CONICO LTD — Capital/Financing Update 2021

Sep 27, 2021

AUSTRALIAN SECURITIES EXCHANGE ANNOUNCEMENT 28 September 2021

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WITHDRAWAL OF PRO-RATA NON-RENOUNCEABLE RIGHTS ISSUE

On 15 September 2021, Conico Ltd (“Conico”or ‘the Company”) announced its intention to undertake a non-renounceable, pro-rata rights offer to Conico shareholders to raise up to (if fully subscribed) approximately $2,998,195 (the Rights Offer).

The Rights Offer was to be open to all Conico shareholders who are on the register as at 5:00pm WST on 7[th] of October 2021 (the Record Date) and who have a registered address in Australia or New Zealand. Under the Rigjts Offer, Conico proposed to make an offer to all eligible shareholders of one (1) fully paid ordinary Conico share for every twenty (20) fully paid ordinary Conico shares held as at the Record Date, at a price of $0.06 per Share together with one for two free attaching options to acquire Shares at 10 cents each on or before 30 November 2024 (“Options”).

The Rights Offer was fully underwritten by RM Corporate Finance (“Underwriter”) who would receive a lead manager fee of 1% and a placement fee of 5%, each calculated on shortfall placed by the Underwriter (after accounting for all Shares taken up by the eligible shareholders either as all or part of their entitlements or part of the Shortfall) together with 4 million Options (subject to shareholder approval at the 2021 Annual General Meeting of the Company) for acting as Underwriter to the Offer.

The Underwriter has today formally terminated the underwriting agreement on the grounds that sub-underwriting agreements representing 47% of the total subunderwriting commitment have been withdrawn by the sub-underwriters due to the prevailing market conditions.

Level 15, 197 St George’s Terrace, Perth, Western Australia 6000 Telephone: (08) 9282 5889 Website: www.conico.com.au

ASX Announcement: 28 September 2021

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Accordingly, because of the low prospects of the Rights Offer being successful in the current market conditions, the Board of Directors of Conico today resolved to withdraw the Rights Offer and to not proceed with it.

It is, however, the present intention of the Board, subject to suitable market conditions prevailing at the time, to possibly undertake a pro-rata rights issue to shareholders during the first quarter of 2022, on terms that are yet to be determined. By that time, it is anticipated that all of the assay results from Conico’s recent drilling programme in Greenland should have been announced and the market will be better informed as to the prospectivity of a further investment in Conico’s securities.

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Gregory H Solomon Chairman

Greg Solomon is chairman of Conico and he was authorised by the board of Conico to make this announcement. For any queries regarding this announcement please contact Greg Solomon on +618 9282 5889.

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