<SEC-DOCUMENT>0001140361-24-008606.txt : 20240220
<SEC-HEADER>0001140361-24-008606.hdr.sgml : 20240220
<ACCEPTANCE-DATETIME>20240220173120
ACCESSION NUMBER:		0001140361-24-008606
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20240220
FILED AS OF DATE:		20240220
DATE AS OF CHANGE:		20240220

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			IPERIONX Ltd
		CENTRAL INDEX KEY:			0001898601
		STANDARD INDUSTRIAL CLASSIFICATION:	MISCELLANEOUS METAL ORES [1090]
		ORGANIZATION NAME:           	01 Energy & Transportation
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			C3
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-41338
		FILM NUMBER:		24655139

	BUSINESS ADDRESS:	
		STREET 1:		129 W TRADE STREET
		STREET 2:		SUITE 1405
		CITY:			CHARLOTTE
		STATE:			NC
		ZIP:			28202
		BUSINESS PHONE:		7045783217

	MAIL ADDRESS:	
		STREET 1:		129 W TRADE STREET
		STREET 2:		SUITE 1405
		CITY:			CHARLOTTE
		STATE:			NC
		ZIP:			28202

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Hyperion Metals Ltd
		DATE OF NAME CHANGE:	20211210
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>ef20022008_6k.htm
<DESCRIPTION>6-K
<TEXT>
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    <div>
      <div style="text-align: center; font-size: 14pt; font-weight: bold;">UNITED STATES</div>
      <div style="text-align: center; font-size: 14pt; font-weight: bold;">SECURITIES AND EXCHANGE COMMISSION</div>
      <div style="text-align: center; font-size: 12pt; font-weight: bold;">Washington, D.C. 20549</div>
      <div style="text-align: center; font-weight: bold;"> <br>
      </div>
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        <hr noshade="noshade" align="center" style="height: 2px; width: 15%; color: #000000; background-color: #000000; margin-left: auto; margin-right: auto; border: none;"></div>
      <div style="text-align: center; font-size: 18pt; font-weight: bold;">FORM 6-K</div>
      <div style="text-align: center; font-weight: bold;">
        <hr noshade="noshade" align="center" style="height: 2px; width: 15%; color: #000000; background-color: #000000; margin-left: auto; margin-right: auto; border: none;"></div>
      <div style="text-align: center; font-weight: bold;"> <br>
      </div>
      <div style="text-align: center; font-weight: bold;">REPORT OF FOREIGN PRIVATE ISSUER</div>
      <div style="text-align: center; font-weight: bold;">Pursuant to Rule 13a-16 or 15d-16 of the</div>
      <div style="text-align: center; font-weight: bold;">Securities Exchange Act of 1934</div>
      <div><br>
      </div>
      <div style="text-align: center; font-weight: bold;">Date: February 2024</div>
      <div style="text-align: center; font-size: 12pt;"><font style="font-size: 10pt; font-weight: bold;">Commission File Number:</font><font style="font-size: 10pt;">&#160;<font style="font-weight: bold;">001-41338</font></font></div>
      <div style="text-align: center; font-size: 12pt;"><font style="font-size: 10pt;"><font style="font-weight: bold;"> <br>
          </font></font></div>
      <div style="text-align: center; font-weight: bold;">
        <hr noshade="noshade" align="center" style="height: 2px; width: 15%; color: #000000; background-color: #000000; margin-left: auto; margin-right: auto; border: none;"></div>
      <div style="text-align: center; font-size: 24pt; font-weight: bold;">IperionX Limited</div>
      <div style="text-align: center; font-weight: bold;">(Translation of registrant&#8217;s name into English)</div>
      <div style="text-align: center; font-weight: bold;">
        <hr noshade="noshade" align="center" style="height: 2px; width: 15%; color: #000000; background-color: #000000; margin-left: auto; margin-right: auto; border: none;"></div>
      <div style="text-align: center; font-weight: bold;"> <br>
      </div>
      <div style="text-align: center; font-weight: bold;">129 W Trade Street, Suite 1405</div>
      <div style="text-align: center; font-weight: bold;">Charlotte, North Carolina</div>
      <div style="text-align: center; font-weight: bold;">(Address of principal executive offices)</div>
      <div style="text-align: center; font-weight: bold;"> <br>
      </div>
      <div style="text-align: center; font-weight: bold;">
        <hr noshade="noshade" align="center" style="height: 2px; width: 15%; color: #000000; background-color: #000000; margin-left: auto; margin-right: auto; border: none;"></div>
      <div style="text-indent: 36pt;"> <br>
      </div>
      <div style="text-indent: 36pt;">Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.</div>
      <div><br>
      </div>
      <div style="text-indent: 108pt; font-size: 14pt;"><font style="font-size: 10pt;">Form 20-F &#9746;&#160; &#160; Form 40-F &#9744;</font></div>
      <div><br>
      </div>
      <div>
        <hr align="center" style="border: none; border-bottom: 4px solid black; border-top: 1px solid black; height: 10px; color: #ffffff; background-color: #ffffff; text-align: center; margin-left: auto; margin-right: auto;"></div>
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      <div style="text-align: center; font-weight: bold;">EXHIBIT INDEX</div>
      <div>The following exhibits are filed as part of this Form 6-K:</div>
      <div> <br>
      </div>
      <table cellspacing="0" cellpadding="0" border="0" id="zd9583949f4f94450ae407b8d023b6b1a" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

          <tr>
            <td style="width: 8%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center;">Exhibit</div>
            </td>
            <td style="width: 2%; vertical-align: bottom;">&#160;</td>
            <td style="width: 90%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
              <div>Description</div>
            </td>
          </tr>
          <tr>
            <td rowspan="1" style="width: 8%; vertical-align: top;">&#160;</td>
            <td rowspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
            <td rowspan="1" style="width: 90%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 8%; vertical-align: top;">
              <div><a href="ef20022008_ex99-1.htm">99.1</a></div>
            </td>
            <td style="width: 2%; vertical-align: top;">&#160;</td>
            <td style="width: 90%; vertical-align: top;">
              <div>Notice of General Meeting</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
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      </div>
      <div style="text-align: center; font-weight: bold;">SIGNATURE</div>
      <div style="text-align: center;"> <br>
      </div>
      <div>Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" border="0" id="z1981a7085bcf4b08a9661a2292bef185" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

          <tr>
            <td style="width: 50%; vertical-align: bottom;">&#160;</td>
            <td style="vertical-align: bottom;" colspan="2">
              <div>IPERIONX LIMITED</div>
            </td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: bottom;">&#160;</td>
            <td style="vertical-align: bottom;" colspan="2">
              <div>(registrant)</div>
            </td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: bottom;">&#160;</td>
            <td style="vertical-align: bottom;" colspan="2">&#160;</td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: bottom;">
              <div>Date: February 20, 2024</div>
            </td>
            <td style="width: 3%; vertical-align: bottom;">
              <div>By:<br>
              </div>
            </td>
            <td style="width: 47%; vertical-align: bottom;"><u>/s/ Gregory Swan</u><br>
            </td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: bottom;">&#160;</td>
            <td style="vertical-align: bottom;" colspan="2">
              <div>Name: Gregory Swan</div>
            </td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: bottom;">&#160;</td>
            <td style="vertical-align: bottom;" colspan="2">
              <div>Title:&#160;&#160; Secretary</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>ef20022008_ex99-1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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    <div style="text-align: right;"><font style="font-weight: bold;">Exhibit 99.1</font><br>
    </div>
    <div> <br>
    </div>
    <div>
      <div style="border: 2px solid rgb(0, 0, 0); padding: 5px; width: 99%;">
        <div>
          <div style="text-align: center;"><img width="598" height="51" src="image0.jpg"></div>
          <div><br>
          </div>
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          <div style="text-align: center; font-weight: bold;"> <br>
          </div>
          <div style="text-align: center; font-weight: bold;">IPERIONX LIMITED</div>
          <div style="text-align: center; font-weight: bold;">ACN 618 935 372</div>
          <div>&#160;</div>
          <div>
            <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"></div>
          <div style="text-align: center; font-weight: bold;"> <br>
          </div>
          <div style="text-align: center; font-weight: bold;">NOTICE OF GENERAL MEETING</div>
          <div>&#160;</div>
          <div style="text-align: center; font-weight: bold;">The General Meeting of the Company will be held at</div>
          <div style="text-align: center; font-weight: bold;">Conference Room, Ground Floor, 28 The Esplanade, Perth WA 6000</div>
          <div style="text-align: center; font-weight: bold;">on Tuesday, 26 March 2024 at 9:00am (AWST).</div>
          <div>&#160;</div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zeac69e93adfe43b3bf235e60460d3816">

              <tr>
                <td style="width: 100%; vertical-align: bottom; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
                  <div style="text-align: center; font-style: italic;">If the above arrangements with respect to the Meeting change, Shareholders will be updated via the ASX Market Announcements Platform.</div>
                  <div style="text-align: center; font-style: italic;">This Notice should be read in its entirety. If Shareholders are in doubt as to how they should vote, they should seek advice from their accountant, solicitor or other professional
                    adviser prior to voting.</div>
                  <div style="text-align: center; font-style: italic; font-weight: bold;">Should you wish to discuss any matter please do not hesitate to contact the Company by telephone on +61 8 9322 6322</div>
                </td>
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        </div>
        <div> <br>
        </div>
      </div>
      <div> <br>
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      <div>
        <div style="font-weight: bold;">IPERIONX LIMITED</div>
        <div style="font-weight: bold;">ACN 618 935 372</div>
        <div>&#160;
          <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"></div>
        <div style="text-align: justify; font-weight: bold;">NOTICE OF GENERAL MEETING</div>
        <div>&#160;</div>
        <div>Notice is hereby given that the general meeting of Shareholders of IperionX Limited (<font style="font-weight: bold;">Company</font>) will be held at the Conference Room, Ground Floor, 28 The Esplanade, Perth WA 6000 on Tuesday, 26 March 2024
          at 9:00am (AWST) (<font style="font-weight: bold;">Meeting</font>).</div>
        <div>&#160;</div>
        <div>If it becomes necessary or appropriate to make alternative arrangements to those detailed in this Notice, Shareholders will be updated via the ASX announcements platform and on the Company&#8217;s website at <u>www.iperionx.com</u>.</div>
        <div>&#160;</div>
        <div>The Explanatory Memorandum provides additional information on matters to be considered at the Meeting. The Explanatory Memorandum and the Proxy Form form part of this Notice.</div>
        <div>&#160;</div>
        <div>The Directors have determined pursuant to regulation 7.11.37 of the <font style="font-style: italic;">Corporations Regulations 2001</font> (Cth) that the persons eligible to vote at the Meeting are those who are registered as Shareholders on
          Sunday, 24 March 2024 at 5:00pm (AWST).</div>
        <div>&#160;</div>
        <div>The Company advises that a poll will be conducted for the Resolutions.</div>
        <div>&#160;</div>
        <div>Terms and abbreviations used in this Notice (including the Explanatory Memorandum) are defined in Schedule 1.</div>
        <div>&#160;</div>
        <div style="font-weight: bold;">AGENDA</div>
        <div>&#160;
          <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"></div>
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zf91561be434a436892c84848f889a922">

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                <td style="width: 35.45pt; vertical-align: top; font-weight: bold;">1</td>
                <td style="width: auto; vertical-align: top;">
                  <div style="font-weight: bold;">Resolution 1 &#8211; Ratify the Issue of Shares under the Placement</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
        </div>
        <div style="margin-left: 35.45pt;">To consider and, if thought fit, to pass, with or without amendment, the following resolution as an <font style="font-weight: bold;">ordinary resolution</font>:</div>
        <div>&#160;</div>
        <div style="margin-left: 35.45pt; font-style: italic;">"That, pursuant to and in accordance with Listing Rule 7.4 and for all other purposes, Shareholders ratify and approve the prior issue by the Company of 21,000,000 Shares under Listing Rule 7.1
          (at an issue price of A$1.25 per Share) pursuant to the Placement on the terms and conditions in the Explanatory Memorandum."</div>
        <div>&#160;</div>
        <div style="margin-left: 35.45pt; font-weight: bold;">Voting Exclusion</div>
        <div>&#160;</div>
        <div style="margin-left: 35.45pt;">The Company will disregard any votes cast in favour of this Resolution by or on behalf of persons who participated in the issue of Shares pursuant to the Placement or an associate of that person (or those
          persons).</div>
        <div>&#160;</div>
        <div style="margin-left: 35.45pt;">However, this does not apply to a vote cast in favour of this Resolution by:</div>
        <div>&#160;</div>
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              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>a person as proxy or attorney for a person who is entitled to vote on this Resolution, in accordance with directions given to the proxy or attorney to vote on this Resolution that way; or</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
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              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>the Chair as proxy or attorney for a person who is entitled to vote on this Resolution, in accordance with a direction given to the Chair to vote on this Resolution as the Chair decides; or</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
          <div class="BRPFPageNumberArea" style="text-align: center;"><font class="BRPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">- 2 -</font></div>
          <div style="page-break-after: always;" class="BRPFPageBreak">
            <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
        </div>
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            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top;">(c)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>a holder acting solely in a nominee, trustee, custodial or other fiduciary capacity on behalf of a beneficiary provided the following conditions are met:</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z4c1acc0054b24b19889a2fa22fa672a7">

