MT MALCOLM MINES NL — Capital/Financing Update 2023

May 14, 2023

==> picture [103 x 123] intentionally omitted <==

ASX Announcement 15 May 2023

==> picture [103 x 34] intentionally omitted <==

----- Start of picture text -----

ACN: 646 466 435
ASX: M2M
----- End of picture text -----

Notice given under Section 708AA(2)(f) of the Corporations Act

Mt Malcolm Mines NL (ASX: M2M or “the Company”) has announced that it is proposing to dispatch to eligible shareholders an offer document in respect of a non-renounceable entitlement offer (Entitlement Offer) to acquire one (1) new ordinary share (New Share) for every two (2) shares held in the Company on the record date of 18 May 2023 (Record Date).

The Entitlement Offer will be offered at $0.03 per New Share to raise up to $1,272,780 (before costs). The Company advises that it will offer New Shares for issue to investors under Part 6D.2 of the Corporations Act 2001 (Cth) (Corporations Act) and states that this notice is given to the ASX under paragraph 708AA(2)(f) of the Corporations Act.

Accordingly, Mt Malcolm Mines confirm that:

1. the Company will offer the New Shares under the Entitlement Offer without disclosure to investors under Part 6D.2 of the Corporations Act;

2. this notice is given under section 708AA(2)(f) of the Corporations Act as modified by ASIC Instrument;

3. as at the date of this notice, the Company has complied with:

4. (a) the provisions of Chapter 2M of the Corporations Act as they apply to the Company; and

5. (b) section 674 of the Corporations Act;

6. as at the date of this notice, there is no excluded information as defined in section 708AA(8) and section 708AA(9) of the Corporations Act which is required to be disclosed by the Company; and

7. the potential effect that the issue of the New Shares, under the Entitlement Offer, will have on the control of the Company is as follows:

8. (a) if all eligible shareholders take up their entitlements under the Entitlement Offer, the New Shares issued under the Entitlement Offer will have no effect on the control of the Company and all shareholders will hold the same percentage interest in the Company, subject only to changes resulting from ineligible shareholders being unable to participate in the Entitlement Offer;

9. (b) in the more likely event that there is a shortfall under the Entitlement Offer, eligible shareholders may apply for oversubscriptions above their entitlements and eligible shareholders who do not subscribe for their full entitlement of New Shares under the Entitlement Offer will be diluted relative to those shareholders who subscribe for some or all of their entitlement and/or apply for shortfall shares;

10. (c) any shortfall to the Entitlement Offer remaining after any allocations to eligible shareholders who apply for shortfall shares will not be underwritten, and

11. (d) any Entitlement not taken up pursuant to the Offer will form the Shortfall Offer (Shortfall Shares). The Shortfall Offer is a separate offer made pursuant to this Offer Document and will remain open for up to three months following the Closing Date. The issue price for each Share to be issued under the Shortfall Offer shall be $0.03 being the price at which Shares have been offered under the Offer.

The Company confirms that, as at the date of this notice, there is no information that:

1. has been excluded from a continuous disclosure notice given to ASX in accordance with the ASX Listing Rules; and

2. investors and their professional advisers would reasonably require for the purpose of making an informed assessment of:

3. (a) the assets and liabilities, financial position and performance, profits and losses and prospects of the Company; and

4. (b) the rights and liabilities attaching to fully paid ordinary shares,

to the extent to which it would be reasonable for investors and their professional advisers to expect to find such information in a disclosure document.

mtmalcolm.com.au info@mtmalcolm.com.au Phone: (08) 6244 6617

This announcement is approved and authorised for market release by the Board of Mt Malcolm Mines NL.

For further information please contact: Trevor Dixon Managing Director trevor@mtmalcolm.com.au