YANDAL RESOURCES LIMITED — Capital/Financing Update 2021

Nov 18, 2021

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ASX Announcement 19 November 2021

PRO-RATA NON-RENOUNCEABLE RIGHTS ISSUE OFFER

The directors of Yandal Resources Limited ("Company") (ASX:YRL) advise they are seeking to raise up to approximately $6,785,876 by a pro-rata non-renounceable rights offer ("Offer") of up to approximately 16,964,690 New Shares on the basis of 1 New Share for every 6 Shares held at an issue price of 40 cents per New Share and approximately 8,482,345 New Options on the basis of 1 free attaching New Option for every 2 New Shares issued. The New Options have an exercise price of 65 cents and an expiry date of 31 December 2022. Application will not be made for quotation of the New Options.

The funds raised under the Offer will be used for accelerated exploration on the Company's Projects, as additional working capital and to meet Offer expenses.

The Offer will be made by a Prospectus and is not underwritten. Minimum subscription under the Offer is $1. Panthea Capital Pty Ltd has been engaged to place any shortfall on a best endeavours basis.

The timetable for the Offer in accordance with Appendix 7A paragraph 2 of the Listing Rules is as follows:

Pro-rata Offer announced	19 November 2021
Shares quoted on an "ex" basis (date from which the current shares commence trading without the entitlement to participate in the Offer).	24 November 2021
Record Date (date for identifying Shareholders entitled to participate in the Offer).	25 November 2021
Prospectus with Entitlement Form sent to Eligible Shareholders	30 November 2021
Offer opens	30 November 2021
Closing Date (last date for payment of Application Moneys)	16 December 2021
Trading of Shares on a deferred settlement basis	17 December 2021
Company to notify ASX of the results of the Offer	23 December 2021
Issue of New Shares and New Options and end of deferred settlement trading	23 December 2021

Subject to the Listing Rules, the above dates may be changed without notice.

The Offer will be made to all the Company's shareholders at the Record Date ("Eligible Shareholders").

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Registered Address Board Members Gold Projects Yandal Resources Limited Lorry Hughes Managing Director/CEO Ironstone Well (100% owned) ACN 108 753 608 ABN 86 108 753 608 Tim Kennedy Non-Executive Chair Barwidgee (100% owned) Katina Law Non-Executive Director Mt McClure (100% owned) A 159 Stirling Highway Bianca Taveira Company Secretary Gordons (100% owned) Nedlands WA 6009 Shares on Issue 101,788,135 P PO Box 1104 T +61 8 9389 9021 Share Price $0.44 Nedlands WA 6909 E yandal@yandalresources.com.au Market Cap $45M W www.yandalresources.com.au ASX Code YRL

Assuming that no Options are exercised before the Record Date, the effect of the Offer on the Company’s issued capital at full subscription is shown in the following table:

Shares		Full Subscription ($6,785,876)
Existing Shares New Shares issued under the Offer Total Shares on issue after completion of the Offer		101,788,135 16,964,690
		118,752,825
Options		Full Subscription ($6,785,876)
Existing Options (exercise price 25 cents and expiry date 31 December 2021) New Options issued under the Offer (exercise price 65 cents and expiry date 31 December 2022) Total Options on issue after completion of the Offer		3,600,000 8,482,345
		12,082,345

The Company also has 2,625,000 Performance Rights on issue, which in the event of conversion, convert into Shares on the basis of one Share for each one Performance Right.

Shareholders may view all the Company's ASX announcements, including those relating to the Offer, on the ASX's website at www.asx.com.au or alternatively on the Company's website at www.yandalresources.com.au.

It is anticipated that a Prospectus in respect of the Offer will be mailed to Eligible Shareholders on 30 November 2021 and will be available on the ASX and Company's website on this day.

Application will be made to ASX for quotation of the New Shares. No application will be made for quotation of the New Options. No shareholder approval is required to the Offer.

If you have any questions please do not hesitate to contact the Company.

For further information, please contact:

This announcement was authorised for release by the Board of the Company

Lorry Hughes Managing Director Tel: +61 8 9389 9021 Email: yandal@yandalresources.com.au

About Yandal Resources Limited

Yandal Resources listed on the ASX in December 2018 and has a portfolio of advanced gold exploration projects in the highly prospective Yandal and Norseman-Wiluna Greenstone Belts of Western Australia.

Yandal Resources’ Board has a track record of successful discovery, mine development and production.

November 2020 Mineral Resource Estimate Summary Table – Flushing Meadows Gold Deposit

Material Type	Indicated	Indicated			Inferred			Total
	Tonnes	Au(g/t)	Oz	Tonnes	Au(g/t)	Oz	Tonnes	Au(g/t)	Oz
Laterite	89,853	1.26	3,631	86,671	1.23	3,422	176,524	1.24	7,054
Oxide	2,015,900	1.33	86,071	2,246,845	1.10	79,389	4,262,745	1.21	165,420
Transition	35,223	1.20	1,360	1,160,471	1.10	40,966	1,195,695	1.10	42,325
Fresh				1,751,484	0.95	53,440	1,751,484	0.95	53,440
Total	2,140,976	1.32	91,062	5,245,471	1.05	177,217	7,386,448	1.13	268,352

* Reported above 0.5g/t Au lower cut-off grade, refer to Yandal Resources Ltd ASX announcement dated 4 November 2020 for full details.

Competent Person Statement

The information in this document that relates to Exploration Results, geology and data compilation is based on information compiled by Mr Trevor Saul, a Competent Person who is a Member of The Australian Institute of Mining and Metallurgy. Mr Saul is the Exploration Manager for the Company, is a full-time employee and holds shares and options in the Company.

Mr Saul has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Saul consents to the inclusion in this announcement of the matters based on this information in the form and context in which it appears.

The information in this announcement that relates to the Flushing Meadows Mineral Resource Estimate is based on information compiled and generated by Andrew Bewsher, an employee of BM Geological Services Pty Ltd (“BMGS”). Both Andrew Bewsher and BMGS hold shares in the company. BMGS consents to the inclusion, form and context of the relevant information herein as derived from the original resource reports. Mr Bewsher has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity which is being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the JORC ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’.

ASX Announcement 19 November 2021