LEEUWIN METALS LTD — Share Issue/Capital Change 2023

May 23, 2023

Application for quotation of +securities

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Announcement Summary

Entity name

LEEUWIN METALS LTD

Announcement Type

New announcement

Date of this announcement

Wednesday May 24, 2023

The +securities to be quoted are:

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+Restricted securities where the escrow period has expired or is about to expire

Total number of +securities to be quoted

ASX +security		Number of +securities to
code	Security description	be quoted	Issue date
LM1	ORDINARY FULLY PAID	1,260,005	25/05/2023
LM1	ORDINARY FULLY PAID	2,500,000	31/05/2023

Refer to next page for full details of the announcement

Application for quotation of +securities

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Application for quotation of +securities

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Part 1 - Entity and announcement details

1.1 Name of entity

LEEUWIN METALS LTD

We (the entity named above) apply for +quotation of the following +securities and agree to the matters set out in Appendix 2A of the ASX Listing Rules.

1.2 Registered number type

ABN

Registration number 82656057215

1.3 ASX issuer code

LM1

1.4 The announcement is

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New announcement

1.5 Date of this announcement

24/5/2023

Application for quotation of +securities

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Application for quotation of +securities

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Part 2 - Type of Issue

2.1 The +securities to be quoted are:

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+Restricted securities where the escrow period has expired or is about to expire

2.2 The +securities to be quoted are:

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Additional +securities in a class that is already quoted on ASX ("existing class")

Application for quotation of +securities

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Application for quotation of +securities

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Part 3B - number and type of +securities to be quoted (existing class) where issue has not previously been notified to ASX in an Appendix 3B

Additional +securities to be quoted in an existing class as a result of escrow expiring on an existing class

FROM (Existing Class) ASX +security code and description LM1AB : ORDINARY FULLY PAID RESTRICTED

TO (Existing Class) ASX +security code and description LM1 : ORDINARY FULLY PAID

Please state the number of +restricted securities where the escrow period And the date the escrow restrictions has expired or is about to expire have ceased or will cease 1,260,005 25/5/2023

Issue date 25/5/2023

Will the +securities to be quoted rank equally in all respects from their issue date with the existing issued +securities in that class?

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Yes

Application for quotation of +securities

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Application for quotation of +securities

Issue details

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Number of +securities to be quoted 1,260,005 Are the +securities being issued for a cash consideration? Yes In what currency is the cash consideration being paid? What is the issue price per +security? AUD - Australian Dollar AUD 0.15000000 Any other information the entity wishes to provide about the +securities to be quoted Release of seed shares from escrow.

Additional +securities to be quoted in an existing class as a result of escrow expiring on an existing class

FROM (Existing Class) ASX +security code and description LM1AC : ORDINARY FULLY PAID RESTRICTED

TO (Existing Class) ASX +security code and description LM1 : ORDINARY FULLY PAID

Please state the number of +restricted securities where the escrow period And the date the escrow restrictions has expired or is about to expire have ceased or will cease 2,500,000 31/5/2023

Issue date

31/5/2023

Will the +securities to be quoted rank equally in all respects from their issue date with the existing issued +securities in that class?

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Yes

Application for quotation of +securities

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Application for quotation of +securities

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Issue details

Number of +securities to be quoted

• 2,500,000

Are the +securities being issued for a cash consideration?

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No

Please describe the consideration being provided for the +securities

Shares issued to Galleon Gold Corp. as consideration for the acquisition of the William Lake Project at a deemed issue price of $0.15 per ordinary share.

Please provide an estimate (in AUD) of the value of the consideration being provided per +security for the +securities to be quoted

• 0.150000

Any other information the entity wishes to provide about the +securities to be quoted

Shares were issued pursuant to the William Lake Acquisition Agreement, please refer to the Section 9.3.1 of the prospectus released on the ASX 28 March 2023 for further details.

Application for quotation of +securities

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Application for quotation of +securities

Part 4 - Issued capital following quotation

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Following the quotation of the +securities the subject of this application, the issued capital 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 on ASX following the +quotation of the +securities subject of this application)

	Total number of
ASX +security code and description	+securities on issue
LM1 : ORDINARY FULLY PAID	44,784,999
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
LM1AC : ORDINARY FULLY PAID RESTRICTED	0
LM1AD : ORDINARY FULLY PAID RESTRICTED	1,230,631
LM1AE : ORDINARY FULLY PAID RESTRICTED	836,041
LM1AF : ORDINARY FULLY PAID RESTRICTED	16,506,668
LM1AG : OPTION EXPIRING 23-MAR-2026 RESTRICTED	3,000,000
LM1AH : OPTION EXPIRING 31-MAY-2027 RESTRICTED	2,500,000
LM1AB : ORDINARY FULLY PAID RESTRICTED	0
LM1AI : OPTION EXPIRING 12-MAY-2028 RESTRICTED	25,500,000
LM1AJ : PERFORMANCE RIGHTS RESTRICTED	3,500,000

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

Application for quotation of +securities

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