ASX Announcement

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Dear Shareholder

Annual General Meeting – Notice of Meeting and Proxies

Notice is given that the Annual General Meeting ( Meeting ) of Shareholders of Westar Resources Limited (ACN 635 895 082) ( Company ) will be held as follows:

Time and date: 12pm (AWST) on Wednesday, 30 November 2022 In-person: Level 1, 19 Ord Street, West Perth WA 6005

Notice of Meeting

In accordance with the Corporations Act 2001 (Cth) the Company will not be dispatching physical copies of the Notice of Meeting unless the shareholder has made a valid election to receive documents in hard copy. Instead, the Notice of Meeting and accompanying explanatory statement ( Meeting Materials ) are being made available to shareholders electronically and can be viewed and downloaded from:

the Company’s website at www.westar.net.au: and
the ASX market announcements page under the Company’s code “WSR”.

If you have nominated an email address and have elected to receive electronic communications from the Company, you will also receive an email to your nominated email address with a link to an electronic copy of the Notice of Meeting.

Voting at the Meeting or by proxy

Shareholders are encouraged to vote by lodging a proxy form.

The Directors instruct all Shareholders who would like to have their vote counted to vote by lodging a Proxy Form prior to 12pm (AWST) on Monday, 28 November 2022 ( Proxy Cut-Off Time ) (recommended).

Shareholders are strongly urged to vote by lodging a Proxy Form prior to the Meeting and to appoint the Chair as their proxy.

Online: https://investor.automic.com.au/#/loginsah
• By mail: Automic , GPO Box 5193, Sydney NSW 2001 • In-person: Automic , Level 5, 126 Phillip Street, Sydney NSW 2000 • By email : [email protected] • By fax: +61 2 8583 3040 • By mobile: Scan the QR Code on your Proxy Form and follow the prompts

In order for your proxy to be valid, your proxy form (and any power of attorney under which it is signed) must be received by the Proxy Cut-Off Time. Proxies received after this time will be invalid .

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Registered Address

A P

Board Members

T E W

Projects

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The Meeting Materials should be read in their entirety. If shareholders are in doubt as to how they should vote, they should seek advice from their professional advisers prior to voting.

Authorised for release by:

Ben Donovan

Company Secretary

ENQUIRIES

Karl Jupp, Managing Director & CEO +61 8 6556 6000 [email protected]

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WESTAR RESOURCES LTD ACN 635 895 082

Notice of Annual General Meeting

The Annual General Meeting of the Company will be held as follows:

Time and date: 12pm (AWST) on Wednesday, 30 November 2022 In-person: Level 1, 19 Ord Street, West Perth, Western Australia

The Notice of Annual General Meeting should be read in its entirety. If Shareholders are in doubt as to how to vote, they should seek advice from their suitably qualified advisor prior to voting. Should you wish to discuss any matter, please do not hesitate to contact the Company Secretary by telephone on +61 8 401 248 048.

Shareholders are urged to vote by lodging the Proxy Form

Westar Resources Limited ACN 635 895 082 (Company)

Notice of Annual General Meeting

Notice is hereby given that the annual general meeting of Shareholders of Westar Resources Limited ACN 635 895 082 will be held at Level 1, 19 Ord Street, West Perth, Western Australia on Wednesday, 30 November 2022 at 12pm (AWST) ( Meeting ).

The Explanatory Memorandum provides additional information on matters to be considered at the Meeting. The Explanatory Memorandum and the Proxy Form form part of the Notice.

The Directors have determined pursuant to regulation 7.11.37 of the Corporations Regulations 2001 (Cth) that the persons eligible to vote at the Meeting are those who are registered as Shareholders on Monday, 28 November 2022 at 4pm (AWST).

Terms and abbreviations used in the Notice are defined in Schedule 1.

Agenda

1 Annual Report

To consider the Annual Report of the Company and its controlled entities for the financial year ended 30 June 2022, which includes the Financial Report, the Directors' Report and the Auditor's Report.

Note: there is no requirement for Shareholders to approve the Annual Report.

2 Resolutions

Resolution 1 – Remuneration Report

To consider and, if thought fit, to pass with or without amendment, as a non-binding ordinary resolution the following:

'That, the Remuneration Report be adopted by Shareholders, on the terms and conditions in the Explanatory Memorandum.'

Note : a vote on this Resolution is advisory only and does not bind the Directors or the Company.

Resolution 2 – Removal of Auditor

To consider and, if thought fit, to pass with or without amendment, as an ordinary resolution the following:

'That, pursuant to and in accordance with section 329(1) of the Corporations Act and for all other purposes, Shareholders approve the removal of Nexia Brisbane Audit Pty Ltd as the current auditor of the Company, effective from the date of the Meeting on the terms and conditions in the Explanatory Memorandum.’

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Resolution 3 – Approval of appointment of new Auditor

To consider and, if thought fit, to pass with or without amendment, as a special resolution the following:

'That, conditional on Resolution 2 being approved, pursuant to and in accordance with section 327D(2) of the Corporations Act and for all other purposes, William Buck Audit (WA) Pty Ltd being qualified and having been nominated and consented in writing to act in the capacity of auditor of the Company, be appointed as the new auditor of the Company, effective from the date of the Meeting, on the terms and conditions in the Explanatory Memorandum.’

Note : If Resolution 2 is not approved by Shareholders, the Chair will withdraw this Resolution.

Resolution 4 – Re-election of Director – Mr Nathan Cammerman

To consider and, if thought fit, to pass with or without amendment, as an ordinary resolution the following:

‘That, Mr Nathan Cammerman, who retires in accordance with Clause 14.2 of the Constitution, Listing Rule 14.4 and for all other purposes, retires and, being eligible and offering himself for re-election, is re-elected as a Director, on the terms and conditions in the Explanatory Memorandum.'

Resolution 5 – Approval of 10% Placement Facility

To consider and, if thought fit, to pass with or without amendment, as a special resolution the following:

'That, pursuant to and in accordance with Listing Rule 7.1A and for all other purposes, Shareholders approve the issue of Equity Securities totalling up to 10% of the issued capital of the Company at the time of issue, calculated in accordance with the formula prescribed in Listing Rule 7.1A.2 and on the terms and conditions in the Explanatory Memorandum.'

Resolution 6 – Ratification of prior issue of Vendor Shares

To consider and, if thought fit, to pass with or without amendment, as an ordinary resolution the following:

'That, pursuant to and in accordance with Listing Rule 7.4 and for all other purposes, Shareholders ratify the issue of the Vendor Shares to the Vendor on the terms and conditions in the Explanatory Memorandum.’

Resolution 7– Approval of issue of Placement Shares

To consider and, if thought fit, to pass with or without amendment, as an ordinary resolution the

following:

'That, pursuant to and in accordance with Listing Rule 7.1 and for all other purposes, Shareholders approve the issue of up to 30,000,000 Placement Shares, on the terms and conditions in the

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Explanatory Memorandum.’

Resolution 8 – Approval of issue of Performance Rights to Mr Karl Jupp

To consider and, if thought fit, to pass with or without amendment, as an ordinary resolution the following:

'That, conditional on Resolution 9 being approved, pursuant to and in accordance with Listing Rule 6.23.2, 10.14, and for all other purposes, Shareholders approve the issue of 2,000,000 Performance Rights to Mr Karl Jupp (or his nominee) under the New Plan, on the terms and conditions in the Explanatory Memorandum.’

Resolution 9 – Approval of New Plan

To consider and, if thought fit, to pass with or without amendment, as an ordinary resolution the following:

'That, for the purposes of Exception 13(b) of Listing Rule 7.2 and for all other purposes, Shareholders approve the new employee incentive scheme of the Company known as the "Westar Resources Limited Employee Securities Incentive Plan" ( New Plan ) and the issue of Securities under that plan, on the terms and conditions in the Explanatory Memorandum.'

Resolution 10 – Approval of potential termination benefits under the New Plan

To consider and, if thought fit, to pass with or without amendment, as an ordinary resolution the following:

'That, conditional on Resolution 9 being approved, for a period commencing from the date this Resolution is passed and ending upon the expiry of all Securities issued or to be issued under the "Westar Resources Limited Employee Securities Incentive Plan", approval be given for all purposes including Part 2D.2 of the Corporations Act for the giving of benefits to any current or future person holding a managerial or executive office of the Company or a related body corporate in connection with that person ceasing to hold such office, on the terms and conditions in the Explanatory Memorandum.'

Resolution 11 – Modification of existing Constitution

To consider and, if thought fit, to pass with or without amendment as a special resolution the

following:

‘That, for the purposes of section 136(2) of the Corporations Act and for all other purposes, the constitution of the Company be modified by making the amendments contained in the document tabled at this Meeting and signed by the Chair for the purposes of identification, with effect from the date this resolution is passed.’

Voting exclusions

Pursuant to the Listing Rules, the Company will disregard any votes cast in favour of:

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(a) Resolution 5 : if at the time of the Meeting, the Company is proposing to make an issue of Equity Securities under Listing Rule 7.1A.2, by or on behalf of any persons who are expected to participate in, or who will obtain a material benefit as a result of, the proposed issue (except a benefit solely by reason of being a Shareholder), or any of their respective associates.
(b) Resolution 6 : by or on behalf of the Vendor and any other person who participated in the issue, or any of their respective associates.
(c) Resolution 7 : by or on behalf of a person who is expected to participate in, or who will obtain a material benefit as a result of, the proposed issue (except a benefit solely by reason of being a Shareholder), or any of their respective associates.
(d) Resolution 8 : by or on behalf of Mr Jupp (or his nominee) and a person referred to in Listing Rule 10.14.1, 10.14.2 or 10.14.3 who is eligible to participate in the employee incentive scheme in question, or any of their respective associates.
(e) Resolution 9 : by or on behalf of a person who is eligible to participate in the employee incentive scheme, or any of their respective associates.

The above voting exclusion does not apply to a vote cast in favour of the relevant Resolution by:

(a) a person as proxy or attorney for a person who is entitled to vote, in accordance with directions given to the proxy or attorney to vote on the Resolution in that way;
(b) the Chair as proxy or attorney for a person who is entitled to vote, in accordance with a direction given to the Chair to vote on the Resolution as the Chair decides; or
(c) a holder acting solely in a nominee, trustee, custodial or other fiduciary capacity on behalf of a beneficiary provided the following conditions are met:
(i) the beneficiary provides written confirmation to the holder that the beneficiary is not excluded from voting, and is not an associate of a person excluded from voting, on the Resolution; and
(ii) the holder votes on the Resolution in accordance with directions given by the beneficiary to the holder to vote in that way.

Voting prohibitions

Resolution 1 : In accordance with sections 250BD and 250R of the Corporations Act, a vote on this Resolution must not be cast (in any capacity) by or on behalf of a member of the Key Management Personnel details of whose remuneration are included in the Remuneration Report, or a Closely Related Party of such a member.

A vote may be cast by such person if the vote is not cast on behalf of a person who is excluded from voting on this Resolution, and:

(a) the person is appointed as a proxy by writing that specifies the way the proxy is to vote on this Resolution; or
(b) the voter is the Chair and the appointment of the Chair as proxy does not specify the way the proxy is to vote on this Resolution, but expressly authorises the Chair to exercise the proxy even if this Resolution is connected with the remuneration of a member of the Key Management Personnel.

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Resolution 8, Resolution 9 and Resolution 10 : In accordance with section 250BD of the Corporations Act, a person appointed as a proxy must not vote, on the basis of that appointment, on these Resolutions if:

(a) the proxy is either a member of the Key Management Personnel or a Closely Related Party of such member; and
(b) the appointment does not specify the way the proxy is to vote on the Resolution.

