ORPHEUS URANIUM LIMITED — Capital/Financing Update 2022

Aug 23, 2022

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24 August 2022

Market Announcements Office ASX Limited Level 4, 20 Bridge Street SYDNEY NSW 2000

Dear Madam/Sir,

Argonaut Resources NL – Notification under section 708AA(2)(f) of the Corporations Act

This notice is given by Argonaut Resources NL ACN 008 084 848 (ASX: ARE) ( Argonaut or the Company ) under section 708AA(2)(f) of the Corporations Act 2001 (Cth) ( Corporations Act) as modified by the Australian Securities and Investments Commission Corporations (Non-Traditional Rights Issues) Instrument 2016/84. Where applicable, references in this notice to sections of the Corporations Act are to those sections as modified by the ASIC Instrument.

Argonaut today announced a non-renounceable pro-rata entitlement offer ( Entitlement Offer ) of one fully paid ordinary share in the Company ( Share ) for every two Shares held at 7:00pm (Sydney time) on Monday, 29 August 2022 ( Record Date ) by eligible shareholders at an offer price of A$0.001 per Share to raise up to approximately A$1,809,513 (before costs).

Further details regarding the Entitlement Offer are set out in the ASX announcement relating to the Entitlement Offer lodged with the ASX earlier today. An Offer Booklet for the Entitlement Offer is expected to be dispatched to eligible investors on Thursday, 1 September 2022.

The Company hereby confirms that:

1. The Shares to be issued under the Entitlement Offer ( New Shares ) will be offered without disclosure to investors under Part 6D.2 of the Corporations Act.

2. This notice is being given under section 708AA(2)(f) of the Corporations Act.

3. As at the date of this notice, the Company, as a disclosing entity under the Corporations Act, has complied with:

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

5. (b) sections 674 and 674A of the Corporations Act as it applies to the Company.

6. As at the date of this notice, there is no excluded information for the purposes of sections 708AA(8) and 708AA(9) of the Corporations Act, which is required to be disclosed by the Company.

7. The potential effect the Entitlement Offer will have on the control of the Company and the consequences of that effect will depend on a number of factors, including investor demand and the extent to which eligible securityholders take up their entitlements. However, given the size and pricing of the Entitlement Offer and the structure of the offer as a pro-rata issue and the existing shareholding structures in the Company, the Entitlement Offer is not expected to have a material effect or consequence on the control of the Company. As a result, there is not expected to be any consequences flowing from the effect of the Entitlement Offer other than as summarised below:

8. (a) if all eligible shareholders as at the record date take up their full entitlements, the Entitlement Offer will have no effect on the control of Argonaut;

Registered Office Level 6 100 Pirie Street Adelaide, SA, 5000 Australia

Argonaut Resources NL ABN 97 008 084 848

T +61 8 8231 0381

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E adelaide@argonautresources.com

• (b) if some eligible shareholders do not take up their entitlements (whether because they are ineligible shareholders or otherwise), their interest in Argonaut will be diluted. The interests of shareholders who only take up part of their entitlement will be diluted but to a lesser extent; and

• (c) the proportional interests of shareholders who are not eligible shareholders will be diluted because such shareholders are not entitled to participate in the Entitlement Offer.

For further information, contact the Company Secretary on jo@argonautresources.com.

For and on behalf of the Company

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Ms Joanna Morbey Company Secretary

This announcement has been authorised for release to ASX by the Board of Directors of Argonaut Resources NL.

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