WHITEHAWK LIMITED — Capital/Financing Update 2023

May 11, 2023

Notification of Issue, Conversion or Payment up of Unquoted Equity Securities

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Announcement Summary

Entity name

WHITEHAWK LIMITED

Date of this announcement

Friday May 12, 2023

The +securities the subject of this notification are: Other

Total number of +securities to be issued/transferred

Total number of ASX +security +securities to be code Security description issued/transferred Issue date New class - code WHK Unlisted Options 22,500,000 12/05/2023 to be confirmed

Refer to next page for full details of the announcement

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Notification of Issue, Conversion or Payment up of Unquoted Equity Securities

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Part 1 - Entity and announcement details

1.1 Name of entity

WHITEHAWK LIMITED

We (the entity named above) give notice of the issue, conversion or payment up of the following unquoted +securities.

1.2 Registered number type

ABN

Registration number

97620459823

1.3 ASX issuer code

WHK

1.4 The announcement is

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New announcement

1.5 Date of this announcement

12/5/2023

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Notification of Issue, Conversion or Payment up of Unquoted Equity Securities

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Part 2 - Issue details

2.1 The +securities the subject of this notification are:

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Other

Please specify

15m options as per App 3B lodged 31/10/2022 and 7.5m options as per App 3B lodged 14/02/2023

2.2a This notification is given in relation to an issue of +securities in a class which is not quoted on ASX and which:

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does not have an existing ASX security code ("new class")

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Part 3C - number and type of +securities the subject of this notification (new class) where issue has not previously been notified to ASX in an Appendix 3B

New +securities ASX +security code +Security description New class - code to be confirmed WHK Unlisted Options +Security type ISIN code Options Date the +securities the subject of this notification were issued 12/5/2023 Will all the +securities issued in this class rank equally in all respects from their issue date? No If some of the issued +securities do not rank equally: Is the actual date from which the +securities will rank equally (non-ranking end date) known? No Provide the estimated non-ranking end period Upon conversion of options to ordinary shares. Please state the extent to which the +securities do not rank equally: In relation to the next dividend, distribution or interest payment; or For any other reason No voting rights, no dividend rights until options are converted to ordinary shares. Have you received confirmation from ASX that the terms of the +securities are appropriate and equitable under listing rule 6.1? No Please provide a URL link for a document lodged with ASX setting out the material terms of the +securities being issued. https://announcements.asx.com.au/asxpdf/20230406/pdf/45nfs5dyr63k4g.pdf Options Details +Security currency Exercise price Expiry date AUD - Australian Dollar AUD 0.10000000 12/5/2026 Details of the existing class of +security that will be issued upon exercise or conversion of this new class of company option Other

Notification of Issue, Conversion or Payment up of Unquoted E it S iti

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Notification of Issue, Conversion or Payment up of Unquoted Equity Securities

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Description

WHK Ordinary Fully Paid

Any other information the entity wishes to provide about the +securities the subject of this notification

Approved by shareholders on 10 May 2023.

Please provide any further information needed to understand the circumstances in which you are notifying the issue of these +securities to ASX, including why the issue of the +securities has not been previously announced to the market in an Appendix 3B

15m options as per App 3B lodged 31/10/2022 and 7.5m options as per App 3B lodged 14/02/2023

Issue details

Number of +securities

22,500,000

Were the +securities issued for a cash consideration?

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No

Please describe the consideration being provided for the +securities

15m options as part of share subscription agreement announced on 31/10/2022 and 7.5m options in lieu of services to be provided by Company's advisor.

Purpose of the issue

Other

Additional Details

15m as part of share subscription agreement, 7.5m in lieu of services to be provided by advisor.

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Notification of Issue, Conversion or Payment up of Unquoted Equity Securities

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Part 4 - +Securities on issue

Following the issue, conversion or payment up of the +securities the subject of this application, the +securities 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)

	Total number of
ASX +security code and description	+securities on issue
WHK : ORDINARY FULLY PAID	248,291,349

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
WHKAI : PERFORMANCE RIGHTS	1,285,480
WHKAO : OPTION EXPIRING 24-SEP-2024 EX $0.30	5,000,000
New class - code to be confirmed : WHK Unlisted Options	22,500,000

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Part 5 - Other Listing Rule requirements

5.1 Were the +securities issued under an exception in Listing Rule 7.2 and therefore the issue did not need any security holder approval under Listing Rule 7.1? No

5.2 Has the entity obtained, or is it obtaining, +security holder approval for the issue under listing rule 7.1? Yes

5.2a Date of meeting or proposed meeting to approve the issue under listing rule 7.1

10/5/2023

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