<SEC-DOCUMENT>0001140361-24-027216.txt : 20240523
<SEC-HEADER>0001140361-24-027216.hdr.sgml : 20240523
<ACCEPTANCE-DATETIME>20240523060150
ACCESSION NUMBER:		0001140361-24-027216
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20240523
FILED AS OF DATE:		20240523
DATE AS OF CHANGE:		20240523

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:		24975101

	BUSINESS ADDRESS:	
		STREET 1:		129 W TRADE STREET
		STREET 2:		SUITE 1405
		CITY:			CHARLOTTE
		STATE:			NC
		ZIP:			28202
		BUSINESS PHONE:		9802378900

	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>ef20029858_6k.htm
<DESCRIPTION>6-K
<TEXT>
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         Document created using Broadridge PROfile 24.3.1.5224
         Copyright 1995 - 2024 Broadridge -->
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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="background-color: #000000; border-bottom: medium none; border-left: medium none; border-right: medium none; border-top: medium none; margin: 0px auto; height: 2px; width: 15%; color: #000000;"></div>
      <div style="text-align: center; font-weight: bold;"> <br>
      </div>
      <div style="text-align: center; font-size: 18pt; font-weight: bold;">FORM 6-K</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="background-color: #000000; border-bottom: medium none; border-left: medium none; border-right: medium none; border-top: medium none; margin: 0px auto; height: 2px; width: 15%; color: #000000;"></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: May 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="background-color: #000000; border-bottom: medium none; border-left: medium none; border-right: medium none; border-top: medium none; margin: 0px auto; height: 2px; width: 15%; color: #000000;"></div>
      <div style="text-align: center; font-weight: bold;"> <br>
      </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;"> <br>
      </div>
      <div style="text-align: center; font-weight: bold;">
        <hr noshade="noshade" align="center" style="background-color: #000000; border-bottom: medium none; border-left: medium none; border-right: medium none; border-top: medium none; margin: 0px auto; height: 2px; width: 15%; color: #000000;"></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="background-color: #000000; border-bottom: medium none; border-left: medium none; border-right: medium none; border-top: medium none; margin: 0px auto; height: 2px; width: 15%; color: #000000;"></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>
      <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" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z262fdfb054c44c71bb507735a00351e6">

          <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 style="width: 8%; vertical-align: bottom;">&#160;</td>
            <td colspan="2" style="vertical-align: bottom;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 8%; vertical-align: top;">
              <div><a href="ef20029858_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>Securities Trading Policy</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
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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>
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          <tr>
            <td style="width: 50%; vertical-align: bottom;">&#160;</td>
            <td colspan="2" style="vertical-align: bottom;">
              <div>IPERIONX LIMITED</div>
            </td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: bottom;">&#160;</td>
            <td colspan="2" style="vertical-align: bottom;">
              <div>(registrant)</div>
            </td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: bottom;">&#160;</td>
            <td colspan="2" style="vertical-align: bottom;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: bottom; padding-bottom: 2px;">
              <div>Date: May 23, 2024</div>
            </td>
            <td style="width: 3%; vertical-align: bottom; padding-bottom: 2px;">
              <div>By:&#160;&#160;</div>
            </td>
            <td style="width: 47%; vertical-align: bottom; border-bottom: 2px solid black;">/s/ Marcela Castro</td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: bottom;">&#160;</td>
            <td colspan="2" style="vertical-align: bottom;">
              <div>Name: Marcela Castro</div>
            </td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: bottom;">&#160;</td>
            <td colspan="2" style="vertical-align: bottom;">
              <div>Title:&#160;&#160; Chief Financial Officer</div>
            </td>
          </tr>

      </table>
      <div><br>
      </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>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>ef20029858_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>
      <img src="image00002.jpg"><br>
    </div>
    <br>
    <div>
      <div style="font-weight: bold;">SECURITIES TRADING POLICY</div>
      <div><br>
      </div>
      <div>May 2024</div>
      <div> <br>
      </div>
      <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>
      <div>&#160;</div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="ze154d72e5c974ab992bfe3058e7a3757" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

