NEWPEAK METALS LIMITED — Capital/Financing Update 2021

Aug 23, 2021

Proposed issue of securities

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Update Summary

Entity name

NEWPEAK METALS LIMITED

Announcement Type

Update to previous announcement

Date of this announcement

24/8/2021

Reason for update to a previous announcement

Update to the maximum number of New Options to be issued (this Appendix 3B now includes the Cleansing Offer securities mentioned in the Prospectus).

This form serves as application for quotation of all of the securities that may be issued under the Prospectus. Once the final number of securities to be issued is known, in accordance with Listing Rule 3.10.3C the Company will complete and lodge with ASX an Appendix 2A online form notifying ASX of their issue and applying for their quotation.

Refer to next page for full details of the announcement

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Proposed issue of securities

Part 1 - Entity and announcement details

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1.1 Name of +Entity

NEWPEAK METALS LIMITED

We (the entity named above) give ASX the following information about a proposed issue of +securities and, if ASX agrees to +quote any of the +securities (including any rights) on a +deferred settlement basis, we agree to the matters set out in Appendix 3B of the ASX Listing Rules.

If the +securities are being offered under a +disclosure document or +PDS and are intended to be quoted on ASX, we also apply for quotation of all of the +securities that may be issued under the +disclosure document or +PDS on the terms set out in Appendix 2A of the ASX Listing Rules (on the understanding that once the final number of +securities issued under the +disclosure document or +PDS is known, in accordance with Listing Rule 3.10.3C, we will complete and lodge with ASX an Appendix 2A online form notifying ASX of their issue and applying for their quotation).

1.2 Registered Number Type Registration Number ABN 79068958752

1.3 ASX issuer code

NPM

1.4 The announcement is

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Update/amendment to previous announcement

1.4a Reason for update to a previous announcement

Update to the maximum number of New Options to be issued (this Appendix 3B now includes the Cleansing Offer securities mentioned in the Prospectus).

This form serves as application for quotation of all of the securities that may be issued under the Prospectus. Once the final number of securities to be issued is known, in accordance with Listing Rule 3.10.3C the Company will complete and lodge with ASX an Appendix 2A online form notifying ASX of their issue and applying for their quotation.

1.4b Date of previous announcement to this update

12/8/2021

1.5 Date of this announcement

24/8/2021

1.6 The Proposed issue is:

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An offer of +securities under a +securities purchase plan

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Part 4 - Details of proposed offer under securities purchase plan

Part 4A - Conditions

4A.1 Do any external approvals need to be obtained or other conditions satisfied before the offer of +securities under the +securities purchase plan issue can proceed on an unconditional basis? Yes

4A.1a Conditions

Approval/Condition Date for determination Is the date estimated or ** Approval actual? received/condition met? +Security holder approval 17/9/2021 Estimated No

Comments

The issue of free attaching Options is subject to Shareholder approval at a General Meeting of the Company, proposed to be held on or around 17 September 2021.

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Part 4B - Offer details

Class or classes of +securities that will participate in the proposed issue and class or classes of +securities proposed to be issued

ASX +security code and description

NPM : ORDINARY FULLY PAID

Will the proposed issue of this +security include an offer of attaching +securities? Yes

Details of +securities proposed to be issued

ASX +security code and description

NPM : ORDINARY FULLY PAID

Maximum total number of those +securities that could be issued if all offers under the +securities purchase plan are accepted 1,000,000,000

Will the offer be conditional on applications for a minimum number of +securities being received or a minimum amount being raised (i.e. a minimum subscription condition)? No

Will the offer be conditional on applications for a maximum number of +securities being received or a maximum amount being raised (i.e. a maximum subscription condition)? No

Will individual security holders be required to accept the offer for a minimum number or value of +securities (i.e. a minimum acceptance condition)? Yes

Is the minimum acceptance unit based or dollar based? Dollar based ($)

Please enter the minimum acceptance value

$ 1,000

Will individual security holders be limited to accepting the offer for a maximum number or value of +securities (i.e. a maximum acceptance condition)? Yes Is the maximum acceptance unit based or dollar based? Dollar based ($)

Please enter the maximum acceptance value

$ 30,000

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Proposed issue of securities

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Describe all the applicable parcels available for this offer in number of securities or dollar value Participation in the SPP is available to Eligible Shareholders, and each Eligible Shareholder may apply for up to $30,000 worth of New Shares at the Issue Price. Applications may be made for parcels of $1,000, $2,000, $5,000, $10,000, $15,000, $20,000, $25,000 or $30,000 worth of New Shares under the SPP Offer.

