Future Metals NL — Capital/Financing Update 2021

Jun 17, 2021

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STATEMENT OF CONFIRMATIONS

Future Metals NL (formerly named Red Emperor Resources NL) (ACN 124 734 961) (ASX: FME ) ( Company ) provides the following confirmations for release to the market. Defined terms used in this announcement have the same meaning as in the Company’s prospectus dated 18 May 2021 ( Prospectus ) unless otherwise indicated.

Completion of Public Offer

The Company confirms that the conditions of the public offer under the Prospectus and supplementary prospectus dated 28 May 2021 ( Public Offer ) have been satisfied, and that the Company has issued 100,000,000 fully paid ordinary shares ( Shares ) at an issue price of $0.10 each under the Public Offer.

Completion of Additional Offers

The Company confirms that the conditions to the offers of:

• 175,000,000 Shares and 87,500,000 options exercisable at $0.10 each on or before the date that is three (3) years after the date of issue (which issue date was 11 June 2021) ( Vendor Options ) to the vendors of the issued capital of Great Northern Palladium Pty Ltd ( GNP ) (the Vendor Offers ); and

• 22,000,000 Performance Rights to the Directors of the Company (or their nominees) ( Performance Rights Offer )

(together, the Additional Offers ) under the Prospectus have been satisfied, and that the Company has issued all securities under the Additional Offers.

Completion of Acquisition of GNP

The Company confirms satisfaction of the conditions precedent to, and completion of, the Acquisition Agreement, including payment of the consideration by way of the issue of the securities under the Vendor Offers. GNP is now a 100% subsidiary of the Company.

No legal, regulatory, statutory, or contractual impediments to expenditure

The Company confirms there are no legal, regulatory, statutory or contractual impediments to the Company entering and carrying out exploration activities on the Panton PGM Project tenements such that it will be able to spend its cash in accordance with its commitments disclosed in the Prospectus for the purposes of Listing Rule 1.3.2(b).

Pro forma Statement of Financial Position

The maximum and minimum subscription under the Public Offer was $10,000,000 and the Company raised that amount. The pro forma Statement of Financial Position in the Independent Limited Assurance Report in Annexure 1 of the Supplementary Prospectus is based on the raising of $10,000,000, and there are no material changes to the adjustments on which the pro forma Statement of Financial Position is based.

Future Metals NL

Level 1, 35 Richardson Street West Perth, WA, 6005

T: +61 8 9480 0414

E: info@future-metals.com.au | W: https://future-metals.com.au