WEST COBAR METALS LIMITED — Capital/Financing Update 2021

Sep 28, 2021

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29 September 2021

PRE-QUOTATION DISCLOSURE

West Cobar Metals Limited (ACN 649 994 669) ( WC1 or the Company ) provides the following confirmation to satisfy the conditions for admission of the Company's securities to quotation on ASX.

Capitalised terms used in this announcement not otherwise defined have the meaning given in the Company's prospectus dated 6 August 2021 ( Prospectus ).

1 Confirmation of Completion of Offers

The Company confirms the issue of:

• (a) 27,500,000 ordinary fully paid shares at an issue price of $0.20 per share, pursuant to the Capital Raising Offer; and

• (b) 3,500,000 unquoted options exercisable at $0.25 each, expiring 28 March 2025 to the Lead Manager (and/or its nominees) pursuant to the Lead Manager Offer on the terms set out in section 7.2 of the Prospectus.

2 Restricted Securities

The Company confirms the following securities will be subject to the following restrictions pursuant to the ASX Listing Rules for the period outlined below:

Class	Number	Restriction Period
Shares	10,749,925	24 months from the date of official quotation, being until 1 October 2023
Options	13,000,000	24 months from the date of official quotation, being until 1 October 2023
Shares	1,500,000	12 months from the date of issue, being until 22 June 2022

3 Capital Structure

The Company's capital structure as at the date of admission is as follows:

Security	Number
Fully paid ordinary shares	41,500,000
Options	13,000,000

West Cobar Metals Limited ACN 649 994 669 Address: Level 11, 216 St Georges Terrace Perth, WA 6000 Telephone : +61 8 9481 0389 Email: info@westcobarmetals.com.au Website: www.westcobarmetals.com.au

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4 Exploration Licences

The Company confirms that the following exploration licence applications have been granted:

• ELA 6144 (Bulla Park);

• ELA 6288 (Cawkers Well); and

• ELA 6290 (Bulla Park).

The Company confirms that there are no legal, regulatory, statutory or contractual impediments to the Company and its personnel/representatives entering its mineral exploration licence areas and carrying out exploration activities, such that the Company will be able to spend its cash in accordance with its commitments as detailed in the Prospectus dated 6 August 2021 for the purposes of Listing Rule 1.3.2(b).

This ASX Announcement has been authorised for release by the Board of West Cobar Metals Limited.

For further information please contact:

David McEntaggart and Craig McNab Company Secretaries Tel: +61 8 9481 0389