            <tr style="vertical-align: top;">
              <td style="text-align: right; vertical-align: top; width: 27pt;">
                <div style="text-align: left; font-weight: bold;">1.</div>
              </td>
              <td style="text-align: left; vertical-align: top; width: auto;">
                <div style="font-weight: bold;">INTRODUCTION</div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="z621928024eb44f678dfefe921c57235f" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

            <tr style="vertical-align: top;">
              <td style="text-align: right; vertical-align: top; width: 28.35pt;">
                <div style="text-align: left;">1.1</div>
              </td>
              <td style="text-align: left; vertical-align: top; width: auto;">
                <div>Securities of the Company are listed on ASX.</div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="z87ab7849eac14db7a999a94cbe538708" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

            <tr style="vertical-align: top;">
              <td style="text-align: right; vertical-align: top; width: 28.35pt;">
                <div style="text-align: left;">1.2</div>
              </td>
              <td style="text-align: left; vertical-align: top; width: auto;">
                <div>This policy outlines:</div>
              </td>
            </tr>

        </table>
        <div> <br>
        </div>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="ze9a81585455145169d392e72e07f3555" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

            <tr style="vertical-align: top;">
              <td style="width: 27pt;">&#160;</td>
              <td style="text-align: right; vertical-align: top; width: 27pt;">
                <div style="text-align: left;">a.</div>
              </td>
              <td style="text-align: left; vertical-align: top; width: auto;">
                <div>when Key Management Personnel (KMP) and other Employees may deal in Company Securities;</div>
              </td>
            </tr>

        </table>
        <div> <br>
        </div>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="z0af45ca96d7245c7acd4e07b57261b95" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

            <tr style="vertical-align: top;">
              <td style="width: 27pt;">&#160;</td>
              <td style="text-align: right; vertical-align: top; width: 27pt;">
                <div style="text-align: left;">b.</div>
              </td>
              <td style="text-align: left; vertical-align: top; width: auto;">
                <div>when KMP and other Employees may deal in listed securities of another entity (because they may obtain Inside Information about another entity&#8217;s securities while performing their duties for the Group); and</div>
              </td>
            </tr>

        </table>
        <div> <br>
        </div>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="z575162a2f5a543d9bd57e9d836cbc5c7" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

            <tr style="vertical-align: top;">
              <td style="width: 27pt;">&#160;</td>
              <td style="text-align: right; vertical-align: top; width: 27pt;">
                <div style="text-align: left;">c.</div>
              </td>
              <td style="text-align: left; vertical-align: top; width: auto;">
                <div>procedures to reduce the risk of insider trading and the appearance of insider trading.</div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="z4388c1a6bace430da5b8953753eeef17" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

            <tr style="vertical-align: top;">
              <td style="text-align: right; vertical-align: top; width: 28.35pt;">
                <div style="text-align: left;">1.3</div>
              </td>
              <td style="text-align: left; vertical-align: top; width: auto;">
                <div>This Securities Trading Policy has been prepared to address the requirements of the ASX Listing Rules which require the Company to provide a framework to KMP and Employees when Dealing in Securities of the Company.&#160; This Securities
                  Trading Policy has been prepared taking into consideration the following:</div>
              </td>
            </tr>

        </table>
        <div> <br>
        </div>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="z568790cca9f14cb2af143c04a15f4ac4" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

            <tr style="vertical-align: top;">
              <td style="width: 27pt;">&#160;</td>
              <td style="text-align: right; vertical-align: top; width: 27pt;">
                <div style="text-align: left;">a.</div>
              </td>
              <td style="text-align: left; vertical-align: top; width: auto;">
                <div>the size, nature and stage of the development of the Company (see below for further details);</div>
              </td>
            </tr>

        </table>
        <div> <br>
        </div>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="zbb0b8d64c78345b78fb055450abe4526" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

            <tr style="vertical-align: top;">
              <td style="width: 27pt;">&#160;</td>
              <td style="text-align: right; vertical-align: top; width: 27pt;">
                <div style="text-align: left;">b.</div>
              </td>
              <td style="text-align: left; vertical-align: top; width: auto;">
                <div>obligations under the Corporations Act not to Deal in Company Securities whilst in possession of Inside Information;</div>
              </td>
            </tr>

        </table>
        <div> <br>
        </div>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="z63688159bc0d4fc19bc3b15de358ba7e" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

