GREAT DIVIDE MINING LTD — Capital/Financing Update 2025

Sep 3, 2025

Appendix 3B - Proposed issue of securities

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Announcement Summary

Entity name

GREAT DIVIDE MINING LTD

Announcement Type

New announcement

Date of this announcement

4/9/2025

The Proposed issue is:

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	$0.50 Unlisted Options	5,340,000
confirmed
New class-code to be	Unlisted Broker Options	2,300,000
confirmed
GDM	ORDINARY FULLY PAID	5,340,000

Proposed +issue date

28/11/2025

Refer to next page for full details of the announcement

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Appendix 3B - Proposed issue of securities

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Part 1 - Entity and announcement details

1.1 Name of +Entity

GREAT DIVIDE MINING 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

655868803

1.3 ASX issuer code

GDM

1.4 The announcement is

New announcement

1.5 Date of this announcement

4/9/2025

1.6 The Proposed issue is:

A placement or other type of issue

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Appendix 3B - Proposed issue of securities

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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 +Security holder approval 28/11/2025

Is the date estimated or ** Approval actual? received/condition met? Estimated No

Comments

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? Yes

Details of +securities proposed to be issued

ASX +security code and description

GDM : ORDINARY FULLY PAID

Number of +securities proposed to be issued

5,340,000

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

Conversion of Loan Note. Refer ASX announcement 4 September 2025.

Please provide an estimate of the AUD equivalent of the consideration being provided for the +securities 0.250000

Will these +securities rank equally in all respects from their issue date with

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Appendix 3B - Proposed issue of securities

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the existing issued +securities in that class?

Yes

Attaching +Security

Is the proposed attaching 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)? New class

Attaching +Security - New class (+securities in a class that is not yet quoted or recorded by ASX)

Details of attaching +securities proposed to be issued

ISIN Code (if Issuer is a foreign company and +securities do not have +CDIs issued over them)

Have you received confirmation from ASX that the terms	Will the entity be seeking quotation of the 'new' class of
of the proposed +securities are appropriate and	+securities on ASX?
equitable under listing rule 6.1?	No
No
ASX +security code	+Security description
New class-code to be confirmed	$0.50 Unlisted Options
+Security type
Options
Number of +securities proposed to be issued
5,340,000
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 Conversion of Loan Note. Refer ASX announcement 4 September 2025.
Please provide an estimate of the AUD equivalent of the consideration being provided for the +securities
0.000001
Will all the +securities issued in this class rank equally in	all respects from their issue date?
Yes

Options details

+Security currency

AUD - Australian Dollar

Exercise price

Expiry date

AUD 0.5000

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Appendix 3B - Proposed issue of securities

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

GDM : ORDINARY FULLY PAID

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

5,340,000

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.

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 do not have +CDIs issued over them)

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 Unlisted Broker Options

+Security type

Options

Number of +securities proposed to be issued

2,300,000

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

PAC Partners acted as Lead Manager and Bookrunner to the Offer. The Company will issue, subject to shareholder approval, 2,300,000 unlisted options with an exercise price at a 50% premium to the Conversion Price and an expiry date of 3 years from issue and also pay a 6% commission on funds raised.

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

0.000001

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

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Appendix 3B - Proposed issue of securities

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Yes

Options details

+Security currency Exercise price Expiry date AUD - Australian Dollar AUD 0.5000 Details of the type of +security that will be issued if the option is exercised

GDM : ORDINARY FULLY PAID

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

2,300,000

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.

Part 7C - Timetable

7C.1 Proposed +issue date

28/11/2025

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? Yes

7D.1a Date of meeting or proposed meeting to approve the issue under listing rule 7.1

28/11/2025

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? Yes

7E.1a Who is the lead manager/broker?

PAC Partners acted as Lead Manager and Bookrunner to the Offer.

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Appendix 3B - Proposed issue of securities

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7E.1b What fee, commission or other consideration is payable to them for acting as lead manager/broker?

PAC Partners acted as Lead Manager and Bookrunner to the Offer. The Company will issue, subject to shareholder approval, 2,300,000 unlisted options with an exercise price $0.50 and an expiry date of 3 years from issue and also pay a 6% commission on funds raised.

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

Part 7F - Further Information

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

Funds raised will be applied towards milestone payments relating to the Challenger Gold Mine joint venture, working capital and costs of the Loan Note offer.

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

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)

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