CONICO LTD — Capital/Financing Update 2025

Sep 3, 2025

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ASX Announcement
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4 September 2025

SHAREHOLDER UPDATE

CAPITAL RAISING AND EXPLORATION PLANS

Conico Ltd ( Conico or the Company ) is pleased to provide the following update to shareholders regarding its capital raising efforts and future plans.

On 6 June 2025, Conico released an announcement to the ASX ( June 2025 Announcement ) confirming it had raised a total of $900,000 through placement of converting loans, which are to be converted to fully paid ordinary shares subject to shareholder approval at a general meeting. Subsequently, the Company has raised a further $495,000 through a converting loan placement on the same terms, raising a total of $1.395 million. See Annexure A for detailed terms of the converting loans.

Funds raised will be applied towards a drilling program at its Mount Thirsty Joint Venture project as outlined below, which is expected to be undertaken in the coming months, as well as for settling the legal dispute in relation to its Greenland projects and to provide working capital. The Company confirms that the funds raised will provide Conico with sufficient working capital for the next 12 months to carry out the exploration activities outlined below and to pay all debts when they are due.

The funds raised from the converting loans (excluding the Company’s rights issue) are expected to be deployed as follows:

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Capital raised / commitment: AUD $
Costs of the capital raisings [1] 30,000
Cartwright settlement payments (first 722,000
payment of $361,000 already paid)
Project expenses:
 Mt Thirsty project 125,000
 Greenland projects 60,000
Corporate costs and working capital 458,000
for follow-on exploration activities
Total 1,395,000
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1) Excluding brokerage fees which are intended to be converted to shares subject to shareholder approval

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Conico Ltd ABN 49 119 057 457 Level 15, 197 St George’s Terrace Perth, WA 6000 Australia #10932301v1

+61 (0)8 9282 5889 info@conico.com.au www.conico.com.au

@conico_ltd @ConicoLtd conico-limited

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As outlined in the June 2025 Announcement, the Company is undertaking a fully underwritten non-renounceable entitlement offer to shareholders. to provide further funds to advance its exploration projects ( Entitlement Offer ). Conico advises that the ratio for the entitlement offer will be revised to a 3 for 5 basis to raise approximately $1.23 million (before expenses). The record date for the Entitlement Offer of is 6 November 2025, which will follow a general meeting of the Company’s shareholders on 13 October 2025 ( General Meeting ).

Further, the Company advsies that the lead manager and underwriter for the Entitlement Offer has changed to Templar Corporate Pty Ltd (AFSL 315235). The underwriting agreement with Templar Corporate is on the same terms as detailed in the June 2025 Announcement (Annexure B).

Details of the General Meeting and timetable for the Entitlement Offer are set out below.

Mount Thirsty Joint Venture Project

The Mt Thirsty Co-Ni-Mn-Sc project (figure 1) is situated 16 km north-northwest of Norseman, Western Australia (50% Horizon Minerals, 50% Conico Ltd) and hosts the Mt Thirsty cobaltnickel-manganese-scandium deposit, with a current JORC Resource (CNJ, ASX announcement, 26 April 2023).

Previous drilling at Mt Thirsty in 2022 to 2023, comprising mostly of shallow air core drilling, returned several elevated intersections in excess of 40g/t scandium (CNJ ASX Announcement, 23 January 2023) in an upper zone of nickel-cobalt-manganese-scandium (Ni-Co-Mn-Sc).

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Figure 1: Mt Thirsty project including an outline of tenement holdings and location of mineral resources.

2 Conico Ltd ASX: CNJ F:BDD

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Exploration over this period also confirmed the presence of a lower and potentially highergrade, Ni-Co-Mn-Sc zone, which is currently outside of the existing resource and supported by historical drilling.

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Figure 2 : Cross-section showing untested lower zone extension to the current resource.

Scandium has the potential to significantly improve the economics of the Mt Thirsty project and this was not taken into consideration in the results of either the 2020 Pre-Feasibility Study or the Scoping Study completed (but not released to ASX) in Q3 2023.

Conico is planning an aircore/reverse circulation drilling program of approximately 20-30 holes to test the extent of the elevated scandium in the oxide zone. This drilling is planned to commence in October 2025 following permitting. The Company will continue to update shareholders. Scandium is a valuable commodity, currently trading at above US$325,000/tonne[1] , and its applications are essential to the continued decarbonisation of the economy.

The Mount Thirsty JV partners also continue to assess development options for the project, opportunities to expand JORC resources as well as potential project funders and offtake partners.