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              <td style="width: 27pt;">&#160;</td>
              <td style="text-align: right; vertical-align: top; width: 27pt;">
                <div style="text-align: left;">c.</div>
              </td>
              <td style="text-align: left; vertical-align: top; width: auto;">
                <div>rights of shareholders under the Constitution of the Company to freely trade their shares;</div>
              </td>
            </tr>

        </table>
        <div> <br>
        </div>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="z303a3bc522954c71a642342320102371" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

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              <td style="width: 27pt;">&#160;</td>
              <td style="text-align: right; vertical-align: top; width: 27pt;">
                <div style="text-align: left;">d.</div>
              </td>
              <td style="text-align: left; vertical-align: top; width: auto;">
                <div>contractual and statutory rights embedded in the Securities; and</div>
              </td>
            </tr>

        </table>
        <div> <br>
        </div>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="zf24dcf6f782341ae8e6f9bac3d7b848f" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

            <tr style="vertical-align: top;">
              <td style="width: 27pt;">&#160;</td>
              <td style="text-align: right; vertical-align: top; width: 27pt;">
                <div style="text-align: left;">e.</div>
              </td>
              <td style="text-align: left; vertical-align: top; width: auto;">
                <div>U.S. securities law requirements and market best practices regarding insider trading liabilities.</div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="zcdecf2564fe44f25a2e03a0768593bdc" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

            <tr style="vertical-align: top;">
              <td style="text-align: right; vertical-align: top; width: 28.35pt;">
                <div style="text-align: left;">1.4</div>
              </td>
              <td style="text-align: left; vertical-align: top; width: auto;">
                <div>As noted above, this Securities Trading Policy has been prepared with the stage of development of the Company in mind.&#160; Inside Information is likely to be related to the Company&#8217;s plans, results from studies, progress for its mineral
                  resource project and its corporate activities. Accordingly, the Closed Periods are based around the release of this information, rather than the release of financial reports.&#160; This aspect of the Company&#8217;s Securities Trading Policy may
                  change should the stage of development of the Company change in the future.</div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="ze1576f2bcac54c13a941ffdaf8ae7e9f" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

            <tr style="vertical-align: top;">
              <td style="text-align: right; vertical-align: top; width: 28.35pt;">
                <div style="text-align: left; font-weight: bold;">2.</div>
              </td>
              <td style="text-align: left; vertical-align: top; width: auto;">
                <div style="font-weight: bold;">BREACH OF POLICY</div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="z71ad349d482f455cba9f3c7399e2a8ef" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

            <tr style="vertical-align: top;">
              <td style="text-align: right; vertical-align: top; width: 28.35pt;">
                <div style="text-align: left;">2.1</div>
              </td>
              <td style="text-align: left; vertical-align: top; width: auto;">
                <div>A breach of this Policy by an Employee (even if the Employee is not a KMP) is serious and may lead to disciplinary action, including dismissal.&#160; It may also be a breach of the law.</div>
              </td>
            </tr>

        </table>
      </div>
      <div><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;">1</font></div>
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          <div><img src="image00002.jpg"></div>
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      </div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="zf0f427174286426d90bac12298b58506" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

            <tr style="vertical-align: top;">
              <td style="text-align: right; vertical-align: top; width: 28.35pt;">
                <div style="text-align: left;">2.2</div>
              </td>
              <td style="text-align: left; vertical-align: top; width: auto;">
                <div>Insider trading is a criminal offence punishable by substantial fines, imprisonment or both.</div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="zdc1a4a99912842119e8b05dc757c1a06" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

            <tr style="vertical-align: top;">
              <td style="text-align: right; vertical-align: top; width: 28.35pt;">
                <div style="text-align: left;">2.3</div>
              </td>
              <td style="text-align: left; vertical-align: top; width: auto;">
                <div>A court may also impose substantial civil penalties for insider trading including ordering financial penalties and compensation to persons who suffer loss or damages because of insider trading.</div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="z60087f7e16a64be2ba6c9cf0885e2112" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

            <tr style="vertical-align: top;">
              <td style="text-align: right; vertical-align: top; width: 28.35pt;">
                <div style="text-align: left; font-weight: bold;">3.</div>
              </td>
              <td style="text-align: left; vertical-align: top; width: auto;">
                <div style="font-weight: bold;">WHEN EMPLOYEES MAY DEAL</div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="z7a2201afc4a54a399bcf62c1feb82122" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

