EMETALS LIMITED — Capital/Financing Update 2015

Jun 1, 2015

Rule 2.7, 3.10.3, 3.10.4, 3.10.5

Appendix 3B

New issue announcement, application for quotation of additional securities and agreement

Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX's property and may be made public.

Introduced 1/7/96. Origin: Appendix 5. Amended 1/7/98, 1/9/99, 1/7/2000, 30/9/2001, 11/3/2002, 1/1/2003, 24/10/2005.

Name of entity	West Peak Iron Limited
ACN	142 411 390

We (the entity) give ASX the following information.

Part 1 - All issues

You must complete the relevant sections (attach sheets if there is not enough space).

1. +Class of +securities issued or to be issued
   Fully Paid Ordinary Shares

2. Number of +securities issued or to be issued (if known) or maximum number which may be issued
   99,828,400

3. Principal terms of the +securities (eg, if options, exercise price and expiry date; if partly paid +securities, the amount outstanding and due dates for payment; if +convertible securities, the conversion price and dates for conversion)
   Fully Paid Ordinary Shares

4. Do the +securities rank equally in all respects from the date of allotment with an existing +class of quoted +securities?
   Yes, rank equally with existing quotes shares

If the additional securities do not rank equally, please state:
- the date from which they do
- the extent to which they participate for the next dividend, (in the case of a trust, distribution) or interest payment
- the extent to which they do not rank equally, other than in relation to the next dividend, distribution or interest payment

1. Issue price or consideration
   $0.01

2. Purpose of the issue (If issued as consideration for the acquisition of assets, clearly identify those assets)
   The funds raised from the entitlement issue will be used for repayment of debt, business/project evaluation, maintenance of the Company's existing Liberian assets, expenses of the offer and for general working capital.

3. See chapter 19 for defined terms.

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6a Is the entity an +eligible entity that has obtained security holder approval under rule 7.1A?
If Yes, complete sections 6b – 6h in relation to the +securities the subject of this Appendix 3B, and comply with section 6i
Yes

6b The date the security holder resolution under rule 7.1A was passed
At the Company's Annual General Meeting held on 28 November 2014

6c Number of +securities issued without security holder approval under rule 7.1
N/A

6d Number of +securities issued with security holder approval under rule 7.1A
N/A

6e Number of +securities issued with security holder approval under rule 7.3, or another specific security holder approval (specify date of meeting)
N/A

6f Number of securities issued under an exception in rule 7.2
99,828,400

6g If securities issued under rule 7.1A, was issue price at least 75% of 15 day VWAP as calculated under rule 7.1A.3? Include the issue date and both values. Include the source of the VWAP calculation.
N/A

6h If securities were issued under rule 7.1A for non-cash consideration, state date on which valuation of consideration was released to ASX Market Announcements
N/A

6i Calculate the entity's remaining issue capacity under rule 7.1 and rule 7.1A – complete Annexure 1 and release to ASX Market Announcements
Remaining Issue Capacity under Rule 7.1
14,974,260 Shares
Remaining Issue Capacity under Rule 7.1A
9,982,840 Shares

7 Dates of entering +securities into uncertificated holdings or despatch of certificates
30 June 2015

8 Current Number and +class of all +securities quoted on ASX
| Number | Class |
| --- | --- |
| 199,656,800 | Fully Paid Ordinary Shares |

9 Number and +class of all +securities not quoted on ASX (including the securities in clause 2 if applicable)
| Number | Class |
| --- | --- |
| N/A | N/A |

10 Dividend policy (in the case of a trust, distribution policy) on the increased capital (interests)
Not Applicable

• See chapter 19 for defined terms.

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Part 2 - Bonus issue or pro rata issue

Questions 11 to 33 are not applicable

11	Is security holder approval required?	No
12	Is the issue renounceable or non-renounceable?	Non-renounceable
13	Ratio in which the +securities will be offered	1 for 1
14	+Class of +securities to which the offer relates	Fully Paid Ordinary Shares
15	+Record date to determine entitlements	10 June 2015
16	Will holdings on different registers (or subregisters) be aggregated for calculating entitlements?	No
17	Policy for deciding entitlements in relation to fractions	Not applicable (no rounding on a 1:1 issue)
18	Names of countries in which the entity has security holders who will not be sent new offer documents
Note: Security holders must be told how their entitlements are to be dealt with.
Cross reference: rule 7.7.	USA, Singapore, Malaysia
19	Closing date for receipt of acceptances or renunciations	23 June 2015
20	Names of any underwriters	Cicero Advisory Services Pty Ltd
21	Amount of any underwriting fee or commission	6% (excluding GST) of the amount underwritten ($59,897 excluding GST)
22	Names of any brokers to the issue	N/A
23	Fee or commission payable to the broker to the issue	N/A
24	Amount of any handling fee payable to brokers who lodge acceptances or renunciations on behalf of security holders	N/A
25	If the issue is contingent on security holders' approval, the date of the meeting	N/A

• See chapter 19 for defined terms.

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• See chapter 19 for defined terms.

