INDUSTRIAL MINERALS LTD — Capital/Financing Update 2021

Jul 13, 2021

ASX ANNOUNCEMENT 14 July 2021

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INDUSTRIAL MINERALS LTD COMMENCES TRADING ON THE ASX

Dear Investor,

On behalf of the directors of Industrial Minerals Ltd ( ASX:IND ), it gives me great pleasure to announce our successful listing on the ASX on 13 July 2021, following a significantly oversubscribed IPO. We would like to thank our existing investors and everyone who contributed to achieving this goal.

With significant expertise and experience in the Australian mining industry we will aim to ensure that funds raised will be utilised in a cost-effective manner to advance the Company’s business strategies which have a heavy focus on the future supply of High Purity Silica Sand, Gypsum, Salt and Construction Sand and Aggregate to local and international markets.

We will strive to continue to create value for our current and future shareholders and look forward sharing in what we believe are exciting and prospective times ahead for the company.

Yours sincerely

Ashley Pattison

Executive Chairman

This ASX Announcement has been authorised for release by the Company’s Board.