ECLIPSE METALS LIMITED. — Share Issue/Capital Change 2022

Jan 31, 2022

Application for quotation of +securities

==> picture [21 x 22] intentionally omitted <==

Announcement Summary

Entity name

ECLIPSE METALS LIMITED.

Announcement Type

New announcement

Date of this announcement

Tuesday February 01, 2022

The +securities to be quoted are:

+Securities issued, transferred or re-classified as a result of options being exercised or other +convertible securities being converted

Total number of +securities to be quoted

ASX +security		Number of +securities to
code	Security description	be quoted	Issue date
EPM	ORDINARY FULLY PAID	6,750,000	01/02/2022

Refer to next page for full details of the announcement

Application for quotation of +securities

1 / 6

Application for quotation of +securities

==> picture [21 x 22] intentionally omitted <==

Part 1 - Entity and announcement details

1.1 Name of entity

ECLIPSE METALS LIMITED.

We (the entity named above) apply for +quotation of the following +securities and agree to the matters set out in Appendix 2A of the ASX Listing Rules.

1.2 Registered number type

ACN

Registration number

142366541

1.3 ASX issuer code

EPM

1.4 The announcement is

==> picture [8 x 8] intentionally omitted <==

New announcement

1.5 Date of this announcement

1/2/2022

Application for quotation of +securities

2 / 6

Application for quotation of +securities

Part 2 - Type of Issue

==> picture [21 x 22] intentionally omitted <==

2.1 The +securities to be quoted are:

+Securities issued, transferred or re-classified as a result of options being exercised or other +convertible securities being converted

2.2 The +securities to be quoted are:

==> picture [8 x 8] intentionally omitted <==

Additional +securities in a class that is already quoted on ASX ("existing class")

Application for quotation of +securities

3 / 6

Application for quotation of +securities

==> picture [21 x 22] intentionally omitted <==

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

Existing +securities converting into additional +securities in an existing class

FROM (Existing Class) ASX +security code and description EPMAQ : CLASS B PERFORMANCE RIGHTS 04-JUN-2024 EX NIL

TO (Existing Class) ASX +security code and description

EPM : ORDINARY FULLY PAID

Please state the number of options	The first date the options were	The last date the options were
that were exercised or other	exercised or other +convertible	exercised or other +convertible
+convertible securities that were	securities were converted	securities were converted
converted	31/1/2022	1/2/2022
6,750,000

Is 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)? Yes

The right of the holder of the options or other +convertible securities to receive the +underlying securities is being satisfied by:

==> picture [9 x 9] intentionally omitted <==

An issue of new +securities

The underlying securities being received by the holder are: Intended to be, but are not yet, quoted by ASX

Were the options being exercised or other +convertible securities being converted issued under an +employee incentive scheme? Yes

Are any of the options being exercised or other +convertible securities being converted held by +key management personnel (KMP) or an +associate? Yes

Provide details of the KMP or +associates who are exercising options or converting convertible securities

		Number of options being exercised
		or other +convertible securities
Name of KMP	Name of registered holder	being converted
CARL POPAL	AIJO PTY LTD A/C>	2,500,000
RODNEY DALE	RODNEY DALE	1,000,000
IBRAR IDREES	ADVANCE ACCOUNT & BUSINESS ADVISORY SERVICES PTY LTD	1,000,000

Application for quotation of +securities

4 / 6

Application for quotation of +securities

==> picture [21 x 22] intentionally omitted <==

Issue date 1/2/2022

Will the +securities to be quoted rank equally in all respects from their issue date with the existing issued +securities in that class? Yes

Issue details Number of +securities to be quoted 6,750,000 Are the +securities being issued for a cash consideration? No Please describe the consideration being provided for the +securities Conversion of Class B Performance Rights. Vesting hurdle being the VWAP of the Company's shares trading on the ASX over 20 consecutive trading days being at least $0.05. Please provide an estimate (in AUD) of the value of the consideration being provided per +security for the +securities to be quoted 0.000001 Any other information the entity wishes to provide about the +securities to be quoted

Application for quotation of +securities

5 / 6

Application for quotation of +securities

==> picture [21 x 22] intentionally omitted <==

Part 4 - Issued capital following quotation

Following the quotation of the +securities the subject of this application, the issued capital 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 on ASX following the +quotation of the +securities subject of this application)

	Total number of
ASX +security code and description	+securities on issue
EPM : ORDINARY FULLY PAID	1,921,126,413

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
EPMAT : OPTION EXPIRING 17-SEP-2024 EX $0.05	190,976,469
EPMAA : OPTION EXPIRING 28-MAY-2024 EX $0.015	62,500,000
EPMAB : OPTION EXPIRING 28-MAY-2026 EX $0.05	32,500,000
EPMAP : CLASS A PERFORMANCE RIGHTS 04-JUN-2024 EX NIL	11,750,000
EPMAQ : CLASS B PERFORMANCE RIGHTS 04-JUN-2024 EX NIL	0
EPMAR : CLASS C PERFORMANCE RIGHTS 04-JUN-2024 EX NIL	6,750,000
EPMAS : CLASS D PERFORMANCE RIGHTS 04-JUN-2024 EX NIL	6,750,000

Application for quotation of +securities

6 / 6