LCL RESOURCES LIMITED — Share Issue/Capital Change 2021

Jun 16, 2021

Notification of Issue, Conversion or Payment up of Unquoted Equity Securities

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Announcement Summary

Entity name

LOS CERROS LIMITED

Date of this announcement

Thursday June 17, 2021

The +securities the subject of this notification are:

+Securities issued under an +employee incentive scheme that are subject to a restriction on transfer and are not being quoted on ASX until the restriction ends

Total number of +securities to be issued/transferred

		Total number of
ASX +security		+securities to be
code	Security description	issued/transferred	Issue date
New class - code	Performance Rights	3,000,000	17/06/2021
to be confirmed

Refer to next page for full details of the announcement

Notification of Issue, Conversion or Payment up of Unquoted E it S iti

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Notification of Issue, Conversion or Payment up of Unquoted Equity Securities

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Part 1 - Entity and announcement details

1.1 Name of entity

LOS CERROS LIMITED

We (the entity named above) give notice of the issue, conversion or payment up of the following unquoted +securities.

1.2 Registered number type

ABN

Registration number

43119759349

1.3 ASX issuer code

LCL

1.4 The announcement is

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New announcement

1.5 Date of this announcement

17/6/2021

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Part 2 - Issue details

2.1 The +securities the subject of this notification are:

+Securities issued under an +employee incentive scheme that are subject to a restriction on transfer and are not being quoted on ASX until the restriction ends

2.2a This notification is given in relation to an issue of +securities in a class which is not quoted on ASX and which:

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does not have an existing ASX security code ("new class")

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Notification of Issue, Conversion or Payment up of Unquoted Equity Securities

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Part 3C - number and type of +securities the subject of this notification (new class) where issue has not previously been notified to ASX in an Appendix 3B

New +securities issued under an +employee incentive scheme

ASX +security code +Security description New class - code to be confirmed Performance Rights +Security type ISIN code Other

Date the +securities the subject of this notification were issued 17/6/2021

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

Were any of the +securities issued to +key management personnel (KMP) or an +associate? Yes

Provide details of the KMP or +associates being issued +securities. Name of KMP Name of registered holder Number of +securities Blair Snowball Blair Snowball 3,000,000

Please provide a URL link for a document lodged with ASX setting out the material terms of the +securities being issued.

Please provide a URL link for a document lodged with ASX detailing the terms of the +employee incentive scheme or a summary of the terms https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02283870-3A550796?access_token=83 ff96335c2d45a094df02a206a39ff4 Any other information the entity wishes to provide about the +securities the subject of this notification

Tranche 1: 1,000,000 Performance Rights convertible into Shares upon the achievement of strategic projects and continuing employment to 13th of September 2021;

Tranche 2: 2,000,000 Performance Rights convertible into Shares upon the achievement of the Company's Shares trading on ASX at a 20-day VWAP of not less than $0.25 on or before 31 December 2024 and continuing employment to 11th of April 2022.

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Notification of Issue, Conversion or Payment up of Unquoted Equity Securities

Issue details

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Number of +securities

1,000,000

Number of +securities

2,000,000

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Part 4 - +Securities on issue

Following the issue, conversion or payment up of the +securities the subject of this application, the +securities of the entity will comprise:

(A discrepancy in these figures compared to your own may be due to a matter of timing if there is more than one application for quotation/issuance currently with ASX for processing.)

4.1 Quoted +Securities (Total number of each +class of +securities quoted)

	Total number of
ASX +security code and description	+securities on issue
LCL : ORDINARY FULLY PAID	473,497,532
LCLOB : OPTION EXPIRING 16-AUG-2021	53,014,872
4.2 Unquoted +Securities (Total number of each +class of +securities issued but	not quoted on ASX)
	Total number of
ASX +security code and description	+securities on issue
LCLAE : PERFORMANCE RIGHTS EXPIRING 31-DEC-2024	2,440,000
LCLAF : PERFORMANCE RIGHTS EXPIRING 31-DEC-2024	5,430,000
LCLAG : PERFORMANCE RIGHTS EXPIRING 31-DEC-2024	5,430,000
LCLAZ : OPTION EXPIRING 01-JUL-2025 EX 7C	2,362,429
LCLAB : PERFORMANCE RIGHTS	250,000
LCLAD : OPTION EXPIRING 09-OCT-2021 EX $0.16	15,430,648
LCLAA : OPTION EXPIRING VARIOUS DATES EX VARIOUS PRICES	7,500,000
LCLAW : OPTION EXPIRING 30-SEP-2024 EX 13.5C	10,000,000
LCLAX : OPTION EXPIRING 06-APR-2022 EX 10C	27,587,500
LCLAC : OPTION EXPIRING 18-MAY-2022 EX 2C	5,162,500
New class - code to be confirmed : Performance Rights	3,000,000

4.2 Unquoted +Securities (Total number of each +class of +securities issued but not quoted on ASX)

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Part 5 - Other Listing Rule requirements

5.1 Were the +securities issued under an exception in Listing Rule 7.2 and therefore the issue did not need any security holder approval under Listing Rule 7.1? Yes

5.1a Select the number of the applicable exception in Listing Rule 7.2

13

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