DUNDAS MINERALS LIMITED — Capital/Financing Update 2021

Nov 7, 2021

Dundas Minerals

STATEMENT OF CONFIRMATIONS

Dundas Minerals Limited (ACN 640 432 819) ( Company ) provides the following confirmations to satisfy conditions for the admission of the Company’s securities to quotation on ASX.

Capitalised terms set out in this announcement have the same meaning as set out in the Prospectus.

Confirmations of the Offer and issue of securities

The Company confirms that the Offer under the Company’s prospectus dated 17 September 2021 has closed and on 2 November 2021 the Company has completed the issue of:

• (a) 30,000,000 Shares under the Offer to raise $6,000,000;

• (b) 375,000 Shares to the Lead Manager (or its nominee/s); and

• (c) 3,000,000 Shares to the Lead Manager (or its nominee/s).

Updated Pro-Forma Statement of Financial Position

The following updated pro-forma statement of financial position for the Company based on actual funds raised of $6,000,000 under the Prospectus:

	As at 30 June 2021	Pro-forma as at 30 June 2021
Current Assets
Cash and cash equivalents	897,247	5,685,598
Trade and other receivables	28,021	34,612
Prepaid Expenses	62,877	-
Deposits	22,475	22,475
Total Current Assets	1,010,620	5,742,685
Non-Current Assets
Property, plant and equipment	97,625	97,625
Right-of- use assets	63,805	60,069
Exploration and evaluation expenditure	119,834	574,728
SecurityDeposit	9,142	9,142
Total Non-Current Assets	290,406	741,564
TOTAL ASSETS	1,301,026	6,484,249
Current Liabilities
Trade and otherpayables	23,767	17,463
Lease liabilities	22,714	22,714
Other liabilities	-	-
Provisions	2,481	4,962
TOTAL CURRENT LIABILITIES	48,962	45,139
Non-Current Liabilities
Lease liabilities(non- current)	41,091	37,355
Loan – vehicle	60,000	58,000
Convertible shareholder loans	106,015	-
Total Non-Current Liabilities	207,106	95,355
TOTAL LIABILITIES	256,068	140,494
NET ASSETS(LI ABILITIES)	1,044,958	6,343,755
Equity
Contributed equity (net of share issue costs)	1,085,501	6,635,500
Reserves	336,623	336,623
Accumulate dprofits/(losses)	(377,166)	(628,368)
TOTAL EQUITY	1,044,958	6,343,755

Statement of Commitments

The Company intends to apply the funds raised from the Offer (being $6,000,0000) over the next two (2) years as follows.

Funds available	Use of funds	Percentage of funds
Existing cash reserves1	$356,196	5.60%
Funds raised from the Offer	$6,000,000	94.40%
Total	$6,356,196	100%
Allocation of funds
Exploration at the Dundas Project	$3,986,000	62.72%
Exploration at Triton	$70,000	1.10%
Expenses of the Offer	$670,600	10.55%
Administration costs2	$998,000	15.70%
Working capital5	$631,005	9.93%
Total	$6,355,605	100%

Notes:

1. The Company intends to apply these funds towards the purposes set out in this table, including the payment of the expenses of the Offer of which various amounts will be payable prior to completion of the Offer.

2. Administration costs include the general costs associated with the management and operation of the Company’s business including administration expenses, management salaries, directors’ fees, rent and other associated costs.

3. To the extent that:

4. (a) the Company’s exploration activities warrant further exploration activities; or

5. (b) the Company is presented with additional acquisition opportunities,

the Company’s working capital will fund such further exploration and acquisition costs (including due diligence investigations and expert’s fees in relation to such acquisitions). Any amounts not so expended will be applied toward administration costs for the period following the initial 2-year period following the Company’s quotation on ASX.

Exploration Activities

The Company confirms there are no legal, regulatory, statutory or contractual impediments to the Company entering the sites associated with the Tenements and carrying out exploration activities such that the Company will be able to spend its cash in accordance with its commitments set out above, for the purposes of Listing Rule 1.3.2(b).