However, the above prohibition does not apply if:

(a) the proxy is the Chair; and
(b) the appointment expressly authorises the Chair to exercise the proxy even though the Resolution is connected directly or indirectly with remuneration of a member of the Key Management Personnel.

Further, in respect of Resolution 10 , in accordance with section 200E(2A) of the Corporations Act, a vote on this Resolution 10 must not be cast by any participants or potential participants in the Plan and their associates, otherwise the benefit of this Resolution will be lost by such a person in relation to that person's future retirement.

BY ORDER OF THE BOARD

Ben Donovan Company Secretary Westar Resources Limited Dated: 27 October 2022

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Westar Resources Limited ACN 635 895 082

(Company)

Explanatory Memorandum

1. Introduction

The Explanatory Memorandum has been prepared for the information of Shareholders in connection with the business to be conducted at the Meeting to be held at Level 1, 19 Ord Street, West Perth, Western Australia on Wednesday, 30 November 2022 at 12pm (AWST).

The Explanatory Memorandum forms part of the Notice which should be read in its entirety. The Explanatory Memorandum contains the terms and conditions on which the Resolution will be voted.

The Explanatory Memorandum includes the following information to assist Shareholders in deciding how to vote on the Resolution:

Section 2	Action to be taken by Shareholders
Section 3	Annual Report
Section 4	Resolution 1 – Remuneration Report
Section 5	Resolution 2 – Removal of Auditor
Section 6	Resolution 3 – Approval of appointment of new Auditor
Section 7	Resolution 4 – Re-election of Director – Mr Nathan Cammerman
Section 8	Resolution 5 – Approval of 10% Placement Facility
Section 9	Resolution 6 – Ratification of prior issue of Vendor Shares
Section 10	Resolution 7 – Approval of issue of Placement Shares
Section 11	Resolution 8 – Approval of issue of Performance Rights to Mr Karl Jupp
Section 12	Resolution 9 – Approval of New Plan
Section 13	Resolution 10 – Approval of potential termination benefits under the New Plan
Section 14	Resolution 11 – Modification of existing Constitution
Schedule 1	Definitions
Schedule 2	Nomination of Auditor
Schedule 3	Notice of intention to remove Auditor

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Schedule 4	Terms and conditions of Performance Rights
Schedule 5	Valuation of Performance Rights
Schedule 6	Summary of material terms of the New Plan

2. Action to be taken by Shareholders

Shareholders should read the Notice including the Explanatory Memorandum carefully before deciding how to vote on the Resolution.

2.1 Voting in person

To vote in person, attend the Meeting on the date and at the place set out above.

Voting by proxy

A Proxy Form is attached to the Notice. This is to be used by Shareholders if they wish to appoint a representative (a 'proxy') to vote in their place. All Shareholders are invited and encouraged to attend the Meeting or, if they are unable to attend in person, sign and return the Proxy Form to the Company in accordance with the instructions thereon. Lodgement of a Proxy Form will not preclude a Shareholder from attending and voting at the Meeting in person.

Please note that:

(a) a member of the Company entitled to attend and vote at the Meeting is entitled to appoint a proxy;
(b) a proxy need not be a member of the Company; and
(c) a member of the Company entitled to cast two or more votes may appoint two proxies and may specify the proportion or number of votes each proxy is appointed to exercise, but where the proportion or number is not specified, each proxy may exercise half of the votes.

The enclosed Proxy Form provides further details on appointing proxies and lodging Proxy Forms.

Section 250BB(1) of the Corporations Act provides that an appointment of a proxy may specify the way the proxy is to vote on a particular resolution and, if it does:

(a) the proxy need not vote on a show of hands, but if the proxy does so, the proxy must vote that way (i.e. as directed);
(b) if the proxy has 2 or more appointments that specify different ways to vote on the resolution – the proxy must not vote on a show of hands;
(c) if the proxy is the Chair of the meeting at which the resolution is voted on – the proxy must vote on a poll, and must vote that way (i.e. as directed); and
(d) if the proxy is not the Chair – the proxy need not vote on the poll, but if the proxy does so, the proxy must vote that way (i.e. as directed).

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Section 250BC of the Corporations Act provides that, if:

(a) an appointment of a proxy specifies the way the proxy is to vote on a particular resolution at a meeting of the Company's members;
(b) the appointed proxy is not the chair of the meeting;
(c) at the meeting, a poll is duly demanded, or is otherwise required under section 250JA on the resolution; and
(d) either the proxy is not recorded as attending the meeting or the proxy does not vote on the resolution,

the Chair of the meeting is taken, before voting on the resolution closes, to have been appointed as the proxy for the purposes of voting on the resolution at the meeting. Your proxy voting instruction must be received by 12:00pm (AWST) on Monday, 28 November 2022, being not later than 48 hours before the commencement of the Meeting.

Chair's voting intentions

If the Chair is your proxy, either by appointment or by default, and you have not indicated your voting intention, you expressly authorise the Chair to exercise the proxy in respect of Resolution 1, Resolution 8 and Resolution 10 even though these Resolutions are connected directly or indirectly with the remuneration of the Company's Key Management Personnel.

The Chair intends to exercise all available proxies in favour of all Resolutions, unless the Shareholder has expressly indicated a different voting intention.

2.4 Submitting questions

Shareholders may submit questions in advance of the Meeting to the Company. Questions must be submitted by emailing the Company Secretary at [email protected] by no later than five business days before the Meeting.

Shareholders will also have the opportunity to submit questions during the Meeting in respect to the formal items of business. In order to ask a question during the Meeting, please follow the instructions from the Chair.

The Chair will attempt to respond to the questions during the Meeting. The Chair will request prior to a Shareholder asking a question that they identify themselves (including the entity name of their shareholding and the number of Shares they hold).

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3. Annual Report

In accordance with section 317 of the Corporations Act, Shareholders will be offered the opportunity to discuss the Annual Report, including the Financial Report, the Directors' Report and the Auditor's Report for the financial year ended 30 June 2022.

There is no requirement for Shareholders to approve the Annual Report.

At the Meeting, Shareholders will be offered the opportunity to:

(a) discuss the Annual Report which is available online at https://westar.net.au/ ;
(b) ask questions about, or comment on, the management of the Company; and
(c) ask the auditor questions about the conduct of the audit and the preparation and content of the Auditor's Report.

In addition to taking questions at the Meeting, written questions to the Chair about the management of the Company, or to the Company's auditor about:

(a) the preparation and content of the Auditor's Report;
(b) the conduct of the audit;
(c) accounting policies adopted by the Company in relation to the preparation of the financial statements; and
(d) the independence of the auditor in relation to the conduct of the audit,

may be submitted no later than five business days before the Meeting to the Company Secretary at the Company's registered office.

The Company will not provide a hard copy of the Company’s Annual Report to Shareholders unless specifically requested to do so.

4. Resolution 1 – Remuneration Report

4.1 General

In accordance with section 250R(2) of the Corporations Act, the Company must put the Remuneration Report to the vote of Shareholders. The Directors' Report for the year ended 30 June 2022 in the 2022 Annual Report contains the Remuneration Report which sets out the remuneration policy for the Company and the remuneration arrangements in place for the executive Directors, specified executives and non-executive Directors.

In accordance with section 250R(3) of the Corporations Act, Resolution 1 is advisory only and does not bind the Directors. If Resolution 1 is not passed, the Directors will not be required to alter any of the arrangements in the Remuneration Report.

If the Company's Remuneration Report receives a 'no' vote of 25% or more ( Strike ) at two consecutive annual general meetings, Shareholders will have the opportunity to remove the whole Board, except the managing director (if any).

Where a resolution on the Remuneration Report receives a Strike at two consecutive annual

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general meetings, the Company will be required to put to Shareholders at the second annual general meeting a resolution on whether another meeting should be held (within 90 days) at which all Directors (other than the managing director, if any) who were in office at the date of approval of the applicable Directors' Report must stand for re-election.

The Company's Remuneration Report did not receive a Strike at the 2021 annual general meeting held on 30 November 2021. If the Remuneration Report receives a Strike at this Meeting, Shareholders should be aware that if a second Strike is received at the 2023 annual general meeting, this may result in the re-election of the Board.

The Chair will allow a reasonable opportunity for Shareholders as a whole to ask about, or make comments on the Remuneration Report.

4.2 Additional information

Resolution 1 is an ordinary resolution.

Given the personal interests of all Directors in the outcome of this Resolution, the Board declines to make a recommendation to Shareholders regarding this Resolution.

5. Resolution 2 – Removal of Auditor

5.1 General

Resolution 2 seeks Shareholder approval pursuant to section 329(1) of the Corporations Act for the removal of Nexia Brisbane Audit Pty Ltd as current auditor of the Company, effective from the date of the Meeting.

If Resolution 2 is passed, Nexia Brisbane Audit Pty Ltd will be removed as current auditor of the Company, effective from the date of the Meeting.

If Resolution 2 is not passed, Nexia Brisbane Audit Pty Ltd will continue to remain as current auditor of the Company.

5.2 Section 329 of the Corporations Act

Under section 329(1) of the Corporations Act, an auditor of a company may be removed from office by resolution of the company at a general meeting of which 2 months’ notice of intention to move the resolution has been given to shareholders pursuant to section 329(1A) of the Corporations Act.

It should be noted that under section 329(1A) of the Corporations Act, if a company calls a meeting after the notice of intention has been given, the meeting may pass the resolution even though the meeting is held less than 2 months after the notice of intention is given.

The notice of intention to move this Resolution 2 is provided at Schedule 3.

5.3 Additional information

Resolution 2 is an ordinary resolution.

The Board recommends that Shareholders vote in favour of Resolution 2.

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6. Resolution 3 – Approval of appointment of new Auditor

6.1 General

Resolution 3 seeks Shareholder approval pursuant to section 327D(2) of the Corporations Act for the appointment of William Buck Audit (WA) Pty Ltd as the new auditor of the Company, effective from the date of Meeting.

Resolution 3 is conditional on the passing of Resolution 2. If Resolution 2 is not passed, Resolution 3 will not be put to Shareholders at the Meeting.

If Resolution 3 is passed, William Buck Audit (WA) Pty Ltd will be appointed as the new auditor of the Company, effective from the date of the Meeting.

6.2 Section 327D of the Corporations Act

Under section 327D(2) of the Corporations Act, the Company may at a general meeting, by special resolution, immediately appoint an auditor to replace an auditor removed under section 329(1) of the Corporations Act, provided that a copy of the notice of nomination of the auditor has been sent to the proposed replacement auditor and to each person entitled to receive a notice of meeting. The notice of nomination is provided at Schedule 2.

Further, section 328A of the Corporations Act provides that a company must not appoint an auditor unless the auditor has first consented to act as auditor and has not withdrawn that consent before the appointment is made. William Buck Audit (WA) Pty Ltd has given its written consent to act as the Company's auditor pursuant to section 328A(1) of the Corporations Act, subject to Resolution 2 being approved by Shareholders at the Meeting. As at the date of this Notice, William Buck Audit (WA) Pty Ltd has not withdrawn that consent.

6.3 Additional information

Resolution 3 is a special resolution and as such requires approval of at least 75% of the votes cast by Shareholders present and eligible to vote at the Meeting (by proxy, attorney or otherwise).

The Board recommends that Shareholders vote in favour of Resolution 3.