Offer price details
Has the offer price been determined?
Yes
In what currency will the offer What is the offer price per
be made? +security?
AUD - Australian Dollar AUD 0.00150
Oversubscription & Scale back details
Will a scale back be applied if the offer is over-subscribed?
Yes
Describe the scale back arrangements Where the combined total of the SPP reaches over $1,500,000 a scale back will be applied. Further information is set out in the Prospectus.
Will these +securities rank equally in all respects from their issue date with the existing issued
+securities in that class?
Yes

Attaching +Security

The proposed attaching security can only be of an 'Existing class' (additional +securities in a class that is already quoted or recorded by ASX)

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New class

Attaching +Security - New class (+securities in a class that is not yet quoted or recorded by ASX)

Details of attaching +securities proposed to be issued

ISIN Code (if Issuer is a foreign company and +securities are non CDIs)

Have you received confirmation from ASX that the terms of the proposed +securities are appropriate and equitable under listing rule 6.1? Will the entity be seeking quotation of the 'new' class of +securities on ASX? ASX +security code New class-code to be confirmed +Security description Options exercisable at 0.4 cents expiring 19 July 2023 Yes Yes	Have you received confirmation from ASX that the terms of the proposed +securities are appropriate and equitable under listing rule 6.1? Will the entity be seeking quotation of the 'new' class of +securities on ASX? ASX +security code New class-code to be confirmed +Security description Options exercisable at 0.4 cents expiring 19 July 2023 Yes Yes
New class-code to be confirmed	Options exercisable at 0.4 cents expiring 19 July 2023

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Proposed issue of securities

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+Security type

Options

Offer ratio (ratio of attaching securities at which the new +securities will be issued)	Offer ratio (ratio of attaching securities at which the new +securities will be issued)
The quantity of attaching +securities to be issued	For a given quantity of the new +securities issued
1	2
What will be done with fractional entitlements?	Maximum total number of those +securities that could be
Fractions rounded up to the next whole number	issued if all offers under the +securities purchase plan are accepted
	500,100,000
Reason for the update of 'Maximum Number of +securities proposed to be issued'

Update to the maximum number of New Options to be issued (this Appendix 3B now includes the Cleansing Offer securities mentioned in the Prospectus).

Offer price details
Has the offer price been determined?
Yes
In what currency will the offer be made?	What is the offer price per +security?
AUD - Australian Dollar	AUD 0.00000
Please confirm whether the offer of the attaching +securities is a separate offer to the offer pursuant to the
+security purchase plan
Yes
Please confirm whether the attaching +securities are being offered under a +disclosure document or +PDS
Yes
Oversubscription & Scale back details
Will a scale back be applied if the offer is
over-subscribed?
Yes
Describe the scale back arrangements

Where the combined total of the SPP reaches over $1,500,000 a scale back will be applied. Further information is set out in the Prospectus.

Will all the +securities issued in this class rank equally in all respects from their issue date? Yes

Options details

+Security currency

AUD - Australian Dollar

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Proposed issue of securities

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Exercise price Expiry date AUD 0.0040 19/7/2023

Details of the type of +security that will be issued if the option is exercised NPM : ORDINARY FULLY PAID

Number of securities that will be issued if the option is exercised

One fully paid ordinary share (ASX:NPM)

Please provide a URL link for a document lodged with ASX setting out the material terms of the +securities proposed to be issued or provide the information by separate announcement.

Part 4C - Timetable 4C.1 Date of announcement of +security purchase plan 12/8/2021 4C.2 +Record date 11/8/2021 4C.3 Date on which offer documents will be made available to investors 18/8/2021 4C.4 Offer open date 18/8/2021 4C.5 Offer closing date 17/9/2021 4C.7 +Issue date and last day for entity to announce results of +security purchase plan offer 24/9/2021

Part 4D - Listing Rule requirements

4D.1 Does the offer under the +securities purchase plan meet all of the requirements of listing rule 7.2 exception 5 or do you have a waiver from those requirements? Yes

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Part 4E - Fees and expenses

4E.1 Will there be a lead manager or broker to the proposed offer? No 4E.2 Is the proposed offer to be underwritten? No 4E.3 Will brokers who lodge acceptances or renunciations on behalf of eligible +security holders be paid a handling fee or commission? No 4E.4 Details of any other material fees or costs to be incurred by the entity in connection with the proposed offer Legal fees, Share Registry fees, ASX fees and other miscellaneous costs associated with the Offer - $85,000 Part 4F - Further Information

4F.01 The purpose(s) for which the entity intends to use the cash raised by the proposed issue Implementation of planned exploration programs across the Company's projects; the costs of the Offers; and general corporate costs and working capital. 4F.1 Will the entity be changing its dividend/distribution policy if the proposed offer is successful? No 4F.2 Countries in which the entity has +security holders who will not be eligible to accept the proposed offer Argentina, Canada, China, Hong Kong, Malaysia, Republic of Slovakia, United Kingdom, USA 4F.3 URL on the entity's website where investors can download information about the proposed offer - https://newpeak.com.au/2021 spp 4F.4 Any other information the entity wishes to provide about the proposed offer

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