STRATA MINERALS LIMITED. — Capital/Financing Update 2021

May 5, 2021

ASX ANNOUNCEMENT

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Pre-Quotation Disclosure

NickelX Limited ( NickelX or Company ) (ASX: NKL) is pleased to provide the following confirmations to satisfy the conditions for admission of the Company’s securities to quotation on ASX.

1 Completion of Offer and issue of securities

The Company confirms that the public offer ( Offer ) under its prospectus dated 16 March 2021 ( Prospectus ) closed on 1 April 2021 and 35,000,000 fully paid ordinary shares ( Shares ) were issued at $0.20 per Share on 29 April 2021.

On 29 April 2021, the following were despatched on behalf of the Company:

• (a) in relation to all holdings on the CHESS sub-register, a notice from the Company under ASX Settlement Operating Rule 8.9.1; and

• (b) in relation to all other holdings, issuer sponsored holding statements.

There were no monies to be refunded in respect of over subscriptions.

The Company confirms that the following unquoted options, which were not issued prior to its application for admission, were issued on 29 April 2021:

	Options	Options	Options
Optionholder	($0.25)	($0.30)	($0.40)
	(Tranche 1)	(Tranche 2)	(Tranche 3)
Jonathon Charles Downes	650,000	650,000	650,000
Matthew George Gauci	1,000,000	1,000,000	1,000,000
Dr Oliver Pierre Kreuzer	300,000	300,000	300,000
Dr Kris Michael Butera	200,000	200,000	200,000
Nardie GroupPtyLtd <SD Wood FamilyA/C>	100,000	100,000	100,000
Total	2,250,000	2,250,000	2,250,000
Optionholder		Options($0.25)
CPS Capital No 4 PtyLtd			720,000
Celtic Capital PtyLtd			1,680,000
Total			2,400,000

2 Capital Structure

The Company confirms its capital structure at the time of admission to the Official List of ASX will be as follows:

as follows:
Security	Number
FullyPaid OrdinaryShares	68,600,004
Options	9,150,000

Please refer to section 9.3 and 9.4 of the Prospectus for a summary of the terms of the Options on issue.

NickelX Limited ABN 52 631 513 696 https://nickelxlimited.com/ info@nickelxlimited.com Telephone: + 61 8 9322 7600 Level 3, The Read Buildings, 16 Milligan Street, PERTH WA 6000

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3 Restricted Securities

The Company confirms the following restricted securities will be on issue as at the date of the IPO:

SharesEscrowed Shares for 24 months from the date of officialquotationEscrowed Shares for 12 months from the 29 April 2021Escrowed Shares for 12 months from 26 October 2020Escrowed Shares for 12 months from 12 November 2020TotalNon-escrowed sharesTotal shares on issue	Number6,500,0046,750,000350,0001,500,00015,100,00453,500,00068,600,004

OptionsTranche 1 Unlisted options($0.25,5-year expiryfrom date of issue)Tranche 2 Unlisted options($0.30,5-year expiryfrom date of issue)	Number2,250,0002,250,000
Tranche 3 Unlisted options($0.40,5-year expiryfrom date of issue)	2,250,000
Unlisted options($0.25,4-year expiryfrom date of issue)	2,400,000
Total	9,150,000

4 Pro-forma statement of financial position

Below is an updated pro-forma statement of financial position based on the actual amount of funds raised under the Prospectus (being the maximum subscription amount of $7,000,000).

		Pro-forma adjustments
			Pro-forma
	NickelX as at 31	(includes significant subsequent
$AUD			Subscription as at 31
	December 2020	events) Subscription as at 31
			December 2020
		December 2020
Cash at bank	471,924	6,071,397	6,543,321
Trade and other receivables	2,303	-	2,303
Total Current Assets	474,227	6,071,397	6,545,624
Deferred exploration expenditure	-	1,600,000	1,600,000
Total Non-Current Assets	-	1,600,000	1,600,000
Total Assets	474,227	7,671,397	8,145,624
Trade payables and other Payables	57,994	15,000	72,994
Total Current Liabilities	57,994	15,000	72,994
Total Liabilities	57,994	15,000	72,994
Net Assets	416,233	7,656,397	8,072,630
Issued capital	742,950	7,824,349	8,567,299
Reserves	-	1,230,223	1,230,223
Accumulated losses	(326,717)	(1,398,175)	(1,724,892)
Total Equity	416,233	7,656,397	8,072,630

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Notes:

The pro forma statement of financial position as at 31 December 2020 is based on the consolidated statement of financial position of NickelX as at 31 December 2020 incorporating the following adjustments:

• Subscription of $7,000,000 (35,000,000 shares at $0.20 each) under the Offer;

• Direct expenses of the Offer totalling $510,651 have been debited against issued capital. These include fees payable to the Lead Manager of $420,000 and a portion of indirect expenses of the Offer;

• Indirect expenses of the Offer of $167,952 have been provided for in respect of corporate advisory fees, legal, accounting, marketing, audit, listing fees, and other costs which have been expensed to accumulated losses;

• The Company has issued a total of 6,750,000 Options to Board and Management in three equal tranches, exercisable at $0.25, $0.30 and $0.40, with an expiry date that is 5 years;

• The Company has issued a total of 2,400,000 Options to Lead Manager, exercisable at $0.25, with an expiry date that is 4 years;

5 Statement of Commitments

Please see below use of funds based on the funds raised under the Prospectus:

	ement of Commitments	ement of Commitments	ement of Commitments	ement of Commitments	ement of Commitments
	elow use of funds based on the funds raised under the Prospectus:
Funds availa	ble	Maximum Subscription($7,000,000)		Percentage of Funds
Existingcash	reserves	471,924		6.30%
Funds raised	from the Offer	7,	000,000	93.70%
Total		7,	471,924	100.00%
Allocation of funds
Exploration at the BiranupProject		$4,055,000		54.30%
Exploration at the Ponton Project		$605,000		8.10%
Expenses of the Offer		$678,603		9.10%
Administration and workingcapital costs		$2,133,321		28.55%
Total		$7,471,924		100.00%

6 Liquidation of Prospect Cobalt Pte. Ltd, Prospect Cobalt Sub 1 Pte. Ltd and New Energy Metals (US) LLC

The Company confirms it is currently in the process of winding up of Prospect Cobalt Pte. Ltd, Prospect Cobalt Sub 1 Pte. Ltd and disposing of New Energy Metals (US) LLC. The Company will provide an update on these matters as they proceed.

7 Completion of Ventnor Acquisition Agreement

The Company confirms the satisfaction of conditions precedent and completion of the Ventnor Acquisition Agreement on the 3 May 2021.

8 Completion of Ponton Acquisition Agreement

The Company confirms the satisfaction of conditions precedent and completion of the Ponton Acquisition Agreement on the 3 May 2021.

9 Intercompany loan between Ventnor and VRX

The Company confirms that the intercompany loan between Ventnor and VRX in the amount of $1,517,302.94 (as at 30 June 2020) has been written off and that Ventnor owes no further amounts to VRX.

This announcement was authorised to be given to ASX by the Board of Directors of NickelX Limited.

END

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For more information, please contact:

Matt Gauci Managing Director T +61 8 9322 7600 E Info@nickelXLimited.com