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              <td style="width: 70.9pt;"><br>
              </td>
              <td style="width: 35.4pt; vertical-align: top;">(i)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>the beneficiary provides written confirmation to the holder that the beneficiary is not excluded from voting, and is not an associate of a person excluded from voting, on this Resolution; and</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z305a3a14fcda4ddda21fe9c9cc315a41">

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              <td style="width: 70.9pt;"><br>
              </td>
              <td style="width: 35.4pt; vertical-align: top;">(ii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>the holder votes on this Resolution in accordance with directions given by the beneficiary to the holder to vote in that way.</div>
              </td>
            </tr>

        </table>
        <div>&#160;
          <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"></div>
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z2dd1c7828e8a4ff58a4e511d8a6e56b9">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; font-weight: bold;">2</td>
                <td style="width: auto; vertical-align: top;">
                  <div style="font-weight: bold;">Resolution 2 &#8211; Issue of RSUs to Mr Todd Hannigan</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
        </div>
        <div style="margin-left: 35.45pt;">To consider and, if thought fit, to pass, with or without amendment, the following resolution as an <font style="font-weight: bold;">ordinary resolution</font>:</div>
        <div>&#160;</div>
        <div style="margin-left: 35.45pt; font-style: italic;">"That, pursuant to and in accordance with Listing Rule 10.11, Chapter 2E of the Corporations Act (including section 208 of the Corporations Act) and Chapter 2D.2 of the Corporations Act
          (including sections 200B and 200E of the Corporations Act) and for all other purposes, Shareholders approve the issue of up to 478,000 RSUs to Mr Todd Hannigan (and/or his nominee(s)) on the terms and conditions in the Explanatory Memorandum."</div>
        <div>&#160;</div>
        <div style="margin-left: 35.45pt; font-weight: bold;">Voting Exclusion</div>
        <div>&#160;</div>
        <div style="margin-left: 35.45pt;">The Company will disregard any votes cast in favour of this Resolution by or on behalf of Mr Todd Hannigan (and/or his nominee(s)) and any other person who will obtain a material benefit as a result of the
          proposed issue of RSUs (except a benefit solely by reason of being a holder of ordinary securities in the Company) or an associate of that person (or those persons).</div>
        <div>&#160;</div>
        <div style="margin-left: 35.45pt;">However, this does not apply to a vote cast in favour of this Resolution by:</div>
        <div>&#160;</div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z82cb5a3fb6ab485d885aa557cc8e1cfc">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>a person as proxy or attorney for a person who is entitled to vote on this Resolution, in accordance with directions given to the proxy or attorney to vote on this Resolution that way; or</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zb897b9faf0304f0085d2b2d84e90462d">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>the Chair as proxy or attorney for a person who is entitled to vote on this Resolution, in accordance with a direction given to the Chair to vote on this Resolution as the Chair decides; or</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z69fd20ae81f748929b6452cd716f02e8">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top;">(c)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>a holder acting solely in a nominee, trustee, custodial or other fiduciary capacity on behalf of a beneficiary provided the following conditions are met:</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zf01dae5a19d64d97a33fe915c7345a60">

            <tr>
              <td style="width: 70.9pt;"><br>
              </td>
              <td style="width: 35.4pt; vertical-align: top;">(i)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>the beneficiary provides written confirmation to the holder that the beneficiary is not excluded from voting, and is not an associate of a person excluded from voting, on this Resolution; and</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z5af79161625541059aa9da82767153ec">

            <tr>
              <td style="width: 70.9pt;"><br>
              </td>
              <td style="width: 35.4pt; vertical-align: top;">(ii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>the holder votes on this Resolution in accordance with directions given by the beneficiary to the holder to vote in that way.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-indent: -35.45pt; margin-left: 70.9pt; font-weight: bold;">Voting Prohibition</div>
        <div>&#160;</div>
        <div style="margin-left: 35.45pt;">In accordance with section 224 of the Corporations Act, a vote on this Resolution must not be cast (in any capacity) by or on behalf of Mr Todd Hannigan or his nominee(s) or any of his, or their, associates.
          However, subject to the voting exclusion above and the further voting prohibition below, this does not prevent the casting of a vote if:</div>
        <div>&#160;</div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z8fed350a547442b880f9692dcc87b8e0">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top;">(a)</td>
              <td style="width: auto; vertical-align: top;">
                <div>it is cast by a person as a proxy appointed by writing that specifies how the proxy is to vote on this Resolution; and</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z8d75347210b74c5da319d81a0b26ee99">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top;">(b)</td>
              <td style="width: auto; vertical-align: top;">
                <div>it is not cast on behalf of Mr Todd Hannigan or his nominee(s) or any of his, or their, associates.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
          <div class="BRPFPageNumberArea" style="text-align: center;"><font class="BRPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">- 3 -</font></div>
          <div style="page-break-after: always;" class="BRPFPageBreak">
            <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
        </div>
        <div style="margin-left: 35.45pt;">Further, in accordance with section 250BD of the Corporations Act, a vote on this Resolution must not be cast (in any capacity) by a person appointed as a proxy, where that person is either a member of the Key
          Management Personnel or a Closely Related Party of such a member.</div>
        <div>&#160;</div>
        <div style="margin-left: 35.45pt;">However, a vote may be cast by such person if the vote is not cast on behalf of a person who is otherwise excluded from voting on this Resolution, and:</div>
        <div>&#160;</div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="ze56a71fa83ca43f1a25d8ed7f55852d3">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top;">(a)</td>
              <td style="width: auto; vertical-align: top;">
                <div>the person is appointed as a proxy by writing that specifies the way the proxy is to vote on the Resolution; or</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z28e7f3874b1740dfa6254385858be414">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top;">(b)</td>
              <td style="width: auto; vertical-align: top;">
                <div>the person appointed as proxy is the Chair and the written appointment of the Chair as proxy does not specify the way the proxy is to vote on this Resolution, but expressly authorises the Chair to exercise the proxy even if this
                  Resolution is connected directly or indirectly with the remuneration of a member of the Key Management Personnel.</div>
              </td>
            </tr>

        </table>
        <div>&#160;
          <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"></div>
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z2545d8a0818f4f0fa20518bfbfe3fbb8">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; font-weight: bold;">3</td>
                <td style="width: auto; vertical-align: top;">
                  <div style="font-weight: bold;">Resolution 3 &#8211; Issue of RSUs to Mr Anastasios Arima</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
        </div>
        <div style="margin-left: 35.45pt;">To consider and, if thought fit, to pass, with or without amendment, the following resolution as an <font style="font-weight: bold;">ordinary resolution</font>:</div>
        <div>&#160;</div>
        <div style="margin-left: 35.45pt; font-style: italic;">"That, pursuant to and in accordance with Listing Rule 10.11, Chapter 2E of the Corporations Act (including section 208 of the Corporations Act) and Chapter 2D.2 of the Corporations Act
          (including sections 200B and 200E of the Corporations Act) and for all other purposes, Shareholders approve the issue of up to 956,000 RSUs to Mr Anastasios Arima (and/or his nominee(s)) on the terms and conditions in the Explanatory Memorandum."</div>
        <div>&#160;</div>
        <div style="margin-left: 35.45pt; font-weight: bold;">Voting Exclusion</div>
        <div>&#160;</div>
        <div style="margin-left: 35.45pt;">The Company will disregard any votes cast in favour of this Resolution by or on behalf of Mr Anastasios Arima (and/or his nominee(s)) and any other person who will obtain a material benefit as a result of the
          proposed issue of RSUs (except a benefit solely by reason of being a holder of ordinary securities in the Company) or an associate of that person (or those persons).</div>
        <div>&#160;</div>
        <div style="margin-left: 35.45pt;">However, this does not apply to a vote cast in favour of this Resolution by:</div>
        <div>&#160;</div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="za165a13d122c4a25853926c8b0faee0a">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>a person as proxy or attorney for a person who is entitled to vote on this Resolution, in accordance with directions given to the proxy or attorney to vote on this Resolution that way; or</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z3785d6890faa413fbbee214aea1d1758">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>the Chair as proxy or attorney for a person who is entitled to vote on this Resolution, in accordance with a direction given to the Chair to vote on this Resolution as the Chair decides; or</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zdeb1f959320f460eac3fe1b752f2a152">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top;">(c)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>a holder acting solely in a nominee, trustee, custodial or other fiduciary capacity on behalf of a beneficiary provided the following conditions are met:</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z2d2fb1dd7ec543048831de36c283049d">

            <tr>
              <td style="width: 70.9pt;"><br>
              </td>
              <td style="width: 35.4pt; vertical-align: top;">(i)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>the beneficiary provides written confirmation to the holder that the beneficiary is not excluded from voting, and is not an associate of a person excluded from voting, on this Resolution; and</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z2c899ebb93fa41d78913c4b44bdbc9b5">

            <tr>
              <td style="width: 70.9pt;"><br>
              </td>
              <td style="width: 35.4pt; vertical-align: top;">(ii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>the holder votes on this Resolution in accordance with directions given by the beneficiary to the holder to vote in that way.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-indent: -35.45pt; margin-left: 70.9pt; font-weight: bold;">Voting Prohibition</div>
        <div>&#160;</div>
        <div style="margin-left: 35.45pt;">In accordance with section 224 of the Corporations Act, a vote on this Resolution must not be cast (in any capacity) by or on behalf of Mr Anastasios Arima or his nominee(s) or any of his, or their, associates.
          However, subject to the voting exclusion above and the further voting prohibition below, this does not prevent the casting of a vote if:</div>
        <div>&#160;</div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z719b8fcf2e674380b0d35a4997e575f6">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top;">(a)</td>
              <td style="width: auto; vertical-align: top;">
                <div>it is cast by a person as a proxy appointed by writing that specifies how the proxy is to vote on this Resolution; and</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
          <div class="BRPFPageNumberArea" style="text-align: center;"><font class="BRPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">- 4 -</font></div>
          <div style="page-break-after: always;" class="BRPFPageBreak">
            <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
        </div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z91948694a48841868ae7a705ce91f0cc">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top;">(b)</td>
              <td style="width: auto; vertical-align: top;">
                <div>it is not cast on behalf of Mr Anastasios Arima or his nominee(s) or any of his, or their, associates.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="margin-left: 35.45pt;">Further, in accordance with section 250BD of the Corporations Act, a vote on this Resolution must not be cast (in any capacity) by a person appointed as a proxy, where that person is either a member of the Key
          Management Personnel or a Closely Related Party of such a member.</div>
        <div>&#160;</div>
        <div style="margin-left: 35.45pt;">However, a vote may be cast by such person if the vote is not cast on behalf of a person who is otherwise excluded from voting on this Resolution, and:</div>
        <div>&#160;</div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z9327b6abf88b407884dbea3baaf67f7f">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top;">(a)</td>
              <td style="width: auto; vertical-align: top;">
                <div>the person is appointed as a proxy by writing that specifies the way the proxy is to vote on the Resolution; or</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z34ec26ea014e45a68aa54c854910887d">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top;">(b)</td>
              <td style="width: auto; vertical-align: top;">
                <div>the person appointed as proxy is the Chair and the written appointment of the Chair as proxy does not specify the way the proxy is to vote on this Resolution, but expressly authorises the Chair to exercise the proxy even if this
                  Resolution is connected directly or indirectly with the remuneration of a member of the Key Management Personnel.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-align: justify; font-weight: bold;">BY ORDER OF THE BOARD</div>
        <div>
          <div><img width="163" height="94" src="image00001.jpg"></div>
        </div>
        <div style="text-align: justify; font-weight: bold;">Mr Gregory Swan</div>
        <div style="text-align: justify;">Company Secretary</div>
        <div><br>
        </div>
        <div style="text-align: justify;">Dated: 7 February 2024</div>
        <div style="text-align: justify;"> <br>
        </div>
        <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
          <div class="BRPFPageNumberArea" style="text-align: center;"><font class="BRPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">- 5 -</font></div>
          <div style="page-break-after: always;" class="BRPFPageBreak">
            <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
        </div>
        <div>
          <div style="font-weight: bold;">IPERIONX LIMITED </div>
          <div style="font-weight: bold;">ACN 618 935 372</div>
          <div>&#160;
            <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"></div>
        </div>
        <div style="text-align: justify; font-weight: bold;">EXPLANATORY MEMORANDUM</div>
        <div>&#160;
          <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"></div>
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z2876bcd3e3d449dcbff7326877cd57bf">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; font-weight: bold;">1</td>
                <td style="width: auto; vertical-align: top;">
                  <div style="font-weight: bold;">Introduction</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
        </div>
        <div style="margin-left: 35.45pt;">This Explanatory Memorandum has been prepared for the information of Shareholders in connection with the business to be conducted at the Meeting.</div>
        <div>&#160;</div>
        <div style="margin-left: 35.45pt;">This Explanatory Memorandum should be read in conjunction with and forms part of the Notice. The purpose of this Explanatory Memorandum is to provide information to Shareholders in deciding whether or not to pass
          the Resolution.</div>
        <div>&#160;</div>
        <div style="margin-left: 35.45pt;">This Explanatory Memorandum includes the following information to assist Shareholders in deciding how to vote on the Resolution:</div>
        <div>&#160;</div>
        <div style="margin-left: 36pt;">
          <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zdf598b642a9e47b9adc8670967db2153">