7. Resolution 4 – Re-election of Director – Mr Nathan Cammerman

7.1 General

Clause 14.2 of the Constitution and Listing Rule 14.4 both provide that a Director (excluding the Managing Director) must not hold office without re-election past the third annual general meeting following that Director's appointment or three years, whichever is longer. In addition, Clause 14.2 of the Constitution requires one third of the Directors to retire from office and stand for re-election at each annual general meeting.

Clause 14.2 of the Constitution provides that a Director who retires in accordance with Clause 14.2 is eligible for re-election and that re-election takes effect at the conclusion of the Meeting. Mr Cammerman, Non-Executive Director, was last elected at the annual general meeting held on 30 November 2021.

Accordingly, Mr Cammerman retires at this Meeting and, being eligible, seeks re-election

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pursuant to this Resolution 4.

7.2 Mr Cammerman

Geologist by initial training, Mr Cammerman’s senior executive and board experience includes project generation, evaluation and acquisition, JV negotiation, financing, permitting and approvals, feasibility study management, offtake and government relations. Strong track record in shareholder wealth creation. Co-founded several private exploration companies which have progressed from green fields concepts to near term production propositions.

Mr Cammerman does not currently hold any other material directorships, other than as disclosed in this Notice.

The Company confirms that it took appropriate checks into Mr Cammerman’s background and experience and that these checks did not identify any information of concern.

If elected, Mr Cammerman is not considered by the Board (with Mr Cammerman abstaining) to be an independent Director because he is a substantial shareholder of the Company.

Mr Cammerman has acknowledged to the Company that he will have sufficient time to fulfil his responsibilities as a Director

7.3 Board recommendation

The Board (other than Mr Cammerman who has a personal interest in the outcome of this Resolution) supports the election of Mr Cammerman for the following reasons:

(a) Mr Cammerman’s skills and significant experience in geology, financing and joint venture discussions are important additions to the Board’s existing skills and experience.

If Resolution 4 is approved, Mr Cammerman will be re-elected as a Director of the Company.

If Resolution 4 is not approved, Mr Cammerman will not be re-elected as a Director of the Company.

7.4 Additional information

Resolution 4 is an ordinary resolution.

The Board (other than Mr Cammerman who has a personal interest in the outcome of this Resolution) recommends that Shareholders vote in favour of this Resolution 4.

8. Resolution 5 – Approval of 10% Placement Facility

8.1 General

Listing Rule 7.1A enables an eligible entity to issue Equity Securities up to 10% of its issued share capital through placements over a 12-month period after the annual general meeting ( 10% Placement Facility ). The 10% Placement Facility is in addition to the Company's 15% annual placement capacity under Listing Rule 7.1.

Resolution 5 seeks Shareholder approval to provide the Company with the ability to issue Equity Securities under the 10% Placement Facility during the 10% Placement Period (refer to

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Section 8.2(f) below). The number of Equity Securities to be issued under the 10% Placement Facility will be determined in accordance with the formula prescribed in Listing Rule 7.1A.2 (refer to Section 8.2(c) below).

If Resolution 5 is passed, the Company will be able to issue Equity Securities up to the combined 25% limit in Listing Rules 7.1 and 7.1A without any further Shareholder approval.

If Resolution 5 is not passed, the Company will not be able to access the additional 10% capacity to issue Equity Securities without Shareholder approval provided for in Listing Rule 7.1A and will remain subject to the 15% limit on issuing Equity Securities without Shareholder approval in Listing Rule 7.1.

8.2 Listing Rule 7.1A

(a) Is the Company an eligible entity?

An eligible entity for the purposes of Listing Rule 7.1A is an entity that is not included in the S&P/ASX 300 Index and has a market capitalisation of $300 million or less.

The Company is an eligible entity as it is not included in the S&P/ASX 300 Index and has a market capitalisation of approximately $3.6m, based on the closing price of Shares ($0.048) on 25 October 2022.

(b) What Equity Securities can be issued?

Any Equity Securities issued under the 10% Placement Facility must be in the same class as an existing quoted class of Equity Securities of the eligible entity.

As at the date of the Notice, the Company has on issue one quoted class of Equity Securities, being Shares.

(c) How many Equity Securities can be issued?

Listing Rule 7.1A.2 provides that under the approved 10% Placement Facility, the Company may issue or agree to issue a number of Equity Securities calculated in accordance with the following formula:

(A x D) – E

Where:

A = is the number of Shares on issue at the commencement of the Relevant Period:
(A) plus the number of fully paid Shares issued in the Relevant Period under an exception in Listing Rule 7.2 other than exception 9, 16 or 17;
(B) plus the number of fully paid Shares issued in the Relevant Period on the conversion of convertible securities within Listing Rule 7.2 exception 9 where:
- (1) the convertible securities were issued or agreed to be issued before the commencement of the Relevant Period; or

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(2) the issue of, or agreement to issue, the convertible securities was approved, or taken under the Listing Rules to have been approved, under Listing Rule 7.1 or Listing Rule 7.4;
(C) plus the number of fully paid Shares issued in the Relevant Period under an agreement to issue securities within Listing Rule 7.2 exception 16 where:
(1) the agreement was entered into before the commencement of the Relevant Period; or
(2) the agreement or issue was approved, or taken under the Listing Rules to have been approved, under Listing Rule 7.1 or Listing Rule 7.4;
(D) plus the number of partly paid Shares that became fully paid Shares in the Relevant Period;
(E) plus the number of fully paid Shares issued in the Relevant Period with approval under Listing Rules 7.1 and 7.4; and
(F) less the number of fully paid Shares cancelled in the Relevant Period.

Note that 'A' has the same meaning in Listing Rule 7.1 when calculating the Company's 15% annual placement capacity.

D = is 10%.
E = is the number of Equity Securities issued or agreed to be issued under Listing Rule 7.1A.2 in the Relevant Period, where the issue or agreement has not been subsequently approved by Shareholders under Listing Rule 7.4.

(d)

What is the interaction with Listing Rule 7.1?

The Company's ability to issue Equity Securities under Listing Rule 7.1A will be in addition to its 15% annual placement capacity under Listing Rule 7.1.

At what price can the Equity Securities be issued?

Any Equity Securities issued under Listing Rule 7.1A must be issued for a cash consideration per Equity Security which is not less than 75% of the VWAP of Equity Securities in the same class calculated over the 15 Trading Days on which trades in that class were recorded immediately before:

(i) the date on which the price at which the Equity Securities are to be issued is agreed by the Company and the recipient of the Equity Securities; or
(ii) if the Equity Securities are not issued within 10 Trading Days of the date in paragraph 6.2(e)(i) above, the date on which the Equity Securities are issued, ( Minimum Issue Price ).

(f) When can Equity Securities be issued?

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Shareholder approval of the 10% Placement Facility under Listing Rule 7.1A will be valid from the date of the Meeting and will expire on the earlier of:

(i) the date that is 12 months after the date of the Meeting;
(ii) the time and date of the Company's next annual general meeting; or
(iii) the time and date of Shareholder approval of a transaction under Listing Rules 11.1.2 (a significant change to the nature or scale of activities) or 11.2 (disposal of main undertaking),

( 10% Placement Period ).

(g)

What is the effect of Resolution 3?

The effect of Resolution 3 will be to allow the Company to issue the Equity Securities under Listing Rule 7.1A during the 10% Placement Period without further Shareholder approval or using the Company's 15% annual placement capacity under Listing Rule 7.1.

8.3 Specific information required by Listing Rule 7.3A

Pursuant to and in accordance with Listing Rule 7.3A, the following information is provided in relation to the 10% Placement Facility:

(a) Final date for issue

The Company will only issue the Equity Securities under the 10% Placement Facility during the 10% Placement Period (refer to Section 8.2(f) above).

(b) Minimum issue price

Where the Company issues Equity Securities under the 10% Placement Facility, it will only do so for cash consideration and the issue price will be not less than the Minimum Issue Price (refer to Section 8.2(e) above).

(c) Purposes of issues under the 10% Placement Facility

The Company may seek to issue Equity Securities under the 10% Placement Facility for the purposes of raising funds for continued investment in the Company's current assets, the acquisition of new assets or investments (including expenses associated with such an acquisition), and/or for general working capital.

(d) Risk of economic and voting dilution

Shareholders should note that there is a risk that:

(i) the market price for the Company's Equity Securities may be significantly lower on the date of the issue of the Equity Securities than on the date of the Meeting; and
(ii) the Equity Securities may be issued at a price that is at a discount to the market price for the Company's Equity Securities on the issue date,

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which may have an effect on the amount of funds raised by the issue of the Equity Securities.

If this Resolution 5 is approved by Shareholders and the Company issues Equity Securities under the 10% Placement Facility, the existing Shareholders' economic and voting power in the Company may be diluted as shown in the below table (in the case of Options, only if the Options are converted into Shares).

The table below shows the dilution of existing Shareholders based on the current market price of Shares and the current number of Shares for Variable 'A' calculated in accordance with the formula in Listing Rule 7.1A.2 (see Section 8.2(c) above) as at the date of this Notice ( Variable A ), with:

(i) two examples where Variable A has increased, by 50% and 100%; and
(ii) two examples of where the issue price of Shares has decreased by 50% and increased by 100% as against the current market price.

Shares (Variable A in Listing Rule 7.1A.2)		Dilution	Dilution
	Issue price per Share	$0.024 50% decrease in Current Market Price	$0.048 Current Market Price	$0.096 100% increase in Current Market Price
79,642,398 Shares Variable A	10% Voting Dilution	7,964,240 Shares	7,964,240 Shares	7,964,240 Shares
	Funds raised	$191,142	$382,284	$764,567
119,463,597 Shares 50% increase in Variable A	10% Voting Dilution	11,946,360 Shares	11,946,360 Shares	11,946,360 Shares
	Funds raised	$286,713	$573,425	$1,146,851
159,284,796 Shares 100% increase in Variable A	10% Voting Dilution	15,928,480 Shares	15,928,480 Shares	15,928,480 Shares
	Funds raised	$382,284	$764,567	$1,529,134

Notes:

The table has been prepared on the following assumptions:
(a) The issue price is the current market price ($0.048), being the closing price of the Shares on ASX on 25 October 2022, being the latest practicable date before this Notice was signed.
(b) Variable A comprises of 79,642,398 existing Shares on issue as at the date of this Meeting, assuming the Company has not issued any Shares in the 12 months prior to the Meeting that were not issued under an exception in Listing Rule 7.2 or with Shareholder approval under Listing Rule 7.1 and 7.4.

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(c) The Company issues the maximum number of Equity Securities available under the 10% Placement Facility.
(d) No convertible securities are exercised or converted into Shares before the date of the issue of the Equity Securities.
(e) The issue of Equity Securities under the 10% Placement Facility consists only of Shares.
The number of Shares on issue (i.e. Variable A) may increase as a result of issues of Shares that do not require Shareholder approval (for example, a pro rata entitlements issue, scrip issued under a takeover offer or upon exercise of convertible securities) or future specific placements under Listing Rule 7.1 that are approved at a future Shareholders' meeting.

The 10% voting dilution reflects the aggregate percentage dilution against the issued Share capital at the time of issue. This is why the voting dilution is shown in each example as 10%. The table does not show an example of dilution that may be caused to a particular Shareholder by reason of placements under the 10% Placement Facility, based on that Shareholder's holding at the date of the Meeting.

The table shows only the effect of issues of Equity Securities under Listing Rule 7.1A, not under the 15% placement capacity under Listing Rule 7.1.

