METGASCO LTD — Share Issue/Capital Change 2021

Dec 9, 2021

Notification of Issue, Conversion or Payment up of Unquoted Equity Securities

==> picture [21 x 22] intentionally omitted <==

Announcement Summary

Entity name

METGASCO LTD

Date of this announcement

Friday December 10, 2021

The +securities the subject of this notification are: Other

Total number of +securities to be issued/transferred

		Total number of
ASX +security		+securities to be
code	Security description	issued/transferred	Issue date
New class - code	Unlisted Options (new class)	33,875,000	10/12/2021
to be confirmed

Refer to next page for full details of the announcement

Notification of Issue, Conversion or Payment up of Unquoted E it S iti

1 / 7

Notification of Issue, Conversion or Payment up of Unquoted Equity Securities

==> picture [21 x 22] intentionally omitted <==

Part 1 - Entity and announcement details

1.1 Name of entity

METGASCO LTD

We (the entity named above) give notice of the issue, conversion or payment up of the following unquoted +securities.

1.2 Registered number type

ABN

Registration number

24088196383

1.3 ASX issuer code

MEL

1.4 The announcement is

==> picture [8 x 8] intentionally omitted <==

New announcement

1.5 Date of this announcement

10/12/2021

Notification of Issue, Conversion or Payment up of Unquoted E it S iti

2 / 7

Notification of Issue, Conversion or Payment up of Unquoted Equity Securities

==> picture [21 x 22] intentionally omitted <==

Part 2 - Issue details

2.1 The +securities the subject of this notification are:

==> picture [8 x 8] intentionally omitted <==

Other

Please specify

Options as approved by shareholders at the Annual General Meeting held on 09/12/2021

2.2a This notification is given in relation to an issue of +securities in a class which is not quoted on ASX and which:

==> picture [8 x 9] intentionally omitted <==

does not have an existing ASX security code ("new class")

Notification of Issue, Conversion or Payment up of Unquoted E it S iti

3 / 7

Notification of Issue, Conversion or Payment up of Unquoted Equity Securities

==> picture [21 x 22] intentionally omitted <==

Part 3C - number and type of +securities the subject of this notification (new class) where issue has not previously been notified to ASX in an Appendix 3B

==> picture [538 x 550] intentionally omitted <==

----- Start of picture text ----- New +securitiesASX +security code +Security descriptionNew class - code to be confirmed Unlisted Options (new class)+Security type ISIN codeOptionsDate the +securities the subject of this notification were issued10/12/2021Will all the +securities issued in this class rank equally in all respects from their issue date?YesHave you received confirmation from ASX that the terms of the +securities are appropriate and equitable underlisting rule 6.1?YesPlease provide a URL link for a document lodged with ASX setting out the material terms of the +securities beingissued.Refer to Notice of Meeting lodged with ASX on 03/11/21Options Details+Security currency Exercise price Expiry dateAUD - Australian Dollar AUD 0.04500000 10/12/2024Details of the existing class of +security that will be issued upon exercise or conversion of this new class ofcompany optionOtherDescriptionMEL - Fully paid ordinary shareAny other information the entity wishes to provide about the +securities the subject of this notification----- End of picture text -----

Notification of Issue, Conversion or Payment up of Unquoted E it S iti

4 / 7

Notification of Issue, Conversion or Payment up of Unquoted Equity Securities

==> picture [21 x 22] intentionally omitted <==

Please provide any further information needed to understand the circumstances in which you are notifying the issue of these +securities to ASX, including why the issue of the +securities has not been previously announced to the market in an Appendix 3B

Details disclosed in Notice of Meeting issued to ASX on 03/11/2021

Issue details Number of +securities 33,875,000 Were the +securities issued for a cash consideration? No Please describe the consideration being provided for the +securities Issued to Directors and Officers as approved by shareholders at Annual General Meeting held on 09/12/21 Purpose of the issue Other Additional Details Refer to Notice of Meeting lodged with ASX on 03/11/21

Notification of Issue, Conversion or Payment up of Unquoted 5 / 7 E it S iti

Notification of Issue, Conversion or Payment up of Unquoted Equity Securities

==> picture [21 x 22] intentionally omitted <==

Part 4 - +Securities on issue

Following the issue, conversion or payment up of the +securities the subject of this application, the +securities of the entity will comprise:

(A discrepancy in these figures compared to your own may be due to a matter of timing if there is more than one application for quotation/issuance currently with ASX for processing.)

4.1 Quoted +Securities (Total number of each +class of +securities quoted)

	Total number of
ASX +security code and description	+securities on issue
MEL : ORDINARY FULLY PAID	732,884,794
MELOA : OPTION EXPIRING 31-DEC-2021	182,457,424
MELO : OPTION EXPIRING 31-DEC-2022	58,693,180

4.2 Unquoted +Securities (Total number of each +class of +securities issued but not quoted on ASX)

	Total number of
ASX +security code and description	+securities on issue
MELAF : OPTION EXPIRING 31-DEC-2022 EX $0.031	6,000,000
MELAC : PERFORMANCE RIGHTS	5,209,206
New class - code to be confirmed : Unlisted Options (new class)	33,875,000

Notification of Issue, Conversion or Payment up of Unquoted E it S iti

6 / 7

Notification of Issue, Conversion or Payment up of Unquoted Equity Securities

==> picture [21 x 22] intentionally omitted <==

Part 5 - Other Listing Rule requirements

5.1 Were the +securities issued under an exception in Listing Rule 7.2 and therefore the issue did not need any security holder approval under Listing Rule 7.1? No

5.2 Has the entity obtained, or is it obtaining, +security holder approval for the issue under listing rule 7.1? Yes

5.2a Date of meeting or proposed meeting to approve the issue under listing rule 7.1

9/12/2021

Notification of Issue, Conversion or Payment up of Unquoted E it S iti

7 / 7