LEEUWIN METALS LTD — Major Shareholding Notification 2026

May 12, 2026

Form 604
Corporations Act 2001
Section 671B
Notice of change of interests of substantial holder

To Company
Name/Scheme
AcN/ARSN
Leeuwin Metals Limited (LM1)
656 057 215

1. Details of substantial holder (1)

Name
Cumulus Wealth

ACN/ARSN (if applicable)
634 297 279

There was a change in the interests of the substantial holder on
11/05/2026

The previous notice was given to the company on
25/03/2026

The previous notice was dated
25/03/2026

1. Previous and present voting power

The total number of votes attached to all the voting shares in the company or voting interests in the scheme that the substantial holder or an associate (2) had a relevant interest (3) in when last required, and when now required, to give a substantial holding notice to the company or scheme, are as follows:

Class of securities (4)	Previous notice		Present notice
	Person's votes	Voting power (5)	Person's votes	Voting power (5)
Fully Paid Ordinary Shares (“FPOs”)	11,913,205	9.37%	13,925,304	10.86%

1. Changes in relevant interests – (Annexure 1)

Particulars of each change in, or change in the nature of, a relevant interest of the substantial holder or an associate in voting securities of the company or scheme, since the substantial holder was last required to give a substantial holding notice to the company or scheme are as follows:V

Date of change	Person whose relevant interest changed	Nature of change (6)	Consideration given in relation to change (7)	Class and number of securities affected	Person's votes affected

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4. Present relevant interests

Particulars of each relevant interest of the substantial holder in voting securities after the change are as follows:

Holder of relevant interest	Registered holder of securities	Person entitled to be registered as a holder (8)	Nature of relevant interest (6)	Class and number of securities	Person's votes
Cumulus Wealth Pty Ltd	Clients of Managed Discretionary Accounts as operated by FinClear Execution Limited and managed by Cumulus Wealth Pty Ltd.	Clients of Managed Discretionary Accounts as operated by FinClear Execution Limited and managed by Cumulus Wealth Pty Ltd.	FPOs	13,925,304	13,925,304

5. Changes in association

The persons who have become associates (2) of, ceased to be associates of, or have changed the nature of their association (9) with, the substantial holder in relation to voting interests in the company or scheme are as follows:

Name and ACN/ARSN (if applicable)	Nature of association
N/A

6. Addresses

The addresses of persons named in this form are as follows:

Name	Address
Cumulus Wealth	Suite 4, Level 7, 330 Collins Street, Melbourne, VIC, 3000

Signature

print name

Mark Goulopoulos

Capacity

Director

sign here

Authorised for electronic lodgement by Mark Goulopoulos

date

13/05/2026

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DIRECTIONS

(1) If there are a number of substantial holders with similar or related relevant interests (eg. a corporation and its related corporations, or the manager and trustee of an equity trust), the names could be included in an annexure to the form. If the relevant interests of a group of persons are essentially similar, they may be referred to throughout the form as a specifically named group if the membership of each group, with the names and addresses of members is clearly set out in paragraph 6 of the form.

(2) See the definition of "associate" in section 9 of the Corporations Act 2001.

(3) See the definition of "relevant interest" in sections 608 and 671B(7) of the Corporations Act 2001.

(4) The voting shares of a company constitute one class unless divided into separate classes.

(5) The person's votes divided by the total votes in the body corporate or scheme multiplied by 100.

(6) Include details of:

(a) any relevant agreement or other circumstances because of which the change in relevant interest occurred. If subsection 671B(4) applies, a copy of any document setting out the terms of any relevant agreement, and a statement by the person giving full and accurate details of any contract, scheme or arrangement, must accompany this form, together with a written statement certifying this contract, scheme or arrangement; and

(b) any qualification of the power of a person to exercise, control the exercise of, or influence the exercise of, the voting powers or disposal of the securities to which the relevant interest relates (indicating clearly the particular securities to which the qualification applies).

See the definition of "relevant agreement" in section 9 of the Corporations Act 2001.

(7) Details of the consideration must include any and all benefits, money and other, that any person from whom a relevant interest was acquired has, or may, become entitled to receive in relation to that acquisition. Details must be included even if the benefit is conditional on the happening or not of a contingency. Details must be included of any benefit paid on behalf of the substantial holder or its associate in relation to the acquisitions, even if they are not paid directly to the person from whom the relevant interest was acquired.

(8) If the substantial holder is unable to determine the identity of the person (eg. if the relevant interest arises because of an option) write "unknown".

(9) Give details, if appropriate, of the present association and any change in that association since the last substantial holding notice.

