DALAROO METALS LTD — Capital/Financing Update 2022

May 25, 2022

ASX Announcement: (ASX,DALI 27 M,ay 2022

APPENDIX 2A - SECURITIES RETEASED FROM ESCROW

Please see the attached Appendix 2A in respect of the release from escrow of securities of the Company.

Please refer to the ASX announcement dated 19 May 2022 regarding the securitles being released from ASX escrow pursuant to this notice.

This announcement was authorised for release to ASX by the Board of Dalaroo Metals Ltd.

For more information about Dalaroo Metals Ltd and its projects please visit our web site at www.dalaroometals.com.au

David Peterson Company Secretary

Appendix 2A

Application for quotation of +securities

lnformation or documents not available now must be given fo ASX as soo, as available. lnformation and documents given to ASX become ASX's propefty and may be made public.

lf you are an entity incorporated outside Australia and you are seeking quotation of a new class of +securities other than CDls, you will need to obtain and provide an lnternational Securities ldentification Number (lSlN) for that class. Fuiher information on the requirement for the notification of an lSlN is available from the Create Online Forms page. ASx is unable to create the new lSlN for non-Australian issuers.

*Denotes minimum information required for first lodgement of this form, with exceptions provided in specific notes for certain questions. The balance of the information, where applicable, must be provided as soon aS reasonably practicable by the entity.

Part 1 - Entity and announcement details

Question no	Question	Answer
1 1	'Name of entity We (the entity here named) apply for +quotation of the following +securities and agree to the matters set out in Appendix 2A of the ASX Listing Rules.'	Dalaroo Metal Ltd
1.2	*Registration type and number Please supply your ABN, ARSN, ARBN, ACN or another rcgistration type and numbet (if you supply another rcgisttdtion type, please specify both tha typ@ of registration and the rcgistration numbe).	ABN 23 648 476 699
1.3	"ASX issuer code	DAL
1.4	'This announcement is Tick whichever is applicable.	E A new announcement n An update/amendment to a previous announcement n A cancellation of a previous announcement
1 .4a	"Reason for update Answet this question if you response to Q 1.4 is an update/amendment to previous announcement	N/a
L4b	*Date of previous announcement to this update Answer thb question il your response to Q 1.4 is an update/amendment to previous announcement.	N/a
1.4c	*Reason for cancellation Answet this question if your response to Q 1.4 is "A cancellation of a previous announc.oment"	N/a

Appendix 2A ofthe Listing Rules includes a warranty that an offer ofthe securities for sale within '12 months after their issue will not require disclosure under section 707(3) or 1012C(6) of the Corporations Acl. lf you are in any doubt as to the application of or the entity's capacity to give, this warranty, please see ASIC Regulatory Guide 173 Disciosure fot on-sale of secuities and other financial prcducts and consult your legal adviser.

1 .4d	*Date of previous announcement to this cancellation	N/a
	Answer this question if your response to Q 1.4 is 'A cancellation of a prcvious announcement"
1.5	'Date of this announcement	27 May 2022

Parl2 - Type of issue

Question No.	Question		Answer
2.1	*The +securities to be quoted are: Selecl whichever item is applicable. lf you wish to apply for quotation of dillerent Lypes of /ssues ofsecur'frbq p/ease complete a separate Apwndix 2A for edch type of issue.		E +Securities issued as part ofa transaction or transactions previously announced to the market in an Appendix 3B tr +Securities issued under a +dividend or
			distribution plan
			n +Securities issued, transferred or re classified as a result of options being exercised or other +convertible securities being converted
			tr Unquoted partly paid +securities that have been fully paid up and are now to become quoted fully paid +securities
			Note: therc is no need to apply fot quotation of the tu y paid securities if the patw paid secuities were already quoted
			X +Restricted securities where the escrow period has expired or is about to expire
			tr +Securities previously issued under an +employee incentive scheme where the restrictions on transfer have ceased or are about to cease
			tr +Securities issued under an +employee incentive scheme that are not subiect to a restriction on transfer or that are to be quoted noNvithstanding there is a restriction on transfer
			! Other [please specify]
			lf you have selected 'othef please explain the circumstances of the issue here:
2.1a	"Have the +securities to be quoted been issued yet?	Yes
2.1a.1	*What was their date of issue? Answer this question if your response to Q2.1a is		27 May 2021
2.1a.2	*\/vhat is their proposed date of issue? Answer this question it your Esponse to Q2.1a is "l'1o".	N/a
2.2a.1	*Date of Appendix 3B notifying the market of the proposed issue of +securities for which quotation is now being sought	N/a
	Answer this question if your rcsponse to Q21 is 'Secor/ies iss{-red as palt of a lnnsaction or tranaactions previously announced to the market in an Appendix 38"