              <tr>
                <td style="width: 10%; vertical-align: top;">
                  <div style="text-align: justify;">Section 1</div>
                </td>
                <td style="width: 90%; vertical-align: top;">
                  <div>Introduction</div>
                </td>
              </tr>
              <tr>
                <td style="width: 10%; vertical-align: top;">
                  <div style="text-align: justify;">Section 2</div>
                </td>
                <td style="width: 90%; vertical-align: top;">
                  <div>Action to be taken by Shareholders</div>
                </td>
              </tr>
              <tr>
                <td style="width: 10%; vertical-align: top;">
                  <div style="text-align: justify;">Section 3</div>
                </td>
                <td style="width: 90%; vertical-align: top;">
                  <div>Resolution 1 &#8211; Ratify the Issue of Shares under the Placement</div>
                </td>
              </tr>
              <tr>
                <td style="width: 10%; vertical-align: top;">
                  <div style="text-align: justify;">Section 4</div>
                </td>
                <td style="width: 90%; vertical-align: top;">
                  <div>Resolutions 2 and 3 &#8211; Issue of RSUs to Directors</div>
                </td>
              </tr>
              <tr>
                <td style="width: 10%; vertical-align: top;">
                  <div style="text-align: justify;">Schedule 1</div>
                </td>
                <td style="width: 90%; vertical-align: top;">
                  <div>Definitions</div>
                </td>
              </tr>
              <tr>
                <td style="width: 10%; vertical-align: top;">
                  <div style="text-align: justify;">Schedule 2</div>
                </td>
                <td style="width: 90%; vertical-align: top;">
                  <div>Terms and Conditions of the RSUs</div>
                </td>
              </tr>

          </table>
        </div>
        <div>&#160;</div>
        <div style="margin-left: 35.45pt;">A Proxy Form is located at the end of this Explanatory Memorandum.</div>
        <div>&#160;
          <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"></div>
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zec643d4a5dda4aee84603c9cb1ca1a41">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; font-weight: bold;">2</td>
                <td style="width: auto; vertical-align: top;">
                  <div style="font-weight: bold;">Action to be taken by Shareholders</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
        </div>
        <div style="text-align: justify; margin-left: 35.45pt;">Shareholders should read the Notice including this Explanatory Memorandum carefully before deciding how to vote on the Resolutions.</div>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 35.45pt;">The Company advises that a poll will be conducted for the Resolution.</div>
        <div>&#160;</div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z757de4daaf464021bf2fe22faa3c2371">

            <tr>
              <td style="width: 35.45pt; vertical-align: top;">2.1</td>
              <td style="width: auto; vertical-align: top;">
                <div style="font-weight: bold;">Proxies</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 35.45pt;">A Proxy Form is attached to the Notice.&#160; This is to be used by Shareholders if they wish to appoint a representative (a 'proxy') to vote in their place.&#160; All Shareholders are invited and
          encouraged to attend the Meeting or, if they are unable to attend in person, sign and return the Proxy Form to the Company in accordance with the instructions thereon. Returning the Proxy Form will not preclude a Shareholder from attending and
          voting at the Meeting in person.</div>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 35.45pt;">Please note that:</div>
        <div>&#160;</div>
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            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>a member of the Company entitled to attend and vote at the Meeting is entitled to appoint a proxy;</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zdb516e0336764f16a91e410a42b4d1b2">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>a proxy need not be a member of the Company; and</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="ze1d43067f3f24d8cb82b589d1b33cacf">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top;">(c)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>a member of the Company entitled to cast two or more votes may appoint two proxies and may specify the proportion or number of votes each proxy is appointed to exercise. Where the proportion or number is not specified, each proxy may
                  exercise half of the votes.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
          <div class="BRPFPageNumberArea" style="text-align: center;"><font class="BRPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">- 6 -</font></div>
          <div style="page-break-after: always;" class="BRPFPageBreak">
            <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
        </div>
        <div style="text-align: justify; margin-left: 35.45pt;">Proxy Forms must be received by the Company no later than 9:00am (AWST) on Sunday, 24 March 2024, being at least 48 hours before the Meeting.</div>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 35.45pt;">The Proxy Form provides further details on appointing proxies and lodging Proxy Forms.</div>
        <div>&#160;</div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z318d89db405a47a09c3cec27ac7471f1">

            <tr>
              <td style="width: 35.45pt; vertical-align: top;">2.2</td>
              <td style="width: auto; vertical-align: top;">
                <div style="font-weight: bold;">Attendance at Meeting</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 35.45pt;">To vote in person, Shareholders are able to attend the Meeting at the time, date and place set out above.&#160; Based on the best information available to the Board at the time of the Notice, the
          Board considers it will be in a position to hold an 'in-person' meeting to provide Shareholders with a reasonable opportunity to participate in and vote at the Meeting. If it becomes necessary or appropriate to make alternative arrangements to
          those detailed in the Notice, Shareholders will be updated via the ASX announcements platform and on the Company&#8217;s website at <u>www.iperionx.com</u>.</div>
        <div>&#160;
          <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"></div>
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zd1551e17dc15453f8c83c543794ee069">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; font-weight: bold;">3</td>
                <td style="width: auto; vertical-align: top;">
                  <div style="font-weight: bold;">Resolution 1 &#8211; Ratify the Issue of Shares under the Placement</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
        </div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zf19dbecc872d472daca23bd41ea92e0f">

            <tr>
              <td style="width: 35.45pt; vertical-align: top;">3.1</td>
              <td style="width: auto; vertical-align: top;">
                <div style="font-weight: bold;">Background to Placement</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 35.45pt;">On 1 November 2023, the Company announced that it had received firm commitments for a placement of 21,000,000 Shares each at an issue price of A$1.25 per Share to be issued to existing
          institutional investors (<font style="font-weight: bold;">Placement Participants</font>) to raise approximately A$26.3 million (before costs) (<font style="font-weight: bold;">Placement</font>). On 6 November 2023, the Company issued the
          21,000,000 Shares under the Placement pursuant to the Company's existing Listing Rule 7.1 placement capacity.</div>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 35.45pt;">The Placement was led by existing Shareholders, B Riley Principal Investments, Fidelity International, Inherent Group, and one of the world's largest asset managers. The proceeds of the
          Placement will be used to accelerate the scale-up of the Company's patented titanium technologies, progress feasibility studies at the Titan Critical Minerals Project and for general corporate purposes.</div>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 35.45pt;">Refer to the Company's ASX announcement on 1 November 2023 for further details of the Placement.</div>
        <div>&#160;</div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="za11c75d027b846868b068c9cb4850f76">

            <tr>
              <td style="width: 35.45pt; vertical-align: top;">3.2</td>
              <td style="width: auto; vertical-align: top;">
                <div style="font-weight: bold;">General</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 35.45pt;">Resolution 1 seeks Shareholder ratification and approval of the issue of the 21,000,000 Shares issued pursuant to the Company's placement capacity under Listing Rule 7.1 to the Placement
          Participants to raise approximately A$26.3 million (before costs) under the Placement.</div>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 35.45pt;">Refer to Section 3.1 for details of the Placement.</div>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 35.45pt;">Resolution 1 is an ordinary resolution.</div>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 35.45pt;">The Chair intends to exercise all available proxies in favour of Resolution 1.</div>
        <div>&#160;</div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z501897ba5f4a48f387c00963b6426d19">

            <tr>
              <td style="width: 35.45pt; vertical-align: top;">3.3</td>
              <td style="width: auto; vertical-align: top;">
                <div style="font-weight: bold;">Listing Rule 7.1</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 35.45pt;">Subject to a number of exceptions, Listing Rule 7.1 limits the amount of Equity Securities that a listed company can issue without the approval of its shareholders over any 12 month period to
          15% of the fully paid ordinary securities it had on issue at the start of that period (<font style="font-weight: bold;">15% Placement Capacity</font>).</div>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 35.45pt;">The issue of the 21,000,000 Shares did not fit within any of the exceptions to Listing Rule 7.1 and, as it has not yet been approved by Shareholders, it effectively uses up part of the
          Company's 15% Placement Capacity under Listing Rule 7.1, thereby reducing the Company&#8217;s capacity to issue further Equity Securities without Shareholder approval under Listing Rule 7.1 for the 12 month period following the issue of the Shares
          under the Placement.</div>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 35.45pt;">Listing Rule 7.4 provides that if the Company in general meeting ratifies the previous issue of Equity Securities pursuant to Listing Rule 7.1 (and provided that the previous issue did not
          breach Listing Rule 7.1) those Equity Securities will be deemed to have been made with Shareholder approval for the purposes of Listing Rule 7.1.</div>
        <div>&#160;</div>
        <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
          <div class="BRPFPageNumberArea" style="text-align: center;"><font class="BRPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">- 7 -</font></div>
          <div style="page-break-after: always;" class="BRPFPageBreak">
            <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
        </div>
        <div style="text-align: justify; margin-left: 35.45pt;">If Resolution 1 is passed, the 21,000,000 Shares will be excluded in calculating the Company's 15% Placement Capacity in Listing Rule 7.1, effectively increasing the number of Equity
          Securities it can issue without the requirement to obtain prior Shareholder approval.</div>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 35.45pt;">If Resolution 1 is not passed, the 21,000,000 Shares will be included in the Company's 15% Placement Capacity under Listing Rule 7.1, effectively decreasing the number of Equity Securities it
          can issue without Shareholder approval over the 12 month period following the date of issue of the Shares under the Placement.</div>
        <div>&#160;</div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z369ece1a8f4b4fa0af2f5fb0c563eed7">

            <tr>
              <td style="width: 35.45pt; vertical-align: top;">3.4</td>
              <td style="width: auto; vertical-align: top;">
                <div style="font-weight: bold;">Specific information required by Listing Rule 7.5</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 35.45pt;">The following information in relation to Resolution 1 is provided to Shareholders for the purposes of Listing Rule 7.5:</div>
        <div>&#160;</div>
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            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>The Shares were issued to existing institutional investors of the Company. No investor under the Placement was a related party of the Company, a member of the Key Management Personnel, a substantial shareholder of the Company or an
                  adviser of the Company or an associate of any of those persons, other than FIL Limited, FMR LLC, and B. Riley Financial, Inc. who are existing substantial Shareholders of the Company.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z62ee3833b12b4506ae1ec32327f001c5">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>21,000,000 Shares were issued pursuant to Listing Rule 7.1, ratification of which is sought pursuant to Resolution 1.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z25447a9975744855a9a077af8e03dfbe">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top;">(c)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>The Shares are fully paid ordinary shares in the capital of the Company and rank equally in all respects with the Company&#8217;s existing Shares on issue.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zce58c119d7c14172ad8c91ae6c21a58d">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top;">(d)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>The Shares were issued on 6 November 2023.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z7c0300ee36484804840aabf544c204da">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top;">(e)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>The Shares were issued at an issue price of A$1.25 per Share to raise approximately A$26.3 million (before costs).</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z671cc0fe296d4abe876bfa5c1440dd5b">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top;">(f)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Funds raised from the issue of the Shares under the Placement are intended to be used as detailed in Section 3.1.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zad64c8a2dc83484abdd6e1602c8caff6">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top;">(g)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>The Shares were issued pursuant to placement confirmation letters pursuant to which the Placement Participants received Shares at an issue price of A$1.25 per Share.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z8b431506cda1428abc3255ca4d67c819">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top;">(h)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Bell Potter Securities Limited acted as lead manager to the Placement pursuant to an engagement letter on standard terms and conditions for a capital raising engagement letter. Bell Potter Securities Limited received a cash fee of
                  approximately A$525,000.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z594235d9ded04597acc5ffb9b75406fc">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top;">(i)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>A voting exclusion statement is included in the Notice for Resolution 1.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z49c7ac05eb904b53afa494b5593caf3f">

            <tr>
              <td style="width: 35.45pt; vertical-align: top;">3.5</td>
              <td style="width: auto; vertical-align: top;">
                <div style="font-weight: bold;">Board recommendation</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="margin-left: 35.45pt;">The Board recommends that Shareholders vote in favour of Resolution 1.</div>
        <div>&#160;
          <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"></div>
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z0563ef83ea264fc083a4d0f0c8a6ae04">

              <tr>
                <td style="width: 35.45pt; vertical-align: top; font-weight: bold;">4</td>
                <td style="width: auto; vertical-align: top;">
                  <div style="font-weight: bold;">Resolutions 2 and 3 &#8211; Issue of RSUs to Directors</div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
        </div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z83115fd32bfb48128b15b7c4dfe9d99c">

