FBR LTD — Capital/Financing Update 2026

May 6, 2026

Appendix 3B - Proposed issue of securities

Cancellation Summary

Entity name
FBR LTD

Announcement Type
Cancellation of previous announcement

Date of this announcement
7/5/2026

Reason for cancellation of previous announcement
Following completion of the Draw Down Pricing Period, the quantity of shares was adjusted to nil under the terms of the SSF

Refer to next page for full details of the announcement

Appendix 3B - Proposed issue of securities
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Appendix 3B - Proposed issue of securities

Part 1 - Entity and announcement details

1.1 Name of +Entity

FBR LTD

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

090000276

1.3 ASX issuer code

FBR

1.4 The announcement is

Cancellation of previous announcement

1.4c Reason for cancellation of previous announcement

Following completion of the Draw Down Pricing Period, the quantity of shares was adjusted to nil under the terms of the SSF

1.4d Date of previous announcement to this cancellation

20/3/2026

1.5 Date of this announcement

7/5/2026

1.6 The Proposed issue is:

A placement or other type of issue

Appendix 3B - Proposed issue of securities

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Appendix 3B - Proposed issue of securities

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?
No

Part 7B - Issue details

Is the proposed security a 'New class' (+securities in a class that is not yet quoted or recorded by ASX) or an 'Existing class' (additional securities in a class that is already quoted or recorded by ASX)?
Existing class

Will the proposed issue of this +security include an offer of attaching +securities?
No

Details of +securities proposed to be issued

ASX +security code and description
FBR : ORDINARY FULLY PAID

Number of +securities proposed to be issued
56,000,000

Offer price details
Are the +securities proposed to be issued being issued for a cash consideration?
Yes

In what currency is the cash consideration being paid?
AUD - Australian Dollar

What is the issue price per +security?
AUD 0.00360

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

Appendix 3B - Proposed issue of securities

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Appendix 3B - Proposed issue of securities

Part 7C - Timetable

7C.1 Proposed +issue date
22/4/2026

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)?
Yes

7D.1c (i) How many +securities are proposed to be issued without +security holder approval using the entity's additional 10% placement capacity under listing rule 7.1A?
56,000,000

7D.1c (ii) Please explain why the entity has chosen to do a placement rather than a +pro rata issue or an offer under a +security purchase plan in which existing ordinary +security holders would have been eligible to participate
FBR has recently completed an SPP and Share Subscription Facility to which this capital call relates is part of a larger funding strategy announced with the SPP

7D.2 Is a party referred to in listing rule 10.11 participating in the proposed issue?
No

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
A 6% fee is payable to Peak Asset Management on funds received by FBR pursuant to the capital call request

Part 7F - Further Information

7F.01 The purpose(s) for which the entity is issuing the securities
Pursuant to a capital call notice issued by FBR pursuant to its Share Subscription Facility with GEM announced on 6 August 2025 to provide funding for additional working capital

7F.1 Will the entity be changing its dividend/distribution policy if the proposed issue proceeds?

Appendix 3B - Proposed issue of securities

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Appendix 3B - Proposed issue of securities

No

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

The final quantity of shares issued and issue price will be determined at the end of the 15 trading days immediately following the date of this form. Further details of how this is determined are set out in the announcement on 6 August 2025

7F.3 Any on-sale of the +securities proposed to be issued within 12 months of their date of issue will comply with the secondary sale provisions in sections 707(3) and 1012C(6) of the Corporations Act by virtue of:

The publication of a cleansing notice under section 708A(5), 708AA(2)(f), 1012DA(5) or 1012DAA(2)(f)

Appendix 3B - Proposed issue of securities