2.2a.2	*Are there any further issues of +securities yet to take place to complete the transaction(s) referred to in the Appendix 3B? Answer this question if your response to Q2. 1 is 'Secuflfigs r.ssued as p aft of a transaction ot transactions previously announced to the market in an Appendix 38".	N/a
2.2a.2.1	*Please provide details of the further issues of +securities yet to take place to complete the transaction(s) referred to in the Appendix 3B Answer this question if your response to Q2. 1 is 'Securities ,ssued as pad of a transaction or tftnsactions previously anngunced to the matket in an Appendix 38" and your response to Q2.2a.2 is "Yes". Ptease provide details of the prcposed dates and number of secuities for the fufthet issues. This may be the case, for example, if the Appendix 38 rclated to an ac.elerated pro rata otfet with an institutional component being quoted on one date and a retail component being quoted on a latet date.	N/a
2.2b.1	Date of Appendix 3A.1 lodged with ASX in relation to the undedying +dividend or distribution Ansv,ler this question if your response to Q2. 1 is "Secuities issued under a dividend ot disttibution dan".	N/a
2.2c.1	Please state the number and type of options that were exercised or other +convertible securities that were converted (including their ASX security code) Answer this qu\$tion if you response to Q2. 1 is "Secuities issued, transfened or re-classified as a result of options being exercised ot other conveftible securities bei ng conveied".	N/a
	And the date the options were exercised or other +convertible securities were converted Answer this question if your response to Q2.1 is 'Secuniries /ssue4 transfefied or re4lassifred aa a result of options being exercised or other conveftible sec u it ie s be i n g co nve rte d". l,!ote: lf this oc:cured ov6r a nnge of dates, enter the first date and last date of the peiod in which the options were exercised or conve.lible secu ties werc conveded.	N/a
a.)^a	ls this all of the options or other +convertible securities on issue of that type (ie have all of those options now been exercised or have all of those convertible securities now been converted)? Answer this question if your response to Q2.1 is 'Securrlrbs /-ssue4 transfered or rc-classified as a resuft of options being exercised or other convettible secu rities bei ng convetted".	N/a Note: lf you have answered 'No', consider whether you need to lodge an Appendix 3H with ASX notifying ,4SX of the cessatlo, of some or all ol the rcmaining options or other conveftible secufities under Listing Rule 3.10.E. This may the case, tor example, il options have lapsed because they have passed their expiry date without being exarcised, or conveiible debt secuitie' have been repaid or redeemed without being conveded.
2.2c.4	The right of the holder of the options or other +convertible securities to receive the +underlying securities is being satisfied by Answer this question if your response to Q2.1 is "Securrl,bs ,:ssued, fransfered or re-classified as a result ol options being exercised or other convetlible secu ities being convefled" -	E An issue of new +securities tr A transfer of existing +securities n A reclassification of the +convertible securities as securities in the same class as the +underlying securities

2.2c.5	The underlying securities being received by the holder are: Answer this question if your response to Q2. 1 is 'Securlies ,6su€4 transfefied or re-classified as a rcsult of options being exercised or other convedible securitb s being convefted".		! by ASX quoted by ASX	n Already quoted by ASX lntended to be, but are not yet, quoted tr Are not, and are not intended to be,
2.2c.6	Were the options being exercised or other +convertible securities being converted issued under an +employee incentive scheme? Answet this question ifpur response to Q2.1 is "Securities issued, lranskrred or re-classiJied as a resuk of ofiions be,ng a.crcised or o,her coivedible ffcurir,es being		N/a
2.2c.7	"Are any of the options being exercised or other +convertible securities being converted held by +kgy management personnel (KMP) or an +associate? Anwer this question ifyour rcsponse lo Q2.1 is "Securilies issued, trakslerred or re-classifred as a rc\$L ol options being exercised ot olher comertible seahties being comlefled" and your response to Q2.2c.6 is "Yes".		N/a
2.2c.7 .a	"Provide details of the KMP or +associates who are exercising options or converting convertible securities. Answet this guestion if your rcsponse to Q2.1 is 'Secunties issue4 transtered or re-classified as a result of options being exercised ot other conveftible secuities being cnnvefted", your response to Q2.2c.6 r:s "yes" ard your response to Q2.2c.7 is "Yes". Repeat the detail in the table below for each KMP involv€d. lf the options or other convedible securities are held by the KMP, repeat the name of the KMP or inseft"Same" in "Name of rcgistered holdef'. ff the options or othu convettible securities are held by an a\$ociate ol a KMP, inseft the name of the associate in "Name ot registered holdef'.
	Name of KMP [200 chatdcters] N/a	Name of registered holder [200 charucters]		Number of options being exercised or other +convertible securities being converted [16 cha@cterc]
2.2d.1	Please state the number and type of unquoted partly paid +securities (including their ASX security code) that have been fully paid up and that are now to become quoted on ASX Answer this question if your response to Q2.1 is 'Paftly paid secuities that have been fully paid up and arc now to become quoted fu y paid secuities".		N/a
2.2d.2	And the date the 'securities were tully paid up Answer this question if your rcsponse to Q2. 1 is 'Paily paid secuities that have been fully pdid up and are now to become quoted fu y paid secuities'. Note: ff this o@ured over a range ot dates, enter the date the last of the secutities was fully paid up.		N/a

