MAGONTEC LIMITED — Board/Management Information 2021

Oct 14, 2021

Suite 1.03, Level 1 46A Macleay St Potts Point NSW 2011 Australia Ph +61 2 8084 7813

15 October 2021

Company Announcements Office Australian Securities Exchange Limited 20 Bridge Street Sydney, NSW, 2000

Dear Sir/Madam,

Mr KANGMIN XIE MAGONTEC BOARD DIRECTOR

The Central Commission for Discipline Inspection of the Communist Party of China and National Supervision Commission of PRC (the Commission) released an announcement on its website at 4:30pm on Thursday 14 October 2021.

The announcement stated:

"According to Qinghai Commission for Discipline Inspection and Supervision: Xie Kangmin, deputy Party secretary of Qinghai Salt Lake Industry Co.,Ltd., Party secretary and chairman of Qinghai Huixin Asset Management Co.,Ltd., is suspected of serious violation of discipline and law, and is currently under disciplinary investigation and supervision investigation by Qinghai Provincial Commission for Discipline Inspection and Supervision."

As best as we can understand the relationship of the agencies, the Commission is an Agency of the Government of the PRC. Qinghai Commission for Discipline Inspection and Supervision is an Agency of the provincial Qinghai government reporting to the Commission.

Magontec has not received formal advice of the action from the ultimate owner of Qinghai Salt Lake Magnesium Limited (QSLM) or from senior management within QSLM.

As further information comes to hand, Magontec will assess the implications for QSLM’s operations and Mr Xie’s position on the Board.

Yours sincerely

==> picture [112 x 39] intentionally omitted <==

Mr Nicholas Andrews Executive Chairman Magontec Limited

Contact details: +61 (0) 402 220 077

Nicholas Andrews, Executive Chairman Magontec Limited, has authorised the release of this document to the market on 15 October 2021