            <tr style="vertical-align: top;">
              <td style="text-align: right; vertical-align: top; width: 28.35pt;">
                <div style="text-align: left;">3.1</div>
              </td>
              <td style="text-align: left; vertical-align: top; width: auto;">
                <div>An Employee (who is not a KMP) may Deal in Company Securities or the Securities of a Transaction Entity if he or she does not have information that he or she knows, or ought reasonably to know, is Inside Information in relation to
                  Company Securities or the Securities of a Transaction Entity.</div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="z3a3b2bea6eca47bca01d2113dda4771e" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

            <tr style="vertical-align: top;">
              <td style="text-align: right; vertical-align: top; width: 28.35pt;">
                <div style="text-align: left; font-weight: bold;">4.</div>
              </td>
              <td style="text-align: left; vertical-align: top; width: auto;">
                <div style="font-weight: bold;">WHEN EMPLOYEES MAY NOT DEAL</div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="zaeb44f29d76a404eb9a7991387649b8b" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

            <tr style="vertical-align: top;">
              <td style="text-align: right; vertical-align: top; width: 28.35pt;">
                <div style="text-align: left;">4.1</div>
              </td>
              <td style="text-align: left; vertical-align: top; width: auto;">
                <div>An Employee who is not a KMP may not Deal or procure another person to Deal in Company Securities or the Securities of a Transaction Entity if he or she has information that he or she knows, or ought reasonably to know, is Inside
                  Information in relation to Company Securities or the Securities of a Transaction Entity.</div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="zc99a90a8bd524493b83b32d9baf9164a" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

            <tr style="vertical-align: top;">
              <td style="text-align: right; vertical-align: top; width: 28.35pt;">
                <div style="text-align: left; font-weight: bold;">5.</div>
              </td>
              <td style="text-align: left; vertical-align: top; width: auto;">
                <div style="font-weight: bold;">WHEN A KMP MAY DEAL</div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="ze11a3e527bac4f139607171cf65f74a7" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

            <tr style="vertical-align: top;">
              <td style="text-align: right; vertical-align: top; width: 28.35pt;">
                <div style="text-align: left;">5.1</div>
              </td>
              <td style="text-align: left; vertical-align: top; width: auto;">
                <div>Subject to the requirements of this Policy (including the required prior approvals and restrictions during Closed Periods), a KMP may Deal in Company Securities or the Securities of a Transaction Entity if he or she does not have
                  information that he or she knows, or ought reasonably to know, is Inside Information in relation Company Securities or the Securities of a Transaction Entity.</div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="zd89f81d999fd4c05a38a086876b24494" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

            <tr style="vertical-align: top;">
              <td style="text-align: right; vertical-align: top; width: 28.35pt;">
                <div style="text-align: left; font-weight: bold;">6.</div>
              </td>
              <td style="text-align: left; vertical-align: top; width: auto;">
                <div style="font-weight: bold;">WHEN A KMP MAY NOT DEAL IN COMPANY SECURITIES</div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="z2f6aaf33dd0c4ea6b2f04ac09597c6f3" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

            <tr style="vertical-align: top;">
              <td style="text-align: right; vertical-align: top; width: 28.35pt;">
                <div style="text-align: left;">6.1</div>
              </td>
              <td style="text-align: left; vertical-align: top; width: auto;">
                <div>Subject to Clauses 7 and 8 of this Policy, a KMP may not Deal or procure another person to Deal in Company Securities:</div>
              </td>
            </tr>

        </table>
        <div> <br>
        </div>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="z869609cade7f49539dca20c766bdcd77" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

            <tr style="vertical-align: top;">
              <td style="width: 27pt;">&#160;</td>
              <td style="text-align: right; vertical-align: top; width: 27pt;">
                <div style="text-align: left;">a.</div>
              </td>
              <td style="text-align: left; vertical-align: top; width: auto;">
                <div>if he or she has information that he or she knows, or ought reasonably to know, is Inside Information in relation to Company Securities;</div>
              </td>
            </tr>

        </table>
        <div> <br>
        </div>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="zd3399dca141c4fcaaa040ee0ead407cf" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