            <tr>
              <td style="width: 35.45pt; vertical-align: top;">4.1</td>
              <td style="width: auto; vertical-align: top;">
                <div style="font-weight: bold;">General</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="margin-left: 35.45pt;">Resolutions 2 and 3 seek Shareholder approval pursuant to and in accordance with Listing Rule 10.11, Chapter 2E of the Corporations Act (including section 208 of the Corporations Act) and Part 2D.2 of the
          Corporations Act (including sections 200B and 200E of the Corporations Act) and for all other purposes to issue (in aggregate) up to 1,434,000 RSUs to Messrs Hannigan and Arima (and/or their respective nominee(s)).</div>
        <div>&#160;</div>
        <div style="margin-left: 35.45pt;">The Company is proposing to issue:</div>
        <div>&#160;</div>
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            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top;">(a)</td>
              <td style="width: auto; vertical-align: top;">
                <div>up to 478,000 RSUs to Mr Todd Hannigan (and/or his nominee(s)) (Resolution 2); and</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z38731d882fcf4bfc82782df7242a1e1c">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top;">(b)</td>
              <td style="width: auto; vertical-align: top;">
                <div>up to 956,000 RSUs to Mr Anastasios Arima (and/or his nominee(s)) (Resolution 3).</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
          <div class="BRPFPageNumberArea" style="text-align: center;"><font class="BRPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">- 8 -</font></div>
          <div style="page-break-after: always;" class="BRPFPageBreak">
            <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
        </div>
        <div style="margin-left: 35.45pt; font-style: italic;">Remuneration Framework and Alignment</div>
        <div>&#160;</div>
        <div style="margin-left: 35.45pt;">Over the last 18 months, the Nomination and Remuneration Committee has undertaken significant efforts to align remuneration structure with stakeholder expectations and market standards. This involved engagement
          with Shareholders to refine our executive compensation framework.</div>
        <div>&#160;</div>
        <div style="margin-left: 35.45pt;">The Nomination and Remuneration Committee engaged Compensation Advisory Partners (<font style="font-weight: bold;">CAP</font>), a U.S. based remuneration consulting firm, to undertake a comprehensive assessment of
          company executive remuneration, to benchmark the remuneration framework against comparable U.S. based companies and propose on potential remuneration frameworks. This initiative underscores our commitment to transparency, competitive compensation
          and to ensure the long-term success of the Company.</div>
        <div>&#160;</div>
        <div style="margin-left: 35.45pt;">The Company is U.S. based titanium metal technology business with a highly valuable and award-winning patent portfolio. Importantly, while dual listed on the ASX (primary) and Nasdaq (secondary), most Company
          executives and employees, and all key assets, are based in the United States.</div>
        <div>&#160;</div>
        <div style="margin-left: 35.45pt;">The Company&#8217;s strategy is to commercialise our portfolio of advanced titanium metal technologies, accelerate the growth of the company and deliver long-term Shareholder value. The proposed remuneration framework
          is designed to attract and retain talented executives and recognises the competitive dynamics of the U.S. market.</div>
        <div>&#160;</div>
        <div style="margin-left: 35.45pt; font-style: italic;">Remuneration Benchmarking Review</div>
        <div>&#160;</div>
        <div style="margin-left: 35.45pt;">The Company&#8217;s Nomination and Remuneration Committee engaged independent remuneration consultants, CAP, to ensure that the remuneration structure, policy and strategy for the Company's executive team and employees
          were:</div>
        <div>&#160;</div>
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            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top;">(a)</td>
              <td style="width: auto; vertical-align: top;">
                <div>based on a U.S. market standard framework, and</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z6b220108abd743bb846092821b09cf06">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top;">(b)</td>
              <td style="width: auto; vertical-align: top;">
                <div>aligned with shareholder expectations.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="margin-left: 35.45pt;">CAP benchmarked fixed, variable and total remuneration against appropriate U.S. based market comparator groups. The CAP benchmarking analysis revealed that the Company&#8217;s executive compensation was positioned at
          the 25th percentile, prompting a phased adjustment to fixed, variable and total remuneration over 2023/2024 to lift this to the 50th percentile. This phased adjustment aims to balance compensation cash expense, mitigate executive retention risks
          in a competitive U.S. market and align equity-linked remuneration with long-term performance.</div>
        <div>&#160;</div>
        <div style="margin-left: 35.45pt; font-style: italic;">Fixed remuneration</div>
        <div>&#160;</div>
        <div style="margin-left: 35.45pt;">In 2023 and 2024, the Nomination and Remuneration Committee adjusted the fixed remuneration of the Company's executives, including the Executive Chairman and CEO, to lift base salary levels from the 25th
          percentile to the 50th percentile against the benchmarked peer comparator groups.</div>
        <div>&#160;</div>
        <div style="margin-left: 35.45pt; font-style: italic;">Short-term incentives (STI)</div>
        <div>&#160;</div>
        <div style="margin-left: 35.45pt;">The Company&#8217;s STI framework is designed to reward short term and measurable achievements, with targets set annually by the Nomination and Remuneration Committee.</div>
        <div>&#160;</div>
        <div style="margin-left: 35.45pt; font-style: italic;">Long-term incentives (LTI)</div>
        <div>&#160;</div>
        <div style="margin-left: 35.45pt;">The Company's 2024 LTI framework introduces service-based RSUs that vest over a three-year period, aligning executive remuneration with sustained Company performance and long-term Shareholder value. This approach
          is aligned to best practices for U.S. based companies and enhances the Company's ability to attract and retain high-calibre executives.</div>
        <div>&#160;</div>
        <div style="margin-left: 35.45pt;">The RSUs vest and convert into an equivalent number of Shares as follows:</div>
        <div>&#160;</div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z2205212a1b424abebf3e72941fe51be6">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top;">(a)</td>
              <td style="width: auto; vertical-align: top;">
                <div>one-third after continuous service until 31 December 2024;</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z012568b1066a4e109144dfb090e12bce">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top;">(b)</td>
              <td style="width: auto; vertical-align: top;">
                <div>one-third after continuous service until 31 December 2025; and</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
          <div class="BRPFPageNumberArea" style="text-align: center;"><font class="BRPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">- 9 -</font></div>
          <div style="page-break-after: always;" class="BRPFPageBreak">
            <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
        </div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zed915e0568b54372a6b48fded9fe869a">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top;">(c)</td>
              <td style="width: auto; vertical-align: top;">
                <div>one-third after continuous service until 31 December 2026.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="margin-left: 35.45pt;">For Executive Chairman, Mr Todd Hannigan, the proposed number of RSUs is based on 200% of his fixed remuneration divided by the VWAP of the Company&#8217;s ADRs on Nasdaq over the month of January 2024 (adjusted to
          reflect the 10:1 ratio of the Company&#8217;s ADRs to Shares), being US$1.0463, which equates to 478,000 ADR&#8217;s that will vest equally over a three-year period.&#160; Mr Hannigan was eligible for a cash-based STI for 2023, however, he elected to take his
          2023 STI in the proposed issue of up to 478,000 RSUs instead.</div>
        <div>&#160;</div>
        <div style="margin-left: 35.45pt;">For CEO and Managing Director, Mr Anastasios Arima, the proposed number of RSUs is based on 250% of fixed remuneration divided by the VWAP of the Company&#8217;s ADRs on Nasdaq over the month of January 2024 (adjusted
          to reflect the 10:1 ratio of the Company&#8217;s ADRs to Shares), being US$1.0463, which equates to 956,000 ADR&#8217;s that will vest equally over a three-year period.&#160; The proposed issue of up to 956,000 RSUs is in-line with U.S. based peer group
          comparators and aligned with linking sustained Company performance, retention and long-term Shareholder value.</div>
        <div>&#160;</div>
        <div style="margin-left: 35.45pt;">The terms and conditions of the RSUs are detailed in Schedule 2.</div>
        <div>&#160;</div>
        <div style="margin-left: 35.45pt;">Resolutions 2 and 3 are ordinary resolutions.</div>
        <div>&#160;</div>
        <div style="margin-left: 35.45pt;">The Chair intends to exercise all available proxies in favour of Resolutions 2 and 3.</div>
        <div>&#160;</div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z3bed564def054c7a8bbc00d62d6d033e">

            <tr>
              <td style="width: 35.45pt; vertical-align: top;">4.2</td>
              <td style="width: auto; vertical-align: top;">
                <div style="font-weight: bold;">Chapter 2E of the Corporations Act</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="margin-left: 35.45pt;">Chapter 2E of the Corporations Act requires that for a public company, or an entity that the public company controls, to give a financial benefit to a related party of the public company, the public company or
          entity must:</div>
        <div>&#160;</div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z4cfff227364e4e48bc3cfa96b0caff9e">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top;">(a)</td>
              <td style="width: auto; vertical-align: top;">
                <div>obtain the approval of its shareholders in the manner set out in sections 217 to 227 of the Corporations Act; and</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z83b5fa418b9d44c4a79ff454dfc154ac">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top;">(b)</td>
              <td style="width: auto; vertical-align: top;">
                <div>give the benefit within 15 months of such approval,</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="margin-left: 35.45pt;">unless the giving of the financial benefit falls within an exception set out in sections 210 to 216 of the Corporations Act.</div>
        <div>&#160;</div>
        <div style="margin-left: 35.45pt;">Messrs Hannigan and Arima are Directors and therefore are related parties of the Company for the purposes of section 208 of the Corporations Act.</div>
        <div>&#160;</div>
        <div style="margin-left: 35.45pt;">The Board has determined to seek Shareholder approval pursuant to section 208 of the Corporations Act for Resolutions 2 and 3.</div>
        <div>&#160;</div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zd83bf4c0c9024f83b940c2beb06be287">

            <tr>
              <td style="width: 35.45pt; vertical-align: top;">4.3</td>
              <td style="width: auto; vertical-align: top;">
                <div style="font-weight: bold;">Section 200B of the Corporations Act</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="margin-left: 35.45pt;">In accordance with section 200B of the Corporations Act, a company may only give a person a benefit in connection with their retirement from a managerial or executive office, or position of employment, in the
          Company or a related body corporate if:</div>
        <div>&#160;</div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zf804b7fbbc794ea994722cc52885e5a1">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top;">(a)</td>
              <td style="width: auto; vertical-align: top;">
                <div>it is approved by shareholders under section 200E of the Corporations Act; or</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z60b6ba7a8de746c0b5a0c279a0acc4c4">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top;">(b)</td>
              <td style="width: auto; vertical-align: top;">
                <div>an exemption applies (for example, where the benefit together with other benefits does not exceed the payment limits set out in the Corporations Act, including where the aggregate benefits do not exceed one year&#8217;s average base salary).</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="margin-left: 35.45pt;">Section 200B of the Corporations Act applies where the benefit is given to, among other persons, a person whose details were included in the Director's Report for the previous financial year. Messrs Hannigan and
          Arima's details were included in the FY2023 Director's Report.</div>
        <div>&#160;</div>
        <div style="margin-left: 35.45pt;">A benefit includes (among other things) automatic, or accelerated, vesting of share-based payments for a person, on, or as a result of, retirement from their position in the company.</div>
        <div>&#160;</div>
        <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
          <div class="BRPFPageNumberArea" style="text-align: center;"><font class="BRPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">- 10 -</font></div>
          <div style="page-break-after: always;" class="BRPFPageBreak">
            <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
        </div>
        <div style="margin-left: 35.45pt;">The terms of the RSUs provide that if a Qualifying Termination occurs, and subject to Shareholder approval, the RSUs that would have vested within one year after the Qualifying Termination, shall vest upon
          termination of Mr Hannigan or Mr Arima's employment (as applicable), being the date of the Qualifying Termination (together, the <font style="font-weight: bold;">Potential Retirement Benefits</font>). The Board has formed the view that, should
          this occur, the affected RSUs may constitute a benefit in connection with Messrs Hannigan or Arima's retirement from office under section 200B of the Corporations Act.</div>
        <div>&#160;</div>
        <div style="margin-left: 35.45pt;">One of the benefits for which approval is sought under Resolutions 2 and 3 is the potential for Shares to be issued to Mr Hannigan or Mr Arima (and/or their respective nominee(s)) upon the conversion of the RSUs
          as a result of the automatic vesting of the RSUs upon the occurrence of a Qualifying Termination.</div>
        <div>&#160;</div>
        <div style="margin-left: 35.45pt;">The Company is therefore seeking Shareholder approval under section 200B of the Corporations Act in connection with the potential vesting of the RSUs proposed to be granted to Mr Hannigan or Mr Arima pursuant to
          Resolutions 2 and 3.</div>
        <div>&#160;</div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z5dbe81fa6e584f7bb8811117c383a008">

            <tr>
              <td style="width: 35.45pt; vertical-align: top;">4.4</td>
              <td style="width: auto; vertical-align: top;">
                <div style="font-weight: bold;">Specific information required by section 200E of the Corporations Act</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-align: justify; margin-left: 35.45pt;">The following additional information in relation to Resolutions 2 and 3 is provided to Shareholders for the purposes of section 200E of the Corporations Act:</div>
        <div>&#160;</div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z652f163d5ba54f75865fd47410cc4fa4">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>the amount or value of the benefit relating to the RSUs pursuant to Resolution 2 or 3 to be held by Messrs Hannigan or Arima (and/or their respective nominee(s)) which may arise in connection with their retirement from a managerial or
                  executive office cannot presently be ascertained (please refer to Section 4.5(d) for an estimate of the current value of the RSUs (if they were on issue)). However, matters, events and circumstances that will, or are likely to affect the
                  calculation of that amount or value include:</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="ze167f64714064a59948c94a0386f29fb">

