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:

+Other securities issued under an +employee incentive scheme that are not intended to be quoted on ASX 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	6,800,000	24/12/2025

Refer to next page for full details of the announcement

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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

1.2 Registered number type Registration number ABN 82656057215

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:

+Other securities issued under an +employee incentive scheme that are not intended to be quoted on ASX

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

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? Yes

Provide details of the KMP or +associates being issued +securities.

Name of KMP	Name of registered holder	Number of +securities
Christopher Piggott	Tito Holdings Pty Ltd <The ElderberryA/C>	5,000,000
Scott Williamson	Candice Marie Williamson	900,000
Simon Jackson	Bigjac Investments Pty Ltd <BigjacInvestment A/C>	900,000

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/2924-03013476-6A1292802&v=undefined

Any other information the entity wishes to provide about the +securities the subject of this notification

Issue details

Number of +securities

6,800,000

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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	12,650,000
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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Appendix 3G - Notification of issue, conversion or payment up of unquoted equity securities

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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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