2.2d 3	ls this all of the partly paid +securities on issue of that type (ie have all of those partly paid securities now been fully paid up)? Answer this question if your esponse to Q2.1 is "Unquoted pafily paid secuities that have been fully paid up and are now to become quoted fully paid secuities".	Yes or No N/a l,tote: lf you have answered "No", considet whether you need to lodge an Ap@ndix 3H with ASX notitying ASX oft e cessatbn of some ot all of lhe remaining padly paid secuities uder Lbting Rule 3.10.E. This may the case, for example, if paftly paid secuities that have not had the ca paid bythe due date wi be cancelled. lf you are an NL company, consider also whethet you have notification obligations in rcldtjon to any fodeiture of the padly paid secuities not paid up under Listing Rule 3.12.
2.2e.1	Please state the number and type of +restrlcted securities (including their ASX security code) where the escrow period has expired or is about to expire Answer this question if your rasponse to Q2.1 is "Restricted securities where the escrow peiod has expired or is about to expire".	1,500,000 ordinary fully paid shares (DAL)
2.2e.2	And the date the escrow restrictions have ceased or will cease Answer this question if your response to Q2.1 is "Restticled secudties where the escrow peiod has expired or is about to expire". Note: lf this @uned over a range of dates, enter the date the last of the e*row rcstrictions has ceased or will cease.	27 May 2022
2.2f .1	Please state the number and type of +securities (including their ASX security code) previously issued under the +employee incentive scheme where the restrictions on transfer have ceased or are about to cease Answet this question if you response to Q2.1 is "Securities previously issued undet an efiployee incentive schema wherc the estrictions on transfet hav6 ceased or are about to cease".	N/a
2.2t.2	And the date the restrictions on transfer have ceased or will cease: Ansr/ret this question if your response to Q2j is "Secuitbs previously issued under an employee incentive scheme where the Bstrictions on transfer have ceased or arc about to cease". Note: lf this occu ed over a range of dates, enter the date the last of the restictions on tfansfer has ceased or will cease.	N/a
2.29.1	Please state the number and type of +securities (including their ASX security code) issued under the +employee incentive scheme that are not subject to a restriction on transfer or lhat are to be quoted notwithstanding there is a restriction on transfer Answet this question if you rcsponse to Q2. 1 is 'Securties /ssued urder an employee incentive scheme that arc not subject to a restdction on transfer ot that are to be quoted notwithstanding there is a re stiction on tE n sfe f'.	N/a

2.29.2	"Please attach a document or provide details of a URL link for a document lodged with ASX detailing the terms of the +employee incentive scheme or a summary of the terms. Answet this question if you rcsponse to Q2.1 is 'Securities ,Ssued under an employee incentive scheme that are not subject to a l",st iction on trensfer ot that are to be quoted notwithstanding therc is a
	re striction on trc nsfe /'.
2.29.3	an +associate Answer this question if your response to Q2j is	"Are any of these +securities being issued to +key management personnel (KMP) or
	"Securities issued under an enployee incentive scheme that are not subject to a restiction on transter or that are to be quoted notwithstanding there is a restriction on tran sfe f '.
2.29.3.a	"Provide details of the KMP or +associates being issued +securities.
	Answer this question if you response lo Q2.1 ,-s "Secunties issued onder an employee ir@entive schene that are not subject to a rcstiction on tftnsler or that are to be quoted notwithstanding there is a restiction on t@nsfe/' and your response to Q2.29.3 is "Yes". Repeat the detail in the table below for each KMP involved in the issue. ff the secuities are being issued to the KMP, repeat the name of the KMP or insert "Same" in "Name of registered holdef'. lf the secuities are being issued to an associate of a KMP, insed the name of the associate in "Name of rcgistercd holdet''.
	Name of KMP	Name of registered holder		Number of +securities
	[200 characters]	[200 characters]		[16 charcclers]
	N/a
2.2h.1	twere the +securities issued for a cash consideration? Answet this question if yolr Esponse to Q2.1 is		N/a
	'Othef'. It the securrties arc being issued fot nil cash considerction, answet this question "No".
2.2h.1.a	*ln what currency was the cash consideration paid?		N/a
	Answer this question if you rcsponse to Q2.1 is "Othe/' and your response to Q2.2h.1 is "Yes". For example, if the considention is being paid in
	Australian Dollars, state AUD.
2.2h.1.b	*What was the issue price per +security Answer this question if you response to Q2. 1 is "Othef' and you response to Q2.2h.1 is "Yes", and by reteencc to the issue currency ptovided in yout response to Q2.2h. 1 . a.		N/a
	Note: you cannot enter a nil amount here- lf the secu/ilies are be,rg rss ued lor nil cash consideration, answer Q2.2h.1 as "No" and complete Q2.2h.1.c.
2.2h.1.c	Please describe the consideration provided for the +securities		N/a
	Answer this question if your response to Q2.1 is "Othe/' and you response to Q2.2h.1 is "No".
2.2h.1.d	Please provide an estimate (in AUD) of the value of the consideration provided per +security for the +securities to be quoted		N/a
	Answer this question if your response to Q2.1 is "Othel'and your response to Q2.2h.1 is'No".

This appendix is available as an online form Appendix 2A Application for quotation of +s96u1111..

