PEAKO LIMITED — Capital/Financing Update 2023

Mar 12, 2023

Announcement Summary

Entity name

PEAKO LIMITED

Announcement Type

New announcement

Date of this announcement

12/3/2023

The Proposed issue is:

A standard pro rata issue (including non-renounceable or renounceable)

Total number of +securities proposed to be issued for a standard pro rata issue (including non-renounceable or renounceable)

ASX +security code	+Security description	Maximum Number of+securities to be issued
New class-code to beconfirmed	Option Expiring 30 June 2025 EX $0.025	75,843,056
PKO	ORDINARY FULLY PAID	151,686,113

Ex date

15/3/2023

+Record date

16/3/2023

Offer closing date

31/3/2023

Issue date

11/4/2023

Refer to next page for full details of the announcement

Part 1 - Entity and announcement details

1.1 Name of +Entity

PEAKO 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

79131843868

1.3 ASX issuer code

PKO

1.4 The announcement is

New announcement

1.5 Date of this announcement

12/3/2023

1.6 The Proposed issue is:

A standard +pro rata issue (non-renounceable or renounceable)

1.6a The proposed standard +pro rata issue is:

• Renounceable

Part 3 - Details of proposed entitlement offer issue

Part 3A - Conditions

3A.1 Do any external approvals need to be obtained or other conditions satisfied before the entitlement offer can proceed on an unconditional basis?

No

Part 3B - 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

PKO : ORDINARY FULLY PAID

Is the proposed security a 'New class' (+securities in a class that is not yet quoted or recorded by ASX) or an 'Existing class' (additional securities in a class that is already quoted or recorded by ASX)? Existing class

Will the proposed issue of this +security include an offer of attaching +securities? Yes No

If the entity has quoted company options, do the terms entitle option holders to participate on exercise?

Details of +securities proposed to be issued

ASX +security code and description

PKO : ORDINARY FULLY PAID

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

ISIN Code for the tradable rights created under a renounceable right issue (if Issuer is foreign company and +securities are non CDIs)

Offer ratio (ratio to existing holdings at which the proposed +securities will be issued)

The quantity of additional +securities to be issued 2 For a given quantity of +securities held 5

What will be done with fractionalentitlements?	Maximum number of +securitiesproposed to be issued (subject torounding)
Fractions rounded down to the nearest	151,686,113
whole number or fractions disregarded

Offer price details for retail security holders

In what currency will the offer be	What is the offer price per +security
made?	for the retail offer?
AUD - Australian Dollar	AUD 0.01000

Oversubscription & Scale back details

Will individual +security holders be permitted to apply for more than their entitlement (i.e. to over-subscribe)? Yes

Describe the limits on over-subscription

Applications for Shortfall Securities will only be accepted to the extent of the Shortfall and no subscriber will be permitted to acquire Shortfall Securities to the extent that such acquisition would result in that subscriber having a voting power in Peako in excess of 20% (on a post Rights issue and Shortfall basis).

Will a scale back be applied if the offer is over-subscribed? Yes

Describe the scale back arrangements

In the event of oversubscriptions the Directors will, in their absolute discretion, scale back all applications on an equitable basis. If the company rejects or scales back an application or purported application, the Company will promptly return the shareholders application monies without interest.

Will these +securities rank equally in all respects from their issue date with the existing issued +securities in that class? Yes

Attaching +Security

Is the proposed attaching security a 'New class' (+securities in a class that is not yet quoted or recorded by ASX) or an 'Existing class' (additional +securities in a class that is already quoted or recorded by ASX)? 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)
ISIN Code for the tradable rights created under a renounceable right issue (if Issuer is foreigncompany and +securities are non CDIs)
Have you received confirmation from ASX that the termsof the proposed +securities are appropriate andequitable under listing rule 6.1?No	Will the entity be seeking quotation of the 'new' class of+securities on ASX?Yes
ASX +security code	+Security description
New class-code to be confirmed	Option Expiring 30 June 2025 EX $0.025
+Security typeOptionsOffer ratio (ratio of attaching securities at which the new +securities will be issued)
The quantity of attaching +securities to be issued1	For a given quantity of the new +securities issued2
What will be done with fractional entitlements?Fractions rounded down to the nearest whole number orfractions disregarded	Maximum number of +securities proposed to be issued(subject to rounding)75,843,056
Offer price details for retail security holders
In what currency will the offer be made?AUD - Australian Dollar	What is the offer price per +security for the retail offer?AUD 0.00000

Oversubscription & Scale back details

Will individual +security holders be permitted to apply for more than their entitlement (i.e. to over-subscribe)? Yes

Describe the limits on over-subscription

Applications for Shortfall Securities will only be accepted to the extent of the Shortfall and no subscriber will be permitted to acquire Shortfall Securities to the extent that such acquisition would result in that subscriber having a voting power in Peako in excess of 20% (on a post Rights issue and Shortfall basis).