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Annexure 1

Date of Change	Person Whose Relevant Interest Changed	Return of Change	Consideration Given in Revision To Change	Class of Securities	Number of Securities	Person's Notes Affected
26/03/2020	Items of MERs as operated by FinClear Execution Limited and managed by Cumulus Wealth Pty Ltd.	On Market Purchase	$ 53,644.85	PPV	73,410	73,410
27/03/2020	Items of MERs as operated by FinClear Execution Limited and managed by Cumulus Wealth Pty Ltd.	On Market Purchase	$ 5,015.30	PPV	59,405	59,405
27/03/2020	Items of MERs as operated by FinClear Execution Limited and managed by Cumulus Wealth Pty Ltd.	On Market Purchase	$ 1,046.82	PPV	7,476	7,476
06/03/2020	Items of MERs as operated by FinClear Execution Limited and managed by Cumulus Wealth Pty Ltd.	On Market Purchase	$ 1,458.73	PPV	10,112	10,112
01/03/2020	Items of MERs as operated by FinClear Execution Limited and managed by Cumulus Wealth Pty Ltd.	On Market Purchase	$ 4,251.82	PPV	31,750	31,750
01/03/2020	Items of MERs as operated by FinClear Execution Limited and managed by Cumulus Wealth Pty Ltd.	On Market Purchase	$ 16,698.52	PPV	123,689	123,689
03/04/2020	Items of MERs as operated by FinClear Execution Limited and managed by Cumulus Wealth Pty Ltd.	On Market Purchase	$ 8,040.16	PPV	55,957	55,957
14/04/2020	Items of MERs as operated by FinClear Execution Limited and managed by Cumulus Wealth Pty Ltd.	On Market Purchase	$ 43,252.72	PPV	309,946	309,946
06/04/2020	Items of MERs as operated by FinClear Execution Limited and managed by Cumulus Wealth Pty Ltd.	On Market Purchase	$ 8,383.19	PPV	45,451	45,451
20/04/2020	Items of MERs as operated by FinClear Execution Limited and managed by Cumulus Wealth Pty Ltd.	On Market Purchase	$ 375.12	PPV	4,106	4,106
22/04/2020	Items of MERs as operated by FinClear Execution Limited and managed by Cumulus Wealth Pty Ltd.	On Market Purchase	$ 3,108.84	PPV	41,353	41,353
02/05/2020	Items of MERs as operated by FinClear Execution Limited and managed by Cumulus Wealth Pty Ltd.	On Market Purchase	$ 10,885.54	PPV	99,821	99,821
02/05/2020	Items of MERs as operated by FinClear Execution Limited and managed by Cumulus Wealth Pty Ltd.	On Market Purchase	$ 2,848.25	PPV	20,213	20,213
02/05/2020	Items of MERs as operated by FinClear Execution Limited and managed by Cumulus Wealth Pty Ltd.	On Market Purchase	$ 8,212.54	PPV	39,661	39,661
7/05/2020	Items of MERs as operated by FinClear Execution Limited and managed by Cumulus Wealth Pty Ltd.	On Market Purchase	$ 27,969.82	PPV	166,763	166,763
7/05/2020	Items of MERs as operated by FinClear Execution Limited and managed by Cumulus Wealth Pty Ltd.	On Market Purchase	$ 10,064.72	PPV	74,549	74,549
7/05/2020	Items of MERs as operated by FinClear Execution Limited and managed by Cumulus Wealth Pty Ltd.	On Market Purchase	$ 5,221.92	PPV	37,696	37,696
7/05/2020	Items of MERs as operated by FinClear Execution Limited and managed by Cumulus Wealth Pty Ltd.	On Market Purchase	$ 6,833.84	PPV	57,171	57,171
11/05/2020	Items of MERs as operated by FinClear Execution Limited and managed by Cumulus Wealth Pty Ltd.	On Market Purchase	$ 27,241.80	PPV	267,282	267,282
11/05/2020	Items of MERs as operated by FinClear Execution Limited and managed by Cumulus Wealth Pty Ltd.	On Market Purchase	$ 19,423.85	PPV	136,745	136,745
11/05/2020	Items of MERs as operated by FinClear Execution Limited and managed by Cumulus Wealth Pty Ltd.	On Market Purchase	$ 11,538.82	PPV	82,626	82,626
12/05/2020	Items of MERs as operated by FinClear Execution Limited and managed by Cumulus Wealth Pty Ltd.	On Market Purchase	$ 34,110.87	PPV	243,672	243,672