EASTERN RESOURCES LIMITED — Share Issue/Capital Change 2021

Dec 9, 2021

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

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Announcement Summary

Entity name

EASTERN IRON LIMITED

Date of this announcement

Friday December 10, 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	Options exercisable at $0.04 expiring 30	25,000,000	10/12/2021
to be confirmed	September 2023

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

EASTERN IRON 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

70126678037

1.3 ASX issuer code

EFE

1.4 The announcement is

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New announcement

1.5 Date of this announcement

10/12/2021

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

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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

Options exercisable at $0.04 expiring 30 September 2023

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

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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

New +securities ASX +security code +Security description New class - code to be confirmed Options exercisable at $0.04 expiring 30 September 2023 +Security type ISIN code Options Date the +securities the subject of this notification were issued 10/12/2021 Will all the +securities issued in this class rank equally in all respects from their issue date? Yes Have you received confirmation from ASX that the terms of the +securities are appropriate and equitable under listing rule 6.1? No Please provide a URL link for a document lodged with ASX setting out the material terms of the +securities being issued. https://www.asx.com.au/asxpdf/20210917/pdf/450lg4b4pml1cr.pdf https://www.asx.com.au/asxpdf/20210917/pdf/450lg2b5zvybwm.pdf Options Details +Security currency Exercise price Expiry date AUD - Australian Dollar AUD 0.04000000 30/9/2023 Details of the existing class of +security that will be issued upon exercise or conversion of this new class of company option Other Description EFE: ORDINARY FULLY PAID Any other information the entity wishes to provide about the +securities the subject of this notification

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

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Please provide any further information needed to understand the circumstances in which you are notifying the issue of these +securities to ASX, including why the issue of the +securities has not been previously announced to the market in an Appendix 3B

The issue of securities was previously announced to the market on an ASX Appendix 3B on 17 September 2021.

Issue details Number of +securities 25,000,000 Were the +securities issued for a cash consideration? No Please describe the consideration being provided for the +securities Part fees paid to Lead Manager for a placement of shares to sophisticated investors. Purpose of the issue To pay for services rendered Additional Details

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

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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
EFE : ORDINARY FULLY PAID	928,455,916
EFEOA : OPTION EXPIRING 31-JAN-2023	165,549,025

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
EFEAU : OPTION EXPIRING 12-MAY-2023 EX $0.0142	16,000,000
New class - code to be confirmed : Options exercisable at $0.04 expiring 30 September	25,000,000
2023

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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

7/12/2021

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