XSTATE RESOURCES LIMITED — Capital/Financing Update 2021

Jan 31, 2021

Market Announcement

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1 February 2021

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Xstate Resources Limited (ASX: XST) – Trading Halt

Description

The securities of Xstate Resources Limited (‘XST’) will be placed in trading halt at the request of XST, pending it releasing an announcement. Unless ASX decides otherwise, the securities will remain in trading halt until the earlier of the commencement of normal trading on Wednesday, 3 February 2021 or when the announcement is released to the market.

Issued by

Simon Barcham

Adviser, Listings Compliance (Perth)

Market Announcement 1/1 ASX Customer Service Centre 131 279 | asx.com.au

1 February 2021 ASX Limited

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1 February 2021

James Rowe Adviser, Listings Compliance (Perth) ASX Limited Level 40, Central Park 152-158 St George's Terrace Perth WA 6000

Dear James,

TRADING HALT REQUEST

Xstate Resources Limited (“ Xstate ” or “ the Company ”) requests a halt in trading in its securities from the commencement of trading today, 1 February 2021.

The trading halt is requested pending an announcement to the market in relation to a capital raising by the Company.

For the purposes of Listing Rule 17.1, the Company provides the following information:

• (a) The Company requests the trading halt from 1 February 2021 to the commencement of trading on 3 February 2021.

• (b) The trading halt is expected to end with the announcement made by the Company.

• (c) The Company is not aware of any reason why the trading halt should not be granted or any other information necessary to inform the market.

Yours sincerely,

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Jordan McArthur Company Secretary

Level 1, 31 Cliff Street, Fremantle WA 6959 | Tel + 61 8 9435 3200 | www.xstateresources.com.au