Prairie Mining Ltd. — Capital/Financing Update 2020

Aug 10, 2020

Proposed issue of securities

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Update Summary

Entity name

PRAIRIE MINING LIMITED

Announcement Type

Update to previous announcement

Date of this announcement

Tuesday August 11, 2020

Reason for update to a previous announcement

SPP Closing Date extended

Refer to next page for full details of the announcement

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Part 1 - Entity and announcement details

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1.1 Name of +Entity

PRAIRIE MINING 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.

1.2 Registered Number Type

Registration Number

ABN 23008677852

1.3 ASX issuer code

PDZ

1.4 The announcement is

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Update/amendment to previous announcement

1.4a Reason for update to a previous announcement

SPP Closing Date extended

1.4b Date of previous announcement(s) to this update

Tuesday July 21, 2020

1.5 Date of this announcement

Tuesday August 11, 2020

1.6 The Proposed issue is:

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An offer of +securities under a +securities purchase plan

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Part 4 - Details of proposed offer under securities purchase plan

Part 4A - Conditions

4A.1 - Are any of the following approvals required for the offer of +securities under the +securities purchase plan issue to be unconditional?

+Security holder approval Court approval Lodgement of court order with +ASIC ACCC approval FIRB approval Another approval/condition external to the entity

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No

Part 4B - 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

PDZ : ORDINARY FULLY PAID

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

Details of +securities proposed to be issued

ASX +security code and description

PDZ : ORDINARY FULLY PAID

Maximum total number of those +securities that could be issued if all offers under the +securities purchase plan are accepted

16,000,000

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Reason for the update of 'Maximum Number of +securities proposed to be issued'

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Offer price details

Oversubscription & Scale back details

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

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Yes

Describe the scale back arrangements

In its absolute and sole discretion, the Company reserves the right to accept oversubscriptions (subject to compliance with ASX Listing Rules and the Corporations Act) and issue more New Shares than initially announced. The Company also reserves the right to close the Offer early and scale back applications in its absolute and sole discretion.

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

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Yes

Part 4C - Timetable

4C.1 Date of announcement of +security purchase plan

Tuesday July 21, 2020

4C.2 +Record date

Monday July 20, 2020

4C.3 Date on which offer documents will be made available to investors

Thursday July 23, 2020

4C.4 Offer open date

Thursday July 23, 2020

4C.5 Offer closing date Monday August 31, 2020

4C.6 Announcement of results

Thursday September 3, 2020

4C.7 +Issue date

Wednesday September 9, 2020

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Part 4D - Listing Rule requirements

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4D.1 Does the offer under the +securities purchase plan meet all of the requirements of listing rule 7.2 exception 5 or do you have a waiver from those requirements? Yes

Part 4E - Fees and expenses

4E.1 Will there be a lead manager or broker to the proposed offer? Yes

4E.1a Who is the lead manager/broker?

The Company has engaged a Polish broker to assist with the participation of shareholders based in Poland.

4E.1b What fee, commission or other consideration is payable to them for acting as lead manager/broker?

A fee for $15,000 will be paid to broker in Poland

4E.2 Is the proposed offer to be underwritten? No

4E.3 Will brokers who lodge acceptances or renunciations on behalf of eligible +security holders be paid a handling fee or commission? No

4E.4 Details of any other material fees or costs to be incurred by the entity in connection with the proposed offer The Company will incur legal costs of ~$25,000 and marketing costs of ~$25,000 for the offer in Poland.

Part 4F - Further Information

4F.1 Will the entity be changing its dividend/distribution policy if the proposed offer is successful? No

4F.2 Countries in which the entity has +security holders who will not be eligible to accept the proposed offer Any country outside of Australia, New Zealand, the United Kingdom, Germany or Poland

4F.3 URL on the entity's website where investors can download information about the proposed offer - http://www.pdz.com.au/company reports

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4F.4 Any other information the entity wishes to provide about the proposed offer

Not applicable

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