IGO LIMITED — Capital/Financing Update 2020

Apr 23, 2020

ASX / MEDIA ANNOUNCEMENT

ASX: NCZ

Not for release to US wire services or distribution in the United States

24 April 2020

Successful completion of placement to IGO Limited as part of fully underwritten A$51.1 million capital raise

New Century Resources Limited (New Century or the Company ) (ASX:NCZ) is pleased to announce that it has successfully completed its A$23.775 million placement to IGO Limited ( IGO ) ( Placement ) as part of the subscription agreement ( Subscription Agreement ) announced on 21 April 2020.

Pursuant to the Placement, 158,500,000 new fully paid ordinary shares in the Company ( New Shares ) were issued to IGO today at an issue price of A$0.15 each to raise a total of A$23.775 million.

The Company has relied on the ASX Class Waiver Decision dated 31 March 2020 (as replaced by the ASX Class Waiver Decision dated 22 April 2020) ( ASX Class Waiver Decision ), to undertake the Placement, with the Company's placement capacity calculated by reference to the number of Company shares that may be issued under the fully underwritten accelerated non-renounceable entitlement offer announced on 21 April 2020 ( Entitlement Offer ), and accordingly no shareholder approval is required in connection with the Placement. Shares issued under the Placement do not have rights to participate in the Entitlement Offer, however IGO has committed to a A$3.225 million priority subunderwriting commitment under the Entitlement Offer.

For the purposes of resolution 1.1.5 of the ASX Class Waiver Decision, the Company notes

the following:

• a) Pursuant to the Subscription Agreement, IGO has agreed to invest A$27.0 million via the A$23.775 million Placement and A$3.225 million priority sub-underwriting commitment, for up to an 18.4% stake in the Company on a post-Placement and Entitlement Offer basis. Pursuant to the Placement, 158,500,000 New Shares were issued to IGO today at an issue price of A$0.15 each to raise a total of A$23.775 million, providing IGO with a 19.9% interest in the Company's fully paid ordinary shares.

• b) Pursuant to the Subscription Agreement, IGO is the only participant in the Placement. The background to, and strategic rationale for, the Placement to IGO are set out in the Company’s announcement on 21 April 2020. Accordingly, there has been no need to give consideration to an allocation policy in respect of the

Office Level 4, 360 Collins Street, Melbourne VIC 3000 Phone +61 (8) 6142 0989 Email info@newcenturyresources.com Website www.newcenturyresources.com Doc ID 724393163/v3

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Placement (including in respect of the key objectives and criteria adopted by the Company in determining allocations).

c) IGO is not a party to which Listing Rule 10.11 applies.

This announcement was authorised for release by the Board.

For further information, please contact:

New Century Resources

Media enquiries

Patrick Walta Shane Goodwin Managing Director Head of Corporate Affairs P: +61 3 9070 3300 P: +61 434 039 106 E: info@newcenturyresources.com E: sgoodwin@newcenturyresources.com

Not for release to US wire services or distribution in the United States

This announcement has been prepared for publication in Australia and may not be released to US wire services or distributed in the United States. This announcement does not constitute an offer to sell, or a solicitation of an offer to buy, securities in the United States or any other jurisdiction. Any securities described in this announcement have not been, and will not be, registered under the US Securities Act of 1933 and may not be offered or sold in the United States except in transactions exempt from, or not subject to, the registration requirements of the US Securities Act and applicable US state securities laws.

Office Level 4, 360 Collins Street, Melbourne VIC 3000 Phone +61 (8) 6142 0989 Email info@newcenturyresources.com Website www.newcenturyresources.com Doc ID 724393163/v3

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