ORPHEUS URANIUM LIMITED — Regulatory Filings 2020

May 10, 2020

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11 May 2020

ASX Market Announcements ASX Limited Level 6, Exchange Centre 20 Bridge Street SYDNEY NSW 2000

ASX Code: ARE

Share Placement – Section 708A Cleansing Statement

The Company hereby provides notice to the ASX for the purposes of section 708A(5)(e) of the Corporations Act 2001 (Cth) ( Corporations Act ) that the Company has today issued 388,309,089 fully paid ordinary shares in the Company at an issue price of $0.0033 ( Shares ) to professional and sophisticated investors, under the placement announced on 1[st] May 2020. The Shares are in a class of securities quoted on the Australian Securities Exchange ~~.~~

The Company advises that:

• (a) the Shares were issued without disclosure to investors under Part 6D.2 of the Corporations Act;

• (b) this notice is given under section 708A(5)(e) of the Corporations Act;

• (c) as at the date of this notice, the Company has complied with the provisions of Chapter 2M of the Corporations Act as they apply to the Company;

• (d) as at the date of this notice, the Company has complied with section 674 of the Corporations Act; and

• (e) as at the date of this notice, there is no excluded information of the type referred to in sections 708A(6)(e), 708A(7) and 708A(8) of the Corporations Act.

Authorised for release by the Board.

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Joanna Morbey Company Secretary Argonaut Resources NL (the Company)

Registered Office Level 1

Argonaut Resources NL ABN 97 008 084 848

63 Waymouth Street Adelaide, SA, 5000, Australia T +61 8 8231 0381 F +61 8 8231 6092

1

E adelaide@argonautresources.com