LEEUWIN METALS LTD — Share Issue/Capital Change 2025

Dec 28, 2025

Appendix 3G - Notification of issue, conversion or payment up of unquoted equity securities

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Announcement Summary

Entity name

LEEUWIN METALS LTD

Date of this announcement

Wednesday December 24, 2025

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
LM1AL	PERFORMANCE RIGHTS	4,000,000	24/12/2025

Refer to next page for full details of the announcement

Appendix 3G - Notification of issue, conversion or payment up of unquoted equity securities

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Appendix 3G - 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

LEEUWIN METALS LTD

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

1.2 Registered number type Registration number ACN 656057215

1.3 ASX issuer code

LM1

1.4 The announcement is

New announcement

1.5 Date of this announcement

24/12/2025

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Appendix 3G - Notification of issue, conversion or payment up of unquoted equity securities

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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:

has an existing ASX security code ("existing class")

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Appendix 3G - Notification of issue, conversion or payment up of unquoted equity securities

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

Additional +securities in an existing class issued under an +employee incentive scheme ASX +security code and description LM1AL : PERFORMANCE RIGHTS Date the +securities the subject of this notification were issued 24/12/2025 Will these +securities rank equally in all respects from their issue date with the existing issued +securities in that class Yes Were any of the +securities issued to +key management personnel (KMP) or an +associate? No 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/2924-02648415-2A1440086&v=7bc42bd11d8 53ed5e8c28f2ffcd6a069ee5cd6b4 Any other information the entity wishes to provide about the +securities the subject of this notification Issue details

Number of +securities 4,000,000

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Appendix 3G - Notification of issue, conversion or payment up of unquoted equity securities

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Part 4 - +Securities on issue

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

The figures in parts 4.1 and 4.2 below are automatically generated and may not reflect the entity's current issued capital if other Appendix 2A, Appendix 3G or Appendix 3H forms are currently with ASX for processing.

4.1 Quoted +securities (Total number of each +class of +securities issued and quoted on ASX)

	Total number of
ASX +security code and description	+securities on issue
LM1 : ORDINARY FULLY PAID	127,206,932
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
LM1AK : OPTION EXPIRING 21-MAR-2028 EX $0.1715	3,250,000
LM1AM : OPTION EXPIRING 19-DEC-2028 EX $0.40	2,000,000
LM1AG : OPTION EXPIRING 23-MAR-2026 EX $0.30	3,000,000
LM1AH : OPTION EXPIRING 31-MAY-2027 EX $0.50	2,500,000
LM1AL : PERFORMANCE RIGHTS	9,850,000
LM1AI : OPTION EXPIRING 12-MAY-2028 EX $0.30	23,500,000

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

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