            <tr>
              <td style="width: 70.9pt;"><br>
              </td>
              <td style="width: 35.4pt; vertical-align: top;">(i)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>the number of RSUs held prior to ceasing employment;</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z8a11a8c152a24b1aa1d3efb778048a3d">

            <tr>
              <td style="width: 70.9pt;"><br>
              </td>
              <td style="width: 35.4pt; vertical-align: top;">(ii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>the outstanding conditions (if any) of vesting of the RSUs;</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z05ddfd3c674b402aadc49b9a1275dbe3">

            <tr>
              <td style="width: 70.9pt;"><br>
              </td>
              <td style="width: 35.4pt; vertical-align: top;">(iii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>the circumstances of, or reasons for, ceasing employment or engagement with the Company and whether it constitutes a Qualifying Termination;</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zcf28cfb2a9fd4d72885b83a77da43a62">

            <tr>
              <td style="width: 70.9pt;"><br>
              </td>
              <td style="width: 35.4pt; vertical-align: top;">(iv)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>the length of service with the Company and performance over that period of time;</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z190a0ac8c73b41d7990d90decce20ec7">

            <tr>
              <td style="width: 70.9pt;"><br>
              </td>
              <td style="width: 35.4pt; vertical-align: top;">(v)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>the market price of the Shares on ASX at the relevant time when the amount or value of the RSUs is determined;</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zf2b01b6c3f9a488182bfc91eea957435">

            <tr>
              <td style="width: 70.9pt;"><br>
              </td>
              <td style="width: 35.4pt; vertical-align: top;">(vi)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>any changes in law; and</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zecff26a7046141ed9895757903233ec1">

            <tr>
              <td style="width: 70.9pt;"><br>
              </td>
              <td style="width: 35.4pt; vertical-align: top;">(vii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>the risk free rate of return in Australia and the estimated volatility of the Shares on ASX at the relevant time; and</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z574691e4828a4b78941f3b92f1b467c1">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>the Company intends to calculate the value of the benefit relating to the RSUs at the relevant time based on the above factors. An appropriate valuation of the RSUs can be determined using the market price of the Shares at the date of
                  the Notice.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z392c31e87f354f9d8547716284301c35">

            <tr>
              <td style="width: 35.45pt; vertical-align: top;">4.5</td>
              <td style="width: auto; vertical-align: top;">
                <div style="font-weight: bold;">Specific information required by section 219 of the Corporations Act</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="margin-left: 35.45pt;">The following information in relation to Resolutions 2 and 3 is provided to Shareholders for the purposes of section 219 of the Corporations Act:</div>
        <div>&#160;</div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z9db75e3150a04e309e4cc3c346a6e0e3">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>The financial benefits relating to the issue of the RSUs are being provided to:</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z85e97723ee8344eb8783b39dd7030cae">

            <tr>
              <td style="width: 70.9pt;"><br>
              </td>
              <td style="width: 35.4pt; vertical-align: top;">(i)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Mr Todd Hannigan (and/or his nominee(s)), Executive Chairman under Resolution 2; and</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z797c9de968e64848b8c8df7da38e541b">

            <tr>
              <td style="width: 70.9pt;"><br>
              </td>
              <td style="width: 35.4pt; vertical-align: top;">(ii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Mr Anastasios Arima (and/or his nominee(s)), CEO and Managing Director under Resolution 3.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z5cba167b10cb44bb8ce9e1d20f07212f">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>The maximum number of RSUs to be granted to:</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z1ee7d8540bf64d179cff906e5e7b8e88">

            <tr>
              <td style="width: 70.9pt;"><br>
              </td>
              <td style="width: 35.4pt; vertical-align: top;">(i)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Mr Todd Hannigan (and/or his nominee(s)) is up to 478,000 RSUs pursuant to Resolution 2; and</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
          <div class="BRPFPageNumberArea" style="text-align: center;"><font class="BRPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">- 11 -</font></div>
          <div style="page-break-after: always;" class="BRPFPageBreak">
            <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
        </div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zafeeb11978fa45448e6877e7a7d1a0c6">

            <tr>
              <td style="width: 70.9pt;"><br>
              </td>
              <td style="width: 35.4pt; vertical-align: top;">(ii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Mr Anastasios Arima (and/or his nominee(s)) is up to 956,000 RSUs pursuant to Resolution 3.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z85b8e4988336418991521ba512fa3bad">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top;">(c)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>The RSUs are being issued to Messrs Hannigan and Arima as part of their Director compensation arrangements. The Company considers the issuance of RSUs to be a cost effective way to provide compensation benefits to Directors, and to
                  align the Directors interests with the interest of Shareholders, which will allow the Company to spend a greater proportion of its cash reserves on its operations than it would if alternative cash forms of remuneration were given to
                  Messrs Hannigan and Arima. The RSUs will be granted to Messrs Hannigan and Arima (and/or their nominee(s)) on the terms and conditions in Schedule 2.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z528ea93231e64333bb035f430000ee07">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top;">(d)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>The RSUs have an estimated value of A$1.840 (based on the underlying Share price of A$1.840, being the closing price of a Share on ASX on 6 February 2024). As a result, the total value attributed to the RSUs to be issued to Mr Hannigan
                  (and/or his nominees) would be approximately A$879,520 and the total value attributed to the RSUs to be issued to Mr Arima (and/or his nominees) would be approximately A$1,759,040.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z6ae9e28cf89f4010935f49f03563bf4f">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top;">(e)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>The current remuneration package of:</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="ze40b09bd05c94a9084045aedb46bbcad">

            <tr>
              <td style="width: 70.9pt;"><br>
              </td>
              <td style="width: 35.4pt; vertical-align: top;">(i)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Mr Todd Hannigan consists of fees of US$250,000 per annum and a discretionary performance bonus target of up to US$125,000 per annum upon the achievement of relevant KPIs. In addition, Mr Todd Hannigan has previously been granted
                  3,500,000 Performance Rights (that vest upon the Company achieving a 30-day VWAP of at least A$4.00 per Share and expiring 23 April 2026); and</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z2b2abb2abffb439485fa9a312212250a">

            <tr>
              <td style="width: 70.9pt;"><br>
              </td>
              <td style="width: 35.4pt; vertical-align: top;">(ii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Mr Anastasios Arima consists of a salary of US$400,000 per annum and a discretionary performance bonus target of up to US$240,000 per annum upon the achievement of relevant KPIs. In addition, Mr Anastasios Arima has previously been
                  granted 6,000,000 Performance Rights (2,000,000 Performance Rights that vest upon the Company achieving a 30-day VWAP of at least A$2.00 per Share, 2,000,000 Performance Rights that vest upon the Company achieving a 30-day VWAP of at
                  least A$3.00 per Share, and 2,000,000 Performance Rights that vest upon the Company achieving a 30-day VWAP of at least A$4.00 per Share, expiring 23 April 2026).</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zdf0b547d6bf04f218b8486c41fd0d0a8">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top;">(f)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>As at the date of the Notice, Messrs Hannigan and Arima's interests in the securities of the Company are as follows:</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="margin-left: 72pt;">
          <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zff6b399f8b1142eda34d05e73c3f2e1c">

              <tr>
                <td style="width: 21.33%; vertical-align: middle; background-color: rgb(0, 32, 96); border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
                  <div style="font-weight: bold; color: rgb(255, 255, 255);">Name</div>
                </td>
                <td style="width: 16%; vertical-align: middle; background-color: rgb(0, 32, 96); border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
                  <div style="text-align: center; font-weight: bold; color: rgb(255, 255, 255);">Shares</div>
                </td>
                <td style="width: 17.47%; vertical-align: middle; background-color: rgb(0, 32, 96); border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
                  <div style="text-align: center; font-weight: bold; color: rgb(255, 255, 255);">Performance </div>
                  <div style="text-align: center; font-weight: bold; color: rgb(255, 255, 255);">Shares<sup style="color: #FFFFFF; vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup></div>
                </td>
                <td style="width: 12.23%; vertical-align: middle; background-color: rgb(0, 32, 96); border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
                  <div style="text-align: center; font-weight: bold; color: rgb(255, 255, 255);">Options</div>
                </td>
                <td style="width: 17.49%; vertical-align: middle; background-color: rgb(0, 32, 96); border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
                  <div style="text-align: center; font-weight: bold; color: rgb(255, 255, 255);">Performance </div>
                  <div style="text-align: center; font-weight: bold; color: rgb(255, 255, 255);">Options<sup style="color: #FFFFFF; vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup></div>
                </td>
                <td style="width: 17.49%; vertical-align: middle; background-color: rgb(0, 32, 96); border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
                  <div style="text-align: center; font-weight: bold; color: rgb(255, 255, 255);">Performance </div>
                  <div style="text-align: center; font-weight: bold; color: rgb(255, 255, 255);">Rights</div>
                </td>
              </tr>
              <tr>
                <td style="width: 21.33%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
                  <div>Todd Hannigan</div>
                </td>
                <td style="width: 16%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
                  <div style="text-align: center;">17,565,255</div>
                </td>
                <td style="width: 17.47%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
                  <div style="text-align: center;">2,520,000</div>
                </td>
                <td style="width: 12.23%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
                  <div style="text-align: center;">-</div>
                </td>
                <td style="width: 17.49%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
                  <div style="text-align: center;">560,000</div>
                </td>
                <td style="width: 17.49%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
                  <div style="text-align: center;">3,500,000</div>
                </td>
              </tr>
              <tr>
                <td style="width: 21.33%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
                  <div>Anastasios Arima</div>
                </td>
                <td style="width: 16%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
                  <div style="text-align: center;">4,461,446</div>
                </td>
                <td style="width: 17.47%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
                  <div style="text-align: center;">5,040,000</div>
                </td>
                <td style="width: 12.23%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
                  <div style="text-align: center;">625,000</div>
                </td>
                <td style="width: 17.49%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
                  <div style="text-align: center;">1,000,000</div>
                </td>
                <td style="width: 17.49%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
                  <div style="text-align: center;">6,000,000</div>
                </td>
              </tr>

          </table>
        </div>
        <div>&#160;</div>
        <div style="font-weight: bold; margin-left: 72pt;">Note:</div>
        <div>&#160;</div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zc5b1d3412db24c77a8ea3c5e974280d4">

            <tr>
              <td style="width: 72pt;">&#160;</td>
              <td style="width: 14.15pt; vertical-align: top;">1.</td>
              <td style="width: auto; vertical-align: top;">
                <div>Performance Shares and Performance Options were issued to the vendors of Hyperion Metals (Australia) Pty Ltd (<font style="font-weight: bold;">HMAPL</font>) as part of the Company&#8217;s acquisition of HMAPL on 1 December 2020, following
                  Shareholder approval on 30 November 2020. The Performance Shares and Performance Options are subject to satisfaction of the following performance criteria:</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z5942b2fe941a4092b3e8ac62c3e7751f">

            <tr>
              <td style="width: 106.9pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top;">(a)</td>
              <td style="width: auto; vertical-align: top;">
                <div>50% of the Performance Shares and Performance Options will convert into Shares upon completion of a positive prefeasibility study (prepared in accordance with the JORC Code and independently verified by a Competent Person) for heavy
                  mineral sands mining and processing on any of the Titan Project area which demonstrates a net present value of at least A$200,000,000 before 17 September 2024 (<font style="font-weight: bold;">Pre-Feasibility Study Milestone</font>); and</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z4246a586c0324987ac7fb6d1c7fcf404">

            <tr>
              <td style="width: 106.9pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top;">(b)</td>
              <td style="width: auto; vertical-align: top;">
                <div>50% of the Performance Shares and Performance Options will convert into Shares upon commencement of commercial production from the Titan Project area before September 17, 2025 (<font style="font-weight: bold;">First Production
                    Milestone</font>).</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zbcf403d4a68740448ec0094c77388333">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top;">(g)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>If all the RSUs subject to Resolutions 2 and 3 are converted into Shares, a total of 1,434,000 Shares would be issued. This will increase the number of Shares on issue from 227,766,713 (being the total number of Shares on issue as at
                  the date of the Notice) to 229,200,713 (assuming no further issues of Shares and no convertible securities vest or are exercised) with the effect that the shareholding of existing Shareholders would be diluted by an aggregate of 0.6%.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
          <div class="BRPFPageNumberArea" style="text-align: center;"><font class="BRPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">- 12 -</font></div>
          <div style="page-break-after: always;" class="BRPFPageBreak">
            <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
        </div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z4366f4c41dbb46f483eaf4362eb0f2c5">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top;">(h)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>The historical quoted price information for Shares for the last twelve months from the date of the Notice is as follows:</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="margin-left: 72pt;">
          <table cellspacing="0" cellpadding="4" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z781184a5ed0146db8fe07d6c6e6af8e8">