(e) Allocation policy

The Company's allocation policy is dependent on the prevailing market conditions at the time of any proposed issue pursuant to the 10% Placement Facility. The identity of the allottees of Equity Securities will be determined on a case-by-case basis having regard to the factors including but not limited to the following:

(i) the methods of raising funds that are available to the Company, including but not limited to, rights issues or other issues in which existing Shareholders can participate;
(ii) the effect of the issue of the Equity Securities on the control of the Company;
(iii) financial situation and solvency of the Company; and
(iv) advice from corporate, financial and broking advisers (if applicable).

The allottees under the 10% Placement Facility have not been determined as at the date of this Notice but may include existing substantial Shareholders and/or new investors who are not related parties of or associates of a related party of the Company.

(f) Issues in the past 12 months

The Company has previously obtained Shareholder approval under Listing Rule 7.1A at its annual general meeting held on 30 November 2022.

In the 12 months preceding the date of the Meeting and as at the date of this Notice, the Company has issued or agreed to issue Equity Securities under Listing Rule 7.1A, as follows:

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Date of issue	Recipient	Number and Type of securities	Price	Use of funds
5 April 2022	Institutional, sophisticated and professional investors who were identified by the Company and the lead manager, Fosters Broking	5,090,415 Shares, representing a 8.78% of the total number of Shares on issue at the commence cement of that 12 month period	$0.095 each, representing an 4% discount to closing price on the date of issue	Cash raised: $483,589 Cash spent: $483,589 Use of funds: Exploration work and working capital Intended use of remaining funds:N/A

At the date of this Notice, the Company is not proposing to make an issue of Equity Securities under Listing Rule 7.1A and has not approached any particular existing Shareholder or security holder or an identifiable class of existing security holder to participate in any such issue.

However, in the event that between the date of this Notice and the date of the Meeting, the Company proposes to make an issue of Equity Securities under Listing Rule 7.1A to one or more existing Shareholders, those Shareholders' votes will be excluded under the voting exclusion statement in the Notice.

8.4 Additional information

Resolution 5 is a special resolution and therefore requires approval of 75% of the votes cast by Shareholders present and eligible to vote (in person, by proxy, by attorney or, in the case of a corporate Shareholder, by a corporate representative).

The Board recommends that Shareholders vote in favour of Resolution 5.

9. Resolution 6 – Ratification of prior issue of Vendor Shares

9.1 General

On 17 October 2022, the Company announced that it had executed a tenement sale agreement to become the 100% beneficial owner of the Fairy Well Project (E51/2032) ( Acquisition ). As consideration for the Acquisition, on 18 October 2022, the Company issued 625,000 Shares ( Vendor Shares ) to Mining Equities Pty Ltd (the Vendor ) using the Company’s placement capacity under Listing Rule 7.1.

Resolution 6 seeks Shareholder approval pursuant to Listing Rule 7.4 to ratify the issue of the Vendor Shares.

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9.2 Listing Rules 7.1 and 7.4

Broadly speaking, and subject to a number of exceptions, Listing Rule 7.1 limits the amount of Equity Securities that a listed company can issue without the approval of its shareholders over any 12 month period to 15% of the fully paid ordinary shares it had on issue at the start of that period.

The issue of the Vendor Shares does not fit within any of the exceptions to Listing Rule 7.1 and, as it has not yet been approved by Shareholders, effectively uses up part of the Company’s 15% placement capacity under Listing Rule 7.1. This reduces the Company's capacity to issue further Equity Securities without Shareholder approval under those Listing Rules for the 12 month period following the issue of the Vendor Shares.

Listing Rule 7.4 provides an exception to Listing Rules 7.1. It provides that where a company in a general meeting ratifies the previous issue of securities made pursuant to Listing Rules 7.1 (and provided that the previous issue did not breach Listing Rules 7.1), those securities will be deemed to have been made with shareholder approval for the purpose of Listing Rules 7.1.

The effect of Shareholders passing Resolution 6 will be to allow the Company to retain the flexibility to issue Equity Securities in the future up to the 15% additional placement capacity set out in Listing Rule 7.1, without the requirement to obtain prior Shareholder approval.

If Resolution 6 is passed, 625,000 Vendor Shares will be excluded in calculating the Company's 15% limit in Listing Rule 7.1, effectively increasing the number of Equity Securities it can issue without Shareholder approval over the 12 month period following the issue date.

If Resolution 6 is not passed, 625,000 Vendor Shares will continue to be included in the Company's 15% limit under Listing Rule 7.1, effectively decreasing the number of Equity Securities the Company can issue or agree to issue without obtaining prior Shareholder approval, to the extent of 625,000 Equity Securities for the 12 month period following the issue of the Vendor Shares.

9.3 Specific information required by Listing Rule 7.5

Pursuant to and in accordance with Listing Rule 7.5, the following information is provided in relation to the ratification of the issue of the Vendor Shares:

(a) The Vendor Shares were issued to the Vendor, who is not a related party or Material Investor of the Company.
(b) A total of 625,000 Vendor Shares were issued with the Company’s placement capacity permitted under Listing Rule 7.1.
(c) The Vendor Shares are fully paid ordinary Shares in the capital of the Company and rank equally in all respects with the Company's existing Shares on issue.
(d)
The Vendor Shares were issued on 18 October 2022.
(e) The Vendor Shares were issued for nil cash consideration, with a deemed price of $0.048 per Share.
(f) No funds were raised form the issue of the Vendor Shares as the Shares were issued as consideration for the Acquisition.

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(g) The material terms of the agreement for the subscription of the Vendor Shares are set out in Section 9.1. There are no other material terms to the agreement for the subscription of the Vendor Shares.
(h) A voting exclusion statement is included in the Notice.

9.4 Additional information

Resolution 6 is an ordinary resolution.

The Board recommends that Shareholders vote in favour of Resolution 6.

10. Resolution 7 – Approval of issue of Placement Shares

10.1 General

The Company is considering conducting a placement pursuant to which the Company will issue of up to 30,000,000 Shares ( Placement Shares ) (the Placement ).

Under the Placement, the Company intends to issue up to 30,000,000 Shares to unrelated parties ( Placement Participants ) at an issue price of no less than 80% of the 5 day VWAP at the time of issue, the subject of this Resolution 7.

The Placement Shares represent approximately 27.52% of the Company’s current issued share capital (assuming that only the Placement Shares are issued and no other Shares are issued).

Resolution 7 seeks Shareholders approval pursuant to Listing Rule 7.1 to issue up to 30,000,000 Placement Shares to the Placement Participants.

10.2 Listing Rule 7.1

A summary of Listing Rule 7.1 is set out in Section 9.2 above.

The issue of the Placement Shares does not fit within any of the exceptions to Listing Rules 7.1 and, as it has not yet been approved by Shareholders, effectively uses up part of the Company’s 15% placement capacity under Listing Rule 7.1. This reduces the Company’s capacity to issue further Equity Securities without Shareholder approval under those Listing Rules for the 12 month period following the issue of the Placement Shares.

Listing Rule 7.4 provides an exception to Listing Rule 7.1. It provides that where a company in a general meeting ratifies the previous issue of securities made pursuant to Listing Rule 7.1 (and provided that the previous issue did not breach Listing Rule 7.1), those securities will be deemed to have been made with shareholder approval for the purpose of Listing Rule 7.1. The Company confirms that the proposed issue of 30,000,000 Placement Shares will not breach Listing Rule 7.1.

The effect of Shareholders passing Resolution 7 will be to allow the Company to retain the flexibility to issue Equity Securities in the future up to the 15% additional placement capacity set out in Listing Rule 7.1, without the requirement to obtain prior Shareholder approval.

If Resolution 7 is passed, the Company will be able to proceed with the issue of up to 30,000,000 Placement Shares to professional and sophisticated investors.

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If Resolution 7 is not passed, the Company will not be able to proceed with the issue of up to 30,000,000 Placement Shares without using its available placement capacity permitted under Listing Rule 7.1. The Company does not presently have sufficient placement capacity to issue all of the Placement Shares. Accordingly, if Resolution 7 is not passed, the Company will not be able to proceed with the issue of all of the Placement Shares.

10.3 Specific information required by Listing Rule 7.3

Pursuant to and in accordance with Listing Rule 7.3, the following information is provided in relation to the issue of up to 30,000,000 Placement Shares:

(a) The Placement Shares will be issued to the Placement Participants, who are sophisticated and institutional investors, none of whom will be a Material Investor. The participants in the Placement have not been identified, but will be identified through a bookbuild process, which will involve the Lead Manager seeking expressions of interest to participate in the Placement from clients of the Lead Managers.
(b) A maximum of 30,000,000 Placement Shares will be issued.
(c) The Placement Shares are fully paid ordinary shares in the capital of the Company and rank equally in all respects with the Company’s existing Shares on issue.
(d) The Placement Shares will be issued no later than 3 months after the date of the Meeting and are expected to be issued on a single date.
(e) The Placement Shares will be issued at a price that is no less than 80% of the 5 day VWAP as at the issue date.
(f) The proceeds from the issue of the Placement Shares are intended to be applied towards exploration such as drilling at the Company’s Gidgee North Project, existing project exploration and general working capital.
(g) There are no other material terms to the agreement for the subscription of the Placement Shares.
(h) A voting exclusion statement is included in the Notice.

10.4 Additional information

Resolution 7 is an ordinary resolution.

The Board recommends that Shareholders vote in favour of Resolution 7.

11. Resolution 8 – Approval of issue of Performance Rights to Mr Karl Jupp

11.1 General

The Company is proposing, subject to obtaining Shareholder approval and the adoption of the New Plan (the subject of Resolution 9), to issue up to a total of 2,000,000 Performance Rights (the Performance Rights ) to Mr Jupp (or his nominees) under the New Plan as follows:

Director Performance Rights[(1)]

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Mr Jupp	500,000 – New Tranche B 500,000 – New Tranche C 1,000,000 – New Tranche D

1. The terms and conditions of the Performance Rights are in Schedule 4.

The Company is in an important stage of development with significant opportunities and challenges in both the near and long-term, and the proposed issue of the Performance Rights seeks to align the efforts of Mr Jupp in seeking to achieve growth of the Share price and in the creation of Shareholder value. The Board believes that the issue of these Performance Rights will align the interests of Mr Jupp with those of the Company and its Shareholders as they are all subject to performance-based vesting conditions. In addition, the Board also believes that incentivising with Performance Rights is a prudent means of conserving the Company’s available cash reserves. The Board believes it is important to offer these Performance Rights to continue to attract and maintain highly experienced and qualified Board members in a competitive market. The existing 500,000 tranche B performance rights and 500,000 tranche C performance rights issued to Mr Jupp on 6 December 2021 will be cancelled for nil consideration ( Existing Performance Rights ). 500,000 existing tranche A performance rights will remain on issue and will not be subject to cancellation.

Resolution 8 seeks Shareholder approval pursuant to Listing Rule 10.14 for the issue of the Performance Rights to Mr Jupp (or his nominees) under the New Plan.

11.2 Listing Rule 10.14

Listing Rule 10.14 provides that an entity must not permit any of the following persons to acquire Equity Securities under an employee incentive scheme without the approval of its Shareholders:

(a) a director of the entity (Listing Rule 10.14.1);
(b) an associate of a person referred to in Listing Rule 10.14.1 (Listing Rule 10.14.2); and (c) a person whose relationship with the entity or a person referred to in Listing Rule 10.14.1 or 10.14.2 is such that, in ASX’s opinion, the acquisition should be approved by Shareholders.