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26 Date entitlement and acceptance form and offer documents will be sent to persons entitled
12 June 2015

27 If the entity has issued options, and the terms entitle option holders to participate on exercise, the date on which notices will be sent to option holders
N/A

28 Date rights trading will begin (if applicable)
N/A

29 Date rights trading will end (if applicable)
N/A

30 How do security holders sell their entitlements in full through a broker?
N/A

31 How do security holders sell part of their entitlements through a broker and accept for the balance?
N/A

32 How do security holders dispose of their entitlements (except by sale through a broker)?
N/A

33 +Issue date
30 June 2015

Part 3 - Quotation of securities

You need only complete this section if you are applying for quotation of securities

34 Type of securities (tick one)

(a) ☑ Securities described in Part 1
(b) ☐ All other securities

Example: Restricted securities at the end of the escrowed period, Partly paid securities that become fully paid, Employee incentive share securities when restriction ends and Securities issued on expiry or conversion of convertible securities

Questions 35 to 42 not applicable

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Quotation agreement

1. +Quotation of our additional +securities is in ASX's absolute discretion. ASX may quote the +securities on any conditions it decides.

2. We warrant the following to ASX.

3. The issue of the +securities to be quoted complies with the law and is not for an illegal purpose.

4. There is no reason why those +securities should not be granted +quotation.
5. An offer of the +securities for sale within 12 months after their issue will not require disclosure under section 707(3) or section 1012C(6) of the Corporations Act.

Note: An entity may need to obtain appropriate warranties from subscribers for the securities in order to be able to give this warranty.

• Section 724 or section 1016E of the Corporations Act does not apply to any applications received by us in relation to any +securities to be quoted and that no-one has any right to return any +securities to be quoted under sections 737, 738 or 1016F of the Corporations Act at the time that we request that the +securities be quoted.

• If we are a trust, we warrant that no person has the right to return the +securities to be quoted under section 1019B of the Corporations Act at the time that we request that the +securities be quoted.

• We will indemnify ASX to the fullest extent permitted by law in respect of any claim, action or expense arising from or connected with any breach of the warranties in this agreement.

• We give ASX the information and documents required by this form. If any information or document not available now, will give it to ASX before +quotation of the +securities begins. We acknowledge that ASX is relying on the information and documents. We warrant that they are (will be) true and complete.

Sign here:

Date: 2 June 2015

Print name: Sonu Cheema
Company Secretary

• See chapter 19 for defined terms.
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Appendix 3B – Annexure 1

Calculation of placement capacity under rule 7.1 and rule 7.1A for *eligible entities

Introduced 01/08/12

Part 1

Rule 7.1 – Issues exceeding 15% of capital
Step 1: Calculate “A”, the base figure from which the placement capacity is calculated
Insert number of fully paid ordinary securities on issue 12 months before date of issue or agreement to issue	99,828,400
Add the following:
• Number of fully paid ordinary securities issued in that 12 month period under an exception in rule 7.2
• Number of fully paid ordinary securities issued in that 12 month period with shareholder approval
• Number of partly paid ordinary securities that became fully paid in that 12 month period

Note:
• Include only ordinary securities here – other classes of equity securities cannot be added
• Include here (if applicable) the securities the subject of the Appendix 3B to which this form is annexed
• It may be useful to set out issues of securities on different dates as separate line items | N/A |
| Subtract the number of fully paid ordinary securities cancelled during that 12 month period | N/A |
| “A” | 99,828,400 |

• See chapter 19 for defined terms.

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Step 2: Calculate 15% of “A”
“B”	0.15
[Note: this value cannot be changed]
Multiply “A” by 0.15	14,974,260
Step 3: Calculate “C”, the amount of placement capacity under rule 7.1 that has already been used
Insert number of equity securities issued or agreed to be issued in that 12 month period not counting those issued:
• Under an exception in rule 7.2
• Under rule 7.1A
• With security holder approval under rule 7.1 or rule 7.4
Note:
• This applies to equity securities, unless specifically excluded – not just ordinary securities
• Include here (if applicable) the securities the subject of the Appendix 3B to which this form is annexed
• It may be useful to set out issues of securities on different dates as separate line items	N/A
“C”	Nil
Step 4: Subtract “C” from [“A” x “B”] to calculate remaining placement capacity under rule 7.1
“A” x 0.15
Note: number must be same as shown in Step 2	14,974,260
Subtract “C”
Note: number must be same as shown in Step 3	Nil
Total [“A” x 0.15] – “C”	14,974,260
[Note: this is the remaining placement capacity under rule 7.1]

• See chapter 19 for defined terms.

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Part 2

Rule 7.1A – Additional placement capacity for eligible entities
Step 1: Calculate “A”, the base figure from which the placement capacity is calculated
“A”
Note: number must be same as shown in Step 1 of Part 1	99,828,400
Step 2: Calculate 10% of “A”
“D”	0.10
Note: this value cannot be changed
Multiply “A” by 0.10	9,982,840
Step 3: Calculate “E”, the amount of placement capacity under rule 7.1A that has already been used
Insert number of equity securities issued or agreed to be issued in that 12 month period under rule 7.1A
Notes:
• This applies to equity securities – not just ordinary securities
• Include here – if applicable – the securities the subject of the Appendix 3B to which this form is annexed
• Do not include equity securities issued under rule 7.1 (they must be dealt with in Part 1), or for which specific security holder approval has been obtained
• It may be useful to set out issues of securities on different dates as separate line items	N/A
“E”	NIL

• See chapter 19 for defined terms.

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Step 4: Subtract “E” from [“A” x “D”] to calculate remaining placement capacity under rule 7.1A
“A” x 0.10
Note: number must be same as shown in Step 2	9,982,840
Subtract “E”
Note: number must be same as shown in Step 3	NIL
Total [“A” x 0.10] – “E”	9,982,840
Note: this is the remaining placement capacity under rule 7.1A

• See chapter 19 for defined terms.

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