SULTAN RESOURCES LTD — Capital/Financing Update 2025

Nov 25, 2025

Appendix 3B - Proposed issue of securities

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Cancellation Summary

Entity name

SULTAN RESOURCES LTD

Announcement Type

Cancellation of previous announcement

Date of this announcement

26/11/2025

Reason for cancellation of previous announcement

The resolution to approve the issue of consideration shares to Aldoro did not pass at the AGM, hence, this Appendix 3B has been cancelled.

Refer to next page for full details of the announcement

Appendix 3B - Proposed issue of securities

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Appendix 3B - Proposed issue of securities

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Part 1 - Entity and announcement details

1.1 Name of +Entity

SULTAN RESOURCES LTD

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.

If the +securities are being offered under a +disclosure document or +PDS and are intended to be quoted on ASX, we also apply for quotation of all of the +securities that may be issued under the +disclosure document or +PDS on the terms set out in Appendix 2A of the ASX Listing Rules (on the understanding that once the final number of +securities issued under the +disclosure document or +PDS is known, in accordance with Listing Rule 3.10.3C, we will complete and lodge with ASX an Appendix 2A online form notifying ASX of their issue and applying for their quotation).

1.2 Registered Number Type

Registration Number

ABN 35623652522

1.3 ASX issuer code

SLZ

1.4 The announcement is

Cancellation of previous announcement

1.4c Reason for cancellation of previous announcement

The resolution to approve the issue of consideration shares to Aldoro did not pass at the AGM, hence, this Appendix 3B has been cancelled.

1.4d Date of previous announcement to this cancellation

17/9/2025

1.5 Date of this announcement

26/11/2025

1.6 The Proposed issue is:

A placement or other type of issue

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Appendix 3B - Proposed issue of securities

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Part 7 - Details of proposed placement or other issue

Part 7A - Conditions

7A.1 Do any external approvals need to be obtained or other conditions satisfied before the placement or other type of issue can proceed on an unconditional basis? Yes 7A.1a Conditions

Approval/Condition Date for determination Is the date estimated or ** Approval actual? received/condition met? +Security holder approval 31/10/2025 Estimated

Comments

Sultan shareholders approving the allotment and issue of Consideration Shares to Aldoro (or its nominees) .

The shareholders of Aldoro approving an equal reduction of capital to permit the distribution of the Sultan Consideration Shares to the Aldoro shareholders.

The parties receiving all necessary regulatory approvals pursuant to the Listing Rules, Corporations Act or any other law to allow the parties to lawfully complete the transaction.

Part 7B - Issue details

Is the proposed security a 'New class' (+securities in a class that is not yet quoted or recorded by ASX) or an 'Existing class' (additional securities in a class that is already quoted or recorded by ASX)? Existing class

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

SLZ : ORDINARY FULLY PAID

Number of +securities proposed to be issued

286,449,355

Offer price details

Are the +securities proposed to be issued being issued for a cash consideration? No

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Appendix 3B - Proposed issue of securities

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Please describe the consideration being provided for the +securities

To acquire 100% of the shares in Aldoro subsidiary, Gunex Pty Ltd, which holds 100% of its interest in the Niobe Project (P59/2137) Narndee Project (E59/2258) and Namibian EPL7895.

Please provide an estimate of the AUD equivalent of the consideration being provided for the +securities 0.005000

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

Part 7C - Timetable

7C.1 Proposed +issue date

3/11/2025

Part 7D - Listing Rule requirements

7D.1 Has the entity obtained, or is it obtaining, +security holder approval for the entire issue under listing rule 7.1? Yes

7D.1a Date of meeting or proposed meeting to approve the issue under listing rule 7.1

31/10/2025

7D.2 Is a party referred to in listing rule 10.11 participating in the proposed issue? No

7D.3 Will any of the +securities to be issued be +restricted securities for the purposes of the listing rules? No

7D.4 Will any of the +securities to be issued be subject to +voluntary escrow? No

Part 7E - Fees and expenses

7E.1 Will there be a lead manager or broker to the proposed issue? No

7E.2 Is the proposed issue to be underwritten? No

7E.4 Details of any other material fees or costs to be incurred by the entity in connection with the proposed issue

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Appendix 3B - Proposed issue of securities

Part 7F - Further Information

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7F.01 The purpose(s) for which the entity is issuing the securities

To acquire 100% of the shares in Aldoro subsidiary, Gunex Pty Ltd, which holds 100% of its interest in the Niobe Project (P59/2137) Narndee Project (E59/2258) and Namibian EPL7895.

7F.1 Will the entity be changing its dividend/distribution policy if the proposed issue proceeds? No

7F.2 Any other information the entity wishes to provide about the proposed issue

Please refer to the Company's ASX announcement dated 17 September 2025 for further details.

7F.3 Any on-sale of the +securities proposed to be issued within 12 months of their date of issue will comply with the secondary sale provisions in sections 707(3) and 1012C(6) of the Corporations Act by virtue of: The publication of a cleansing notice under section 708A(5), 708AA(2)(f), 1012DA(5) or 1012DAA(2)(f)

Appendix 3B - Proposed issue of securities

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