2.2h.2	.The purpose(s) for which the entity is issuing the +securities is: Answet this question if your response to Q2.1 is "Othef'. You may select one gr more of the items in the list.	! To raise additional working capital E To fund the retirement of debt tr To pay for the acquisition of an asset lp rovide deta i ls bel owl E To pay for services rendered lprov ide d etai I s be I owl n Other [provide details belowl Additional details
2.2n.3	*Please provide any further information needed to understand the circumstances in which you are applying to have these +securities quoted on ASX, including why the issue of the +securities has not been prevlously announced to the market in an Appendix 3B You must answer this question if your rcsponse to Q2. 1 is 'Othe/'. ff there is no other informafon to p@vide, please answer "Not applicable" or 'N/A".	N/a
2.2i	'Have these +securities been offered under a +disclosure document or +PDS? Answer this question if you response to Q2. 1 is 'Othef'.	N/a
2.2i.1	*Date of +disclosure document or +PDS? Answer this question if you response to Q2. 1 is 'Othe/' and you rcsponse to Q2.2i is 'Yes". Under the Coryorations Act, the entity must apply for quotation of the secuities within 7 days of the date of the disclosure document or PDS.	N/a

	"Any on-sale of the +securities to be quoted within 12 months of their date of issue will comply with the secondary sale provisions in sections 707(3) and 10'l2C(6) ofthe Corporations Act by virtue of: Answer this question if your response to Q2j is "Othef' and your response to Q2.2i is "No". l,lote: Undet Appendh 2A of tha Listing Rules, when the entity adies for quotation ol ecuities, it gives a wananty that an offet of the secuities for sale within 1 2 months after their issue will not require disclosure under section 707(3) or 1012C(6) of the Coryorations Act. lf you ete ih ahy doubt as to tha application of ot the entity's capacity to give, this wananty, please see ASIC Regulatory Cuide 1 73 Disclosure for on-sale of secuities and other financial products and consult your legal adviser.	!	n The publication of a +dlsclosure document or +PDS for the +securities to be quoted n The publication of a cleansing notice under section 7084(5), 708AA(2Xf), 1 012DA(5) or 1 01 2DAA(2X0 tr The publication of a +disclosure document or +PDS involving the same class of securities as the +securities to be quoted that meets the requirements of section 7084(11) or 1012DA(11) An applicable ASIC instrument or class order tr Not applicable - the entity has arrangements in place with the holder
			sold within '12 months in a manner that would breach section 707(3) or 1012C(6) Note: Absenl rclief frcm ASIC, a listed entity can only issue a clednsing notice where trading in the relevant secuities has not been suspended for more than 5 days duing the shottet of: (a) the penod duing whbh the class of securities are quoted; and (b) the peiod of 12 months before the date on which the relevant secudties undet the offer were issued.
2.4	*The +securities to be quoted are Tick whichevor is applicable		X Additional +securities in a class that is already quoted on ASX ("existing class")
			tr New +securities in a class that is not yet quoted on ASX ("new class")

Part 3A - number and type of +securities to be quoted (existing class or new class) where issue has previously been notified to ASX in an Appendix 38

Answer the questions in this Patt if your response to Q2.1 is "Securif,bs issued as parl of€ transaction or transactions previously announced to the market in an Appendix 38".

Question No.	Question		Answer
3A. l	*ASX security code & description		N/a
34.2	"Number of +securities to be quoted		N/a
34.3	Any other information the entity wishes to provide about the +securities to be quoted		N/a
3A.4	*Provide a distribution schedule for the new +securities according to the categories set out in the left hand column - including the number of recipients and the total percentage of the new +securities held by the recipients in each category.
	Number of +securities held	Number of holders		Total percentage of +securities held
	1 - 1,000
	1,001 - 5,000
	5,001 - 10,000
	10,001 - 100,000
	100,001 and over
	Anwer this questbn only if you are an ASX Listing (ASX Foeign Exenpt Listitus and ASX Debt Listings do not have to answer this question), your '"-sporce to Q2.4 is 'new class" aN the secuities to be guoted have alrcady bean issued.
	Note: il the secuities to be quoted have not yet been issued, under listing rule 3.10.5, you will need to provide to ASX a list of the 20 laeest rccipients of the new securities, and the number and percentage of the new secuities recoived by each of those bcipients, and a dislibution schedule tor the securities wheh they ere issued.

Part ³⁸- number and type of +securities to be quoted (existing class) where issue has not previously been notified to ASX in an Appendix 38

Answer the questions in this Pai it your response to Q2.1 is anylhing other than "Secudties issued as parl ofa transaction or tansactions prevbusly announced to the mafuet in an Appedix 38" aN your rcspgnse to Q2.4 is "existing class"- lf your response fo Q2 7 lis 'Secunlles 6sue4 transfened or reolassilied as d result of options being exercised u othet conveiible secuities being conveied", the questions in this paft rclate to the securities being issued, trcnslerfed or reclassified as a result of the exercise of the options ot the convercion of the conveftible secudties. lf your rcsponse to Q2.1 is "Unquoted pattly paid secuities that have been fully paid up and are now to becone quoted fully paid secuities", the questions in this patt rclate to the fully paid secuities aising from that payment up. Othetwise, the questions in this pad rclate to the aecurities issued by the entity which are to be quoted on ASX and wh\$ are described in the response to Q2.1.

