WEST COAST SILVER LIMITED — Capital/Financing Update 2021

Mar 10, 2021

Proposed issue of securities

==> picture [21 x 22] intentionally omitted <==

Announcement Summary

Entity name

ERRAWARRA RESOURCES LTD

Announcement Type

New announcement

Date of this announcement

Thursday March 11, 2021

The Proposed issue is: A bonus issue

Total number of +securities proposed to be issued for a bonus issue

		Maximum Number of
ASX +security code	+Security description	+securities to be issued
n/a	Listed Options EXP 30-09-2022	16,980,301
n/a	Unlisted Options EXP 30-09-2022 Restricted	5,244
n/a	Unlisted Options EXP 30-09-2022 Restricted	2,961,072

Ex date

Friday March 19, 2021

+Record date

Monday March 22, 2021

+Issue date

Monday March 29, 2021

Refer to next page for full details of the announcement

Proposed issue of securities

1 / 8

Proposed issue of securities

==> picture [21 x 22] intentionally omitted <==

Part 1 - Entity and announcement details

1.1 Name of +Entity

ERRAWARRA 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.

1.2 Registered Number Type

ABN

Registration Number

95155472834

1.3 ASX issuer code

ERW

1.4 The announcement is

==> picture [8 x 9] intentionally omitted <==

New announcement

1.5 Date of this announcement

Thursday March 11, 2021

1.6 The Proposed issue is:

==> picture [8 x 8] intentionally omitted <==

A +bonus issue

Proposed issue of securities

2 / 8

Proposed issue of securities

==> picture [21 x 22] intentionally omitted <==

Part 2 - Details of proposed bonus issue

Part 2A - Conditions

2A.1 - Are any of the following approvals required for the +bonus issue to be unconditional? +Security holder approval Court approval Lodgement of court order with +ASIC ACCC approval FIRB approval Another approval/condition external to the entity No

Part 2B - Issue details

Class or classes of +securities that will participate in the proposed issue and class or classes of +securities proposed to be issued

ASX +security code and description

ERW : ORDINARY FULLY PAID

Is the proposed security a 'New	Will the proposed issue of this	If the entity has quoted company
class' (+securities in a class that is	+security include an offer of	options, do the terms entitle option
not yet quoted or recorded by ASX)	attaching +securities?	holders to participate on exercise?
or an 'Existing class' (additional	No	No
securities in a class that is already
quoted or recorded by ASX)?
New class

Details of +securities proposed to be issued

ISIN Code (if Issuer is a foreign company and +securities are non CDIs)

Have you received confirmation from ASX that the terms of the proposed +securities are appropriate and equitable under listing rule 6.1? Will the entity be seeking quotation of the 'new' class of +securities on ASX? ASX +security code New class-code to be confirmed +Security description Listed Options EXP 30-09-2022 Yes Yes	Have you received confirmation from ASX that the terms of the proposed +securities are appropriate and equitable under listing rule 6.1? Will the entity be seeking quotation of the 'new' class of +securities on ASX? ASX +security code New class-code to be confirmed +Security description Listed Options EXP 30-09-2022 Yes Yes
New class-code to be confirmed	Listed Options EXP 30-09-2022

+Security type

Options

Proposed issue of securities

3 / 8

Proposed issue of securities

==> picture [21 x 22] intentionally omitted <==

Issue ratio (ratio to existing holdings at which the proposed +securities will be issued)

The quantity of additional +securities For a given quantity of +securities to be issued held 1 2 What will be done with fractional Maximum number of +securities entitlements? proposed to be issued (subject to rounding) Fractions rounded up to the next 16,980,301 whole number Will all the +securities issued in this class rank equally in all respects from their issue date? Yes Options details +Security currency Exercise price Expiry date AUD - Australian Dollar AUD 0.3000 Friday September 30, 2022 Details of the type of +security that will be issued if the option is exercised ERW : ORDINARY FULLY PAID Number of securities that will be issued if the option is exercised One fully paid ordinary share (ASX:ERW) Please provide a URL link for a document lodged with ASX setting out the material terms of the +securities proposed to be issued or provide the information by separate announcement. Further details can be found in the prospectus issued to the market on 11 March 2021 Class or classes of +securities that will participate in the proposed issue and class or classes of +securities proposed to be issued ASX +security code and description ERW : ORDINARY FULLY PAID Is the proposed security a 'New Will the proposed issue of this If the entity has quoted company class' (+securities in a class that is +security include an offer of options, do the terms entitle option not yet quoted or recorded by ASX) attaching +securities? holders to participate on exercise? or an 'Existing class' (additional No No securities in a class that is already quoted or recorded by ASX)? New class

