MIDDLE ISLAND RESOURCES LIMITED — M&A Activity 2019

Nov 21, 2019

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Middle Island Resources Limited

( ACN 142 361 608 )

Notice under section 630(3) Corporations Act 2001 (Cth) Notice of status of conditions Dated 22 November 2019

To: Australian Stock Exchange (“ ASX ”) ;

Alto Metals Ltd ACN 159 819 173 (“ AME ”) ; and

For the purposes of section 630(2)(b) of the Corporations Act 2001 (Cth) (“ Corporations Act ”) , Middle Island Resources Limited ACN 142 361 608 (“ MDI ”) gives notice that:

• (a) as at the date of this notice:

  • (i) MDI has not freed the Offer from any of the Conditions;

  • (ii) so far as MDI is aware, none of the Conditions contained in Section 9.10 of the Bidder’s Statement have been fulfilled or waived;

  • (iii) MDI is aware that there has been a breach of Condition 9.10(h)(d)(iii) and of Condition 9.10(h)(d)(i);

  • (iv) MDI notes that the breach of Condition 9.10(h)(d)(i) outlined in (iii) above were waived by MDI on 8 October 2019; and

  • (v) Other than as outlined in (iii) above and so far as MDI is aware, none of the events stipulated in the Conditions in Sections 9.10(a) (No regulatory action); 9.10(c) (Gold Price); 9.10(d) (No persons exercising any rights under certain agreements or instruments); 9.10(e) (No change of control rights); 9.10(f) (Material adverse change); 9.10(g) (No material acquisitions, disposals, cancellations or new commitments); 9.10(h)(d) (Prescribed occurrences); 9.10(i) (Statements to the ASX); 9.10(j) (Conduct of business); 9.10(k) (no litigation on foot or pending); 9.10(l) (Mining Tenements) or 9.10(m) (Other persons acquiring a relevant Interest) of the Bidder's Statement have occurred.

• (b) As at the date of this notice MDI has 0.79% of the voting power in AME.

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Signed for and on behalf of Middle Island Resources Limited