              <tr>
                <td style="width: 32.61%; vertical-align: top; background-color: rgb(0, 32, 96); border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
                  <div style="font-weight: bold; color: rgb(255, 255, 255);">Shares</div>
                </td>
                <td style="width: 34%; vertical-align: top; background-color: rgb(0, 32, 96); border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
                  <div style="text-align: center; font-weight: bold; color: rgb(255, 255, 255);">Price</div>
                </td>
                <td style="width: 33%; vertical-align: top; background-color: rgb(0, 32, 96); border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
                  <div style="text-align: center; font-weight: bold; color: rgb(255, 255, 255);">Date</div>
                </td>
              </tr>
              <tr>
                <td style="width: 32.61%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
                  <div>Highest</div>
                </td>
                <td style="width: 34%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
                  <div style="text-align: center;">A$1.885</div>
                </td>
                <td style="width: 33%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
                  <div style="text-align: center;">30 January 2024</div>
                </td>
              </tr>
              <tr>
                <td style="width: 32.61%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
                  <div>Lowest</div>
                </td>
                <td style="width: 34%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
                  <div style="text-align: center;">A$0.6825</div>
                </td>
                <td style="width: 33%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
                  <div style="text-align: center;">16 March 2023</div>
                </td>
              </tr>
              <tr>
                <td style="width: 32.61%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
                  <div>Last</div>
                </td>
                <td style="width: 34%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
                  <div style="text-align: center;">A$1.840</div>
                </td>
                <td style="width: 33%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
                  <div style="text-align: center;">6 February 2024</div>
                </td>
              </tr>

          </table>
        </div>
        <div>&#160;</div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z178521fa8af14440ac0ba8ebe5c7ab89">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top;">(i)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Mr Todd Hannigan has an interest in Resolution 2 and therefore believes it inappropriate to make a recommendation.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zd9a45dc43c614a3ea66a20aff80252f8">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top;">(j)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Mr Anastasios Arima has an interest in Resolution 3 and therefore believes it inappropriate to make a recommendation.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z4f7dc4b31dff437ebaa0f0c60945ceff">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top;">(k)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>A voting exclusion statement is included in the Notice for Resolutions 2 and 3.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="ze48079fc691d4fca8d28ce59f865fa8b">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top;">(l)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Other than the information above and otherwise detailed in the Notice, the Company believes there is no there is no other information that would be reasonably required by Shareholders to pass Resolutions 2 and 3.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z1aefe019f60d4eb3b5669309083ffa78">

            <tr>
              <td style="width: 35.45pt; vertical-align: top;">4.6</td>
              <td style="width: auto; vertical-align: top;">
                <div style="font-weight: bold;">Listing Rule 10.11</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="margin-left: 35.45pt;">Listing Rule 10.11 provides that unless one of the exceptions in Listing Rule 10.12 applies, a listed company must not issue or agree to issue Equity Securities to:</div>
        <div>&#160;</div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z60e67aa992154653a28eb390bdf60ebd">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top;">(a)</td>
              <td style="width: auto; vertical-align: top;">
                <div>a Related Party;</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z476395fb3b2c4602ba8f72a2899e369b">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top;">(b)</td>
              <td style="width: auto; vertical-align: top;">
                <div>a person who is, or was at any time in the six months before the issue or agreement, a substantial (30%+) holder in the company;</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zbd41d5a5af694da6b6b7f442549ed645">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 36.55pt; vertical-align: top;">(c)</td>
              <td style="width: auto; vertical-align: top;">
                <div>a person who is, or was at any time in the six months before the issue or agreement, a substantial (10%+) holder in the company and who has nominated a director to the board of the company pursuant to a relevant agreement which gives
                  them a right or expectation to do so;</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z418d6835a06a401b8fad7ebcb00a1a27">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top;">(d)</td>
              <td style="width: auto; vertical-align: top;">
                <div>an associate of a person referred to in (a) to (c); or</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z9b5fa1e9cb6a47788ef04732ba392626">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top;">(e)</td>
              <td style="width: auto; vertical-align: top;">
                <div>a person whose relationship with the company or a person referred to in (a) to (d) is such that, in ASX&#8217;s opinion, the issue or agreement should be approved by its shareholders,</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="margin-left: 35.45pt;">unless it obtains shareholder approval.</div>
        <div>&#160;</div>
        <div style="margin-left: 35.45pt;">The issue of the RSUs to Messrs Hannigan and Arima (and/or their respective nominee(s)) falls within paragraph (a) above (being Listing Rule 10.11.1), as Messrs Hannigan and Arima are related parties to the
          Company, and does not fall within any of the exceptions in Listing Rule 10.12. It therefore requires the approval of Shareholders under Listing Rule 10.11.</div>
        <div>&#160;</div>
        <div style="margin-left: 35.45pt;">Resolution 2 seeks the required Shareholder approval to issue up to 478,000 RSUs to Mr Todd Hannigan (and/or his nominee(s)) under and for the purposes of Listing Rule 10.11 (and for all other purposes).</div>
        <div>&#160;</div>
        <div style="margin-left: 35.45pt;">Resolution 3&#160; seeks the required Shareholder approval to issue up to 956,000 RSUs to Mr Anastasios Arima (and/or his nominee(s)) under and for the purposes of Listing Rule 10.11 (and for all other purposes).</div>
        <div>&#160;</div>
        <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
          <div class="BRPFPageNumberArea" style="text-align: center;"><font class="BRPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">- 13 -</font></div>
          <div style="page-break-after: always;" class="BRPFPageBreak">
            <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
        </div>
        <div style="margin-left: 35.45pt;">If Resolution 2 or 3 is passed, the Company will be able to proceed with the issue of the relevant RSUs to the relevant Director (and/or his nominee(s)) and pursuant to Listing Rule 7.2 (exception 14), the issue
          of the relevant RSUs will be excluded from the calculation of the number of Equity Securities that the Company can issue without Shareholder approval under Listing Rule 7.1.</div>
        <div>&#160;</div>
        <div style="margin-left: 35.45pt;">If Resolution 2 or 3 is not passed, the Company will not be able to proceed with the issue of the relevant RSUs to the relevant Director (and/or his nominee(s)), as part of their Director compensation arrangements
          and the Company will need to find alternative measures to compensate its Directors.</div>
        <div>&#160;</div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z0d120d0fa5974d39af225344f00d1b72">

            <tr>
              <td style="width: 35.45pt; vertical-align: top;">4.7</td>
              <td style="width: auto; vertical-align: top;">
                <div style="font-weight: bold;">Specific information required by Listing Rule 10.13</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="margin-left: 35.45pt;">The following information in relation to Resolutions 2 and 3 is provided to Shareholders for the purposes of Listing Rule 10.13:</div>
        <div>&#160;</div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z53ae87c8bd6a4eb29d7dbb01ecf705aa">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top;">(a)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>The RSUs will be issued to:</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zdd744407402f453baa4722bbf1f8f1de">

            <tr>
              <td style="width: 70.9pt;"><br>
              </td>
              <td style="width: 35.4pt; vertical-align: top;">(i)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Mr Todd Hannigan (and/or his nominee(s)), Executive Chairman under Resolution 2; and</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zd4b3c6f9e5b3424bb3a7d7eb5adc371e">

            <tr>
              <td style="width: 70.9pt;"><br>
              </td>
              <td style="width: 35.4pt; vertical-align: top;">(ii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Mr Anastasios Arima (and/or his nominee(s)), CEO and Managing Director under Resolution 3.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="za829bc609321445a839c0053c52950d3">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top;">(b)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Messrs Hannigan and Arima fall within Listing Rule 10.11.1 as they are related parties of the Company by virtue of being Directors.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z6d666e86c229437397995e8378ba168c">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top;">(c)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>The maximum number of RSUs to be granted to:</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z72c8da048a084f28af8c9e7ac8dfbd08">

            <tr>
              <td style="width: 70.9pt;"><br>
              </td>
              <td style="width: 35.4pt; vertical-align: top;">(i)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Mr Todd Hannigan (and/or his nominee(s)) is up to 478,000 RSUs pursuant to Resolution 2; and</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z4803fcf4390544aea29384bd61bdf205">

            <tr>
              <td style="width: 70.9pt;"><br>
              </td>
              <td style="width: 35.4pt; vertical-align: top;">(ii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Mr Anastasios Arima (and/or his nominee(s)) is up to 956,000 RSUs pursuant to Resolution 3.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z4c7b9ecb1f24437dad1755de72cce257">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top;">(d)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>The material terms of the RSUs are detailed in Schedule 2.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zf0533a850ee648c4b9da1a723f7b9f2d">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top;">(e)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>The RSUs will be issued no later than one month after the date of the Meeting (or such later date to the extent permitted by any ASX waiver or modification of the Listing Rules).</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="ze15a0326dccd485c835a0af994b1636a">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top;">(f)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>The RSUs will be granted for nil consideration. Accordingly, no funds will be raised by the issue of the RSUs.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z1210e9dd3dd940b7921c5fdd978671d9">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top;">(g)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>The RSUs are being issued to Messrs Hannigan and Arima as part of their Director compensation arrangements. The Company considers the issuance of RSUs to be a cost effective way to provide compensation benefits to Directors, and to
                  align the Directors interests with the interest of Shareholders, which will allow the Company to spend a greater proportion of its cash reserves on its operations than it would if alternative cash forms of remuneration were given to
                  Messrs Hannigan and Arima.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="za719d394c4fb46bf80de430b094758db">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top;">(h)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>The current remuneration package of:</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z6ac7f18171054e9d8442aeaab14eb509">

            <tr>
              <td style="width: 70.9pt;"><br>
              </td>
              <td style="width: 35.4pt; vertical-align: top;">(i)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Mr Todd Hannigan consists of fees of US$250,000 per annum and a discretionary performance bonus target of up to US$125,000 per annum upon the achievement of relevant KPIs. In addition, Mr Todd Hannigan has previously been granted
                  3,500,000 Performance Rights (that vest upon the Company achieving a 30-day VWAP of at least A$4.00 per Share and expiring 23 April 2026); and</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="ze72c6d4b0cbd456a9949d418fd9bb8d8">

            <tr>
              <td style="width: 70.9pt;"><br>
              </td>
              <td style="width: 35.4pt; vertical-align: top;">(ii)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Mr Anastasios Arima consists of a salary of US$400,000 per annum and a discretionary performance bonus target of up to US$240,000 per annum upon the achievement of relevant KPIs. In addition, Mr Anastasios Arima has previously been
                  granted 6,000,000 Performance Rights (2,000,000 Performance Rights that vest upon the Company achieving a 30-day VWAP of at least A$2.00 per Share, 2,000,000 Performance Rights that vest upon the Company achieving a 30-day VWAP of at
                  least A$3.00 per Share, and 2,000,000 Performance Rights that vest upon the Company achieving a 30-day VWAP of at least A$4.00 per Share, expiring 23 April 2026).</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
          <div class="BRPFPageNumberArea" style="text-align: center;"><font class="BRPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">- 14 -</font></div>
          <div style="page-break-after: always;" class="BRPFPageBreak">
            <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
        </div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zfb4024dd43bf4522bdb3b63c40d2f52d">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top;">(i)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>There is no agreement associated with the grant of the RSUs.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zc270dd6e9fde48dab9547257403f90a2">

            <tr>
              <td style="width: 35.45pt;"><br>
              </td>
              <td style="width: 35.45pt; vertical-align: top;">(j)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>A voting exclusion statement is included in the Notice for Resolutions 2 and 3.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z57ae9723608e4689b380a0e99183abb2">