1 Quoted price at 26/08/2025 on www.metal.com

3 Conico Ltd ASX: CNJ F:BDD

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General Meeting, Share Consolidation and Entitlement Offer Timetable

The General Meeting is scheduled for 13 October 2025. The Company intends to seek shareholder approval for a share consolidation on a one (1) for eight (8) basis (“Consolidation”). Further, the Company wll seek shareholder approval for the issue of securities to repay converting loans, for brokerage services, lead manager & underwriter services to Templar Corporate and to repay related party debts. Details of these issues will be detailed in the notice of shareholder meeting to be dispatched in the coming days.

The revised timetable for the Consolidation and Entitlement Offer is as follows:

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Event Date
General Meeting – Shareholders approve Consolidation 13 October 2025
Effective date of Consolidation 17 October 2025
Last day for trading in pre-Consolidation Shares 20 October 2025
Post-Consolidation trading starts on a deferred settlement basis 21 October 2025
Record date and last day for CNJ to register transfers on a pre-Consolida- 22 October 2025
tion basis
First day for CNJ to update its register of Securities on a post-Consolidation 23 October 2025
basis and first day for issue of holding statements
Last day for CNJ to update its register of Securities on a post-Consolidation 29 October 2025
basis and last day for issue of holding statements
Lodge Entitlement Offer Prospectus 3 November 2025
Ex date of Entitlement Offer 5 November 2025
Record date for Entitlement Offer 6 November 2025
Dispatch of Entitlement Offer Prospectus 11 November 2025
Entitlement Offer opens 11 November 2025
Last day to extend the Entitlement Offer 18 November 2025
Entitlement Offer closes 21 November 2025
Securities quoted on a deferred settlement basis from market open 24 November 2025
Announcement of results of Entitlement Offer and shortfall to ASX 26 November 2025
Issue of new Entitlement Offer securities and lodgement of Appendix 2A 28 November 2025
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The above timetable is indicative only and subject to change by the Board of the Company.

4 Conico Ltd ASX: CNJ F:BDD

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Pro Forma Capital Structure

The following table details the pro-forma shares on issue following the share consolidation, the planned Rights Offer and the proposed issues of shares to related party debts and broker fees shares, subject to approval by shareholders.

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Shares
Conico proposed Share issues
(ASX:CNJ)
Current shares on issue 272,145,702
Subject to shareholder approval at the Meeting:
Issue of Shares to related parties to settle Director and advisory fees 122,493,000
Issue of shares for geological consulting services 5,000,000
Conversion of Converting Loans:
-
Face value of $1,395,000 plus estimated accrued interest of
1,414,151,301
approx. $20k to expected date of conversion of Converting
Loan to Shares of 13 Oct 2025, subject to rounding
Lead Manager fee shares – Converting Loans 83,700,000
Issue of Advisor Fee Shares 150,000,000
Post Consolidation Shares on issue (subject to rounding) 255,936,251
Rights Offer (3 for 5 basis) (subject to rounding) 153,561,750
Lead Manager and Underwriter fee shares 12,963,705
Total pro-forma shares on issue 422,461,706
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Further details will be provided in a notice of meeting to be dispatched to shareholders in the coming weeks.

Guy Le Page is a director of Conico and authorises the release of this announcement. For any queries regarding this announcement please contact Guy Le Page on +61-8-6380-9200.

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Guy T Le Page, MAusIMM, FFIN, GAICD Director

5 Conico Ltd ASX: CNJ F:BDD

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Annexure A

CONVERTING LOAN TERMS

Convertible Loan Amount ($) $1,395,000 Interest Rate (%) 5% per annum, accrued daily and payable through issue of Shares at deemed price of $0.008 (post-Consolidation basis), to be issued on conversion or repayment of the Converting Loan, as the case may be Security Unsecured Lead Manager Templar Corporate Pty Ltd (AFSL 315235) Fees 6% (plus GST) of the amount subscribed to be converted to equity on the same terms as the Converting Loan subject to shareholder approval at a General Meeting of the Company Conversion Terms The Converting Loan (and any accrued and outstanding interest) will convert to ordinary fully paid shares (“Shares”) in the capital of Conico at a General Meeting of the Company at an issue price of $0.008 per Share (post--Consolidation basis). Repayment Date Unless converted to Shares, the Converting Loan (and any outstanding interest) will be repayable in full on 5pm EST on 14 April 2026.

6 Conico Ltd ASX: CNJ F:BDD