Approval pursuant to Listing Rule 7.1 is not required for the issue of the Performance Rights as approval is being obtained under Listing Rule 10.14. Accordingly, as the issue of the Performance Rights to Mr Jupp (or his nominees) falls within Listing Rule 7.2, exception 14, the issue will not be included in the Company’s 15% annual placement capacity in Listing Rule 7.1.

The effect of Shareholders passing Resolution 8 will be to allow the Company to issue the Performance Rights to Mr Jupp (or his nominees) and to cancel the Existing Performance Rights.

If Resolution 8 is not passed, the Company will not be able to proceed with the issue of up to 2,000,000 Performance Rights to Mr Jupp (or his nominees) and will not cancel the Existing Performance Rights, and the Company will have to consider alternative commercial means to incentivise Mr Jupp.

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11.3 ASX Listing Rule 6.23.2

ASX Listing Rule 6.23.2 provides, in respect of changes affecting options, that:

“A change which has the effect of cancelling an option for consideration can only be made if holders of ordinary securities approve the change. The notice of meeting must contain a voting exclusion statement”.

ASX applies ASX Listing Rule 6.23.2 to performance rights as well as options. The contemporaneous approval of the Performance Rights under this Resolution 8 and cancellation of the Existing Performance Rights therefore requires Shareholder approval.

Accordingly, Shareholder approval is sought under this Resolution 8 for the cancellation of the Existing Performance Rights occurring contemporaneously with the issue of the new Performance Rights. As the Performance Rights are made on new terms and are subject to the new milestones set out in Schedule 4, the Company confirms that the issue of the new Performance Rights is not a change which has an effect of reducing the exercise price or extending the exercise period of the Existing Performance Rights.

11.4 Specific information required by Listing Rule 10.15

Pursuant to and in accordance with Listing Rule 10.15, the following information is provided in relation to the proposed issue of the Performance Rights:

(a) The Performance Rights will be issued under the Plan to Mr Jupp (or his nominees).
(b) Mr Jupp falls into the category stipulated by Listing Rule 10.14.1 by virtue of being a Director of the Company.
(c) A maximum of 2,000,000 Performance Rights will be issued to Mr Jupp (or his nominees) in the proportions set out in Section 11.1 above.
(d) The current total annual remuneration package for Mr Jupp as at the date of this Notice is set out below:

Director	Salary and fees (inclusive of superannuation)
Mr Jupp	$264,341

(e) The Company has issued the following Securities to Mr Jupp under the Existing Plan:

Director	Date of issue	Number and Type of Equity Securities	Average acquisition price
Mr Jupp	17 December 2020	3,000,000 Options	Nil

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Mr Jupp	6 December 2021	1,500,000 Performance Rights	Nil

(f) The Performance Rights will be issued on the terms and conditions set out in Schedule 4.
(g) The Board considers that Performance Rights with performance-based milestones, rather than Shares, are an appropriate form of incentive because they reward Mr Jupp for achievement of sustained growth in the value of the Company. Additionally, the issue of Performance Rights instead of cash is a prudent means of rewarding and incentivising Mr Jupp whilst conserving the Company’s available cash reserves.
(h) The Company’s valuation of the Performance Rights is in Schedule 5, with a summary below:

Director	Number of Performance Rights	Valuation
Mr Jupp	2,000,000	$85,103

(9) The Performance Rights will be issued to Mr Jupp (or his nominees) as soon as practicable following the Meeting and in any event not later than three years after the Meeting.
(i) The Performance Rights will be issued for nil cash consideration and will be provided as an incentive component to Mr Jupp’s remuneration package.
(j) A summary of the material terms of the New Plan is in Schedule 6.
(k) No loan will be provided to Mr Jupp in relation to the issue of the Performance Rights.
(l) Details of any securities issued under the New Plan will be published in the annual report of the Company relating to the period in which they were issued, along with a statement that approval for the issue was obtained under Listing Rule 10.14.
(m) Any additional persons covered by Listing Rule 10.14 who become entitled to participate in an issue of securities under the New Plan after the resolution is approved and who were not named in the Notice will not participate until approval is obtained under Listing Rule 10.14.
(n) A voting exclusion statement is included in the Notice.
11.5 Chapter 2E of the Corporations Act

In accordance with Chapter 2E of the Corporations Act, in order to give a financial benefit to a related party, the Company must:

(a) obtain Shareholder approval in the manner set out in section 217 to 227 of the Corporations Act; and

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(b) give the benefit within 15 months following such approval, unless the giving of the financial benefit falls within an exception set out in sections 210 to 216 of the Corporations Act.

The proposed issue of the Performance Rights constitutes giving a financial benefit to related parties of the Company.

The Board (other than Mr Jupp who has a personal interest in the outcome of this Resolution) considers that Shareholder approval pursuant to Chapter 2E of the Corporations Act is not required in respect of the issue of the Performance Rights because the Performance Rights are considered by the Board as reasonable remuneration and therefore falls within the exception stipulated by section 211 of the Corporations Act.

11.6 Additional information

Resolution 8 is an ordinary resolution.

The Board (other than Mr Jupp who has a personal interest in the outcome of this Resolution) recommend that Shareholders vote in favour of Resolution 8.

12. Resolution 9 – Approval of New Plan

12.1 General

On 1 October 2022, amendments to the Corporations Act came into effect, simplifying the process for incentivising participants under employee share schemes ( ESS ). Division 1A was introduced into Part 7.12 of the Corporations Act, providing a separate regime for the making of offers in connection with an ESS ( New Regime ). This regime replaces the current relief afforded by ASIC Class Order 14/1000 ( Class Order ), which commenced on 30 October 2014.

To ensure that the Company is afforded the relief provided by the New Regime, the Company considers it necessary to adopt a new ESS that makes reference to the New Regime and includes the changes that came into effect on 1 October 2022.

Resolution 9 seeks Shareholders approval for the adoption of the new ESS titled ‘Westar Resources Limited Employee Securities Incentive Plan’ ( New Plan ) in accordance with Listing Rule 7.2 exception 13(b), for the sole purpose of ensuring that the Company is afforded the relief provided by the New Regime.

Under the New Plan, the Board may offer to eligible persons the opportunity to subscribe for such number of Equity Securities in the Company as the Board may decide and on the terms set out in the rules of the New Plan, a summary of the key terms and conditions is in Schedule 6. In addition, a copy of the New Plan is available for review by Shareholders at the registered office of the Company until the date of the Meeting. A copy of the New Plan can also be sent to Shareholders upon request to the Company Secretary. Shareholders are invited to contact the Company if they have any queries or concerns.

12.2 Key changes between the Class Order and New Regime

The following table summarises the key changes implemented by the New Regime for “Invitations” (within the meaning given in the New Plan) made on or after 1 October 2022:

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	Current position under the Class Order	Position from 1 October 2022
Disclosure obligations	The Class Order mandates certain information that must be provided to ESS participants. There is no difference between the disclosure requirements where ESS Interests are offered for monetary consideration or for no monetary consideration.	If the offer of ESS Interests is for no monetary consideration:There are no prescribed disclosure obligations, other than a statement that the offer is made under Division 1A. If the offer of ESS Interests is for monetary consideration: • Certain prescribed disclosure requirements apply. These disclosure requirements are similar (although different) to the current disclosure requirements under the Class Order. • The participant cannot acquire the ESS Interests until 14 days after receiving the above disclosure. This mandates a waiting period ensuring a participant has time to consider their decision and seek legal financial advice. • Any associated trust, contribution plan and loan arrangement will need to comply with specified requirements.
Eligible participants	• Directors; • Full-time and part-time employees; • Casual employees and contractors, provided they work the number of hours that are the pro-rata equivalent of 40% or more of a comparable full-time position with the entity.	• Directors; • Full-time and part-time employees; • Any service providers to the entity (with no minimum requirement of hours of service provided); • Certain ‘related persons’ to the above.
5% limit	The maximum number of ESS Interests that can be issued under the Class Order relief over a three- year period is 5% of the issued share capital.	If the offer of ESS Interests is for no monetary consideration:There is no limit on the number of such ESS Interests that may be issued.

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		If the offer of ESS Interests is for monetary consideration:The number of ESS Interests issued over a three-year period must not exceed 5% of the issued share capital. Entities may specify a different issue cap in their constitution, which the Company seeks to do under Resolution 11, amending this cap to 10% of its issued share capital.
Quotation requirement	An entity’s shares must have been quoted for three months before the Class Order relief is available.	Newly listed entities can offer ESS Interests under the new regime without any minimum quotation period. This will make it much simpler for newly listed entities to offer ESS Interests.
Suspension	For the Class Order relief to be available, the entity’s shares must not have been suspended for more than 5 days over the previous 12 months.	The new regime permits an entity to offer ESS Interests regardless of any suspension to the trading of its shares.
On-sale relief	Relief is provided from the on-sale provisions for securities issued under the Class Order.	There is no equivalent relief under the new provisions. This means cleansing notices (or cleansing prospectuses for entities unable to rely on a cleansing notice) must be issued in order to ensure shares may be on-sold within 12 months of issue.
ASIC involvement	A ‘Notice of Reliance’ must be submitted to ASIC to rely on the Class Order relief.	There are no ASIC lodgement requirements. ASIC has the power to require the provision of documents necessary in order to form an opinion about whether the regime has been complied with. ASIC has also been given express enforcement powers including the ability to issue ‘stop orders’.
Criminal offences	N/A	New ESS related criminal offences have been introduced regarding

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certain misleading or deceptive statements or omissions.

12.3 Listing Rules 7.1 and 7.2, exception 13(b)

Listing Rule 7.2, exception 13(b), provides an exception to Listing Rule 7.1 such that issues of Equity Securities under an employee incentive scheme are exempt for a period of three years from the date on which Shareholders approve the issue of Equity Securities under the scheme as an exception to Listing Rule 7.1.

Listing Rule 7.2, exception 13(b), ceases to be available to the Company if there is a material change to the terms of the New Plan from those set out in this Notice in Schedule 6.

If Resolution 9 is passed, the Company will be able to issue up to a maximum of 9,900,000 Equity Securities under the New Plan pursuant to Listing Rule 7.2, exception 13(b), to eligible participants over a period of three years without using the Company’s 15% annual placement capacity under Listing Rule 7.1.

However, any future issues of Equity Securities under the New Plan to a related party or a person whose relationship with the Company or the related party is, in ASX’s opinion, such that approval should be obtained will require additional Shareholder approval under Listing Rule 10.14 at the relevant time.

If Resolution 9 is not passed, any issue of Equity Securities pursuant to the New Plan must either be undertaken using the Company’s 15% annual placement capacity under Listing Rule 7.1, or with prior Shareholder approval.

12.4 Specific information required by Listing Rule 7.2, exception 13(b)

Pursuant to and in accordance with Listing Rule 7.2, exception 13(b), the following information is provided in relation to the New Plan:

(a) A summary of the material terms of the New Plan is in Schedule 6.
(b) As at the date of this Notice, no Equity Securities have been issued under the New Plan.
(c) The Company adopted its existing employee securities incentive plan called the ‘Westar Resources Limited Employee Incentive Plan’ under Listing Rule 7.2, exception 13(a) prior to its admission to the official list of the ASX on 16 December 2020 ( Existing Plan ).
(d) Since the Existing Plan was adopted by the Board, the Company has issued the following Equity Securities under the Existing Plan:

Number of Equity Issue date Equity Security Securities

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17 December 2020	Options	5,000,000
6 December 2021	Performance Rights (which includes 1,000,000 Existing Performance Rights the subject of Resolution 8)	1,500,000
4 February 2022	Performance Rights	1,000,000
11 August 2022	Performance Rights	375,000

(e) The maximum number of Equity Securities proposed to be issued under the New Plan pursuant to Listing Rule 7.2, exception 13(b), following approval of Resolution 9 is 9,900,000 (subject to adjustment in the event of a reorganisation of capital and further subject to applicable laws and the Listing Rules). This number comprises approximately 12.5% of the Company’s Equity Securities currently on issue.
(f) A voting exclusion statement is included in the Notice.

