MAGNETITE MINES LIMITED. — Share Issue/Capital Change 2021

Nov 30, 2021

ASX ANNOUNCEMENT 1 DECEMBER 2021

==> picture [202 x 51] intentionally omitted <==

SECONDARY TRADING NOTICE

Magnetite Mines Limited (ASX: MGT) (Company) today announced it has issued 5,000,000 fully paid ordinary shares in the capital of the Company ( Shares ) pursuant to the exercise of unquoted options by the Company’s Executive Chairman, Mr Peter Schubert. The Shares are in a class of securities quoted on the Australian Securities Exchange ( ASX ).

The Corporations Act restricts the on-sale of securities issued without disclosure, unless the sale is exempt under 708 or 708A of the Corporations Act. By the Company giving this notice, sale of the Shares noted above will fall within the exemption in section 708A(5) of the Corporations Act.

The Company hereby notifies ASX under paragraph 708A(5)(e) of the Corporations Act that:

• (a) the Shares were issued without disclosure to investors under Part 6D.2 of the Corporations Act;

• (b) this notice is given pursuant to paragraph 5(e) of section 708A of the Corporations Act;

• (c) as at the date of this notice, the Company has complied with the provisions of Chapter 2M of the Corporations Act as they apply to the Company and section 674 of the Corporations Act; and

• (d) as at the date of this notice, there is no information:

  • (i) that has been excluded from a continuous disclosure notice in accordance with the ASX Listing Rules; and

  • (ii) that investors and their professional advisers would reasonably require for the purpose of making an informed assessment of:

    • A. the assets and liabilities, financial position and performance, profits and losses and prospects of the Company; or

    • B. the rights and liabilities attaching to the Shares.

This announcement has been authorised for release to the market by the Company Secretary.

For further information contact:

Frank DeMarte Company Secretary +61 8 8427 0516

Magnetite Mines Limited | ABN: 34 108 102 432 | Suite 1, 22 Greenhill Road, Wayville, SA 5034 | email: info@magnetitemines.com | www.magnetitemines.com | Tel: +61 8 8427 0516

Page 1