GREAT WESTERN EXPLORATION LIMITED. — Capital/Financing Update 2021

May 27, 2021

ASX Announcement

28 May 2021

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Quoted Options expiring on 30 June 2021

Great Western Exploration Limited (ASX: GTE) (“Great Western” or “the Company”) advises that its quoted options (GTEOA) exercisable at A$0.60 will expire at 5.00pm (WST) on 30 June 2021.

The Company provides the following additional information set out in clause 5.2 of Appendix 6A of the ASX Listing Rules.

ASX Listing Rules.
Number of shares issued upon conversion	One Share per Quoted Option that is exercised
Exercise Price	A$0.60 (60 cents) per Quoted Option.
Due Date for payment of Exercise Price	5.00pm (WST) on 30 June 2021
Consequence of non-payment of Exercise	If the Exercise Price is not paid, and the Quoted Options are
Price	not exercised before the Expiry Date, the Quoted Options will
	lapse and the holder will have no further rights or entitlements
	in relation to those Quoted Options.
Date quotation of Quoted Options will end	24 June 2021
Latest market price of Shares	A$0.16 (16 cents) per share on 26 May 2021
Highest and lowest market price of Shares	Highest- A$0.28 per share on 28 February 2021
during the 3 months before the date of thisnotice, and the dates of those sales	Lowest- A$0.13 per share on 17 May 2021
Underwriting	There is no underwriting agreement in relation to the Quoted
	Options.

Choices open to Option holders are:

• Exercise all or some of the Quoted Options

To exercise all or some of the Quoted Options, please refer to the example Option Exercise Notice accompanying this release. Option holders must complete the Option Exercise Notice and cleared funds must be received by the Company’s share registry no later than 5.00pm (WST) on 30 June 2021. Payment instructions are on the Option Exercise Notice (sample attached). When considering whether to exercise all or some of the Quoted Options, Option holders should consider seeking independent advice.

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GREAT WESTERN EXPLORATION LIMITED (ASX:GTE)

Level 2, 160 St Georges Terrace, Perth WA P + 61 8 6311 2852 F +61 8 6313 3997 W greatwestern.net.au ABN 53 123 631 470

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• Sell all or some of the Quoted Options on market

Option holders can sell their Quoted Options on the ASX. These Quoted Options are currently trading on the ASX under the ASX code: GTEOA. If Option holders wish to sell all or some of their Quoted Options, they must do so before the close of trading on 24 June 2021 when quotation of the Quoted Options will end.

The last trade for GTEOA was on 27 April 2021 and was $0.004 per Quoted Option. When considering whether to sell these Quoted Options on market, Option holders should take into account any brokerage charges that they may incur, and consider seeking independent advice.

• Do nothing and allow the Quoted Options to lapse

If Option holders do not take any action to exercise their Quoted Options prior to 5.00pm (WST) on 30 June 2021, the Quoted Options will expire, will be worthless and will have no further rights or entitlements in relation to those Quoted Options. When considering whether to do nothing and allow the Quoted Options to lapse, Option holders should consider seeking independent advice.

Option holders are encouraged to seek independent advice if they are unsure as to what to do in relation to their Quoted Options.

Authorised for release by the board of directors of Great Western Exploration Limited.

Tony Walsh Company Secretary Great Western Exploration Limited Tel: 08 6311 2852

Email: enquiries@greatwestex.com.au

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Appendix 1

Great Western Exploration Limited ABN 53 123 631 470

Sample Application Form on Exercise of Listed Options Expiring 30 June 2021

Name: Address HIN/SRN

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Application Form on Exercise of Listed Options Expiring 30 June 2021

To the Directors, Great Western Exploration Limited I/We hereby exercise option(s) and hand you herewith my/our cheque for $ being $0.60 per share on application for ordinary shares in the capital of the Company.

I/We request that you allot me that number of shares and I/we agree to accept that number of shares on the terms below and the Constitution of the Company, and I/we authorise you to place my/our name on the register.