12.5 Additional information

Resolution 9 is an ordinary resolution.

The Board declines to make a recommendation in relation to Resolution 9 due to their personal interests in the outcome of the Resolution.

13. Resolution 10 – Approval of potential termination benefits under the New Plan

13.1 General

The Corporations Act contains certain limitations concerning the payment of ‘termination benefits’ to persons who hold a ‘managerial or executive office’. The Listing Rules also provides certain limitations on the payment of ‘termination benefits’ to officers of listed entities including Listing Rules 10.18 and 10.19 which will continue to apply notwithstanding Shareholders approving this Resolution 10.

As is common with employee incentive schemes, the New Plan provides the Board with the discretion to, amongst other things, determine that some or all of the Equity Securities granted to a participant under the New Plan ( Plan Securities ) will not lapse in the event of that participant ceasing their engagement with the Company before such Plan Securities have vested. This ‘accelerated vesting’ of New Plan Securities may constitute a ‘termination benefit’ prohibited under the Corporations Act, regardless of the value of such benefit, unless Shareholder approval is obtained.

If Resolution 10 is not passed, the Company will not be able to offer ‘termination benefits’ to persons who hold a ‘managerial or executive office’ pursuant to the terms of the New Plan.

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13.2 Part 2D.2 of the Corporations Act

Under section 200B of the Corporations Act, a company may only give a person a benefit in connection with them ceasing to hold a ‘managerial or executive office’ (as defined in the Corporations Act) if an exemption applies or if the benefit is approved by Shareholders in accordance with section 200E of the Corporations Act.

Subject to Shareholder approval of Resolution 9, Shareholder approval is sought for the purposes of Part 2D.2 of the Corporations Act to approve the giving of benefits under the New Plan to a person by the Company in connection with that person ceasing to be an officer of, or ceasing to hold a managerial or executive office in, the Company (or subsidiary of the Company) on the terms and conditions in this Explanatory Memorandum.

As noted above, under the terms of the New Plan and subject to the Listing Rules, the Board possesses the discretion to vary the terms or conditions of the Plan Securities. Notwithstanding the foregoing, without the consent of the participant in the New Plan, no amendment may be made to the terms of any granted Plan Security which reduces the rights of the participant in respect of that Plan Security, other than an amendment introduced primarily to comply with legislation, to correct any manifest error or mistake or to take into consideration possible adverse tax implications.

As a result of the above discretion, the Board has the power to determine that some or all of a participant’s Plan Securities will not lapse in the event of the participant ceasing employment or office before the vesting of their Plan Securities.

The exercise of this discretion by the Board may constitute a ‘benefit’ for the purposes of section 200B of the Corporations Act. The Company is therefore seeking Shareholder approval for the exercise of the Board’s discretion in respect of any current or future participant in the New Plan who holds:

(a) a managerial or executive office in, or is an officer of, the Company (or subsidiary of the Company) at the time of their leaving or at any time in the three years prior to their leaving; and
(b) Plan Securities at the time of their leaving.

13.3 Valuation of the termination benefits

Provided Shareholder approval is given, the value of the termination benefits may be disregarded when applying section 200F(2)(b) or section 200G(1)(c) of the Corporations Act (i.e. the approved benefit will not count towards the statutory cap under the legislation).

The value of the termination benefits that the Board may give under the New Plan cannot be determined in advance. This is because various matters will or are likely to affect that value. In particular, the value of a particular benefit will depend on factors such as the Company’s Share price at the time of vesting and the number of Plan Securities that will vest or otherwise be affected. The following additional factors may also affect the benefit’s value:

(a) the participant’s length of service and the status of the vesting conditions attaching to the relevant Plan Securities at the time the participant’s employment or office ceases; and
(b) the number of unvested Plan Securities that the participant holds at the time they cease employment or office.

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In accordance with Listing Rule 10.19, the Company will ensure that no officer of the Company or any of its child entities will, or may be, entitled to termination benefits if the value of those benefits and the terminations benefits that are or may be payable to all officers together exceed 5% of the equity interests of the Company as set out in the latest accounts given to ASX under the Listing Rules.

13.4 Additional information

Resolution 10 is conditional on the passing of Resolution 9.

If Resolution 9 is not approved at the Meeting, Resolution 10 will not be put to the Meeting.

Resolution 10 is an ordinary resolution.

The Board declines to make a recommendation in relation to Resolution 10 due to their potential personal interests in the outcome of the Resolution.

14. Resolution 11 – Modification of existing Constitution

14.1 General

Under section 136(2) of the Corporations Act, a company may modify or repeal its constitution or a provision of its constitution by special resolution of Shareholders.

Resolution 11 seeks the approval of Shareholders to modify the Company’s existing Constitution.

The proposed modifications to the existing Constitution will:

(a) will incorporate recent amendments to the Corporations Act regarding the holding of meetings of Shareholders using virtual meeting technology; and
(b) provide the ability for the Company to increase the 5% issue cap under the Corporations Act in respect of offers for monetary consideration under the New Plan to 10% (see Section 12.2 above).

The Directors believe that it is preferable in the circumstances to simply modify the relevant provisions of the existing Constitution rather than repealing the entire existing Constitution and replacing it with a new constitution.

The Directors believe these amendments are not material nor will they have any significant impact on Shareholders.

A copy of the modified Constitution is available for review by Shareholders at the Company’s website https://westar.net.au/ and at the office of the Company. A copy of the modified Constitution can also be sent to Shareholders upon request to the Company Secretary at [email protected]. Shareholders are invited to contact the Company if they have any queries or concerns.

If Resolution 11 is passed, the Company will adopt the modified Constitution with effect from the date this Resolution 11 is passed.

14.2 Summary of material proposed changes

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(a) Convening a general meeting (Clause 12.3)

The modifications provide for the ability of the Company to hold general meetings using virtual technology only, as well as physical or hybrid meetings. This improved flexibility is necessary to ensure the Company is able to hold general meetings at times where physical meetings may not be practicable (such as during pandemics).

Set out below are the proposed modifications to Clause 12.3 of the existing Constitution:

Prior to modification:

12.3 Convening a general meeting

Any Director may, whenever he or she thinks fit, convene a general meeting of Shareholders, and a general meeting shall also be convened on requisition as is provided for by the Corporations Act, or in default, may be convened by such requisitions as empowered to do so by the Corporations Act. If there are no Directors for the time being, a Secretary may convene a general meeting of Shareholders for the purpose of enabling the election of Directors but for no other purpose. A general meeting may be held at two or more venues simultaneously using any technology that gives the Shareholders as a whole a reasonable opportunity to participate.

After modification:

12.3 Convening a general meeting
(a) The Directors may convene and arrange to hold a general meeting of the Company whenever they think fit and must do so if required to do so under the Corporations Act.
(b) The Company may hold a meeting of Shareholders at a time determined by the Directors:
- (i) at one or more physical venues;
- (ii) at one or more physical venues and using virtual meeting technology; and
- (iii) using virtual meeting technology only,

provided that, in each case, Shareholders as a whole are given a reasonable opportunity to participate in the meeting, and otherwise in the manner determined by the Directors.

(c) If the Directors elects to use virtual meeting technology for a general meeting of the Company, the Directors will determine the type of virtual meeting technology to be used, which may include any combination of telephone, video conferencing, messaging, smartphone application or any other audio and/or visual device which permits instantaneous communication.
(d) Notice of a general meeting must be given in accordance with clause 12.5, the Corporations Act and the Listing Rules.

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(e) In computing the period of notice under clause 12.3(d), the day of the meeting is to be disregarded.
(f) A Director is entitled to receive notice of and to attend all general meetings and all separate meetings of the holders of any class of shares in the capital of the Company and is entitled to speak at those meetings.

(b) Issue cap for offers involving monetary consideration under an employee incentive scheme

The proposed amendment provides the ability for the Company to increase the 5% issue cap under the Corporations Act in respect of offers for monetary consideration under the New Plan to 10% (see Section 12.2 above).

Set out below are the proposed modifications to Articles 1 and 2 of the existing Constitution:

(i) Insert as new definitions in Article 1.1:

ESS Interests has the meaning under section 1100M(1) of the Corporations Act.

(ii) Insert as a new Article 2.16:

2.16 Issue cap for offers involving monetary consideration under an employee incentive scheme

For the purposes of section 1100V(2)(a) of the Corporations Act, the Company may only make an offer of ESS Interests if, at the time the offer is made, the Company reasonably believes:

(a) the total number of Shares that are, or are covered by, the ESS Interests of the Company that may be issued under the offer; and
(b) the total number of Shares that are, or are covered by, the ESS Interests that have been issued, or could have been issued, under offers made under the Company’s employee share scheme at any time during the 3 year period ending on the day the offer is made,

does not exceed 10% of the number of Shares actually on issue as at the start of the day the offer is made.

14.3 Additional information

Resolution 11 is a special resolution and therefore requires approval of 75% of the votes cast by Shareholders present and eligible to vote (in person, by proxy, by attorney or, in the case of a corporate Shareholder, by a corporate representative).

The Board recommends that Shareholders vote in favour of Resolution 11.

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Schedule 1 Definitions

In the Notice, words importing the singular include the plural and vice versa.

$ or A$	means Australian Dollars.
10% Placement Facility	has the meaning in Section 8.1.
10% Placement Period	has the meaning in Section 8.2(f).
Acquisition	has the meaning given in Section 9.1.
Annual Report	means the Directors’ Report, the Financial Report, and Auditor’s Report,
	in respect to the year ended 30 June 2022.
ASIC	means the Australian Securities and Investments Commission.
ASX	means the ASX Limited (ABN 98 008 624 691) and, where the context
	permits, the Australian Securities Exchange operated by ASX Limited.
Auditor’s Report	means the auditor’s report contained in the Annual Report.
AWST	means Australian Western Standard Time.
Board	means the board of Directors.
Chair	means the person appointed to chair the Meeting of the Company
	convened by the Notice.
Class Order	means ASIC Class Order 14/1000.
Company	means Westar Resources Limited ACN 635 895 082.
Constitution	means the constitution of the Company as at the date of the Meeting.
Corporations Act	means the_Corporations Act 2001_(Cth), as amended.
Director	means a director of the Company.
Directors' Report	means the annual directors' report prepared under Chapter 2M of the
	Corporations Act for the Company and its controlled entities.
Equity Security	has the same meaning as in the Listing Rules.
ESS	has the meaning in Section 12.1.
ESS Interest	has the meaning given in section 1100M of the Corporations Act.
Existing Plan	has the meaning in Section 12.4(c).
Explanatory	means the explanatory memorandum which forms part of the Notice.
Memorandum

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Existing Performance	has the meaning given in Section 11.1.
Rights
Fairy Well Project	has the meaning in Section 9.1.
Financial Report	means the financial report contained in the Annual Report.
Key Management	has the same meaning as in the accounting standards issued by the
Personnel	Australian Accounting Standards Board and means those persons
	having authority and responsibility for planning, directing and controlling
	the activities of the Company, or if the Company is part of a
	consolidated entity, of the consolidated entity, directly or indirectly,
	including any Director (whether executive or otherwise) of the Company,
	or if the Company is part of a consolidated entity, of an entity within the
	consolidated group.
Listing Rules	means the listing rules of ASX.
Material Investor	means, in relation to the Company:
	(a) a related party;
	(b) Key Management Personnel;
	(c) a substantial Shareholder;
	(d) an advisor; or
	(e) an associate of the above,
	who received or will receive Securities in the Company which constitute
	more than 1% of the Company's anticipated capital structure at the time
	of issue.
Meeting	has the meaning given in the introductory paragraph of the Notice.
Minimum Issue Price	has the meaning in Section 8.2(e).
New Plan	has the meaning in Section 12.1.
New Regime	has the meaning in Section 12.1.
Notice	means this notice of annual general meeting.
Placement	has the meaning in Section 10.1.
Placement Participants	has the meaning in Section 10.1.
Placement Shares	has the meaning in Section 10.1.
Plan Limit	has the meaning in Section 12.1.
Plan Securities	has the meaning in Section 13.1.
Proxy Form	means the proxy form attached to the Notice.

