PERPETUAL RESOURCES LIMITED — Capital/Financing Update 2021

Feb 21, 2021

==> picture [192 x 69] intentionally omitted <==

Strategic Capital Raising Brings Significant German ASX RELEASE Institutional Support to Perpetual’s Share Register

22[nd] February 2021 ASX: PEC

Highlights

• Placement of $2 million at 8c per share completed.

CORPORATE DIRECTORY

Executive Chairman Julian Babarczy

• Proceeds to be used to further advance the Beharra Silica Sand Project through permitting, approvals and subsequent definitive project studies.

Managing Director Robert Benussi

Non-Executive Director Brett Grosvenor

Non-Executive Director & Company Secretary George Karafotias

Projects

Beharra Silica Sands Project Sargon Hub Eneabba Hub

Perpetual Resources Limited ( ASX: PEC , “PEC” or “the Company”) is pleased to announce the completion of a capital raising for $2 million at $0.08 per share.

The strategic placement was undertaken under Listing Rule 7.1 and was subscribed for by Delphi Unternehmensberatung AG & Deutsche Balaton AG (“the Group”), both German-based institutions. The Group will emerge with a ~5% holding in PEC.

CONTACT DETAILS:

Suite 801 Level 8 84 Pitt Street Sydney NSW 2000

George Karafotias

Phone | +61 042 086 550

Robert Benussi

Phone | +61 410 415 335

Perpetual’s Executive Chairman, Julian Babarczy, commented, “We are encouraged by the strong vote of confidence shown in our Company by an investor of such high calibre and welcome our newest substantial shareholder as a capital partner for our business. Funds raised will allow us to rapidly progress Beharra, which we believe will emerge as a leading silica sand export project at a time of persistently strong regional demand for silica sand products”.

The placement shares are also being issued with 5 million attaching options, which will be unlisted, have a 24-month term (from the date of issue) and will be exercisable at $0.13.

This capital raising positions Perpetual with a very strong cash balance of around $4 million as the Company rapidly advances the Beharra silica sand project.

This announcement has been approved for release by the Board of Perpetual.

-ENDS-

For enquiries regarding this release please contact:

Mr Robert Benussi Managing Director Ph +61 410 415 335 Email: rob.b@pecsilica.com

==> picture [134 x 48] intentionally omitted <==

Level 8, 84 Pitt Street, Sydney, NSW, 2000 www.perpetualresourceslimited.com.au