XSTATE RESOURCES LIMITED — Capital/Financing Update 2023

Jun 29, 2023

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

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Announcement Summary

Entity name

XSTATE RESOURCES LIMITED

Date of this announcement

Friday June 30, 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	Unlisted Options ex $0.03 on or before 30 June	14,750,000	30/06/2023
to be confirmed	2026

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

XSTATE RESOURCES 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

96009217154

1.3 ASX issuer code

XST

1.4 The announcement is

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New announcement

1.5 Date of this announcement

30/6/2023

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Part 2 - Issue details

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2.1 The +securities the subject of this notification are:

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Other

Please specify

Unlisted options exercisable at $0.03 on or before 30 June 2026

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

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New +securities
ASX +security code +Security description
New class - code to be confirmed Unlisted Options ex $0.03 on or before 30 June 2026
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ASX +security code New class - code to be confirmed	+Security description Unlisted Options ex $0.03 on or before 30 June 2026
+Security type	ISIN code
Options
Date the +securities the subject of this notification were issued
30/6/2023
Will all the +securities issued in this class rank equally in all respects from their issue date?
Yes
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://www.xstateresources.com.au/investor-centre/announcements/ Options Details +Security currency Exercise price Expiry date AUD - Australian Dollar AUD 0.03000000 30/6/2026 Details of the existing class of +security that will be issued upon exercise or conversion of this new class of company option Other Description XST FULLY PAID ORDINARY SHARES Any other information the entity wishes to provide about the +securities the subject of this notification

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

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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

Options issued following shareholder approval obtained at AGM held 30 May 2023.

Issue details Number of +securities 14,750,000 Were the +securities issued for a cash consideration? No Please describe the consideration being provided for the +securities Securities being provided as incentive remuneration for directors and consultants

Purpose of the issue To pay for services rendered

Additional Details Refer above

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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
XST : ORDINARY FULLY PAID	321,519,150
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
XSTAO : OPTION EXPIRING 31-JAN-2024 EX $0.05	11,550,000
New class - code to be confirmed : Unlisted Options ex $0.03 on or before 30 June 2026	14,750,000

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

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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

30/5/2023

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