RAPTOR METALS LTD — Major Shareholding Notification 2024

Feb 27, 2024

604 page 1/2 15 July 2001 Form 604

Corporations Act 2001 Section 671B

Notice of change of interests of substantial holder

ToCompany Name/Scheme	Eastern MetalsLimited (Company)
ACN/ARSN	643 902943
1. Details of substantial holder(1)
Name	RobertH DuffinandPamela CDuffin(jointly)
ACN/ARSN (if applicable)
There was a change in the interests of the substantial holder on	27 February 2024
The previous notice was given to the	29 June 2023
company on
The previous notice was dated	29 June2023
2. Previous and present voting power
The total number of votes attached to all the voting shares in the company or voting interests in the scheme that the
substantial holder or an associate (2) had	a relevant interest (3) in when last required, and when now required, to give
a substantial holdingnotice to the company orscheme, are asfollows:

ubstantial holdingnotice to the company orscheme, are asfollows:
Class ofsecurities (4) Previousnotice	Presentnotice
Person’s votes Voting power (5)	Person’s votes Voting power (5)
Ordinary fully paid shares (“Shares” or “EMS ORD”) 16,166,667 19.6% (based on 82,426,245 total Shares on issue))	17,166,667 20.8% (based on 82,426,245 total Shares on issue)
Changes in relevant interests
ticulars of each change in, or change in the nature of, a relevant interest of the substantial holder or an associate
oting securities of the company or scheme, since the substantial holder was last required to give a substantial
dingnotice to the company orscheme are asfollows:

3. Changes in relevant interests

Particulars of each change in, or change in the nature of, a relevant interest of the substantial holder or an associate in voting securities of the company or scheme, since the substantial holder was last required to give a substantial holding notice to the company or scheme are as follows:

Date of change	Person whose relevant interest changed	Nature of change (6)	Consideration given in relation to change (7)	Class and number of securities affected	Person’s votes affected
27 February 2024	REC Investment Management Pty Ltd	On market trade	$0.035 per Share	EMS ORD 400,000	400,000
27 February 2024	REC Investment Management Pty Ltd	On market trade	$0.0348 per Share	EMS ORD 600,000	600,000
4. Present relevant interests
Particulars of each relevant interest of the substantial holder in voting securities after the change are as follows:
Holder of relevant interest	Registered holder of securities	Person entitled to be registered as holder (8)	Nature of relevant interest (6)	Class and number of securities	Person’s votes
Irrawaddy	Irrawaddy	Irrawaddy Investments	Legal and
Investments Pty Ltd	Investments Pty Ltd <Duffin Family	Pty Ltd ACN 071 142 222	beneficial ownership	EMS ORD 2,500,000	2,500,000
	A/C>
REC Investment Management PtyLtd	REC Investment Management Pty Ltd	REC Investment Management Pty Ltd ACN087571319	Legal and beneficial ownership	EMS ORD 14,666,667	14,666,667

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604 page 2/2 15 July 2001

5. Changes in association

The persons who have become associates (2) of, ceased to be associates of, or have changed the nature of their association (9) with, the substantial holder in relation to voting interests in the company or scheme are as follows:

604page 2/2 15 July 2001	604page 2/2 15 July 2001
5. Changes in association The persons who have become associates (2) of, ceased to be associates of, or have changed the nature of their association (9) with, the substantial holder in relation to voting interests in the company or scheme are as follows:
Name and ACN/ARSN (if applicable)	Nature ofassociation
6. Addresses The addresses of persons named in this form are as follows:
Name	Address
Irrawaddy Investments Pty Ltd	94A LouisaRoadBirchgroveNSW 2041
REC Investment Management Pty Ltd	94A LouisaRoadBirchgroveNSW 2041
Robert H Duffin	94A LouisaRoadBirchgroveNSW 2041
Pamela C Duffin	94A LouisaRoadBirchgroveNSW 2041
Signature print name Robert H Duffin Self sign here Date 28 February 2024 Signature print name Pamela C Duffin Self sign here Date 28 February2024

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DIRECTIONS

• 1) If there are a number of substantial holders with similar or related relevant interests (eg. a corporation and its related corporations, or the manager and trustee of an equity trust), the names could be included in an annexure to the form. If the relevant interests of a group of persons are essentially similar, they may be referred to throughout the form as a specifically named group if the membership of each group, with the names and addresses of members is clearly set out in paragraph 6 of the form.

• 2) See the definition of “associate” in section 9 of the Corporations Act 2001 (Clth) .

• 3) See the definition of “relevant interest” in sections 608 and 671B(7) of the Corporations Act 2001 (Clth) .

• 4) The voting shares of a company constitute one class unless divided into separate classes.

• 5) The person’s votes divided by the total votes in the body corporate or scheme multiplied by 100.

• 6) Include details of:

• a) any relevant agreement or other circumstances because of which the change in relevant interest occurred. If subsection 671B(4) applies, a copy of any document setting out the terms of any relevant agreement, and a statement by the person giving full and accurate details of any contract, scheme or arrangement, must accompany this form, together with a written statement certifying this contract, scheme or arrangement; and

• b) any qualification of the power of a person to exercise, control the exercise of, or influence the exercise of, the voting powers or disposal of the securities to which the relevant interest relates (indicating clearly the particular securities to which the qualification applies).

See the definition of “relevant agreement” in section 9 of the Corporations Act 2001 (Clth) .

• 7) Details of the consideration must include any and all benefits, money and other, that any person from whom a relevant interest was acquired has, or may, become entitled to receive in relation to that acquisition. Details must be included even if the benefit is conditional on the happening or not of a contingency. Details must be included of any benefit paid on behalf of the substantial holder or its associate in relation to the acquisitions, even if they are not paid directly to the person from whom the relevant interest was acquired.

• 8) If the substantial holder is unable to determine the identity of the person (eg. if the relevant interest arises because of an option) write “unknown”.

• 9) Give details, if appropriate, of the present association and any change in that association since the last substantial holding notice.

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