VITA RESOURCES NL — Capital/Financing Update 2021

Mar 14, 2021

Historical and Unaudited Pro Forma Historical Statement of Financial Position

The table below sets out the historical consolidated statement of financial position of Bastion Minerals Limited ACN 147 948 883 and its subsidiaries ( Group ) as at 30 June 2020, the pro forma adjustments that have been made to it (as detailed below) and the Pro Forma Historical Statement of Financial Position of the Group as at 30 June 2020.

Audited Historical as at 30-06-20 $	Offer Subscription of $5,000,000 Pro forma Adjustments (a) Unaudited Pro forma Historical as at 30-06-20 30-06-20 $ $
CURRENT ASSETS Cash and cash equivalents 23,762 Trade and other receivables 31,390 Otherassets 55,857	4,289,250 4,313,012 - 31,390 56,150 112,007
TOTAL CURRENT ASSETS 111,009	4,345,400 4,456,409
NON-CURRENT ASSETS Exploration and evaluation assets 1,133,775	- 1,133,775
TOTAL NON-CURRENT ASSETS 1,133,775	- 1,133,775
TOTAL ASSETS 1,244,784	4,345,400 5,590,184
LIABILITIES CURRENT LIABILITIES Trade and other payables 112,294 Borrowings 197,334	- 112,294 - 197,334
TOTALCURRENT LIABILITIES 309,628	- 309,628
TOTAL LIABILITIES 309,628	- 309,628
NET ASSETS 935,156	4,345,400 5,280,556
EQUITY Issued capital 5,699,486 Reserves (54,221) Retained earnings (4,710,109)	4,311,728 10,011,214 165,865 111,644 (132,193) (4,842,302)
TOTAL EQUITY 935,156	4,345,400 5,280,556

The Pro Forma Historical Financial Information includes pro forma adjustments, which have been applied to the corresponding Historical Financial Information in a manner consistent with Australian Accounting Standards. The pro forma adjustments have been made to adjust for the following transactions associated with the Offer:

• the issue of 25,000,000 Shares at $0.20 per Share totalling $5,000,000 to investors participating in the Offer;

• estimated total costs of the Offer of:

• $820,465 (excluding GST) of which $646,500 (excluding GST) will be paid in cash; and

• the balance by way of a share based payment to the Lead Manager comprising the issue of share options with a fair value of approximately $165,865.

In accounting for the total costs of the offer, $688,272 has been recognised as a deduction to issued capital with $132,193 recognised in accumulated losses.

The estimated recoverable GST charged on the invoices associated with these costs has been recognised as a GST receivable in Other Assets of $56,150.