Question No.	Question	Answer
3B.1	*ASX security code & description	DAL
3B.2	*Number of +securities to be quoted	1,500,000
3B.3a	*Will the +securities to be quoted rank equally in all respects from their issue date with the existing issued +securities in that class?	Yes
3B.3b	*Is the actual date from which the +securities will rank equally (non-ranking end date) known? Answer this question if your response to Q3B.3a is " $No$ ".	N/a
3B.3c	*Provide the actual non-ranking end date Answer this question if your response to Q3B.3a is "No" and your response to Q3B.3b is "Yes".	N/a
3B.3d	*Provide the estimated non-ranking end period Answer this question if your response to Q3B.3a is "No" and your response to Q3B.3b is "No".	N/a
3B.3e	*Please state the extent to which the +securities do not rank equally: in relation to the next dividend, distribution or interest payment; or for any other reason Answer this question if your response to Q3B.3a is " $No$ ". For example, the securities may not rank at all, or may rank proportionately based on the percentage of the period in question they have been on issue, for the next dividend, distribution or interest payment; or they may not be entitled to participate in some other event, such as an entitlement issue.	N/a
3B.4	Any other information the entity wishes to provide about the +securities to be quoted	No

Part 3C - number and type of +securities to be quoted (new class) where issue has not previously been notified to ASX in an Appendix 38

Answer the questions in this Pad if your response to Q2.1 b anything other than "Securities issued as paft of a transaction or tnnsactions prcviously announced to the market in an Appendix 38" and your response to Q2.4 is "new class". lf you rcsponse to Q2., is lsecuriries issued, transfened or re-claaaifred as a result of options being exercised or other conveftible securities being convetted", the questions in this paft relate to the secudties being issued, tranEfefied or reclassif@d as a result of the exercise of the options ot the conversion of the conveftible secuities. ff your response to Q2.1 is "Unquoted partly paid secuities that hdve been fully paid up dnd are now to become quoted fully paid secuities', the questions in this paft relate to the fu y paid securities aising from that payment up. Othenvise, the questions in this pad relate to the secuities issued by lre entity wllich arc to be quoted on ASX and which ate de& bed in the response to Q2. 1 .

Question No.	Qucstion	An6wer
JU. I	.Security description	N/a
3C.2	.Security type Select one item from the lbt that best d\$cribes the secuities the subject of this form. This will determine more detailed ques[ons to be asked about the secuity later in this section. Select brdinary fu y or padly paid shares/units" for stapled secuities ot CDls. For interest rate securities, please select the appropiate choice from eithet "Convertible debt securities" or "Non-conveftible debt secuities". Solect'Othe/' for peiomanee share{units and peiomance optiona/ights or if the selections available in the list do not appropiately describe the secudty being issued.	n Ordinary fully or partly paid shares/units tr Options tr +Convertible debt securities tr Non-convertible +debt securities tr Redeemable preference shares/units I Vvlolesale debt securities tr Other
3C.3	lSlN code Answer this questjon if you are an entity incotporated outside Australia and you are seeking quotation of a new class of secuities other than CDls. See a/so lhe note at the top of this fom.	N/a
3C.4	*Number of +securities to be quoted	N/a
3C.5a	*Will all the +securities issued in this class rank equally in all respects from the issue date?	N/a
3C.5b	*ls the actual date from which the +securities will rank equally (non-ranking end date) known? Answer this question if your response to Q3C-5a is "No'.	N/a
3C.5c	*Provide the actual non-ranking end date Answerthis question ifyour response to Q3C.5a is "No" and your tosponse to Q3C.5b is "Yes'.	N/a
3C.5d	*Provide the estimated non-ranking end period Answet this question if your response to Q3C.5a is "No" and your response to Q3C. 5b is "No'l	N/a

3C.5e	*Please state the extent to which the +securities do not rank equally:		N/a
	. in relation to the next dividend, distribution or interest payment; or
	. for any other reason
	Answet this question if your response to Q3C.5a is "No".
	For example, the securities may not nnk at all, or may ftnk proportionately based on the percentage ol the pedod in question they have been on issue, for the next dividend, distibution or interest payment; or they may not be entitled to paiicipate in some other event, such as an entitlement i\$ue.
3C.6	Please attach a document or provide a URL link for a document lodged with ASX setting out the material terms of the +securities to be quoted		N/a
	You may cross-rcfercnce a disclosure document, PDS, infomation memorandum, investor presentation ot other announcement with this infomation provided it has been released to the ASX Ma*et Announcementa Platfom.
3C.7	*Have you received confirmation from ASX that the terms of the +securities are appropriate and equitable under listing rule 6.1?		N/a
	Answet this question only if you arc an ASX Listing. (ASx Forcign Exempt Lbtings and ASX Debt Listings do not have to answer this question).
	lf your response is "No' and the secuifies have any unusual tetms, you should awrcach ASX as soon as possible br confirmatbn under listinq rule 6.1 that the tems are appropiate and equitable.
3C.8	*Provide a distribution schedule for the new +securities according to the categories set out in the left hand column - including the number of recipients and the total percentage of the new +securities held by the recipients in each category.
	Number of +securities held	Number of holders		Total percentage of +securities held
	1 - 1,000
	1,001 - 5,000
	5,001 - 10,000
	10,001 - 100,000
	'100,001 and over
	Answer this question only if you arc an ASX Listing (ASX Foreign Exempt Listings and ASX Debt Listings do not have to answer this question) and the secuities to be quoted have already been issued. ASX a list of the 20 larye9t recipients of the new +secuities, and the numbet and percentage of the new +*curities received by each of those recipients, and a distfbution schedule for the securities when they arc rssued			Note: if the secuities to be quoted have not yet bee, ,ssued, under listing rule 3.10.5, you will need to provide to
3C.9a	Ordinary fully or partly paid shares/units details Answ3r the questions in this section if you selected this sacuity type in your response to Question 3C.2.
	"+Security curency This is the curency in which the face amount of an issue is denominated. ltwi also typica ybethe		N/a
	curency in which disttibutions arc declared. .Will there be CDls issued over the +securities?		N/a