Exploration Licence Acquisition Agreement

The Company confirms that the binding option agreement with Golden Camel Mining Pty Ltd (ACN 601 751 482) remains in full effect, and that there have been no material changes to the agreement. Exploration Licence E63/2063 is currently still in the application phase, and has not yet progressed to grant.

Tenement Applications Update

The table below sets out the current status of Tenements applications at the date of the Prospectus.

Tenement	Type	Status	Holder	Address	Grant Date
					(Application Date)
E 63/2059	Exploration	Pending	Dundas Minerals	89 Hensman Road, Subiaco, WA,	(14/08/2020)
	Licence		Limited	6008
E 63/2063	Exploration	Pending	Golden Camel	89 Hensman Road, Subiaco, WA,	(31/08/2020)
	Licence		Mining Pty Ltd	6008
E 63/2078	Exploration	Live	Dundas Minerals	89 Hensman Road, Subiaco, WA,	17/09/2021
	Licence		Limited	6008
E 63/2083	Exploration	Live	Dundas Minerals	89 Hensman Road, Subiaco, WA,	5/10/2021
	Licence		Limited	6008
E 63/2084	Exploration	Pending	Dundas Minerals	89 Hensman Road, Subiaco, WA,	(25/02/2021)
	Licence		Limited	6008
E 63/2090	Exploration	Pending	Dundas Minerals	89 Hensman Road, Subiaco, WA,	(08/04/2021)
	Licence		Limited	6008
E 63/2116	Exploration	Pending	Dundas Minerals	89 Hensman Road, Subiaco, WA,	(10/06/2021)
	Licence		Limited	6008
E 63/2124	Exploration	Pending	Dundas Minerals	89 Hensman Road, Subiaco, WA,	(23/06/2021)
	Licence		Limited	6008

CAPITAL STRUCTURE

Set out below is the Company's capital structure from the date of listing:

Security	Number
Shares	60,180,216
Options1	13,000,000

Notes :

1. Comprising of:

2. (a) 1,000,000 Options exercisable at $0.25 on or before 10 November 2026.

3. (b) 1,000,000 Options exercisable at $0.30 on or before 10 November 2026.

4. (c) 2,000,000 Options exercisable at $0.25 on or before 1 July 2024.

5. (d) 2,000,000 Options exercisable at $0.30 on or before 1 July 2024.

6. (e) 2,000,000 Options exercisable at $0.25 on or before 1 July 2026.

7. (f) 2,000,000 Options exercisable at $0.30 on or before 2 July 2026.

8. (g) 3,000,000 Options exercisable at $0.30 on or before 3 November 2024.

RESTRICTED SECURITIES

The following securities are subject to ASX imposed escrow:

Security	Number	Restriction Period
Shares	21,444,657	Expiring 10 November 2023
Options1	5,000,000	Expiring 10 November 2023
Shares	500,000	Expiring on 19 April 2022
Shares	662,271	Expiring on 14 May 2022
Shares	1,148,922	Expiring on 4 June 2022
Shares	85,714	Expiring on 2 August 2022
Shares	150,000	Expiring on 3 August 2022
Shares	75,000	Expiring on 6 August 2022
Options2	8,000,000	Expiring on 4 June 2022

Notes :

1. Comprising:

2. (a) 1,000,000 Options exercisable at $0.25 on or before 10 November 2026.

3. (b) 1,000,000 Options exercisable at $0.30 on or before 10 November 2026.

4. (c) 3,000,000 Options exercisable at $0.30 on or before 3 November 2024.

5. Comprising of:

6. (a) 2,000,000 Options exercisable at $0.25 on or before 1 July 2024.

7. (b) 2,000,000 Options exercisable at $0.30 on or before 1 July 2024.

8. (c) 2,000,000 Options exercisable at $0.25 on or before 1 July 2026.

9. (d) 2,000,000 Options exercisable at $0.30 on or before 2 July 2026.

For further information, please contact:

Shane Volk Managing Director and Company Secretary + 61 0 457 024 143 s.volk@dundasminerals.com

Authorised for release by the board of Dundas Minerals Limited