            <tr>
              <td style="width: 35.45pt; vertical-align: top;">4.8</td>
              <td style="width: auto; vertical-align: top;">
                <div style="font-weight: bold;">Board recommendation</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="margin-left: 35.45pt;">The Board (excluding Mr Todd Hannigan) recommends that Shareholders vote in favour of Resolution 2.</div>
        <div>&#160;</div>
        <div style="margin-left: 35.45pt;">The Board (excluding Mr Anastasios Arima) recommends that Shareholders vote in favour of Resolution 3.</div>
        <div>&#160;</div>
        <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
          <div class="BRPFPageNumberArea" style="text-align: center;"><font class="BRPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">- 15 -</font></div>
          <div style="page-break-after: always;" class="BRPFPageBreak">
            <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
        </div>
        <div style="text-align: center; font-weight: bold;">Schedule 1</div>
        <div>&#160;</div>
        <div style="text-align: center; font-weight: bold;">Definitions</div>
        <div>&#160;</div>
        <div style="margin-left: 35.45pt;">In the Notice and this Explanatory Memorandum words importing the singular include the plural and vice versa.</div>
        <div>&#160;</div>
        <div style="margin-left: 35.45pt;"><font style="font-weight: bold;">15% Placement Capacity </font>has the meaning given in Section 3.3.</div>
        <div>&#160;</div>
        <div style="margin-left: 35.45pt;"><font style="font-weight: bold;">A$</font> means Australian Dollars.</div>
        <div>&#160;</div>
        <div style="margin-left: 35.45pt;"><font style="font-weight: bold;">ADR </font>means an American Depositary Receipt.</div>
        <div>&#160;</div>
        <div style="margin-left: 35.45pt;"><font style="font-weight: bold;">ASX </font>means ASX Limited (ACN 008 624 691) and, where the context permits, the Australian Securities Exchange operated by ASX.</div>
        <div>&#160;</div>
        <div style="margin-left: 35.45pt;"><font style="font-weight: bold;">AWST</font> means Australian Western Standard Time, being the time in Perth, Western Australia.</div>
        <div>&#160;</div>
        <div style="margin-left: 35.45pt;"><font style="font-weight: bold;">Board </font>means the board of Directors.</div>
        <div>&#160;</div>
        <div style="margin-left: 35.45pt;"><font style="font-weight: bold;">CAP </font>means Compensation Advisory Partners.</div>
        <div>&#160;</div>
        <div style="margin-left: 35.45pt;"><font style="font-weight: bold;">CEO</font> means the chief executive officer of the Company.</div>
        <div>&#160;</div>
        <div style="margin-left: 35.45pt;"><font style="font-weight: bold;">Chair</font> means the person appointed to chair the Meeting, or any part of the Meeting, convened by the Notice.</div>
        <div>&#160;</div>
        <div style="margin-left: 35.45pt;"><font style="font-weight: bold;">Closely Related Party</font> has the meaning given in section 9 of the Corporations Act.</div>
        <div>&#160;</div>
        <div style="margin-left: 35.45pt;"><font style="font-weight: bold;">Company</font> means IperionX Limited (ACN 618 935 372).</div>
        <div>&#160;</div>
        <div style="margin-left: 35.45pt;"><font style="font-weight: bold;">Director</font> means a director of the Company.</div>
        <div>&#160;</div>
        <div style="margin-left: 35.45pt;"><font style="font-weight: bold;">Equity Security</font> has the same meaning as in the Listing Rules.</div>
        <div>&#160;</div>
        <div style="margin-left: 35.45pt;"><font style="font-weight: bold;">Explanatory Memorandum</font> means the explanatory memorandum which forms part of the Notice.</div>
        <div>&#160;</div>
        <div style="margin-left: 35.45pt;"><font style="font-weight: bold;">Key Management Personnel </font>has the same meaning as in the accounting standards issued by the Australian Accounting Standards Board and means those persons having authority
          and responsibility for planning, directing and controlling the activities of the Company, or if the Company is part of a consolidated entity, of the consolidated entity, directly or indirectly, including any Director (whether executive or
          otherwise) of the Company, or if the Company is part of a consolidated entity, of an entity within the consolidated group.</div>
        <div>&#160;</div>
        <div style="margin-left: 35.45pt;"><font style="font-weight: bold;">Listing Rules</font> means the listing rules of ASX.</div>
        <div>&#160;</div>
        <div style="margin-left: 35.45pt;"><font style="font-weight: bold;">LTI </font>means long-term incentive.</div>
        <div>&#160;</div>
        <div style="margin-left: 35.45pt;"><font style="font-weight: bold;">Managing Director </font>means the managing director of the Company.</div>
        <div>&#160;</div>
        <div style="margin-left: 35.45pt;"><font style="font-weight: bold;">Meeting</font> has the meaning in the introductory paragraph of the Notice.</div>
        <div>&#160;</div>
        <div style="margin-left: 35.45pt;"><font style="font-weight: bold;">Nomination and Remuneration Committee </font>means the nomination and remuneration committee established by the Company.</div>
        <div>&#160;</div>
        <div style="margin-left: 35.45pt;"><font style="font-weight: bold;">Notice</font> means the notice of meeting which comprises of the notice, agenda, Explanatory Memorandum and Proxy Form.</div>
        <div>&#160;</div>
        <div style="margin-left: 35.45pt;"><font style="font-weight: bold;">Placement</font> has the meaning given in Section 3.1.</div>
        <div>&#160;</div>
        <div style="margin-left: 35.45pt;"><font style="font-weight: bold;">Placement Participants</font> has the meaning given in Section 3.1.</div>
        <div>&#160;</div>
        <div style="margin-left: 35.45pt;"><font style="font-weight: bold;">Potential Retirement Benefits</font> has the meaning given in Section 4.2.</div>
        <div>&#160;</div>
        <div style="margin-left: 35.45pt;"><font style="font-weight: bold;">Proxy Form</font> means the proxy form attached to the Notice.</div>
        <div>&#160;</div>
        <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
          <div class="BRPFPageNumberArea" style="text-align: center;"><font class="BRPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">- 16 -</font></div>
          <div style="page-break-after: always;" class="BRPFPageBreak">
            <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
        </div>
        <div style="margin-left: 35.45pt;"><font style="font-weight: bold;">Resolution </font>means a resolution contained in the Notice.</div>
        <div>&#160;</div>
        <div style="margin-left: 35.45pt;"><font style="font-weight: bold;">RSU </font>means an unquoted restricted stock unit that converts into a Share in the capital of the Company.</div>
        <div>&#160;</div>
        <div style="margin-left: 35.45pt;"><font style="font-weight: bold;">Schedule</font> means a schedule to this Explanatory Memorandum.</div>
        <div>&#160;</div>
        <div style="margin-left: 35.45pt;"><font style="font-weight: bold;">Section</font> means a section of this Explanatory Memorandum.</div>
        <div>&#160;</div>
        <div style="margin-left: 35.45pt;"><font style="font-weight: bold;">Share</font> means a fully paid ordinary share in the capital of the Company.</div>
        <div>&#160;</div>
        <div style="margin-left: 35.45pt;"><font style="font-weight: bold;">Shareholder</font> means a holder of one or more Shares in the Company.</div>
        <div>&#160;</div>
        <div style="margin-left: 35.45pt;"><font style="font-weight: bold;">STI </font>means short-term incentive.</div>
        <div>&#160;</div>
        <div style="margin-left: 35.45pt;"><font style="font-weight: bold;">U.S. </font>or the<font style="font-weight: bold;"> United States </font>means the United States of America, its territories and possessions, any state of the United States and
          the District of Columbia.</div>
        <div>&#160;</div>
        <div style="margin-left: 35.45pt;"><font style="font-weight: bold;">US$ </font>means United States Dollars.</div>
        <div>&#160;</div>
        <div style="margin-left: 35.45pt;"><font style="font-weight: bold;">VWAP </font>means volume weighted average price.</div>
        <div>&#160;</div>
        <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
          <div class="BRPFPageNumberArea" style="text-align: center;"><font class="BRPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">- 17 -</font></div>
          <div style="page-break-after: always;" class="BRPFPageBreak">
            <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
        </div>
        <div style="text-align: center; font-weight: bold;">Schedule 2</div>
        <div>&#160;</div>
        <div style="text-align: center; font-weight: bold;">Terms and Conditions of RSUs</div>
        <div>&#160;</div>
        <div style="margin-left: 35.45pt; font-weight: bold;">Offer of RSUs</div>
        <div>&#160;</div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z72614c9dc94f40c48cc82fac28dad2d7">

            <tr>
              <td style="width: 37.35pt; vertical-align: top;">1.1</td>
              <td style="width: auto; vertical-align: top;">
                <div>Each RSU confers an entitlement to the holder (<font style="font-weight: bold;">Holder</font>) to be provided with one fully paid ordinary Share in the Company (<font style="font-weight: bold;">Share</font>) at no cost, upon the
                  satisfaction of the Vesting Conditions (described below) specified by the Board in relation to that RSU.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-indent: 17.45pt; margin-left: 18pt; font-weight: bold;">Number of RSUs and Expiry Date</div>
        <div>&#160;</div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z7e20738943844538913bab15e96bfe4a">

            <tr>
              <td style="width: 37.35pt; vertical-align: top;">1.2</td>
              <td style="width: auto; vertical-align: top;">
                <div>The number of RSUs and Expiry Date for each are as follows:</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="margin-left: 36pt;">
          <table cellspacing="0" cellpadding="4" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zb54c9b18cccf41d38addced35dfbf8f9">

              <tr>
                <td style="width: 33%; vertical-align: middle; background-color: rgb(217, 217, 217); border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
                  <div style="font-weight: bold;">Holder</div>
                </td>
                <td style="width: 34%; vertical-align: middle; background-color: rgb(217, 217, 217); border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
                  <div style="text-align: center; font-weight: bold;">Number of RSUs</div>
                </td>
                <td style="width: 33%; vertical-align: middle; background-color: rgb(217, 217, 217); border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
                  <div style="text-align: center; font-weight: bold;">Expiry Date</div>
                </td>
              </tr>
              <tr>
                <td style="width: 33%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
                  <div>Mr Todd Hannigan</div>
                </td>
                <td style="width: 34%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
                  <div style="text-align: center;">478,000</div>
                </td>
                <td style="width: 33%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
                  <div style="text-align: center;">31 December 2027</div>
                </td>
              </tr>
              <tr>
                <td style="width: 33%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
                  <div>Mr Anastasios Arima</div>
                </td>
                <td style="width: 34%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
                  <div style="text-align: center;">956,000</div>
                </td>
                <td style="width: 33%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
                  <div style="text-align: center;">31 December 2027</div>
                </td>
              </tr>

          </table>
        </div>
        <div>&#160;</div>
        <div style="margin-left: 35.45pt; font-weight: bold;">Vesting Conditions</div>
        <div>&#160;</div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z5c2d940daa3345ab9431aec521c896da">

            <tr>
              <td style="width: 37.35pt; vertical-align: top;">1.3</td>
              <td style="width: auto; vertical-align: top;">
                <div>Subject to the Holder's continuous service to the Company at the applicable vesting date:</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zc93ca309264e48fea0f0329d72c320d2">

            <tr>
              <td style="width: 34.9pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top;">(a)</td>
              <td style="width: auto; vertical-align: top;">
                <div>one third of the RSUs issued to the Holder will vest on 31 December 2024;</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z76e68e469be94bc98f405d08e0ed15f1">

            <tr>
              <td style="width: 34.9pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top;">(b)</td>
              <td style="width: auto; vertical-align: top;">
                <div>one third of the RSUs issued to the Holder will vest on 31 December 2025; and</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zec14d2bd163244e686d6af4f335148ec">

            <tr>
              <td style="width: 34.9pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top;">(c)</td>
              <td style="width: auto; vertical-align: top;">
                <div>one third of the RSUs issued to the Holder will vest on 31 December 2026,</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="margin-left: 35.45pt;">(each a <font style="font-weight: bold;">Vesting Condition</font>).</div>
        <div>&#160;</div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z00b3acec508342178684a5d301963be8">

            <tr>
              <td style="width: 37.35pt; vertical-align: top;">1.4</td>
              <td style="width: auto; vertical-align: top;">
                <div>If:</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zda3ee424354340faa02e35265ac20b2a">

            <tr>
              <td style="width: 34.9pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top;">(a)</td>
              <td style="width: auto; vertical-align: top;">
                <div>the Holder is either removed as a director of the Company, or is not re-elected as a director of the Company after having notified the Board of their willingness to be re-elected, in either case for any reason other than the Holder
                  having become disqualified or prohibited by law from being or acting as a director or from being involved in the management of a company; or</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z8162b0a03b384b07918dd40b1f9983f3">

            <tr>
              <td style="width: 34.9pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top;">(b)</td>
              <td style="width: auto; vertical-align: top;">
                <div>the Holder resigns as a director of the Company as a result of the Company&#8217;s breach of any of the terms of Holder&#8217;s letter of appointment as a director, or failure to obtain the necessary approvals for any annual grant RSUs; or</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z1f4a72876c754fd99ffe932e8425b342">

            <tr>
              <td style="width: 34.9pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top;">(c)</td>
              <td style="width: auto; vertical-align: top;">
                <div>the Holder dies or resigns as a director of the Company as a result of Holder&#8217;s total and permanent disablement,</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="margin-left: 35.45pt;">(each a <font style="font-weight: bold;">Qualifying Termination</font>), then subject to the Company obtaining the approval of shareholders of the Company pursuant to the Corporations Act, then all RSUs that
          would have vested within one year after the Qualifying Termination shall vest on the date of the Qualifying Termination, and the Qualifying Termination shall be considered a Vesting Condition with respect to such RSUs.</div>
        <div>&#160;</div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z15a9500193d64071b8f0cc01861d8a5f">

            <tr>
              <td style="width: 37.35pt; vertical-align: top;">1.5</td>
              <td style="width: auto; vertical-align: top;">
                <div>RSUs will only vest and entitle the Holder to be issued Shares if the applicable Vesting Condition has been satisfied prior to the Expiry Date or waived by the Board.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="margin-left: 35.45pt; font-weight: bold;">Satisfaction of Vesting Condition</div>
        <div>&#160;</div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z85024551f05f4f569581501bcaac0536">

            <tr>
              <td style="width: 37.35pt; vertical-align: top;">1.6</td>
              <td style="width: auto; vertical-align: top;">
                <div>The Board will determine in its sole discretion whether (and, where applicable, to what extent) the Holder has satisfied the Vesting Conditions applicable to the RSUs. As soon as practicable after making that determination the Board
                  must allot and issue, or transfer, the number of Shares for which the Holder is entitled to acquire upon satisfaction of the Vesting Conditions for the relevant number of RSUs held in accordance with clause 1.7.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
          <div class="BRPFPageNumberArea" style="text-align: center;"><font class="BRPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">- 18 -</font></div>
          <div style="page-break-after: always;" class="BRPFPageBreak">
            <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
        </div>
        <div style="margin-left: 35.45pt; font-weight: bold;">Lapse of RSUs</div>
        <div>&#160;</div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z2e84cd91ad664eedb01b944adbfe5dea">

