EVOLUTION ENERGY MINERALS LIMITED — Capital/Financing Update 2022

Mar 13, 2022

Proposed issue of securities

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Announcement Summary

Entity name

EVOLUTION ENERGY MINERALS LIMITED

Announcement Type

New announcement

Date of this announcement

14/3/2022

The Proposed issue is:

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A placement or other type of issue

Total number of +securities proposed to be issued for a placement or other type of issue

		Maximum Number of
ASX +security code	+Security description	+securities to be issued
New class-code to be	Unquoted options	3,000,000
confirmed

Proposed +issue date

22/11/2022

Refer to next page for full details of the announcement

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Part 1 - Entity and announcement details

1.1 Name of +Entity

EVOLUTION ENERGY MINERALS LIMITED

We (the entity named above) give ASX the following information about a proposed issue of +securities and, if ASX agrees to +quote any of the +securities (including any rights) on a +deferred settlement basis, we agree to the matters set out in Appendix 3B of the ASX Listing Rules.

If the +securities are being offered under a +disclosure document or +PDS and are intended to be quoted on ASX, we also apply for quotation of all of the +securities that may be issued under the +disclosure document or +PDS on the terms set out in Appendix 2A of the ASX Listing Rules (on the understanding that once the final number of +securities issued under the +disclosure document or +PDS is known, in accordance with Listing Rule 3.10.3C, we will complete and lodge with ASX an Appendix 2A online form notifying ASX of their issue and applying for their quotation).

1.2 Registered Number Type

ACN

Registration Number

648703548

1.3 ASX issuer code

EV1

1.4 The announcement is

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New announcement

1.5 Date of this announcement

14/3/2022

1.6 The Proposed issue is:

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A placement or other type of issue

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Part 7 - Details of proposed placement or other issue

Part 7A - Conditions

7A.1 Do any external approvals need to be obtained or other conditions satisfied before the placement or other type of issue can proceed on an unconditional basis? Yes

7A.1a Conditions

Approval/Condition Date for determination Is the date estimated or ** Approval actual? received/condition met? +Security holder approval 22/11/2022 Estimated No

Comments

Unless the Company holds a general meeting prior to its annual general meeting, security holder approval of the proposed issue of securities will be sought at the annual general meeting, which is expected to be held in November 2022.

Part 7B - Issue details

Is the proposed security a 'New Will the proposed issue of this class' (+securities in a class that is +security include an offer of not yet quoted or recorded by ASX) attaching +securities? or an 'Existing class' (additional No securities in a class that is already quoted or recorded by ASX)? New class

Details of +securities proposed to be issued

ISIN Code (if Issuer is a foreign company and +securities are non CDIs)

Have you received confirmation from Will the entity be seeking quotation ASX that the terms of the proposed of the 'new' class of +securities on +securities are appropriate and ASX? equitable under listing rule 6.1? No No ASX +security code +Security description New class-code to be confirmed Unquoted options

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+Security type

Options

Number of +securities proposed to be issued

3,000,000

Offer price details

Are the +securities proposed to be issued being issued for a cash consideration? No

Please describe the consideration being provided for the +securities

Provision of executive services - the options are subject to vesting conditions related to continuous service, commencement of construction of the Chilalo project and share price performance.

Please provide an estimate of the AUD equivalent of the consideration being provided for the +securities

1,365,000.000000

Will all the +securities issued in this class rank equally in all respects from their issue date?

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Yes

Options details

+Security currency Exercise price Expiry date AUD - Australian Dollar AUD 0.0000 23/11/2025

Details of the type of +security that will be issued if the option is exercised

EV1 : ORDINARY FULLY PAID

Number of securities that will be issued if the option is exercised

Up to a maximum of 3,000,000

Please provide a URL link for a document lodged with ASX setting out the material terms of the +securities proposed to be issued or provide the information by separate announcement.

The notice of meeting, which will contain the key terms of the options has not yet been prepared. A copy of the Company's option plan under which the options are proposed to be issued is available at the following url link: https://www - .investi.com.au/api/announcements/ev1/5b4bce98 906.pdf

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Part 7C - Timetable

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7C.1 Proposed +issue date

22/11/2022 Part 7D - Listing Rule requirements 7D.1 Has the entity obtained, or is it obtaining, +security holder approval for the entire issue under listing rule 7.1? No 7D.1b Are any of the +securities proposed to be issued without +security holder approval using the entity's 15% placement capacity under listing rule 7.1? No 7D.1c Are any of the +securities proposed to be issued without +security holder approval using the entity's additional 10% placement capacity under listing rule 7.1A (if applicable)? No 7D.2 Is a party referred to in listing rule 10.11 participating in the proposed issue? Yes 7D.3 Will any of the +securities to be issued be +restricted securities for the purposes of the listing rules? No 7D.4 Will any of the +securities to be issued be subject to +voluntary escrow? No Part 7E - Fees and expenses 7E.1 Will there be a lead manager or broker to the proposed issue? No 7E.2 Is the proposed issue to be underwritten? No

7E.4 Details of any other material fees or costs to be incurred by the entity in connection with the proposed issue Not applicable

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Part 7F - Further Information

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7F.01 The purpose(s) for which the entity is issuing the securities

As incentives for the Managing Director, pursuant to his appointment in January 2022

7F.1 Will the entity be changing its dividend/distribution policy if the proposed issue proceeds? No

7F.2 Any other information the entity wishes to provide about the proposed issue

N/A

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