WESTAR RESOURCES LIMITED — Capital/Financing Update 2023

May 24, 2023

Application for quotation of +securities

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Announcement Summary

Entity name

WESTAR RESOURCES LIMITED

Announcement Type

New announcement

Date of this announcement

Thursday May 25, 2023

The +securities to be quoted are:

+Securities issued, transferred or re-classified as a result of options being exercised or other +convertible securities being converted

Total number of +securities to be quoted

ASX +security		Number of +securities to
code	Security description	be quoted	Issue date
New class - code	New quoted options 5 May 2025 exercise price of	30,318,422	23/05/2023
to be confirmed	$0.045

Refer to next page for full details of the announcement

Application for quotation of +securities

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Application for quotation of +securities

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Part 1 - Entity and announcement details

1.1 Name of entity

WESTAR RESOURCES LIMITED

We (the entity named above) apply for +quotation of the following +securities and agree to the matters set out in Appendix 2A of the ASX Listing Rules.

1.2 Registered number type

ACN

Registration number 635895082

1.3 ASX issuer code

WSR

1.4 The announcement is

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New announcement

1.5 Date of this announcement

25/5/2023

Application for quotation of +securities

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Application for quotation of +securities

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Part 2 - Type of Issue

2.1 The +securities to be quoted are:

+Securities issued, transferred or re-classified as a result of options being exercised or other +convertible securities being converted

2.2 The +securities to be quoted are:

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New +securities in a class that is not yet quoted on ASX ("new class")

Application for quotation of +securities

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Application for quotation of +securities

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Part 3C - number and type of +securities to be quoted (new class) where issue has not previously been notified to ASX in an Appendix

3B

Existing +securities converting into a new class

FROM (Existing Class) ASX +security code and description WSRAL : OPTION EXPIRING 05-MAY-2025 EX $0.045

TO (New Class) ASX +security code New class - code to be confirmed

TO (New Class) +Security description New quoted options 5 May 2025 exercise price of $0.045

TO (New Class)	TO (New Class)
+Security type	ISIN Code
Options
Please state the number of options	The first date the options were	The last date the options were
that were exercised or other	exercised or other +convertible	exercised or other +convertible
+convertible securities that were	securities were converted	securities were converted
converted		24/5/2023
30,318,422
Is this all of the options or other +convertible securities on issue of that type		(ie have all of those options now been
exercised or have all of those convertible securities now been converted)?
Yes
The right of the holder of the options	or other +convertible securities to receive the +underlying securities is being
satisfied by:
An issue of new +securities

The underlying securities being received by the holder are: Intended to be, but are not yet, quoted by ASX

Were the options being exercised or other +convertible securities being converted issued under an +employee incentive scheme? No

Issue date

23/5/2023

Application for quotation of +securities

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Application for quotation of +securities

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

Have you received confirmation from ASX that the terms of the +securities are appropriate and equitable under listing rule 6.1?

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Yes

Distribution Schedule

Provide a distribution schedule for the new +securities according to the categories set out in the left hand column - including the number of recipients and the total percentage of the new +securities held by the recipients in each category.

		Total percentage of +securities held
Number of +securities held	Number of holders	For example, to enter a value of 50%
		please input as 50.00
1 - 1,000	4	0.00 %
1,001 - 5,000	8	0.08 %
5,001 - 10,000	3	0.09 %
10,001 - 100,000	57	10.43 %
100,001 and over	94	89.39 %
Options Details
+Security currency	Exercise price	Expiry date
AUD - Australian Dollar	AUD 0.04500000	5/5/2025
Details of the type of +security that will be issued if an option is exercised
WSR : ORDINARY FULLY PAID
Number of +securities that will be issued if an option is exercised
1 WSR for every option exercised

Please provide a URL link for a document lodged with ASX setting out the material terms of the +securities to be quoted or provide the information by separate announcement. https://www.asx.com.au/asx/statistics/displayAnnouncement.do?display=pdf&idsId=02652117

Application for quotation of +securities

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Application for quotation of +securities

Issue details

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Number of +securities to be quoted

30,318,422

Are the +securities being issued for a cash consideration?

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No

Please describe the consideration being provided for the +securities

Issued as free attaching options under Entitlement Offer Prospectus dated 6 April 2023.

Please provide an estimate (in AUD) of the value of the consideration being provided per +security for the +securities to be quoted

0.000100

Any other information the entity wishes to provide about the +securities to be quoted

Issued as free attaching options under Entitlement Offer Prospectus dated 6 April 2023.

Application for quotation of +securities

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Application for quotation of +securities

Part 4 - Issued capital following quotation

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Following the quotation of the +securities the subject of this application, the issued capital of the entity will comprise:

(A discrepancy in these figures compared to your own may be due to a matter of timing if there is more than one application for quotation/issuance currently with ASX for processing.)

4.1 Quoted +securities (total number of each +class of +securities quoted on ASX following the +quotation of the +securities subject of this application)

	Total number of
ASX +security code and description	+securities on issue
WSR : ORDINARY FULLY PAID	183,244,183
New class - code to be confirmed : New quoted options 5 May 2025 exercise price of $0.045	30,318,422
4.2 Unquoted +securities (total number of each +class of +securities issued but not quoted on ASX)
	Total number of
ASX +security code and description	+securities on issue
WSRAL : OPTION EXPIRING 05-MAY-2025 EX $0.045	0
WSRAJ : OPTION EXPIRING 26-MAY-2025 EX $0.14	11,317,538
WSRAI : PERFORMANCE RIGHTS	2,800,000
WSRAH : OPTION EXPIRING 17-DEC-2023 EX $0.25	5,000,000

4.2 Unquoted +securities (total number of each +class of +securities issued but not quoted on ASX)

Application for quotation of +securities

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