	"CDl ratio	X:Y
	Answer this question if you answered "Yes" to the previous question. This is tha mtio at which CDls can be tftnsmuted into the undedying secuity (e.9. 4:1 means 4 CDls represent 1 unde ying secuity whereas 1:4 means 1 CDI represents 4 undedying secudrbs).
	-ls it a partly paid class of +security?	Yes or No
	*Paid up amount unpaid amount	X:Y
	Answet this question if answered "Yes" to the previous question.
	The paid up afiount rcpresents the amount of awlication money and/or calls which have been paid on any secuity considered 'patw paid'
	The unpaid amount represents the unpaid or yet to be called amount on any security considered 'paily paid'.
	The amounts should be provided per the security cunency (e.9. if the secuiv curency is AUD, then the paid up and unpaid amount per secutity in AUD).
	*ls it a stapled +security?	Yes or No
	This is a secuity class that comprises a number of ordinaty shares and/ot ordinaty units issued by separate entities that are stapled together for the purposes oftrading.
3C.9b	Option details
	Answer the questions in this section if you selected this secuity type in your response to Queston 3C.2.
	*+Security currency	N/a
	This is the cunency in which the exercise p ce is payable.
	*Exercise price	N/a
	The pice at which each option can be exercised and convett into the unde ying secuity.
	The exercise price should be prpvided per the secuity cunency (i.e. if the secuity cunency is AUD, the exercise pice should be ex@ssed in AUD).
	*Expiry date	N/a
	The date on whieh the options expire ot terminate
	-Details of the number and type of +security (including its ASX security code if the +security is quoted on ASX) that will be issued if an option is exercised	N/a
	For example, if the option can be exercised to receive one fully paid ordinary sharc with ASX sccutv code ABC, please insert "One tully paid ordinaty share (ASX:ABC)".

3C.9c	Details of non-convertible +debt securities, +convertible debt securities, or redeemable preference shares/units
	Answer the questions in this section if you selected one gf these secuity types in your response fo Quesrbn
	3C.2. Refet to Guidance Note U and the "Guide to the Namino CoNefi Debt and Hybid Secuities" for fuiher infomation on cedain tems used in this section
	"Type of +security	E Simple corporate bond
	Select one item from the list	n Non-convertible note or bond
		n Convertible note or bond
		I Preference share/unit
		n Capital note
		! Hybrid security
		n Other
	*+Secudty currency	N/a
	This is the cucency in which the face value of the securw is denominated. It wi als typica y be the cunency in wltich interest or disttibutions are paid.
	Face value	N/a
	This is the pincipal amount of each securily.
	The fdce value should be provided per the secuiy cunency (i.e. if secuity cunency is AUD, then the face value per secudty in AUD).
	*lnterest rate type	n Fixed rate
	Select one item from the list	tr Floating rate
	Selecl the appropriate interest or dividend rate type Wr the tems ot the secuity. Definitions for each type	n lndexed rate
	are prcvided in the Guide to the Naming Conventions and Secuw Desciptions fot ASX Quoted Debt and	n Variable rate
	Hybid Secuities	E Zero coupon/no interest or dividend
		tr Other
	Frequency of coupon/interesUdividend	tr Monthly
	payments per year Select one item tom the list.	tr Quarterly
		n Semi-annual
		n Annual
		n No coupon/interest payments
		n Other
	First interest/dividend payment date	@
	A response is not rcquibd if you heve selected "No cnupon/interest paymenb" in response to the question above on the frequency of coupon/interest payments
	lnteresUdividend rate per annum Answer lhis question if the interest hte type is fixed.	o/o p.a
	"ls the interesvdividend rate per annum estimated at this time? Answer this question if the interest rcte type is frxed.	Yes or No

