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TIMAH RESOURCES LIMITED Capital/Financing Update 2023

May 30, 2023

65931_rns_2023-05-30_876e0d5e-0b60-4f69-b8d7-b2c3193e860b.pdf

Capital/Financing Update

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ASX ANNOUNCEMENT

31 May 2023

Market Update

Timah Resources Limited to return $300,000 to shareholders

Timah Resources Limited (the Company) wish to announce a $300,000 return of surplus capital to shareholders.

At the 2023 Annual General meeting held on 11 May 2023, shareholders voted in favour of reducing the Company’s share capital by up to $300,000 by way of an equal capital reduction.

The Company has received advice that no part of the capital reduction will be treated as a dividend for Australian taxation purposes. For shareholders who hold their shares on capital account for Australian taxation purposes, the cost base (and reduced cost base) of each share will be reduced by the amount of the payment for the purposes of calculating any capital gain or loss on the ultimate disposal of that share.

The per share capital return constitutes an equal reduction of the Company’s share capital for the purposes of the Corporations Act. It applies to each shareholder in proportion to the number of shares they hold, and the terms of the reduction are the same for each shareholder.

No shares will be cancelled in connection with the return of capital. Accordingly, the return of capital will not affect the number of shares held by each shareholder, nor will it affect the control of the Board of the Company.