DESERT METALS LIMITED — Share Issue/Capital Change 2021

Nov 29, 2021

Notification of Issue, Conversion or Payment up of Unquoted Equity Securities

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Announcement Summary

Entity name

DESERT METALS LIMITED

Date of this announcement

Tuesday November 30, 2021

The +securities the subject of this notification are: Other

Total number of +securities to be issued/transferred

		Total number of
ASX +security		+securities to be
code	Security description	issued/transferred	Issue date
New class - code	Unquoted Option expiring 30 November 2024	800,000	30/11/2021
to be confirmed	excercisable $0.60

Refer to next page for full details of the announcement

Notification of Issue, Conversion or Payment up of Unquoted E it S iti

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Notification of Issue, Conversion or Payment up of Unquoted Equity Securities

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Part 1 - Entity and announcement details

1.1 Name of entity

DESERT METALS LIMITED

We (the entity named above) give notice of the issue, conversion or payment up of the following unquoted +securities.

1.2 Registered number type

ABN

Registration number

84617947172

1.3 ASX issuer code

DM1

1.4 The announcement is

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New announcement

1.5 Date of this announcement

30/11/2021

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Part 2 - Issue details

2.1 The +securities the subject of this notification are:

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Other

Please specify

Issue of director options as approved at Compnay AGM 30 November 2021

2.2a This notification is given in relation to an issue of +securities in a class which is not quoted on ASX and which:

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does not have an existing ASX security code ("new class")

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Part 3C - number and type of +securities the subject of this notification (new class) where issue has not previously been notified to ASX in an Appendix 3B

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----- Start of picture text ----- New +securitiesASX +security code +Security descriptionNew class - code to be confirmed Unquoted Option expiring 30 November 2024 excercisable$0.60+Security type ISIN codeOptionsDate the +securities the subject of this notification were issued30/11/2021Will all the +securities issued in this class rank equally in all respects from their issue date?YesHave you received confirmation from ASX that the terms of the +securities are appropriate and equitable underlisting rule 6.1?NoPlease provide a URL link for a document lodged with ASX setting out the material terms of the +securities beingissued.https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02444007-6A1059550?access_token=83ff96335c2d45a094df02a206a39ff4Options Details+Security currency Exercise price Expiry dateAUD - Australian Dollar AUD 0.60000000 30/11/2024Details of the existing class of +security that will be issued upon exercise or conversion of this new class ofcompany optionOtherDescriptionUnquoted Option expiring 30 November 2024 excercisable $0.60Any other information the entity wishes to provide about the +securities the subject of this notificationPlease provide any further information needed to understand the circumstances in which you are notifying theissue of these +securities to ASX, including why the issue of the +securities has not been previously announced to----- End of picture text -----

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the market in an Appendix 3B

Option Issue to Director Keith Murray, subject to shareholder approval at Company's AGM (held today)

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----- Start of picture text ----- Issue detailsNumber of +securities800,000Were the +securities issued for a cash consideration?NoPlease describe the consideration being provided for the +securitiesDirector Incentive OptionsPurpose of the issueOtherAdditional DetailsPlease refer to the detailed information provided in the 2021 Notice of Annual General Meeting----- End of picture text -----

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Part 4 - +Securities on issue

Following the issue, conversion or payment up of the +securities the subject of this application, the +securities of the entity will comprise:

(A discrepancy in these figures compared to your own may be due to a matter of timing if there is more than one application for quotation/issuance currently with ASX for processing.)

4.1 Quoted +Securities (Total number of each +class of +securities quoted)

		Total number of
ASX	+security code and description	+securities on issue
DM1	: ORDINARY FULLY PAID	39,810,000

4.2 Unquoted +Securities (Total number of each +class of +securities issued but not quoted on ASX)

	Total number of
ASX +security code and description	+securities on issue
DM1AB : ORDINARY FULLY PAID RESTRICTED	15,190,000
DM1AC : OPTION EXPIRING 30-OCT-2023 RESTRICTED	10,650,000
DM1AD : OPTION EXPIRING 16-DEC-2023 RESTRICTED	1,650,000
New class - code to be confirmed : Unquoted Option expiring 30 November 2024	800,000
excercisable $0.60

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Part 5 - Other Listing Rule requirements

5.1 Were the +securities issued under an exception in Listing Rule 7.2 and therefore the issue did not need any security holder approval under Listing Rule 7.1? No

5.2 Has the entity obtained, or is it obtaining, +security holder approval for the issue under listing rule 7.1? Yes

5.2a Date of meeting or proposed meeting to approve the issue under listing rule 7.1

30/11/2021

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