            <tr style="vertical-align: top;">
              <td style="width: 27pt;">&#160;</td>
              <td style="text-align: right; vertical-align: top; width: 27pt;">
                <div style="text-align: left;">b.</div>
              </td>
              <td style="text-align: left; vertical-align: top; width: auto;">
                <div>during a Closed Period;</div>
              </td>
            </tr>

        </table>
        <div> <br>
        </div>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="z694e7b20c7254e4193e40c1fd3edbabc" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

            <tr style="vertical-align: top;">
              <td style="width: 27pt;">&#160;</td>
              <td style="text-align: right; vertical-align: top; width: 27pt;">
                <div style="text-align: left;">c.</div>
              </td>
              <td style="text-align: left; vertical-align: top; width: auto;">
                <div>if he or she has information that he or she knows, or ought reasonably to know, has not been announced to the market under ASX Listing Rule 3.1A in relation to Company Securities.</div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="z52ef26d926a74babb0e6c0dbfd8b79d9" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

            <tr style="vertical-align: top;">
              <td style="text-align: right; vertical-align: top; width: 28.35pt;">
                <div style="text-align: left;">6.2</div>
              </td>
              <td style="text-align: left; vertical-align: top; width: auto;">
                <div>A KMP may not Deal or procure another person to Deal in the Securities of a Transaction Entity if he or she has information that he or she knows, or ought reasonably to know, is Inside Information in relation to the Securities of a
                  Transaction Entity.</div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div class="BRPFPageFooter" style="width: 100%;"></div>
        <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 class="BRPFPageHeader" style="width: 100%;">
          <div><img src="image00002.jpg"></div>
        </div>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="z2be931fd586c41d1b17aa8e0ae9f39ea" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

            <tr style="vertical-align: top;">
              <td style="text-align: right; vertical-align: top; width: 28.35pt;">
                <div style="text-align: left;">6.3</div>
              </td>
              <td style="text-align: left; vertical-align: top; width: auto;">
                <div>KMP are prohibited at all times from Dealing in financial products issued or created over or in respect of the Company&#8217;s Securities.&#160; For the avoidance of doubt this clause does not apply to an option over unissued capital granted by
                  the Company.</div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="ze2249aa94ce84e06937b8c5db09c9b0e" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

            <tr style="vertical-align: top;">
              <td style="text-align: right; vertical-align: top; width: 28.35pt;">
                <div style="text-align: left;">6.4</div>
              </td>
              <td style="text-align: left; vertical-align: top; width: auto;">
                <div>KMP are prohibited from entering into margin lending or similar arrangements in respect to Company Securities they hold or in which they have a Relevant Interest without first obtaining prior clearance from the appropriate Approving
                  Officer in accordance with the procedures detailed in Clause 10.</div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="z290f225f238b4b708ca1c5b5668bd75e" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

            <tr style="vertical-align: top;">
              <td style="text-align: right; vertical-align: top; width: 28.35pt;">
                <div style="text-align: left; font-weight: bold;">7.</div>
              </td>
              <td style="text-align: left; vertical-align: top; width: auto;">
                <div style="font-weight: bold;">EXCLUDED TRADING</div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </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="zda26da5a5d9f49dc9814bf7b2644ca18">

          <tr>
            <td style="width: 28.35pt; vertical-align: top;">7.1</td>
            <td style="width: auto; vertical-align: top;">
              <div>This Policy does not prohibit Dealing in the Company&#8217;s Securities during a Closed Period as outlined in 8.1.</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="z149734b4a156416aa76db50add9e92ae" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

            <tr style="vertical-align: top;">
              <td style="text-align: right; vertical-align: top; width: 28.35pt;">
                <div style="text-align: left; font-weight: bold;">8.</div>
              </td>
              <td style="text-align: left; vertical-align: top; width: auto;">
                <div style="font-weight: bold;">EXCEPTIONAL CIRCUMSTANCES</div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="z7897e5e5a1524abd80cb61e8386bf2de" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

            <tr style="vertical-align: top;">
              <td style="text-align: right; vertical-align: top; width: 28.35pt;">
                <div style="text-align: left;">8.1</div>
              </td>
              <td style="text-align: left; vertical-align: top; width: auto;">
                <div>The Approving Officer may give clearance during a Closed Period for a KMP to sell (but not buy) Company Securities in Exceptional Circumstances.</div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="zf2930b2fb98c4d3cac4a36865ad514fc" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