Will a scale back be applied if the offer is over-subscribed? Yes

Describe the scale back arrangements

In the event of oversubscriptions the Directors will, in their absolute discretion, scale back all applications on an equitable basis. If the company rejects or scales back an application or purported application, the Company will promptly return the shareholders application monies without interest.

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

Exercise price AUD 0.0250

Expiry date 30/6/2025

Details of the type of +security that will be issued if the option is exercised

PKO : ORDINARY FULLY PAID

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

One fully paid ordinary share (ASX:PKO)

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 3C - Timetable

3C.1 +Record date 16/3/2023

3C.2 Ex date

15/3/2023

3C.3 Date rights trading commences

15/3/2023

3C.4 Record date

16/3/2023

3C.5 Date on which offer documents will be sent to +security holders entitled to participate in the +pro rata issue

17/3/2023

3C.6 Offer closing date

31/3/2023

3C.7 Last day to extend the offer closing date

28/3/2023

3C.8 Date rights trading ends

24/3/2023

3C.9 Trading in new +securities commences on a deferred settlement basis

27/3/2023

3C.11 +Issue date and last day for entity to announce results of +pro rata issue

11/4/2023

3C.12 Date trading starts on a normal T+2 basis

12/4/2023

3C.13 First settlement date of trades conducted on a +deferred settlement basis and on a normal T+2 basis

14/4/2023

Part 3E - Fees and expenses

3E.1 Will there be a lead manager or broker to the proposed offer? Yes

3E.1a Who is the lead manager/broker?

3E.2 Is the proposed offer to be underwritten?

Mahe Capital Pty Ltd (ACN 634 087 684) (AFSL NO: 517246)

3E.1b What fee, commission or other consideration is payable to them for acting as lead manager/broker?

a) A lead manager's fee of $60,000. The Lead Manager has the right to subscribe for this fee in scrip under the Offer;

b) 3 Options for every $1 raised under this Prospectus with the Options to be on the same terms as the New Options;

c) A management fee of 1% of the total amount raised under the Offer. The Lead Manager has the right to subscribe for this fee in scrip under the Offer; and

d) A placement fee of 5% of any Shortfall and other securities placed by the Lead Manager.

The Lead Manager will, in the event the Capital Raising Mandate is terminated in certain circumstances, be entitled to a termination fee of $30,000.

3E.2 Is the proposed offer to be underwritten? No

3E.3 Will brokers who lodge acceptances or renunciations on behalf of eligible +security holders be paid a handling fee or commission? No

3E.4 Details of any other material fees or costs to be incurred by the entity in connection with the proposed offer

Refer section 10.9 of Prospectus

Part 3F - Further Information

3F.1 The purpose(s) for which the entity intends to use the cash raised by the proposed issue

The funds raised will be used to advance exploration at Peako's Eastman PGE project in the Kimberley.

3F.2 Will holdings on different registers or subregisters be aggregated for the purposes of determining entitlements to the issue?

No

3F.3 Will the entity be changing its dividend/distribution policy if the proposed issue is successful? No

3F.4 Countries in which the entity has +security holders who will not be eligible to participate in the proposed issue

Canada, Hong Kong, India, Indonesia, Monaco, Singapore, Thailand, UK and USA

3F.5 Will the offer be made to eligible beneficiaries on whose behalf eligible nominees or custodians hold existing +securities No

3F.6 URL on the entity's website where investors can download information about the proposed issue

https://www.peako.com.au/shareholder-renounceable-rights-issue

3F.7 Any other information the entity wishes to provide about the proposed issue

3F.8 Will the offer of rights under the rights issue be made under a disclosure document or product disclosure statement under Chapter 6D or Part 7.9 of the Corporations Act (as applicable)? Yes

3F.9 Any on-sale of the +securities proposed to be issued within 12 months of their date of issue will comply with the secondary sale provisions in sections 707(3) and 1012C(6) of the Corporations Act by virtue of: The publication of a cleansing notice under section 708A(5), 708AA(2)(f), 1012DA(5) or 1012DAA(2)(f)