INDUSTRIAL MINERALS LTD — Capital/Financing Update 2021

Jul 8, 2021

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STATEMENT OF CONFIRMATIONS

Industrial Minerals Limited (ACN 648 183 297) ( Company ) confirms that the public offer ( Offer ) under the Company’s prospectus dated 4 June 2021 ( Prospectus ) has been completed and the Company has issued 25,000,000 Shares under the Offer to raise $5,000,000.

Capitalised terms set out in this announcement have the same meaning as set out in the Prospectus.

The Company also confirms:

1. The Offer under the Prospectus closed on 23 June 2021 and the issue of the Shares subscribed for under the Prospectus (as detailed above) has been completed.

2. The Minimum Subscription under the Offer and has reached.

3. The issue of the 4,000,000 unlisted Options to the Lead Manager (or its nominee/s) (exercisable at $0.30 per Option on or before the date that is 3 years from the date of issue).

4. The following securities are subject to ASX imposed escrow:

Security	Number	Restriction Period
Shares	33,650,000	24 months from the date of quotation
Shares	1,875,000	12 months from 25 March 2021
Options1	9,750,000	24 months from the date of quotation

Notes :

1. Comprising of:

   • (a) 5,750,000 Options exercisable at $0.30 on or before 23 March 2024; and

   • (b) 4,000,000 Options exercisable at $0.30 on or before 30 June 2024.

2. Set out below is the Company’s capital structure from the date of listing:

Security	Number
Shares on issue at date of Prospectus	38,050,000
Shares issued pursuant to the Offer	25,000,000
Total Shares on issue	63,050,000

INDUSTRIAL MINERALS LIMITED

ABN 87 648 183 297

Suite 20, 513 Hay Street, Subiaco WA 6008

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	Security		Number
	Options currently on issue1		5,750,000
	Options issued to the Lead Manager pursuant to the Offer2		4,000,000
	Total Options on issue		9,750,000

Notes :

1. Exercisable at $0.30 on or before 23 March 2024.

2. Exercisable at $0.30 on or before 30 June 2024.

3. The Company confirms that that there are no legal, regulatory, statutory, or contractual impediments to the Company entering the sites associated with the Tenements.

4. The Company confirms that it will be able to spend its cash in accordance with its expenditure commitments for the purposes of Listing Rule 1.3.2(b).

For further information, please contact:

Alex Neuling Company Secretary + 61 8 6270 6316

Authorised for release by the board of Industrial Minerals Limited

INDUSTRIAL MINERALS LIMITED

ABN 87 648 183 297

Suite 20, 513 Hay Street, Subiaco WA 6008