VANADIUM RESOURCES LIMITED — Major Shareholding Notification 2023

May 28, 2023

Form 604

Corporations Act 2001 Section 671B

Notice of change of interests of substantial holder

To

Vanadium Resources Limited

ACN/ARSN 47 618 307 887

1. Details of substantial

holder(1)

Name Raubex Group Limited

ACN/ARSN (if applicable)

• There was a change in the interests of the 26/05/2023 substantial holder on The previous notice was given to the company 11/10/2021 on 11/10/2021 The previous notice was dated

2. Previous and present voting power

The total number of votes attached to all the voting shares in the company or voting interests in the scheme that the substantial holder or an associate (2) had a relevant interest (3) in when last required, and when now required, to give a substantial holding notice to the company or scheme, are as follows:

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Class of securities (4) Previous notice Present notice
Person’s votes Voting power (5) Person’s votes Voting power (5)
Fully Paid Ordinary Shares (FPO) 44,230,769 FPO 9.56% 44,230,769 8.22%
FPO
3. Changes in relevant interests
Particulars of each change in, or change in the nature of, a relevant interest of the substantial holder or an associate in voting securities of the
company or scheme, since the substantial holder was last required to give a substantial holding notice to the company are as follows:
Date of Person whose Nature of change (6) Consideration Class and number Person’s votes
change relevant interest given in relation of securities affected
changedhangedangedngedged to changehangeangengege (7)7)) affectedffectedected
25 Oct 2021 Raubex Group Decrease in percentage Nil N/A N/A
– 15 Nov Limited due to dilution of interest
2022 arising from exercise of
options and conversion of
performance rights erformance rights ghts hts
26 May Raubex Group Decrease in percentage Nil N/A N/A
2023 Limited due to dilution of interest
arising from strategic
placement.
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Date of Person whose Nature of change (6) Consideration Class and number Person’s votes
change relevant interest given in relation of securities affected
changedhangedangedngedged to changehangeangengege (7)7)) affectedffectedected
25 Oct 2021 Raubex Group Decrease in percentage Nil N/A N/A
– 15 Nov Limited due to dilution of interest
2022 arising from exercise of
options and conversion of
performance rights erformance rights ghts hts
26 May Raubex Group Decrease in percentage Nil N/A N/A
2023 Limited due to dilution of interest
arising from strategic
placement.
4. Present relevant interests
Particulars of each relevant interest of the substantial holder in voting securities after the change are as follows:
Holder of relevant Registered holder of Person Nature of relevant Class and Person’s
Interest securities entitled to be interest (6) number of votes
registered as securities
holder (8)
Raubex Group Raubex Group Registered Holder 44,230,769 FPO 44,230,769
Limited Limited
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5. Changes in association

The persons who have become associates (2) of, ceased to be associates of, or have changed the nature of their association (9) with, the substantial holder in relation to voting interests in the company or scheme are as follows:

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Name and ACN/ARSN (if applicable) Nature of association
Raubex Pty Ltd (ACN 623 396 403) An entity incorporated in Australia that is a subsidiary of
Raubex Group Limited
6. Addresses
The addresses of persons named in this form are:
Name Address
Raubex Group Limited Building 1, Highgrove office park
50 Tegel Avenue
Centurion 0169, SOUTH AFRICA
Raubex Pty Ltd 73-75 Dowd Street, Welshpool, WA,6106
Signature
print name Robert Leonard Shedlock capacity Group Commercial Executive Authorised
sign here
date 26 May 2023
DIRECTIONS
(1) If there are a number of substantial holders with similar or related relevant interests (eg. a corporation and its related corporations, or the
manager and trustee of an equity trust), the names could be included in an annexure to the form. If the relevant interests of a group of persons
are essentially similar, they may be referred to throughout the form as a specifically named group if the membership of each group, with the
names and addresses of members is clearly set out in paragraph 6 of the form.
(2) See the definition of “associate” in section 9 of the Corporations Act 2001.
(3) See the definition of “relevant interest” in sections 608 and 671B(7) of the Corporations Act 2001.
(4) The voting shares of a company constitute one class unless divided into separate classes.
(5) The person’s votes divided by the total votes in the body corporate or scheme multiplied by 100.
(6) Include details of:
(a) any relevant agreement or other circumstances because of which the change in relevant interest occurred. If subsection 671B(4) applies,
a copy of any document setting out the terms of any relevant agreement, and a statement by the person giving full and accurate details of
any contract, scheme or arrangement, must accompany this form, together with a written statement certifying this contract, scheme or
arrangement; and
(b) any qualification of the power of a person to exercise, control the exercise of, or influence the exercise of, the voting powers or disposal of
the securities to which the relevant interest relates (indicating clearly the particular securities to which the qualification applies).
See the definition of “relevant agreement” in section 9 of the Corporations Act 2001.
(7) Details of the consideration must include any and all benefits, money and other, that any person from whom a relevant interest was acquired
has, or may, become entitled to receive in relation to that acquisition. Details must be included even if the benefit is conditional on the happening
or not of a contingency. Details must be included of any benefit paid on behalf of the substantial holder or its associate in relation to the
acquisitions, even if they are not paid directly to the person from whom the relevant interest was acquired.
(8) If the substantial holder is unable to determine the identify of the person (eg. if the relevant interest arises because of an option) write “unknown”.
(9) Give details, if appropriate, of the present association and any change in that association since the last substantial holding notice.
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