RAPTOR METALS LTD — Capital/Financing Update 2021

Oct 21, 2021

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Statement of Confirmations

Eastern Metals Limited (ACN 643 902 943) (Company) confirms that the public offer under the Company’s prospectus dated 18 August 2021 (Prospectus) has been completed and the Company has issued 30,000,000 Shares at an issue price of $0.20 per Share and 10,000,000 Options exercisable at $0.30 each expiring three years from the date of issue, to raise $6,000,000.

Capitalised terms set out in this document have the same meaning as set out in the Prospectus.

The Company also confirms the following:

1. Statement of Commitments – Item 2.2.12

Set out below is the Company’s statement of commitments based on the actual amount of funds raised under the Prospectus:

The proposed use of funds associated with the Offer are as follows:

	MAXIMUM
USE OF FUNDS	SUBSCRIPTION
Exploration (2 years)	$3,871,000
Operating expenses1	$1,091,000
Working capital	$347,000
Costs of the Offer	$691,000
Total uses of funds	$6,000,000

Note 1: This includes administration cost of running the business, including salaries to staff, rent and costs associated with services obtained by the Company.

2. Capital Structure from date of listing – Item 2.2.14

Set out below is the Company’s capital structure at the date of listing:

	SUBSCRIBED
SHARES (UNDILUTED)	SHARES
Number of Shares on issue at the date of listing	54,542,667
Of the total number of Shares on issue at the date of listing, thenumber of Shares subject to 24 month escrow	15,886,417
Of the total number of Shares on issue at the date of listing, thenumber of Shares subject to 12 month escrow is	3,056,250

	SUBSCRIBED
	SHARES
	NUMBER OF
~~SHARES (UNDILUTED) ~~OPTIONS	OPTIONS
Number of unlisted Options on issue at the date of listing	24,250,000
Of the total number of Options on issue at the date of listing, the numberof Options subject to 24 month escrow	14,250,000

3. Options to Lead Manager’s nominees – Items 1.8 and 2.2.11

The Company confirms the issue of 4.5 million options to the Lead Manager’s nominees exercisable at $0.30 each expiring three years from the date of issue is as set out in the following table. These options are included in the total number of options in the table above:

	NUMBER OF
LEAD MANAGER’S NOMINEES	OPTIONS
Anna Carina Pty Ltd	186,000
Toby Lei	50,000
Stuart Craigie	31,000
Jodet Durak	124,576
Mersound Pty Limited	186,000
Fresh AfarePtyLtd	31,000
Kanak Shrikrishna Sahasrabudhe	61,424
Zenix Nominees	2,250,000
Michael Beer & Assoc Pty Ltd	17,500
Nelson Mariz	17,500
Bald Superannuation Pty Ltd	672,500
BR Securities Pty Ltd	100,000
Exertus Capital Pty Ltd	772,500
Total	4,500,000

4. Despatch – Item 2.1

The date for the despatch of:

• (i) in relation to all holdings on the CHESS sub-register, a notice from Eastern Metals Limited under ASX Settlement Operating Rule 8.9.;

• (ii) in relation to all other holdings, issuer sponsored holding statements; and

• (iii) any refund money,

is Tuesday, 12 October 2021.

For further information, please contact:

Ian Morgan Company Secretary ianmorgan@easternmetals.com.au

12 October 2021