            <tr>
              <td style="width: 37.35pt; vertical-align: top;">1.7</td>
              <td style="width: auto; vertical-align: top;">
                <div>The Expiry Date for each RSU will be as determined by the Board in its sole and absolute discretion.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="ze88109998cd4440bb54a94aa9d1c9120">

            <tr>
              <td style="width: 37.35pt; vertical-align: top;">1.8</td>
              <td style="width: auto; vertical-align: top;">
                <div>Where RSUs have not satisfied the Vesting Condition prior to the Expiry Date, those RSUs will automatically lapse.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="margin-left: 35.45pt; font-weight: bold;">Timing of the Issue of Shares and Quotation</div>
        <div>&#160;</div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="ze0b44296c26e4ac6abb4ef13b9b47fcf">

            <tr>
              <td style="width: 37.35pt; vertical-align: top;">1.9</td>
              <td style="width: auto; vertical-align: top;">
                <div>The Company must within twenty (20) business days after the later of the following:</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z372b5c3bc3e746998539b531b1a4af99">

            <tr>
              <td style="width: 34.9pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top;">(a)</td>
              <td style="width: auto; vertical-align: top;">
                <div>the satisfaction of the Vesting Conditions applicable to the RSUs; and</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z1deb5ea8b882447486318f0109fa3667">

            <tr>
              <td style="width: 34.9pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top;">(b)</td>
              <td style="width: auto; vertical-align: top;">
                <div>when excluded information in respect of the Company (as defined in section 708A(7) of the Corporations Act) (if any) ceases to be excluded information, provided that in no event will the shares be issued to a Holder subject to Section
                  409A of the US Internal Revenue Code be issued later than March 15 of the year following the year that includes satisfaction of the Vesting Conditions. If there is no such information, the relevant date will be the date the relevant
                  Vesting Conditions are satisfied pursuant to clause 1.4;</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="margin-left: 35.45pt;">the Company will:</div>
        <div>&#160;</div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="ze236372703c24426b8000c8f1bc8bea5">

            <tr>
              <td style="width: 34.9pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top;">(c)</td>
              <td style="width: auto; vertical-align: top;">
                <div>allot and issue the Shares pursuant to the vesting of the RSUs;</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z638dc55b20de4f07a5950b1a1e0bc9d9">

            <tr>
              <td style="width: 34.9pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top;">(d)</td>
              <td style="width: auto; vertical-align: top;">
                <div>as soon as reasonably practicable and if required, give ASX a notice that complies with section 708A(5)(e) of the Corporations Act, or, if the Company is unable to issue such a notice, lodge with ASIC a prospectus prepared in
                  accordance with the Corporations Act and do all such things necessary to satisfy section 708A(11) of the Corporations Act to ensure that an offer for sale of the Shares does not require disclosure to investors; and</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zca850ba32acd4bbb827f7f506b18eef4">

            <tr>
              <td style="width: 34.9pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top;">(e)</td>
              <td style="width: auto; vertical-align: top;">
                <div>apply for official quotation on ASX of Shares issued pursuant to the vesting of the RSUs.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z8499f058223143d19c9ba721cd589795">

            <tr>
              <td style="width: 37.35pt; vertical-align: top;">1.10</td>
              <td style="width: auto; vertical-align: top;">
                <div>Notwithstanding clause 1.7 above, solely with respect to Holders who are not U.S. residents or to the extent such does not otherwise violate Code Section 409A, the Company&#8217;s obligation to issue such Shares pursuant to clause 1.9(d)
                  shall be postponed if such Holder at any time after the relevant Vesting Conditions are satisfied pursuant to clause 1.4 elects for the Shares to be issued to be subject to a holding lock for a period of twelve (12) months. Following any
                  such election:</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z605fada95eed4cdfb34346682f141e41">

            <tr>
              <td style="width: 34.9pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top;">(a)</td>
              <td style="width: auto; vertical-align: top;">
                <div>the Shares to be issued or transferred will be held by such Holder on the Company's issuer sponsored sub-register (and not in a CHESS sponsored holding);</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z3843cd39d9ea4d6f825346a55bfd9a96">

            <tr>
              <td style="width: 34.9pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top;">(b)</td>
              <td style="width: auto; vertical-align: top;">
                <div>the Company will apply a holding lock on the Shares to be issued or transferred and such Holder is taken to have agreed to that application of that holding lock;</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="za1ed04caf89a4f44a0b4911637da13b1">

            <tr>
              <td style="width: 34.9pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top;">(c)</td>
              <td style="width: auto; vertical-align: top;">
                <div>the Company shall release the holding lock on the Shares on the earlier to occur of:</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z5223d38525fb41798b265e62434ff2a5">

            <tr>
              <td style="width: 70.35pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top;">(i)</td>
              <td style="width: auto; vertical-align: top;">
                <div>the date that is twelve (12) months from the date of issue of the Share; or</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="ze3ab482befcd4de1bac0928b7ab04f44">

            <tr>
              <td style="width: 70.35pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top;">(ii)</td>
              <td style="width: auto; vertical-align: top;">
                <div>the date the Company issues a disclosure document that qualifies the Shares for trading in accordance with section 708A(11) of the Corporations Act; or</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="za79a12b38c51488484ea5bad4729b22e">

            <tr>
              <td style="width: 70.35pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top;">(iii)</td>
              <td style="width: auto; vertical-align: top;">
                <div>the date a transfer of the Shares occurs pursuant to clause 1.10(d) of these terms and conditions; and</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="za489fdd9d2174ab1be96e21d758ddafa">

            <tr>
              <td style="width: 34.9pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top;">(d)</td>
              <td style="width: auto; vertical-align: top;">
                <div>Shares shall be transferable by such Holder and the holding lock will be lifted provided that the transfer of the Share complies with section 707(3) of the Corporations Act and, if requested by the Company, the transferee of the Shares
                  agrees by way of a deed poll in favour of the Company to the holding lock applying to the Shares following its transfer for the balance of the period in clause 1.10(c).</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="margin-left: 35.45pt; font-weight: bold;">Shares Issued</div>
        <div>&#160;</div>
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                <div>Shares issued on the satisfaction of the Vesting Conditions attaching to the RSUs rank equally with all existing Shares.</div>
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            </tr>

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        <div>&#160;</div>
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          <div class="BRPFPageNumberArea" style="text-align: center;"><font class="BRPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">- 19 -</font></div>
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        <div style="margin-left: 35.45pt; font-weight: bold;">Quotation of the Shares Issued on Exercise</div>
        <div>&#160;</div>
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            <tr>
              <td style="width: 37.35pt; vertical-align: top;">1.12</td>
              <td style="width: auto; vertical-align: top;">
                <div>If admitted to the official list of ASX at the time, application will be made by the Company to ASX for quotation of the Shares issued upon the vesting of the RSUs.</div>
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        <div>&#160;</div>
        <div style="margin-left: 35.45pt; font-weight: bold;">Reorganisation</div>
        <div>&#160;</div>
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            <tr>
              <td style="width: 37.35pt; vertical-align: top;">1.13</td>
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                <div>If there is any reorganisation of the issued share capital of the Company, the terms of RSUs and the rights of the Holder who holds such RSUs will be varied, including an adjustment to the number of RSUs, in accordance with the ASX
                  Listing Rules that apply to the reorganisation at the time of the reorganisation.</div>
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            </tr>

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        <div>&#160;</div>
        <div style="margin-left: 35.45pt; font-weight: bold;">Holder Rights</div>
        <div>&#160;</div>
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            <tr>
              <td style="width: 37.35pt; vertical-align: top;">1.14</td>
              <td style="width: auto; vertical-align: top;">
                <div>A Holder who holds RSUs is not entitled to:</div>
              </td>
            </tr>

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        <div>&#160;</div>
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            <tr>
              <td style="width: 34.9pt;"><br>
              </td>
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              <td style="width: auto; vertical-align: top;">
                <div>notice of, or to vote or attend at, a meeting of the Shareholders; or</div>
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            </tr>

        </table>
        <div>&#160;</div>
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            <tr>
              <td style="width: 34.9pt;"><br>
              </td>
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              <td style="width: auto; vertical-align: top;">
                <div>receive any dividends declared by the Company,</div>
              </td>
            </tr>

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        <div>&#160;</div>
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            <tr>
              <td style="width: 34.9pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top;">(c)</td>
              <td style="width: auto; vertical-align: top;">
                <div>any right to a return of capital, whether in winding up of the Company, upon a reduction of capital in the Company or otherwise;</div>
              </td>
            </tr>

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        <div>&#160;</div>
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            <tr>
              <td style="width: 34.9pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top;">(d)</td>
              <td style="width: auto; vertical-align: top;">
                <div>participate in any new issues of securities offered to Shareholders during the term of the RSUs, or</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
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            <tr>
              <td style="width: 34.9pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top;">(e)</td>
              <td style="width: auto; vertical-align: top;">
                <div>cash for the RSUs or any right to participate in surplus assets of profits of the Company on winding up,</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="margin-left: 35.45pt;">unless and until the RSUs are satisfied and the Holder holds Shares.</div>
        <div>&#160;</div>
        <div style="margin-left: 35.45pt; font-weight: bold;">Pro Rata Issue of Securities</div>
        <div>&#160;</div>
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            <tr>
              <td style="width: 37.35pt; vertical-align: top;">1.15</td>
              <td style="width: auto; vertical-align: top;">
                <div>If during the term of any RSU, the Company makes a pro rata issue of securities to the Shareholders by way of a rights issue, a Holder shall not be entitled to participate in the rights issue in respect of any RSUs, only in respect of
                  Shares issued in respect of vested RSUs.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
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            <tr>
              <td style="width: 37.35pt; vertical-align: top;">1.16</td>
              <td style="width: auto; vertical-align: top;">
                <div>A Holder will not be entitled to any adjustment to the number of Shares they are entitled to or adjustment to any Vesting Conditions which is based, in whole or in part, upon the Company&#8217;s share price, as a result of the Company
                  undertaking a rights issue.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="margin-left: 35.45pt; font-weight: bold;">Adjustment for Bonus Issue</div>
        <div>&#160;</div>
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            <tr>
              <td style="width: 37.35pt; vertical-align: top;">1.17</td>
              <td style="width: auto; vertical-align: top;">
                <div>If, during the term of any RSU, securities are issued pro rata to Shareholders generally by way of bonus issue, the number of Shares to which the Holder is then entitled, shall be increased by that number of securities which the Holder
                  would have been issued if the RSUs then held by the Holder were vested immediately prior to the record date for the bonus issue.</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="margin-left: 35.45pt; font-weight: bold;">Change of Control</div>
        <div>&#160;</div>
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            <tr>
              <td style="width: 37.35pt; vertical-align: top;">1.18</td>
              <td style="width: auto; vertical-align: top;">
                <div>For the purposes of these terms and conditions, a "<font style="font-weight: bold;">Change of Control Event</font>" occurs if:</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z5a876a1b7cb14f84909881315bf91866">

            <tr>
              <td style="width: 34.9pt;"><br>
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              <td style="width: 36pt; vertical-align: top;">(a)</td>
              <td style="width: auto; vertical-align: top;">
                <div>the Company announces that its Shareholders have at a Court convened meeting of Shareholders voted in favour, by the necessary majority, of a proposed scheme of arrangement (excluding a merger by way of scheme of arrangement for the
                  purposes of a corporate restructure (including change of domicile, or any reconstruction, consolidation, sub-division, reduction or return) of the issued capital of the Company) and the Court, by order, approves the scheme of arrangement;</div>
              </td>
            </tr>

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        <div>&#160;</div>
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            <tr>
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              </td>
              <td style="width: 36pt; vertical-align: top;">(b)</td>
              <td style="width: auto; vertical-align: top;">
                <div>a Takeover Bid (as defined in the Corporations Act):</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
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                <div>is announced;</div>
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                <div>has become unconditional; and</div>
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          <div class="BRPFPageNumberArea" style="text-align: center;"><font class="BRPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">- 20 -</font></div>
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                <div>the person making the Takeover Bid has a Relevant Interest (as defined in the Corporations Act) in fifty percent (50%) or more of the issued Shares;</div>
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                <div>any person acquires a Relevant Interest in fifty and one-tenths percent (50.1%) or more of the issued Shares by any other means; or</div>
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                <div>the announcement by the Company that a sale or transfer (in one transaction or a series of related transactions) of the whole or substantially the whole of the undertaking and business of the Company has been completed.</div>
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        <div>&#160;</div>
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                <div>Where a Change of Control Event has (i) occurred or (ii) been announced by the Company and, in the opinion of the Board, will or is likely to occur, all granted RSUs which have not yet vested or lapsed shall automatically and
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        <div style="margin-left: 35.45pt; font-weight: bold;">Quotation</div>
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                <div>The Company will not seek official quotation of any RSUs.</div>
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        <div style="margin-left: 35.45pt; font-weight: bold;">RSUs Not Property</div>
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                <div>A Holder's RSUs are personal contractual rights granted to the Holder only and do not constitute any form of property.</div>
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                <div>Unless otherwise determined by the Board, RSUs cannot be transferred to or vest in any person other than the Holder, provided that upon the death of the Holder, any shares that have not yet been issued with respect to vested RSUs
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  <div class="BRPFPageNumberArea" style="text-align: center;"><font class="BRPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">- 21 -</font>
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