My/Our SRN/HIN (as shown on my/our Issuer Sponsored holding statement or CHESS holdings statement) is

Sign Here – This section must be signed for your instructions to be executed

I/We authorise you to act in accordance with my/our instructions set out above.

Individual or Securityholder 1 Securityholder 2 Securityholder 3 Director Director/Company Secretary Sole Director and Sole Company Secretary Note: when signed under Power of Attorney, the attorney states that they have not received a notice of revocation. Computershare Investor Services Pty Limited needs to sight a certified copy of the Power of Attorney.

Contact Name		Contact Telephone Number		Day/Date	Day/Date	Day/Date	Month		Year
							/	/
		Terms and Conditions of Options
		Attached
		LODGEMENT INSTRUCTIONS

Cheques shall be in Australian currency made payable to Great Western Exploration Limited and crossed “Not Negotiable”. The application for shares on exercise of the options with the appropriate remittance should be lodged at the Company’s Registry, Computershare Investor Services Pty Limited, GPO Box D182, Perth WA 6840.

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Terms and Conditions of $0.60 Options that expire at 5:00 pm (WST) on 30 June 2021

a) Entitlement

Each Option entitles the holder to subscribe for one Share upon exercise of the Option.

b) Exercise Price

Subject to paragraph (i), the amount payable upon exercise of each Option will be $0.60 ( Exercise Price )

c) Expiry Date

Each Option will expire at 5:00 pm (WST) on 30 June 2021 ( Expiry Date ). An Option not exercised before the Expiry Date will automatically lapse on the Expiry Date.

d) Exercise Period

The Options are exercisable at any time on or prior to the Expiry Date ( Exercise Period ).

e) Notice of Exercise

The Options may be exercised during the Exercise Period by notice in writing to the Company in the manner specified on the Option certificate ( Notice of Exercise ) and payment of the Exercise Price for each Option being exercised in Australian currency by electronic funds transfer or other means of payment acceptable to the Company.

• f) Exercise Date

A Notice of Exercise is only effective on and from the later of the date of receipt of the Notice of Exercise and the date of receipt of the payment of the Exercise Price for each Option being exercised in cleared funds ( Exercise Date ).

g) Timing of issue of Shares on exercise

Within 15 Business Days after the Exercise Date, the Company will:

• (i) issue the number of Shares required under these terms and conditions in respect of the number of Options specified in the Notice of Exercise and for which cleared funds have been received by the Company;

• (ii) if required, give ASX a notice that complies with section 708A(5)(e) of the Corporations Act, or, if the Company is unable to issue such a notice, lodge with ASIC a prospectus prepared in accordance with the Corporations Act and do all such things necessary to satisfy section 708A(11) of the Corporations Act to ensure that an offer for sale of the Shares does not require disclosure to investors; and

• (iii) if admitted to the official list of ASX at the time, apply for official quotation on ASX of Shares issued pursuant to the exercise of the Options.

If a notice delivered under g)(ii) for any reason is not effective to ensure that an offer for sale of the Shares does not require disclosure to investors, the Company must, no later than 20 Business Days after becoming aware of such notice being ineffective, lodge with ASIC a prospectus prepared in accordance with the Corporations Act and do all such things necessary to satisfy section 708A(11) of the Corporations Act to ensure that an offer for sale of the Shares does not require disclosure to investors.

(h) Shares issued on exercise

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Shares issued on exercise of the Options rank equally with the then issued shares of the Company.

(i) Reconstruction of capital

If at any time the issued capital of the Company is reconstructed, all rights of an Optionholder are to be changed in a manner consistent with the Corporations Act and the ASX Listing Rules at the time of the reconstruction.

(j) Participation in new issues

There are no participation rights or entitlements inherent in the Options and holders will not be entitled to participate in new issues of capital offered to Shareholders during the currency of the Options without exercising the Options.

(k) Change in exercise price

An Option does not confer the right to a change in Exercise Price or a change in the number of underlying securities over which the Option can be exercised.

(l) Transferability

The Options are transferable subject to any restriction or escrow arrangements imposed by ASX or under applicable Australian securities laws.

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