LION ENERGY LIMITED — Major Shareholding Notification 2021

May 18, 2021

604 Page 1 of 3

Form 604

Corporations Act 2001

Section 671 B

Notice of change of interests of substantial holder

To Company Name/Scheme Lion Energy Limited ("LIO")

ACN/ARSN 000 753 640

1. Details of substantial holder (1)

Mr Kenneth J Sauer Simco Holdings Ltd Name Simco Energy Ltd ("Simco Parties")

ACN/ARSN (if applicable) N/ A

There was a change in the interests of the substantial holder on 06/05/2021 The previous notice was given to the company on 15/11/2018 The previous notice was dated 15/11/2018

2. 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:

cheme, are as follows:
Class of securities (4)	Previous notice		Present notice
	Person's votes	Voting power(5)	Person's votesVoting power(5)
Ordinary Shares	90,249,643	43.51%	37,714,28615. 81%

3. Changes in relevant interests

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:

llows:
Date of changePerson whoserelevantinterestchanqed	Nature of change (6)	ConsiderationClass and numbergiven in relationof securitiesto change (7)affected		Person's votesaffected
29-April-2021SimcoParties	Dilution pursuantto share issuanceby LIOto thirdparties	n/a	90,249,643OrdinaryShares	90,249,643
06-May-2021SimcoParties	Transfer ofbeneficialinterestin thesharesofRiscoEnergy$1,320,000UnconventionalPteLtd fromSimco HoldingsLtd to RiscoEnergyPte Ltd		n/a90,249,643
Simco06-May-2021Parties	Transfer ofLIOsharesto SimcoEnergy Ltd fromRisco Energy$1,320,000UnconventionalPte Ltd		37,714,286Ordinary37,714,286Shares