ORBMINCO LIMITED — Capital/Financing Update 2021

Apr 11, 2021

Suite 116, 147 Pirie Street Adelaide SA 5000 admin@WoomeraMining.com.au www.WoomeraMining.com.au

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Woomera Mining Limited

12 April 2021

ASX Announcement

WOOMERA MINING TO RAISE $2.5M VIA SHARE PLACEMENT AND SHARE PURCHASE PLAN OFFERED TO ELIGIBLE PARTICIPANTS

Highlights

• Woomera Mining is pleased to announce that it has received binding commitments for a Share Placement to raise approximately $2.5 million from institutional, sophisticated and professional investors

• Net proceeds will be used to fund exploration at the Mt Venn Gold & PGE/Ni-Cu Project and for working capital

• Share Purchase Plan offered to eligible shareholders

Woomera Mining Limited (ACN 073 155 781) (ASX: WML) ( Woomera , WML or the Company ) is pleased to announce that it has received binding commitments for a share placement of approximately 147 million ordinary shares ( Shares ) to institutional, professional and sophisticated investors ( Placement ) to raise approximately $2.5 million.

The Placement was over-subscribed with overwhelming support from sophisticated and professional investors plus the new directors, as a sign of confidence in the new Board and Management team at Woomera.

The issue of Shares will take place under a two-tranche structure at an issue price of $0.017 per Share representing a 10.5% discount to WML’s last closing price of $0.019 on 7 April 2021. Each two (2) Shares subscribed for under the Placement will include the grant of one (1) free attaching option exercisable at $0.035 on or before 31 May 2024.

Placement Details

Tranche 1 will raise approximately $0.85 million with Shares and attaching listed Options[1] issued in accordance with the Company’s available placement capacity under ASX Listing Rules 7.1 and 7.1A. The Company will issue 16,028,001 Shares and 24,999,996 attaching listed Options[1] pursuant to its 15% placement capacity under ASX Listing Rule 7.1, and will issue a further 33,971,991 Shares pursuant to its 10% placement capacity under ASX Listing Rule 7.1A.

Tranche 2 will raise approximately $1.65 million with Shares and attaching listed Options[1] to be issued subject to WML obtaining shareholder approval at an Extraordinary General Meeting ( EGM ) to be convened by the Company on or about 21 May 2021. A notice of meeting specifying the date of the EGM and other relevant details will be sent to shareholders and released to the ASX in the coming days. Subject to the receipt of shareholder approval at the EGM, Tranche 2 includes a director’s allocation of 8,823,528 shares to the value of $150,000.

1 The Options will be listed subject to compliance with the ASX Listing Rules and approval by the ASX.

The Shares issued under the Placement and Share Purchase Plan (described below) will be issued on the same terms, and will rank equally with, the existing ordinary shares of WML.

Share Purchase Plan

In addition to the Placement, the Company is offering existing shareholders with registered addresses in Australia and New Zealand and holding shares on the record date of 9 April 2021, the opportunity to subscribe for up to $30,000 or 1,764,706 fully paid ordinary shares under a Share Purchase Plan ( SPP ). The SPP will close on 24 May 2021 and will be capped at a total of $212,500. The Company reserves the right to scale back applications in the event of an oversubscription, with such scale back to be at the discretion of the Board of Directors.

Participation in the SPP is optional. The issue price under the SPP will be $0.017 per Share, which is the same price as under the Placement. Each two (2) Shares subscribed for under the SPP will also include the grant of one (1) free attaching option exercisable at $0.035 on or before 31 May 2024. Further details of the terms of the SPP will be set out in a prospectus to be issued on Tuesday 20 April 2021 ( Prospectus ).

Use of funds

The funds raised from the Placement are intended to be used by the Company to fast track its gold and base metal exploration programs at its 80% owned Mt Venn Gold & PGE/Ni-Cu Project ( Mt Venn ), and for general working capital purposes. In the event that circumstances change or the Company is presented with more favourable opportunities, the Company may vary the proposed use of funds to maximise the benefit to Shareholders. More detail in respect of Mt Venn and the use of funds will be set out in the Prospectus.

Indicative timetable[2]

Trading Halt	8 April 2021
Record Date for the SPP	9 April 2021
Placement and SPP announced and Company’s shares resume trading	12 April 2021
Settlement of issue of Placement Shares to be issued under Tranche 1	15 April 2021
Lodgement of Prospectus	20 April 2021
SPP Offer Opens	21 April 2021
EGM for approval of issue of Placement Shares under Tranche 2	21 May 2021
Settlement of Placement Shares to be issued under Tranche 2 (subjectto shareholder approval)SPP Offer Closes	24 May 2021
Announcement of SPP Results	26 May 2021
Settlement of Shares to be issued under the SPP	31 May 2021

2 The timetable is indicative only and may be subject to change. The Company reserves the right to amend any or all of these dates and times, subject to the Corporations Act, the ASX Listing Rules, and any other applicable laws.

This ASX announcement has been approved and authorised for release by Woomera’s Board of Directors.

For more information please contact:

Kevin Seymour Duncan Gordon Managing Director Executive Director Woomera Mining Limited Adelaide Equity Partners Ltd +61 400 027 730 +61 8 8232 8800 info@woomeramining.com.au dgordon@adelaideequity.com.au

About Woomera Mining Limited

Woomera Mining Limited (Woomera) is an ASX listed exploration company based in Adelaide, South Australia with its primary focus being the Mt Venn Greenstone Belt in Western Australia (Mt Venn Gold & PGE/Ni-Cu Project) where it has identified a number of high-priority, drill-ready gold and nickel-copper-PGE targets. The Company retains tenements in the Musgrave Province and Gawler Craton of South Australia which are considered prospective for precious and base metals.