CONICO LTD — Capital/Financing Update 2023

Apr 4, 2023

Proposed issue of securities

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Update Summary

Entity name CONICO LTD

Announcement Type

Update to previous announcement

Date of this announcement 5/4/2023 Reason for update to a previous announcement Extension of Pro Rata non-renounceable Rights Issue

Refer to next page for full details of the announcement

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Proposed issue of securities

Part 1 - Entity and announcement details

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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.

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 49119057457

1.3 ASX issuer code

CNJ

1.4 The announcement is

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Update/amendment to previous announcement

1.4a Reason for update to a previous announcement

Extension of Pro Rata non-renounceable Rights Issue

1.4b Date of previous announcement to this update

27/2/2023

1.5 Date of this announcement

5/4/2023

1.6 The Proposed issue is:

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

1.6a The proposed standard +pro rata issue is:

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• Non-renounceable

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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

CNJ : 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 Yes

Details of +securities proposed to be issued

ASX +security code and description

CNJ : ORDINARY FULLY PAID

ISIN Code (if Issuer is a foreign company and +securities are non CDIs)

ISIN Code for the entitlement or right to participate in a non-renounceable issue (if Issuer is foreign company and +securities are non CDIs)

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 7

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What will be done with fractional Maximum number of +securities entitlements? proposed to be issued (subject to rounding) Fractions rounded up to the next 215,138,302 whole number

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 0.01000

Oversubscription & Scale back details

Will individual +security holders be permitted to apply for more than their entitlement (i.e. to over-subscribe)?

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Yes

Describe the limits on over-subscription

Qualifying Shareholders may wish to apply for additional New Shares in excess of their entitlement under the entitlement offer may do so

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

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Yes

Describe the scale back arrangements

the Shortfall will be placed at the discretion of the Company

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

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)? Existing class

Attaching +Security - Existing class (additional +securities in a class that is already quoted or recorded by ASX)

Details of attaching +securities proposed to be issued

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ASX +security code and description

CNJO : OPTION EXPIRING 31-DEC-2026

ISIN Code (if Issuer is a foreign company and +securities are non CDIs)

ISIN Code for the entitlement or right to participate in a non-renounceable issue (if Issuer is foreign company and +securities are non CDIs)

Offer ratio (ratio of attaching securities at which the new +securities will be issued)

The quantity of attaching +securities to be issued 1

For a given quantity of the new +securities issued 2

What will be done with fractional entitlements? Maximum number of +securities proposed to be issued (subject to rounding) Fractions rounded up to the next whole number 107,569,151

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)?

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Yes

Describe the limits on over-subscription

Qualifying Shareholders may wish to apply for additional New Shares in excess of their entitlement under the entitlement offer may do so

Will a scale back be applied if the offer is

over-subscribed?

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Yes

Describe the scale back arrangements

the Shortfall will be placed at the discretion of the Company

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

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Details of company options where holders entitled to participate in the offer

ASX +security code and description

CNJO : OPTION EXPIRING 31-DEC-2026

Date Option must be exercised by

31/12/2026

Part 3C - Timetable 3C.1 +Record date 17/3/2023

3C.2 Ex date 16/3/2023

3C.4 Record date

17/3/2023

3C.5 Date on which offer documents will be sent to +security holders entitled to participate in the +pro rata issue 21/3/2023

3C.6 Offer closing date 19/4/2023

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

14/4/2023

3C.9 Trading in new +securities commences on a deferred settlement basis 20/4/2023

3C.11 +Issue date and last day for entity to announce results of +pro rata issue 26/4/2023

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

27/4/2023

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

1/5/2023

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Part 3E - Fees and expenses

3E.1 Will there be a lead manager or broker to the proposed offer? Yes 3E.1a Who is the lead manager/broker? Peloton Capital Pty Ltd 3E.1b What fee, commission or other consideration is payable to them for acting as lead manager/broker? lead manager fee of 1% and a placement fee of 5%, on shortfall placed 3E.2 Is the proposed offer to be underwritten? 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 and administration expenses; Exploration and expenses at the Mt Thirsty Co-Ni Project (50/50 JV). Expenses with the Ryberg and Mestersvig Projects in Greenland 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 Germany, Ilse of Man, Republic of Malta, Republic of Austria, Swiss Confederation 3F.5 Will the offer be made to eligible beneficiaries on whose behalf eligible nominees or custodians hold existing +securities Yes

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3F.5a Please provide further details of the offer to eligible beneficiaries

The custodian or nominee must have an address in Australia or New Zealand and may only distribute the offer document to beneficiaries located in Australia or New Zealand

3F.6 URL on the entity's website where investors can download information about the proposed issue

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)? No

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)

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