lf the interesudividend rate perannum is estimated, then what is the date for this information to be announced to the market (if known) Anwer this question if the interest rate type is fixed and your response to the previous question is "Yes". Ansv'/er "Unknown" il the date is not known at this time.	N/a
*Does the interest rate include a reference rate, base rate or market rate (e-9. BBSW or CPI)? Answer this question il the intercst rate Wpe is floating or indexed.	Yes or No
*Vvhat is the reference rate, base rate or market rate? Answet this question if the interest rate type is floalng or indexed and your response to the previous guestion is "Yes".	N/a
*Does the interesUdividend rate include a margrn above the reference rate, base rate or market rate? Answer this question if the interest nte type is lloating or indexed.	Yes or No
'What is the margin above the reference rate, base rate or market rate (expressed as a percent per annum) Answer this question if the interest rate type is floating or indexed and you response to the Wvious question is "Yes".	o/o p.a
"S128F of the lncome Tax Assessment Act status applicable to the +security Select one item from the list For financial Voducts which are llkely to gMe n:se to a payment to which s128F of the lr@me Tax Assessmerrt Act applrbq ASX rcguests ,bsuers to confim the s128F status ol the aecuru: . "s128F exempt" means interest payments are not tax able to non-re sidents; . "Not s12EF exempt" means interest payments are taxable to tpn-re side nta; . 's128F exemption status unk@wn" means the isst@r is unable to advise the status: . "Nol applicable" means s128F b not applicable to this security	n s128F exempt tr Not s128F exempt D s128F exemption status unknown n Not applicable
*ls the +security perpetual (i.e. no maturity date)?	Yes or No
*Maturity date Answet this question if the secudty b not perpetual	N/a

	'Select other features applicable to the +security	tr Simple
	Up to 4 features can be selected. Further intormation	! Subordinated
	is available in the Guide to the Naming Conventions	n Secured
	and Security Desc ptions fot ASX Quoted Debt and Hybrid Securities.	n Converting
		n Convertible
		E Transformable
		E Exchangeable
		n Cumulative
		! Non-Cumulative
		E Redeemable
		tr Extendable
		E Reset
		tr Step-Down
		n Step-Up
		n Stapled
		n None of the above
	*ls there a first trigger date on which a	Yes or No
	right of conversion, redemption, call or put can be exercised (whichever is first)?
	"lf yes, what is the first trigger date	N/a
	Answer this question if your response to the previous guestiori is "Yes'l
	Details of the number and type of +security (including its ASX security code if the +security is quoted on ASX) that will be issued if the +securities to be quoted are converted, transformed or exchanged (per 1 new +security)
	Answer this question if the securw features include "convefting", "convertible', "transfomable" or "exchangeable".
	Fot exampla, if the security can be convefted into 1 ,000 fully paid ordinaty shares with ASx secuity code ABC, please insett '1,000 fu y paid ordinary sharcs (ASX:ABC)".
3C.9d	Details of wholesale debt securities
	Answer the questions in this section if you selected this secunty type in you rcsponse to Question Q3C.2.
	Reter to Guidance Note 34 and the "Guide to the Narning Conventions and Security Oesciptions br ASX Quoted Debt and Hybid Secuities" tot fuiher infomation on ceiain tems used in this section
	CFI	N/a
	FISN	N/a
	*+Security currency	N/a
	This is the cwrency in which the face value of the secuity is denominated. lt will also typica y be the cuiency in which interest or distibutions are paid.
	Total principal amount of class	N/a
	Face value	N/a
	This is the offet / issue price or value at which the securw was offered on issue.

	Number of +securities This should be the total pincipal amount of class	N/a
	divided by tha face value
	"lnterest rate type	! Fixed rate
	Select the appropiate interest rate type per the terms of the secuity. Definitions tor each type are provided in the Guide to lhe Naming Conventions and Secuity Oescnipfions forASX Quoted Debt and Hybid Securities.	tr Floating rate
		tr Fixed to floating
		tr Floating to fixed
	'Frequency of coupon/interest payments per year Select one item from the list. The number of interest pawents to be rnade per Warfora vrllolesale debt	D Monthly
		tr Quarterly
		E Semi-annual
	secutity.	i Annual
		tr No payments
	*First interest payment date	N/a
	A response is not rcquired if you have selected "No payments" in response to the question above on the
	frequehcy of coupon/interest payments
	*lnterest rate per annum	o/o
	A response is not rcquired if you have selected "No payments" in response to the qtEstion above on the frequency of coupon/interest payments The rate represents the total rcte fot the first pawent peiod which may include a rcference or base rate plus a maryin rate and other adjustment factors where applicable, stated on a per annum basis. lf the rate is only an estimate at this Ume please enter an indicative rate and provide the actual rate oroe it has become available.
	'Maturity date The date on which the secuw matures.	N/a
	Class type description	N/a
	.S128F of the lncome Tax Assessment	tr s128F exempt
	Act status applicable to the +security	tr Not s128F exempt
	Select one item from the list	! s128F exemption status unknown
	For financial products whbh are likely to give ise to a payment to which s1 28F ot the lncome Tat	tr Not applicable
	Assessment Act applies, ASX reguesrs ,ssuers to confirm the s1 28F status of the secuity:
	. 's128F exempt" means interest payments are not tax able to non-re sidents;
	. 'l'lot s128F exempf' means interest payments are tax able to non-reside nts;
	. 's128F axemptioh status unknown" means the issuer is unable to advise the status: "Itot applicable" means s1 28F is not applicable to this secutW
3C.10	Any other information the entity wishes to	N/a
	provide about the +securities to be quoted