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Recommendations	means the 4thEdition of the ASX Corporate Governance Council's
	Corporate Governance Principles and Recommendations.
Remuneration Report	means the remuneration report contained in the Annual Report.
Resolution	means a resolution referred to in the Notice.
Schedule	means a schedule to the Notice.
Section	means a section of the Explanatory Memorandum.
Securities	means any Equity Securities of the Company (including Shares, Options
	and/or Performance Rights).
Share	means a fully paid ordinary share in the capital of the Company.
Shareholder	means the holder of a Share.
Spill Meeting	means, subject to the Remuneration Report receiving a Strike at this
	Meeting, the meeting of Shareholders to held within 90 days of this
	Meeting.
Strike	has the meaning in Section 4.1.
Trading Day	means a day determined by ASX to be a trading day and notified to
	market participants being:
	(a) a day other than:
	(i) a Saturday, Sunday, New Year's Day, Good Friday, Easter Monday,
	Christmas Day, Boxing Day; and
	(ii) any other day which ASX declares and publishes is not a trading
	day; and
	notwithstanding (a), a day which for the purposes of settlement, ASX
	declares is a trading day notwithstanding that dealings between market
	participants are suspended on that day.
Variable A	has the meaning in Section 8.3(d).
Vendor	has the meaning in Section 9.1.
Vendor Shares	has the meaning in Section 9.1.
VWAP	means the volume weighted average price of Shares traded on ASX.

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Schedule 2 Nomination of Auditor

26 October 2022

The Board of Directors Westar Resources Limited ACN 635 895 082 Level 1, 19 Ord Street West Perth WA 6005

Dear Directors

Nomination of Auditor

In accordance with the provision of Section 328B(1) of the Corporations Act 2001 (Cth) ( Act ), I, Simon Eley, being a Shareholder of Westar Resources Limited ( Company ), hereby nominate William Buck Audit (WA) Pty Ltd for appointment as auditor of the Company.

Please distribute copies of this notice of this nomination as required by section 328B(3) of the Act.

Yours sincerely

Simon Eley

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Schedule 3 Notice of intention to remove Auditor

26 October 2022

Ben Donovan Company Secretary Westar Resources Limited ACN 635 895 082 Level 1, 19 Ord Street West Perth WA 6005

Dear Ben

Notice of intention to remove auditor

I, Simon Eley, a director of Westar Resources Limited ( Company ), hereby give notice that I request that the Company convene a general meeting on a date at least 2 months after the service of this notice, to consider and, if thought fit, pass the resolution that Nexia Brisbane Audit Pty Ltd be removed as auditor of the Company, pursuant to section 329(1) of the Corporations Act 2001 (Cth) ( Act ).

This notice is given under and in accordance with section 329(1A) of the Act.

I request that a copy of this notice is provided to Nexia Brisbane Audit Pty Ltd and lodged with the Australian Securities and Investments Commission as soon as possible upon receipt as required by section 329(2) of the Act.

Yours sincerely

Simon Eley

Non-Executive Chairman

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Schedule 4 Terms and conditions of Performance Rights

The following terms and conditions apply to each of the Performance Rights:

(Entitlement): Subject to the terms and conditions set out below, each Performance Right, once vested, entitles the holder to the issue of one fully paid ordinary share in the capital of the Company (Share).
(Issue Price): The Performance Rights are issued for nil cash consideration.
(Vesting Conditions): Subject to the terms and conditions set out below, the Performance Rights will have the vesting conditions ( Vesting Condition ) specified below:

Tranche	Number of	Vesting Condition	Expiry Date
	Performance

	Rights
Existing	500,000	The Company entering into a formal joint venture	5 years from the date
Tranche A		agreement in respect of a project owned by the	of issue.
		Company and where the joint venture partner, as a
		minimum, has spent A$2m to earn an interest in
		such Company project.
New Tranche B	500,000	Absolute total shareholder return; The company having a 10-day VWAP of >50% share price appreciation, you will be entitled to receive Tranche B Director Performance Rights.	5 years from the date of issue.
New Tranche C	500,000	Absolute total shareholder return; The company having a 10-day VWAP of >100% share price appreciation, you will be entitled to receive Tranche C Director Performance Rights.	5 years from the date of issue.
New Tranche D	1,000,000	Absolute total shareholder return; The company having a 10-day VWAP of >150% share price appreciation, you will be entitled to receive Tranche D Director Performance Rights.	5 years from the date of issue.

(Vesting): Subject to the satisfaction of the Vesting Condition, the Company will notify the Holder in writing (Vesting Notice) within 3 Business Days of becoming aware that the relevant Vesting Condition has been satisfied.
(Expiry Date): The Performance Rights will expire and lapse on the first to occur of the following:
(a) the Vesting Condition becoming incapable of satisfaction due to the cessation of employment of the holder with the Company (or any of its subsidiary entities) (subject to the exercise of the Board’s discretion under the Plan); and
(b) 5pm on the date which is five years after the date of issue of the Performance Rights,

(Expiry Date).

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(Exercise): At any time between receipt of a Vesting Notice and the Expiry Date (as defined in clause 5 above), the holder may apply to exercise Performance Rights by delivering a signed notice of exercise to the Company Secretary. The holder is not required to pay a fee to exercise the Performance Rights.
(Issue of Shares): As soon as practicable after the valid exercise of a vested Performance Right, the Company will:
(a) issue, allocate or cause to be transferred to the holder the number of Shares to which the holder is entitled;
(b) issue a substitute Certificate for any remaining unexercised Performance Rights held by the holder;
(c) if required, and subject to clause 8, give ASX a notice that complies with section 708A(5)(e) of the Corporations Act; and
(d) do all such acts, matters and things to obtain the grant of quotation of the Shares by ASX in accordance with the Listing Rules.
(Restrictions on transfer of Shares): If the Company is unable to give ASX a notice that complies with section 708A(5)(e) of the Corporations Act, or such a notice for any reason is not effective to ensure that an offer for sale of the Shares does not require disclosure to investors, Shares issued on exercise of the Performance Rights may not be traded until 12 months after their issue unless the Company, at its sole discretion, elects to issue a prospectus pursuant to section 708A(11) of the Corporations Act. The Company is authorised by the holder to apply a holding lock on the relevant Shares during the period of such restriction from trading.
(Ranking): All Shares issued upon the conversion of Performance Rights will upon issue rank equally in all respects with other Shares.
(Transferability of the Performance Rights): The Performance Rights are not transferable, except with the prior written approval of the Company at its sole discretion and subject to compliance with the Corporations Act and Listing Rules.
(Dividend rights): A Performance Right does not entitle the holder to any dividends.
(Voting rights): A Performance Right does not entitle the holder to vote on any resolutions proposed at a general meeting of the Company, subject to any voting rights provided under the Corporations Act or the ASX Listing Rules where such rights cannot be excluded by these terms.
(Quotation of the Performance Rights) The Company will not apply for quotation of the Performance Rights on any securities exchange.
(Adjustments for reorganisation): If there is any reorganisation of the issued share capital of the Company, the rights of the Performance Rights holder will be varied in accordance with the Listing Rules.
(Entitlements and bonus issues): Subject to the rights under clause 16, holders will not be entitled to participate in new issues of capital offered to shareholders such as bonus issues and entitlement issues.

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(Bonus issues): If the Company makes a bonus issue of Shares or other securities to existing Shareholders (other than an issue in lieu or in satisfaction of dividends or by way of dividend reinvestment), the number of Shares which must be issued on the exercise of a vested Performance Right will be increased by the number of Shares which the holder would have received if the holder had exercised the Performance Right before the record date for the bonus issue.
(Return of capital rights): The Performance Rights do not confer any right to a return of capital, whether in a winding up, upon a reduction of capital or otherwise.
(Rights on winding up): The Performance Rights have no right to participate in the surplus profits or assets of the Company upon a winding up of the Company.
(Takeovers prohibition):
(a) the issue of Shares on exercise of the Performance Rights is subject to and conditional upon the issue of the relevant Shares not resulting in any person being in breach of section 606(1) of the Corporations Act; and
(b) the Company will not be required to seek the approval of its members for the purposes of item 7 of section 611 of the Corporations Act to permit the issue of any Shares on exercise of the Performance Rights.
(No other rights) A Performance Right does not give a holder any rights other than those expressly provided by these terms and those provided at law where such rights at law cannot be excluded by these terms.
(Amendments required by ASX) The terms of the Performance Rights may be amended as considered necessary by the Board in order to comply with the ASX Listing Rules, or any directions of ASX regarding the terms provided that, subject to compliance with the Listing Rules, following such amendment, the economic and other rights of the holder are not diminished or terminated.
(Plan) The Performance Rights are issued pursuant to and are subject to the Plan. In the event of conflict between a provision of these terms and conditions and the Plan, these terms and conditions prevail to the extent of that conflict.
(Constitution) Upon the issue of the Shares on exercise of the Performance Rights, the holder will be bound by the Company’s Constitution.

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Schedule 5 Valuation of Performance Rights

The Performance Rights to be issued to Mr Jupp (or his nominees) have been valued using a valuation methodology based on the guidelines set out in AASB 2 Share based payment :

Tranche	Number of	Assumed	Expiry Date	Value per	Total value
	Performance	Share price		Performance	of

	Rights	at grant date		Right	Performance
					Rights

New Tranche B	500,000	$0.048	5 years from the date of issue.	$0.0451	$22,571
New Tranche C	500,000	$0.048	5 years from the date of issue.	$0.0429	$21,472
New Tranche D	1,000,000	$0.048	5 years from the date of issue.	$0.0411	$41,060

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Schedule 6 Summary of material terms of the New Plan

A summary of the material terms and conditions of the New Plan is set out below:

(a) ( Eligible Participant ): Eligible Participant means a person that has been determined by the Board to be eligible to participate in the Plan from time to time and is an “ESS participant” (as that term is defined in Division 1A) in relation to the Company or an associated entity of the Company. This relevantly includes, amongst others:
(i) an employee or director of the Company or an individual who provides services to the Company;
(ii) an employee or director of an associated entity of the Company or an individual who provides services to such an associated entity;
(iii) a prospective person to whom paragraphs (i) or (ii) apply;
(iv) a person prescribed by the relevant regulations for such purposes; or
(v) certain related persons on behalf of the participants described in paragraphs (i) to (iv) (inclusive).
(b) ( Maximum allocation ) The Company must not make an offer of Securities under the Plan in respect of which monetary consideration is payable (either upfront, or on exercise of convertible securities) where:
(i) the total number of Plan Shares (as defined in paragraph (m) below) that may be issued or acquired upon exercise of the convertible securities offered; plus
(ii) the total number of Plan Shares issued or that may be issued as a result of offers made under the Plan at any time during the previous 3 year period,

would exceed 5% of the total number of Shares on issue at the date of the offer or such other limit as may be specified by the relevant regulations or the Company’s Constitution from time to time.

