XSTATE RESOURCES LIMITED — Major Shareholding Notification 2025

May 21, 2025

604 page 1 /2 15 July 2001

Form 604

Corporations Act 2001 Section 671 B

Notice of change of interests of substantial holder

To Company Name/Scheme XSTATE RESOURCES LIMITED ACN/ARSN 009 217 154

1. Details of substantial holder (1)

Name BLUE SKY RESOURCES LTD ACN/ARSN (if applicable) There was a change in the interests of the substantial holderon 07/0 2/ 25 Thepreviousnoticewasgiven to the company on 05/08/ 21 The previous notice was dated 05/08/ 21

2 Previous and present voting power

The total mITtJer of votes attached to all the voting shares in the c ny or voting interests in the schare that the substantial holder or an associate ( 2) had a relevant interest (3) in when last required,andwhen now required, to give a substantial holding notice to the company orscheme,are as follows:

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----- Start of picture text ----- Class of securities (4) Previous notice Present noticePerson's votes Voting power (5) Person's votes Voting power(5)ORDINARY SHARES 286,172,468 8.90% 24,308,160 7.56%----- End of picture text -----

3. Changes in relevant interests

Particulars of each change in, or change in the nature of, a relevant interest of the substantial holder oran associate in voting securities of the c nyor schare, since the substantial holderwas last required to give a substantial holding notice to the company orscheme are as follows:

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----- Start of picture text ----- Date of Person 'lli"lose Nature of Consideration Class and Person'schange relevant interest change (6) given in relation number of voteschanged to change (7) securities aff daffectedBLUE SKY21-MAR-23 CONSOLIDATION N/A 257,555,221 FPO 257,555,221RESOURCES LTDBLUE SKY7-FEB-25 DISPOSAL $38,781 4,309,087 FPO 4,309,087RESOURCES LTD----- End of picture text -----

4. Pres nt relevant interests

Particulars of each relevant interest of the substantial holder in voting securities after the change are as follows:

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----- Start of picture text ----- Holder of relevant Registered holder Person entitled to Nature of Class and Person's votesinterest of securities be registered as relevant number ofholder(8) interest securities(6)BLUE SKY BLUE SKY BLUE SKYDIRECT 24,308,160 FPO 24,308,160RESOURCES LTD RESOURCES LTD RESOURCES LTD----- End of picture text -----

604 page 2/2 15 July 2001

5. Changes in association

The per w,o have becare associates (2) of, ceased to be associates of, or have dlanged the nature of their ass n (9) with, the substantial holder in relation to voting interests in the companyorsdleme are as follows:

Name and ACN/ARSN (if applicable) Nature of association NIA NIA

6. Ad resses

The addresses of persons named in this form are as follows:

Name Address BLUE SKY RESOURCES LTD. Suite 3000, 333 7[th ] Avenue S.W., Calgary, Alberta, Canada

Signature

print name IL YAS CHAUDHARY

sign here

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capacity PRESIDENT date 21 / 05 / 25

DIRECTIONS

• ( 1 ) If there are a rn .. rrber of substantial holders with similar o lated relevant interests ( eg. a corporation and its related corporations, or the rranager and trustee of an equity trust), the names could be induded in an annexure to the fam. If the relevant interests of a group of persons are e entially similar, they rray be ieferred to throughout the form as a specifically named group if the rrsrl:lership of each group, with the names and addresses of rrsrl:lers clearly set out in paragaph 6 of the form.

• (2[) ] Seethedefinitionof "associate" insection9ofthe CorporationsAct2001.

• (3) See the definition of "relevant interest" in sections 608 and 671 B(7)of the Corporations Act 2001.

• (4) Thevoting shares ofa companyconstitute one class unless divided into separate classes.

• (5[)] The person's votes divided by the total votes in the body corporate orsdleme multiplied by 100.

• (6)

• lndude details of:

• (a) any relevant agree-rent orothercira..rrstances because of 'M'lich thedlange in relevant ineres occurred. If subsection 671 B(4) applies, a copy of any documentsettingout the terms of any relevant agreement, and a statement by the person giving full and accurate details of any contract, scheme or arrangement, must accompanythis form, togetherwith a written sa ement certifying this contract, scheme orarrang and

• (b) any qualification of the pc,Ner of a person to exatise, control the exercise of, or influence the exatise of, the voting powers or d isposal of the securities to 'M'lidlthe relevant interestrelates(indicating dearly the particular securities to which the qualification applies).

See the definition of "relevant agreement" in section 9 of the Corporations Act 2001.

• (1) D:ltails of the consideration must indude any and all benefits, money and other, that any person frun 'M'lana relevant interest was acquired has, or rray, becane entitled to receive in relation to that acquisition. Dltai Is must be inciuded even if the benefit is conditional on the happening or not of a contingency. Dltai Is must be induded of any benefit paid on behalf of the substantial holder or its associate in relation to the acquisitions, even if they are not paid directly to the person frun 'M'lan the relevant interest was acquired.

• (8) If the substantial holder is unable to determine the identity of the person (eg. if the relevant interest arises because of an option) write "unknoMl".

• (9[) ] Qve detai Is, if appropriate, of the present association and any change in that association since the last substantial holding notice.