RESOURCES & ENERGY GROUP LIMITED — Capital/Financing Update 2021

Oct 31, 2021

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ASX/Media Release

1 November 2021

Share Placement Raises $2.5 million

Resources & Energy Group Limited (ASX: REZ or the Company ) is pleased to announce a placement to professional investors of $2,500,000 ( Placement ). REZ will issue 62,500,000 ordinary shares ( Shares ) at 4.0 cents.

Funds raised from the Placement will be applied to the current exploration program at the Company’s East Menzies Gold Field tenements with a focus on the recent high grade discovery at Gigante Grande and to continue the development of the Mount Mackenzie Gold asset.

REZ’s Managing Director, Richard Poole, said “the support for the Placement reflects the continuing positive results from Gigante Grande and the potential for significant gold resources in the East Menzies Gold Field tenements”.

The Placement will fall within the Company’s capacity to issue securities under Listing Rule 7.1. The issue of Shares is made on the following terms:

• the Shares are an existing class of quoted securities;

• the consideration for the issue is in cash;

• the issue price of 4.0 cents per Share is 88% of the volume weighted average market price for the Shares calculated over the 15 trading days to 29 October 2020;

• the Shares will rank equally with REZ’s existing ordinary shares; and

• no Shares under the Placement will be issued to any person identified within ASX Listing Rule 10.11 (related parties).

Settlement and allotment of the 62.5 million Shares under the Placement is expected to occur by Tuesday 3 November 2020, with trading expected to commence on 4 November 2020.

Further information: Richard Poole Managing Director E: communications@rezgroup.com.au P: +61 2 9227 8900

Approved for Release by the REZ Board

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ACN 162 869 276 ABN 68 162 869 276 Head Office: Level 33, 52 Martin Place, Sydney, NSW, 2000 Postal: GPO Box 2537, Sydney, NSW, 2001 Twitter: @REZ_GOLD LinkedIN: REZGROUP | E: communications@rezgroup.com.au | W: www.rezgroup.com.au