LOTUS RESOURCES LIMITED — Share Issue/Capital Change 2019

May 1, 2019

Notification of Consolidation/Split

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Notification of Consolidation/Split

Announcement Summary

Entity name

HYLEA METALS LIMITED

Applicable security for the reorganisation

HCO ORDINARY FULLY PAID HCOAC OPTION EXPIRING 31-DEC-2019 EX 3C HCOAE OPTION EXPIRING 02-FEB-2020 HCOAA PERFORMANCE SHARES HCOAB OPTION EXPIRING 31-DEC-2019 EX 3C

Announcement Type

Update to previous announcement

Date of this announcement

Thursday May 2, 2019 Reason for the Update

Approval received at General Meeting for consolidation of capital

Refer to below for full details of the announcement

Announcement Details

Part 1 - Entity and announcement details

1.1 *Name of +Entity HYLEA METALS LIMITED

Registration Number

1.2 *Registered Number Type

ACN 119992175

1.3 *ASX issuer code

HCO

1.4 *The announcement is

Update/amendment to previous announcement

1.4a Reason for update to a previous announcement

Approval received at General Meeting for consolidation of capital

Notification of Consolidation/Split

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Notification of Consolidation/Split

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1.4b * Date of previous announcement(s) to this update

Thursday May 2, 2019

1.5 *Date of this announcement

Thursday May 2, 2019

1.6 *Securities affected by the reorganisation

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HCO ORDINARY FULLY PAID
HCOAC OPTION EXPIRING 31-DEC-2019 EX 3C
HCOAE OPTION EXPIRING 02-FEB-2020
HCOAA PERFORMANCE SHARES
HCOAB OPTION EXPIRING 31-DEC-2019 EX 3C
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Part 2 - Approvals

2.1 *Are any of the below approvals required for the reorganisation before business day 0 of the timetable?

• Security holder approval Court approval

• Lodgement of court order with +ASIC ACCC approval

• FIRB approval

• Another approval/condition external to the entity required to be given/met before business day 0 of the timetable for the reorganisation.

Yes

2.2 Approvals

Approval/Condition Date for determination Is the date estimated Approval +Security holder Sunday May 2, 2049 or actual? received/condition approval Actual met? Yes Comments**

Part 3 - Reorganisation timetable and details

3.1 *+Record date

Wednesday May 8, 2019

3.2 Date of +security holder meeting

Sunday May 2, 2049

3.3 Last day for trading in the pre-re-organised +securities

Monday May 6, 2019

Notification of Consolidation/Split

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Notification of Consolidation/Split

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3.4 *Effective date. Trading in the re-organised securities commences on a +deferred settlement basis. If the +entity's securities are suspended from trading during this period there will be no +deferred settlement trading however ASX still captures this date.

Tuesday May 7, 2019

3.5 Record date

Wednesday May 8, 2019

3.6 First day for +entity to send notices to +security holders of the change in the number of +securities they hold. First day for +entity to register +securities on a post-reorganised basis Thursday May 9, 2019

3.7 *+Issue date. +Deferred settlement market ends. Last day for +entity to send notices to +security holder of the change in the number of +securities they hold. Last day for +entity to register +securities on a post-reorganised basis Wednesday May 15, 2019

3.8 Trading starts on a normal T+2 basis

Thursday May 16, 2019

3.9 First settlement of trades conducted on a +deferred settlement basis and on a normal T+2 basis

Monday May 20, 2019

Part 4 - Reorganisation type and details

4.1 *The reorganisation is

+Security consolidation

4.1a *Consolidation ratio: the +securities will be consolidated on the basis that every

28

(pre-consolidation) +securities will be consolidated into

1

(post-consolidation) +security (/ies).

4.2 *Scrip fraction rounding

Fractions rounded up to the next whole number

Part 5 - +Securities on issue before and after reorganisation

5.1 *+Securities on issue before and after the reorganisation

ASX +Security Code ASX +Security HCO Description ORDINARY FULLY PAID Quoted/unquoted Number on issue Number on issue after Estimate/Actual Quoted before reorganisation reorganisation Estimated 2,803,873,559 100,138,341

Notification of Consolidation/Split

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Notification of Consolidation/Split

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ASX +Security Code ASX +Security
HCOAC Description
OPTION EXPIRING
31-DEC-2019 EX 3C
Quoted/unquoted Number on issue Number on issue after Estimate/Actual
Unquoted before reorganisation reorganisation Estimated
5,000,000 178,571
ASX +Security Code ASX +Security
HCOAE Description
OPTION EXPIRING
02-FEB-2020
Quoted/unquoted Number on issue Number on issue after Estimate/Actual
Unquoted before reorganisation reorganisation Estimated
200,000,000 7,142,857
ASX +Security Code ASX +Security
HCOAA Description
PERFORMANCE
SHARES
Quoted/unquoted Number on issue Number on issue after Estimate/Actual
Unquoted before reorganisation reorganisation Estimated
62,500,000 2,232,143
ASX +Security Code ASX +Security
HCOAB Description
OPTION EXPIRING
31-DEC-2019 EX 3C
Quoted/unquoted Number on issue Number on issue after Estimate/Actual
Unquoted before reorganisation reorganisation Estimated
10,000,000 357,143
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5.2 *Exercise price of options

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ASX +Security Code ASX +Security Description
HCOAC OPTION EXPIRING
31-DEC-2019 EX 3C
Quoted/unquoted Exercise price before Exercise price after
Unquoted reorganisation reorganisation
0.03000000 0.84000000
ASX +Security Code ASX +Security Description
HCOAE OPTION EXPIRING
02-FEB-2020
Quoted/unquoted Exercise price before Exercise price after
Unquoted reorganisation reorganisation
0.01000000 0.28000000
ASX +Security Code ASX +Security Description
HCOAA PERFORMANCE SHARES
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Notification of Consolidation/Split

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Notification of Consolidation/Split

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Quoted/unquoted Exercise price before Exercise price after
Unquoted reorganisation reorganisation
0.00000000 0.00000000
ASX +Security Code ASX +Security Description
HCOAB OPTION EXPIRING
31-DEC-2019 EX 3C
Quoted/unquoted Exercise price before Exercise price after
Unquoted reorganisation reorganisation
0.03000000 0.84000000
Part 6 - Further information
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6.1 Further information relating to the reorganisation

6.2 Additional information for inclusion in the Announcement Summary

Notification of Consolidation/Split

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