Details of +securities proposed to be issued

Proposed issue of securities

4 / 8

Proposed issue of securities

==> picture [21 x 22] intentionally omitted <==

ISIN Code (if Issuer is a foreign company and +securities are non CDIs)

Have you received confirmation from	Will the entity be seeking quotation
ASX that the terms of the proposed	of the 'new' class of +securities on
+securities are appropriate and	ASX?
equitable under listing rule 6.1?	No
Yes
ASX +security code New class-code to be confirmed	+Security description Unlisted Options EXP 30-09-2022 Restricted
+Security type
Options
Issue ratio (ratio to existing holdings	at which the proposed +securities will be issued)
The quantity of additional +securities	For a given quantity of +securities
to be issued	held
1	2
What will be done with fractional	Maximum number of +securities
entitlements?	proposed to be issued (subject to
	rounding)
Fractions rounded up to the next	5,244
whole number

Will all the +securities issued in this class rank equally in all respects from their issue date? Yes

Options details

+Security currency Exercise price Expiry date AUD - Australian Dollar AUD 0.3000 Friday September 30, 2022

Details of the type of +security that will be issued if the option is exercised

ERWAB : ORDINARY FULLY PAID RESTRICTED

Number of securities that will be issued if the option is exercised

One fully paid ordinary share (ASX:ERW)

Please provide a URL link for a document lodged with ASX setting out the material terms of the +securities proposed to be issued or provide the information by separate announcement.

Further details can be found in the prospectus issued to the market on 11 March 2021

Class or classes of +securities that will participate in the proposed issue and class or classes of +securities proposed to be issued

Proposed issue of securities

5 / 8

Proposed issue of securities

==> picture [21 x 22] intentionally omitted <==

ASX +security code and description

ERW : ORDINARY FULLY PAID

Is the proposed security a 'New Will the proposed issue of this If the entity has quoted company class' (+securities in a class that is +security include an offer of options, do the terms entitle option not yet quoted or recorded by ASX) attaching +securities? holders to participate on exercise? or an 'Existing class' (additional No No securities in a class that is already quoted or recorded by ASX)? New class

Details of +securities proposed to be issued

ISIN Code (if Issuer is a foreign company and +securities are non CDIs)

Have you received confirmation from Will the entity be seeking quotation ASX that the terms of the proposed of the 'new' class of +securities on +securities are appropriate and ASX? equitable under listing rule 6.1? No Yes ASX +security code +Security description New class-code to be confirmed Unlisted Options EXP 30-09-2022 Restricted

+Security type

Options

Issue ratio (ratio to existing holdings at which the proposed +securities will be issued)

The quantity of additional +securities	For a given quantity of +securities
to be issued	held
1	2
What will be done with fractional	Maximum number of +securities
entitlements?	proposed to be issued (subject to
	rounding)
Fractions rounded up to the next	2,961,072
whole number

Will all the +securities issued in this class rank equally in all respects from their issue date? Yes

Options details

+Security currency

AUD - Australian Dollar

Exercise price AUD 0.3000

Expiry date

Friday September 30, 2022

Proposed issue of securities

6 / 8

Proposed issue of securities

==> picture [21 x 22] intentionally omitted <==

Details of the type of +security that will be issued if the option is exercised

ERWAA : ORDINARY FULLY PAID RESTRICTED

Number of securities that will be issued if the option is exercised

One fully paid ordinary share (ASX:ERW)

Please provide a URL link for a document lodged with ASX setting out the material terms of the +securities proposed to be issued or provide the information by separate announcement.

Further details can be found in the prospectus issued to the market on 11 March 2021

Part 2C - Timetable

2C.1 +Record date

Monday March 22, 2021

2C.3 Ex date

Friday March 19, 2021

2C.4 Record date

Monday March 22, 2021

2C.5 +Issue date

Monday March 29, 2021

2C.6 Date trading starts on a normal T+2 basis

Tuesday March 30, 2021

2C.7 First settlement of trades conducted on a +deferred settlement basis and on a normal T+2 basis

Thursday April 1, 2021

Part 2D - Further Information

2D.1 Will holdings on different registers or subregisters be aggregated for the purposes of determining entitlements to the +bonus issue?

2D.2 Countries in which the entity has +security holders who will not be eligible to participate in the proposed +bonus issue

Shareholders must have a registered address in Australia or New Zealand to be eligible to participate.

2D.3 Will the entity be changing its dividend/distribution policy as a result of the proposed +bonus issue No

Proposed issue of securities

7 / 8

Proposed issue of securities

==> picture [21 x 22] intentionally omitted <==

2D.4 Details of any material fees or costs to be incurred by the entity in connection with the proposed +bonus issue

N/A

2D.5 Any other information the entity wishes to provide about the proposed +bonus issue N/A

Proposed issue of securities

8 / 8