ST GEORGE MINING LIMITED — Capital/Financing Update 2020

May 10, 2020

Announcement Summary

Entity name ST GEORGE MINING LIMITED

Announcement Type

New announcement

Date of this announcement

Monday May 11, 2020

The Proposed issue is:

An offer of securities under a securities purchase plan

Total number of +securities proposed to be issued for an offer of securities under a securities purchase plan

ASX +Security Code	+Security Description	Maximum Number of+securities to be issued
SGQ	ORDINARY FULLY PAID	20,000,000

+Record date

Friday May 8, 2020

Offer closing date

Friday May 29, 2020

+Issue date Tuesday June 9, 2020

Refer to next page for full details of the announcement

Part 1 - Entity and announcement details

1.1 Name of +Entity

ST GEORGE 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

ABN

Registration Number

21139308973

1.3 ASX issuer code

SGQ

1.4 The announcement is

New announcement

1.5 Date of this announcement

Monday May 11, 2020

1.6 The Proposed issue is:

An offer of +securities under a +securities purchase plan

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

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

SGQ : 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 SGQ : ORDINARY FULLY PAID

Maximum Number of +securities proposed to be issued

20,000,000

Minimum Number of +securities proposed to be offered to each individual +security holder

25,000

Maximum Number of +securities proposed to be offered to each individual +security holder 250,000

Proposed issue of securities

Minimum subscription $	Maximum subscription $
amount proposed to be offered	amount proposed to be offered
to each individual security	to each individual security
holder	holder
AUD 2,000	AUD 20,000

Purpose of the issue

Support the exciting exploration programmes at St George's flagship high-grade Mt Alexander nickel-copper sulphide project, near Leonora in the Goldfields.

Offer price details for retail security holders

Issue Currency	Offer Price per +security	Estimated or Actual?Actual
AUD - Australian Dollar	AUD 0.08000

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

Oversubscription & Scale back details

May a scale back be applied to this event? Yes

Provide the scale back details

Depending on applications received the Company may, in its absolute discretion, undertake a scale-back and close the SPP earlier than the Closing Date.

Part 4C - Timetable

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

Monday May 11, 2020

4C.2 +Record date

Friday May 8, 2020

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

Tuesday May 12, 2020

4C.4 Offer open date Wednesday May 13, 2020

4C.5 Offer closing date

Friday May 29, 2020

4C.6 Announcement of results

Wednesday June 3, 2020

Proposed issue of securities

4C.7 +Issue date Tuesday June 9, 2020

Part 4D - Listing Rule requirements

4D.1 Does the offer under the +securities purchase plan meet the requirements of listing rule 7.2 exception 5 that: the number of +securities to be issued is not greater than 30% of the number of fully paid +ordinary securities already on issue; and

the issue price of the +securities is at least 80% of the +volume weighted average market price for +securities in that +class, calculated over the last 5 days on which sales in the +securities were recorded, either before the day on which the issue was announced or before the day on which the issue was made?

Yes

Part 4E - Fees and expenses

4E.1 Will there be a lead manager or broker to the proposed offer? No

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

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

4F.3 URL on the entity's website where investors can download information about the proposed offer

www.stgm.com.au

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