MAGONTEC LIMITED — Board/Management Information 2022

May 4, 2022

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

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

5 May 2022

Dear Sir, Madam

Board Structure Magontec Limited (ASX:MGL) Change of Status of Director Mr Andre Labuschagne

Mr Labuschagne is the Executive Chairman of Aeris Resources Ltd (ASX:AIS). AIS was formerly a substantial shareholder of Magontec via its 100% owned subsidiary Straits Mine Management Pty Ltd. As such, Mr Labuschagne was regarded as a non-independent Director. However, on 21 February 2022 AIS sold its entire holding of Magontec shares (refer Company announcement to ASX of same date).

In the light of the sale, and Mr Labuschagne’s agreement to remain a Director, the Board considers that Mr Labuschagne holds no interest, position or relationship that might, or reasonably be perceived to, influence in a material respect his capacity to bring an independent judgement to bear on issues before the Board. From 4 May 2022, the Board will regard Mr Labuschagne as an independent Director.

The Board decision has taken account of (inter alia) -

• the price obtained by AIS for sale of its holding of Magontec shares was not conditional upon future Magontec financial or share price performance;

• Mr Labuschagne has no on-going relationship with the parties to whom AIS sold its holding of Magontec shares; and

• Mr Labuschagne is not a direct or indirect holder of Magontec shares.

Yours sincerely

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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 5 May 2022