The maximum number of equity securities proposed to be issued under the Plan for the purposes of Listing Rule 7.2, Exception 13 will be as approved by Shareholders from time to time ( ASX Limit ). This means that, subject to the following paragraph, the Company may issue up to the ASX Limit under the Plan without seeking Shareholder approval and without reducing its placement capacity under Listing Rule 7.1.

The Company will require prior Shareholder approval for the acquisition of equity securities under the Plan to Directors, their associates and any other person whose relationship with the Company or a Director or a Director’s associate is such that, in ASX’s opinion, the acquisition should be approved by Shareholders. The issue of Securities with Shareholder approval will not count towards the ASX Limit.

(c) ( Purpose ): The purpose of the Plan is to:
(i) assist in the reward, retention and motivation of Eligible Participants;
(ii) link the reward of Eligible Participants to Shareholder value creation; and
(iii) align the interests of Eligible Participants with shareholders of the Group (being the Company and each of its Associated Bodies Corporate), by providing an opportunity to Eligible Participants to receive an equity interest in the Company in the form of Securities.

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(d) ( Plan administration ): The Plan will be administered by the Board. The Board may exercise any power or discretion conferred on it by the Plan rules in its sole and absolute discretion, subject to compliance with applicable laws and the Listing Rules. The Board may delegate its powers and discretion.
(e) ( Eligibility, invitation and application ): The Board may from time to time determine that an Eligible Participant may participate in the Plan and make an invitation to that Eligible Participant to apply for Securities on such terms and conditions as the Board decides. An invitation issued under the Plan will comply with the disclosure obligations pursuant to Division 1A.

On receipt of an invitation, an Eligible Participant may apply for the Securities the subject of the invitation by sending a completed application form to the Company. The Board may accept an application from an Eligible Participant in whole or in part. If an Eligible Participant is permitted in the invitation, the Eligible Participant may, by notice in writing to the Board, nominate a party in whose favour the Eligible Participant wishes to renounce the invitation.

A waiting period of at least 14 days will apply to acquisitions of Securities for monetary consideration as required by the provisions of Division 1A.

(f) ( Grant of Securities ): The Company will, to the extent that it has accepted a duly completed application, grant the successful applicant ( Participant ) the relevant number of Securities, subject to the terms and conditions set out in the invitation, the Plan rules and any ancillary documentation required.
(g) ( Terms of Convertible Securities ): Each ‘Convertible Security’ represents a right to acquire one or more Shares (for example, under an option or performance right), subject to the terms and conditions of the Plan.

Prior to a Convertible Security being exercised a Participant does not have any interest (legal, equitable or otherwise) in any Share the subject of the Convertible Security by virtue of holding the Convertible Security. A Participant may not sell, assign, transfer, grant a security interest over or otherwise deal with a Convertible Security that has been granted to them. A Participant must not enter into any arrangement for the purpose of hedging their economic exposure to a Convertible Security that has been granted to them.

(h) ( Vesting of Convertible Securities ): Any vesting conditions applicable to the grant of Convertible Securities will be described in the invitation. If all the vesting conditions are satisfied and/or otherwise waived by the Board, a vesting notice will be sent to the Participant by the Company informing them that the relevant Convertible Securities have vested. Unless and until the vesting notice is issued by the Company, the Convertible Securities will not be considered to have vested. For the avoidance of doubt, if the vesting conditions relevant to a Convertible Security are not satisfied and/or otherwise waived by the Board, that Convertible Security will lapse.
(i) ( Exercise of Convertible Securities and cashless exercise ): To exercise a Convertible Security, the Participant must deliver a signed notice of exercise and, subject to a cashless exercise of Convertible Securities (see below), pay the exercise price (if any) to or as directed by the Company, at any time prior to the earlier of any date specified in the vesting notice and the expiry date as set out in the invitation.

At the time of exercise of the Convertible Securities, and subject to Board approval, the Participant may elect not to be required to provide payment of the exercise price for the number of Convertible Securities specified in a notice of exercise, but that on exercise of those Convertible Securities the Company will transfer or issue to the Participant that number of Shares equal in value to the positive difference between the Market Value of the Shares at the time of exercise and the exercise price that would otherwise be payable to exercise those Convertible Securities.

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Market Value means, at any given date, the volume weighted average price per Share traded on the ASX over the 5 trading days immediately preceding that given date, unless otherwise specified in an invitation.

A Convertible Security may not be exercised unless and until that Convertible Security has vested in accordance with the Plan rules, or such earlier date as set out in the Plan rules.

(j) ( Delivery of Shares on exercise of Convertible Securities ): As soon as practicable after the valid exercise of a Convertible Security by a Participant, the Company will issue or cause to be transferred to that Participant the number of Shares to which the Participant is entitled under the Plan rules and issue a substitute certificate for any remaining unexercised Convertible Securities held by that Participant.
(k) ( Forfeiture of Convertible Securities ): Where a Participant who holds Convertible Securities ceases to be an Eligible Participant or becomes insolvent, all unvested Convertible Securities will automatically be forfeited by the Participant, unless the Board otherwise determines in its discretion to permit some or all of the Convertible Securities to vest.

Where the Board determines that a Participant has acted fraudulently or dishonestly, or wilfully breached his or her duties to the Group, the Board may in its discretion deem all unvested Convertible Securities held by that Participant to have been forfeited.

Unless the Board otherwise determines, or as otherwise set out in the Plan rules:

(i) any Convertible Securities which have not yet vested will be forfeited immediately on the date that the Board determines (acting reasonably and in good faith) that any applicable vesting conditions have not been met or cannot be met by the relevant date; and
(ii) any Convertible Securities which have not yet vested will be automatically forfeited on the expiry date specified in the invitation.
(l) ( Change of control ): If a change of control event occurs in relation to the Company, or the Board determines that such an event is likely to occur, the Board may in its discretion determine the manner in which any or all of the Participant’s Convertible Securities will be dealt with, including, without limitation, in a manner that allows the Participant to participate in and/or benefit from any transaction arising from or in connection with the change of control event.
(m) ( Rights attaching to Plan Shares ): All Shares issued under the Plan, or issued or transferred to a Participant upon the valid exercise of a Convertible Security, ( Plan Shares ) will rank pari passu in all respects with the Shares of the same class. A Participant will be entitled to any dividends declared and distributed by the Company on the Plan Shares and may participate in any dividend reinvestment plan operated by the Company in respect of Plan Shares. A Participant may exercise any voting rights attaching to Plan Shares.
(n) ( Disposal restrictions on Securities ): If the invitation provides that any Plan Shares or Convertible Securities are subject to any restrictions as to the disposal or other dealing by a Participant for a period, the Board may implement any procedure it deems appropriate to ensure the compliance by the Participant with this restriction.
(o) ( Adjustment of Convertible Securities ): If there is a reorganisation of the issued share capital of the Company (including any subdivision, consolidation, reduction, return or cancellation of such issued capital of the Company), the rights of each Participant holding Convertible Securities will be changed to the extent necessary to comply with the Listing Rules applicable to a reorganisation of capital at the time of the reorganisation.

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If Shares are issued by the Company by way of bonus issue (other than an issue in lieu of dividends or by way of dividend reinvestment), the holder of Convertible Securities is entitled, upon exercise of the Convertible Securities, to receive an allotment of as many additional Shares as would have been issued to the holder if the holder held Shares equal in number to the Shares in respect of which the Convertible Securities are exercised.

Unless otherwise determined by the Board, a holder of Convertible Securities does not have the right to participate in a pro rata issue of Shares made by the Company or sell renounceable rights.

(p) ( Participation in new issues ): There are no participation rights or entitlements inherent in the Convertible Securities and holders are not entitled to participate in any new issue of Shares of the Company during the currency of the Convertible Securities without exercising the Convertible Securities.
(q) ( Amendment of Plan ): Subject to the following paragraph, the Board may at any time amend any provisions of the Plan rules, including (without limitation) the terms and conditions upon which any Securities have been granted under the Plan and determine that any amendments to the Plan rules be given retrospective effect, immediate effect or future effect.

No amendment to any provision of the Plan rules may be made if the amendment materially reduces the rights of any Participant as they existed before the date of the amendment, other than an amendment introduced primarily for the purpose of complying with legislation or to correct manifest error or mistake, amongst other things, or is agreed to in writing by all Participants.

(r) ( Plan duration ): The Plan continues in operation until the Board decides to end it. The Board may from time to time suspend the operation of the Plan for a fixed period or indefinitely, and may end any suspension. If the Plan is terminated or suspended for any reason, that termination or suspension must not prejudice the accrued rights of the Participants.

If a Participant and the Company (acting by the Board) agree in writing that some or all of the Securities granted to that Participant are to be cancelled on a specified date or on the occurrence of a particular event, then those Securities may be cancelled in the manner agreed between the Company and the Participant.

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AI assistant

WESTAR RESOURCES LIMITED — AGM Information 2022

66085_rns_2022-10-27_b588223d-c75d-42a0-972a-a719f5f6ef5d.pdf

ASX Announcement

Annual General Meeting – Notice of Meeting and Proxies

Notice of Meeting

Voting at the Meeting or by proxy

Ben Donovan

Company Secretary

ENQUIRIES

WESTAR RESOURCES LTD ACN 635 895 082

Notice of Annual General Meeting

The Annual General Meeting of the Company will be held as follows:

Shareholders are urged to vote by lodging the Proxy Form

Westar Resources Limited ACN 635 895 082 (Company)

Notice of Annual General Meeting

Agenda

1 Annual Report

2 Resolutions

Resolution 1 – Remuneration Report

Resolution 2 – Removal of Auditor

Resolution 3 – Approval of appointment of new Auditor

Resolution 4 – Re-election of Director – Mr Nathan Cammerman

Resolution 5 – Approval of 10% Placement Facility

Resolution 6 – Ratification of prior issue of Vendor Shares

Resolution 7– Approval of issue of Placement Shares

Resolution 8 – Approval of issue of Performance Rights to Mr Karl Jupp

Resolution 9 – Approval of New Plan

Resolution 10 – Approval of potential termination benefits under the New Plan

Resolution 11 – Modification of existing Constitution

Voting exclusions

Voting prohibitions

BY ORDER OF THE BOARD

Westar Resources Limited ACN 635 895 082

Explanatory Memorandum

1. Introduction

2. Action to be taken by Shareholders

2.1

Voting in person

Voting by proxy

Chair's voting intentions

2.4

Submitting questions

3. Annual Report

4. Resolution 1 – Remuneration Report

4.1

General

4.2

Additional information

5. Resolution 2 – Removal of Auditor

5.1 General

5.2

Section 329 of the Corporations Act

5.3

Additional information

6. Resolution 3 – Approval of appointment of new Auditor

6.1

General

6.2

Section 327D of the Corporations Act

6.3

Additional information

7. Resolution 4 – Re-election of Director – Mr Nathan Cammerman

7.1

General

7.2

Mr Cammerman

7.3

Board recommendation

7.4

Additional information

8. Resolution 5 – Approval of 10% Placement Facility

8.1

General

8.2 Listing Rule 7.1A

(a) Is the Company an eligible entity?

(b) What Equity Securities can be issued?

(c) How many Equity Securities can be issued?

(A x D) – E

(d)

WESTAR RESOURCES LIMITED AGM Information 2022