Part ⁴- lssued capital following quotation

'Quoted +securities (total number of each +class of +securities quoted on ASX following 4.1 the +quotation of the +securities the subject of this application)
ASX security code and description	Total number of +securities on issue
Ordinary Fully paid shares (DAL)	29,875,000
*Unquoted +securities (total number of each +class of +securities issued but not quoted 4.2 on ASX):
ASX security code and description	Total number of +securities on issue
Ordinary Fully paid shares (DAL) - escrow to 28 September 2022	24,125,000
Options (\$0.25 exercise, expiring 28 September 2024)	5,000,000
Options (\$0.30 exercise, expiring 28 September 2025 & escrowed to 28 September 2023)	8,000,000
	Following the quotation of the +securities the subject of this application, the issued capital of the entity will comprise: Note: the figures provided in the tablas in seclions 4-1 and 4.2 below are used to calculate the total matuet capitalisation of the entity published by ASX from time to lime- Please fiake surc you include in lhe relevant table each class of securiles issued by ff you have quoled CHESS Depository /rteres,s (CDls) issued over Wur securities, include them in the table in section 4.1 and include in the table in section 4.2 any secuities that do not have CDls issued over them (and therctore are not quoted on ASn. Resticted secuitiea should only be included in the table in section 4.1 if you are applying lo have them quoted because the escrcw peiod fot the secuities has exphed q is about to expire. Otherwise include them in the table in section 4.2.

Part 5 - Other Listing Rule requirements

The questions in this Pan should only be answercd if Wu are an ASX Listing (ASX Foreign Exefipt Listhgs and ASX Debt Listings do not need to complete this PaO and your response to Q2.1 is:

• 'Secufltrr'es issued under a diidend/distibution plan";

• "Securfrbs lssued under an employee incentive scheme that are not subject to a rastriction on transfer or that are to be suoted notwithstanding there is a restiction on transfef': ot

Note that if your rcsponse to Q2.1 is "Securities issued as paft of a transaction or transactions previously announced to the market in an Appendix 38", it is assumed that you will have provided the infomalion refeied to in this Paft in the Appendix 38

Question No.	Question	Answer
	"Are the +securities being issued under an exception in Listing Rule 7.2 and therefore the issue does not need any security holder approval under Listing Rule 7.1?	N/a

5.1a	Enter the number of the applicable exception in Listing Rule 7.2 Answer this question is your response to Q5.1 is 'Yes" Note this should be a number between 1 and 17.	N/a

5.1a.1	*Does the +dividend or distribution plan meet the requirement of listing rule 7.2 exception 4 that it does not impose a limit on participation? Anawer this question if your response to Q5. 7 ,i "yes" and your response to Q5.1a is "4". l,lote: Excepton 4 only applies where secutity holders arc able to elect to receive all of their dividend o. disttibution as secuitias. For example, Exception 4 would not apply in the fotlowing circumstances: 1) The enw has specified a dollar limit on the level of padicipation e.g. secuw holders can only pafticipate to a maximum value of \$x in rcspect of their entitlement, or 2) The entv has srycified a maximum number of secun'ties that can patlicipate in the plan e-g- secuity holders can only receive secuitie\$ in lieu of dividend payable for x number of secuities.	N/a
5.2	*Has the entity obtained, or is it obtaining, +security holder approval for the issue under listing rule 7 .1? Answer this question if ff,e resporse to Q5 7 ls 'No'l	N/a
	*Date of meeting or proposed meeting to approve the issue under listing rule 7.1 Ansvtet this question if the response to Q5.1 is "No" and the response to Q5.2 is "Yes".	N/a
5.2b	*Are any of the +securities being issued without +security holder approval using the entity's 15% placement capacity under listing rule 7.1? Answet this question if the response to Q5.1 is "No" and the response to Q52 is "No'.	N/a
5.2b.1	How many +securities are being issued without +security holder approval using the entity's 15% placement capacity under listing rule 7.1? Answer this question if the response to Q5.1 is "No", the response to Q5.2 is "No" and the response to Q5.2b ,s 'Yes'i lf the response to Q5-2b is "Yes", please complete and separately send by email to your ASX listings compliance advi\$er a wo Sheet in the form of Annexure B to Guidance Note 21 conlirming the entity has the available capacity under listing rule 7.1 to issue that nufiber of secuities.	N/a
5.2c	*Are any of the +securities being issued without +security holder approval using the entity's additional 1070 placement capacity under listing rule 7.1A (if applicable)? Answer this question if the response to Q5.1 is "No" and the response to Q5.2 is "No"-	nla

5.2c.1	*How many +Securities are being issued without +security holder approval using the entity's additional '10% placement capacity under listing rule 7.1A?	N/a
	Answet this qtEstion if the response to Q5-1 is "No", t e response fo Q52 rs "No" and the rcsponse to Q5.2c ls "Yes'l
	/fthe responsa to Q5-2c is"Yes", please complela and separately send by enail to your ASX listings compliance adviser a wotu sheet in the fom of Annexure C to Guidance Note 21 contiming the enlity has the available capacity under lbting rule 7.14 to issue that number of secuities.

lntroduced 01/12l'19; a mended 31n12O: O5/06t21