue

This Appendix 3B relates to the ASX Announcement on 29 July 2020, Conico to Acquire East Greenland Projects.

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