INFINITY MINING LIMITED — Capital/Financing Update 2024

Oct 21, 2024

Appendix 3B - Proposed issue of securities

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Update Summary Entity name INFINITY MINING LIMITED Announcement Type Update to previous announcement Date of this announcement 22/10/2024 Reason for update to a previous announcement Amendment to proposed issue date. Refer to next page for full details of the announcement

Appendix 3B - Proposed issue of securities

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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

INFINITY MINING LIMITED

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

ABN

Registration Number

73609482180

1.3 ASX issuer code

IMI

1.4 The announcement is

Update/amendment to previous announcement

1.4a Reason for update to a previous announcement

Amendment to proposed issue date.

1.4b Date of previous announcement to this update

14/10/2024

1.5 Date of this announcement

22/10/2024

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

Approval/Condition Date for determination +Security holder approval 30/8/2024

Is the date estimated or ** Approval actual? received/condition met? Actual Yes

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? No

Details of +securities proposed to be issued

ASX +security code and description

IMI : ORDINARY FULLY PAID

Number of +securities proposed to be issued

12,000,000

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

CPS Capital Group Pty Ltd (¿CPS¿) is acting as Lead Manager for the Placement. CPS and/or its nominee will receive 20,000,000 options with an exercise price of A$0.029 per option, expiring three years from the date of issue, a 2% management fee, and a 4% placing fee on the total gross proceeds of the Placement. Additionally, CPS and/or its nominee will receive a corporate advisory fee of 12,000,000 shares for structuring corporate advisory work completed on the recent transactions and advice on restructuring the company over the previous period.

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Appendix 3B - Proposed issue of securities

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

228,000.000000

Will these +securities rank equally in all respects from their issue date with the existing issued +securities in that class? Yes

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	20,000,000 Options with an exercise price of A$0.029 expiring 3 years from
	issue date.
+Security type
Options

Number of +securities proposed to be issued

20,000,000

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

CPS Capital Group Pty Ltd (¿CPS¿) is acting as Lead Manager for the Placement. CPS and/or its nominee will receive 20,000,000 options with an exercise price of A$0.029 per option, expiring three years from the date of issue, a 2% management fee, and a 4% placing fee on the total gross proceeds of the Placement. Additionally, CPS and/or its nominee will receive a corporate advisory fee of 12,000,000 shares for structuring corporate advisory work completed on the recent transactions and advice on restructuring the company over the previous period.

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

580,000.000000

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

Yes

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Appendix 3B - Proposed issue of securities

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Options details +Security currency Exercise price Expiry date AUD - Australian Dollar AUD 0.0290 21/10/2027 Details of the type of +security that will be issued if the option is exercised IMI : ORDINARY FULLY PAID Number of securities that will be issued if the option is exercised 20,000,000

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

24/10/2024

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 30/8/2024

7D.2 Is a party referred to in listing rule 10.11 participating in the proposed issue? No

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?

CPS Capital Group Pty Ltd

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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?

CPS Capital Group Pty Ltd (¿CPS¿) is acting as Lead Manager for the Placement. CPS and/or its nominee will receive 20,000,000 options with an exercise price of A$0.029 per option, expiring three years from the date of issue, a 2% management fee, and a 4% placing fee on the total gross proceeds of the Placement. Additionally, CPS and/or its nominee will receive a corporate advisory fee of 12,000,000 shares for structuring corporate advisory work completed on the recent transactions and advice on restructuring the company over the previous period.

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

CPS Capital Group Pty Ltd acting as Lead Manager for the Placement will receive 20,000,000 options with an exercise price of A$0.029 per option expiring three years from the date of issue and a corporate advisory fee of 12,000,000 shares.

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)

Appendix 3B - Proposed issue of securities

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