POLARX LIMITED — Share Issue/Capital Change 2021

Dec 20, 2021

Notification of Issue, Conversion or Payment up of Unquoted Equity Securities

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Announcement Summary

Entity name

POLARX LIMITED

Date of this announcement

Tuesday December 21, 2021

The +securities the subject of this notification are: Other

Total number of +securities to be issued/transferred

Total number of ASX +security +securities to be code Security description issued/transferred Issue date New class - code Unlisted options exercisable at $0.058 each on or 15,000,000 21/12/2021 to be confirmed before 27 October 2025

Refer to next page for full details of the announcement

Notification of Issue, Conversion or Payment up of Unquoted E it S iti

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Notification of Issue, Conversion or Payment up of Unquoted Equity Securities

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Part 1 - Entity and announcement details

1.1 Name of entity

POLARX LIMITED

We (the entity named above) give notice of the issue, conversion or payment up of the following unquoted +securities.

1.2 Registered number type

ACN

Registration number

161615783

1.3 ASX issuer code

PXX

1.4 The announcement is

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New announcement

1.5 Date of this announcement

21/12/2021

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Part 2 - Issue details

2.1 The +securities the subject of this notification are:

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Other

Please specify

Refer Appendix 3B dated 28 October 2021

2.2a This notification is given in relation to an issue of +securities in a class which is not quoted on ASX and which:

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does not have an existing ASX security code ("new class")

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Part 3C - number and type of +securities the subject of this notification (new class) where issue has not previously been notified to ASX in an Appendix 3B

New +securities ASX +security code +Security description New class - code to be confirmed Unlisted options exercisable at $0.058 each on or before 27 October 2025 +Security type ISIN code Options Date the +securities the subject of this notification were issued 21/12/2021 Will all the +securities issued in this class rank equally in all respects from their issue date? Yes Have you received confirmation from ASX that the terms of the +securities are appropriate and equitable under listing rule 6.1? No Please provide a URL link for a document lodged with ASX setting out the material terms of the +securities being issued. https://www.asx.com.au/asxpdf/20211110/pdf/452t91qyqlycsw.pdf

Options Details +Security currency Exercise price Expiry date AUD - Australian Dollar AUD 0.05800000 27/10/2025 Details of the existing class of +security that will be issued upon exercise or conversion of this new class of company option Other Description Each option will entitle its holder to subscribe for and be issued,one ordinary fully paid share (PXX)

Any other information the entity wishes to provide about the +securities the subject of this notification N/A

Notification of Issue, Conversion or Payment up of Unquoted E it S iti

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Notification of Issue, Conversion or Payment up of Unquoted Equity Securities

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Please provide any further information needed to understand the circumstances in which you are notifying the issue of these +securities to ASX, including why the issue of the +securities has not been previously announced to the market in an Appendix 3B

Refer Appendix 3B dated 28 October 2021

Issue details

Number of +securities

15,000,000

Were the +securities issued for a cash consideration?

No Please describe the consideration being provided for the +securities Nil Purpose of the issue Other

Additional Details

Incentive options issued under the Company's Long Term Incentive Plan

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Notification of Issue, Conversion or Payment up of Unquoted Equity Securities

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Part 4 - +Securities on issue

Following the issue, conversion or payment up of the +securities the subject of this application, the +securities of the entity will comprise:

(A discrepancy in these figures compared to your own may be due to a matter of timing if there is more than one application for quotation/issuance currently with ASX for processing.)

4.1 Quoted +Securities (Total number of each +class of +securities quoted)

	Total number of
ASX +security code and description	+securities on issue
PXX : ORDINARY FULLY PAID	672,216,731

4.2 Unquoted +Securities (Total number of each +class of +securities issued but not quoted on ASX)

	Total number of
ASX +security code and description	+securities on issue
PXXAL : OPTION EXPIRING 01-NOV-2023 EX $0.05	3,000,000
PXXAK : OPTION EXPIRING 20-DEC-2021 EX $0.125	29,000,000
PXXAM : OPTION EXPIRING 26-JUL-2024 EX $0.05	5,000,000
New class - code to be confirmed : Unlisted options exercisable at $0.058 each on or before	15,000,000
27 October 2025

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Part 5 - Other Listing Rule requirements

5.1 Were the +securities issued under an exception in Listing Rule 7.2 and therefore the issue did not need any security holder approval under Listing Rule 7.1? Yes

5.1a Select the number of the applicable exception in Listing Rule 7.2

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