            <tr style="vertical-align: top;">
              <td style="text-align: right; vertical-align: top; width: 28.35pt;">
                <div style="text-align: left;">8.2</div>
              </td>
              <td style="text-align: left; vertical-align: top; width: auto;">
                <div>The Approving Officer may not give clearance under the exception in clause 8.1 if there is a matter about which there is Inside Information in relation to Company Securities (whether or not the KMP knows about the matter) when the KMP
                  requests clearance or proposes to Deal in Company Securities. This prohibition is subject to any lawful obligation to the contrary (for example, for an order of a court)</div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="zc0141e9dcc6945369349e7d7e74053fc" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

            <tr style="vertical-align: top;">
              <td style="text-align: right; vertical-align: top; width: 28.35pt;">
                <div style="text-align: left;">8.3</div>
              </td>
              <td style="text-align: left; vertical-align: top; width: auto;">
                <div>The KMP seeking clearance to Deal in the Securities must outline in writing to the Approving Officer the circumstances of their severe financial hardship or as to why their circumstances are otherwise exceptional and that the proposed
                  Dealing in the Securities is the only reasonable course of action available.</div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="z54028fd1374545bba2c84d276ac02dcd" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

            <tr style="vertical-align: top;">
              <td style="text-align: right; vertical-align: top; width: 28.35pt;">
                <div style="text-align: left;">8.4</div>
              </td>
              <td style="text-align: left; vertical-align: top; width: auto;">
                <div>The Approving Officer will decide if the Exceptional Circumstances exist.</div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="z5b289e93cec745b49ebf1f60876274d8" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

            <tr style="vertical-align: top;">
              <td style="text-align: right; vertical-align: top; width: 28.35pt;">
                <div style="text-align: left;">8.5</div>
              </td>
              <td style="text-align: left; vertical-align: top; width: auto;">
                <div>A list of matters that may constitute Exceptional Circumstances is contained in Schedule 3.</div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="zcaf270987a4e48c1bdf86a84f2ca7553" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

            <tr style="vertical-align: top;">
              <td style="text-align: right; vertical-align: top; width: 28.35pt;">
                <div style="text-align: left; font-weight: bold;">9.</div>
              </td>
              <td style="text-align: left; vertical-align: top; width: auto;">
                <div style="font-weight: bold;">CLEARANCE FROM THE APPROVING OFFICER &#8211; DEALING IN COMPANY SECURITIES</div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="z9affd6bfb5b340078b253ca609040f12" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

            <tr style="vertical-align: top;">
              <td style="text-align: right; vertical-align: top; width: 28.35pt;">
                <div style="text-align: left;">9.1</div>
              </td>
              <td style="text-align: left; vertical-align: top; width: auto;">
                <div>At least 2 Business Days prior to when a KMP intends to Deal in Company Securities, the KMP must first inform the Approving Officer (and at the same time the Company Secretary) by submitting a completed Securities Trading Request Form
                  (See Schedule 6). If the KMP is not able to fax or email a scanned copy of the Securities Trading Request Form, then the KMP may send an email with the same information in it to the Approving Officer.</div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="z3afe01d3c6d745fc86092fc2fffe566f" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

            <tr style="vertical-align: top;">
              <td style="text-align: right; vertical-align: top; width: 28.35pt;">
                <div style="text-align: left;">9.2</div>
              </td>
              <td style="text-align: left; vertical-align: top; width: auto;">
                <div>The Approving Officer must approve or reject the Securities Trading Request as soon as practicable (generally within 2 Business Days). The KMP must not Deal in Company Securities until it has received the clearance from the Approving
                  Officer.</div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div class="BRPFPageFooter" style="width: 100%;"></div>
        <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 class="BRPFPageHeader" style="width: 100%;">
          <div><img src="image00002.jpg"></div>
        </div>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="zeccbd1a417f04e4783aa2485a0192ca0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

            <tr style="vertical-align: top;">
              <td style="text-align: right; vertical-align: top; width: 28.35pt;">
                <div style="text-align: left;">9.3</div>
              </td>
              <td style="text-align: left; vertical-align: top; width: auto;">
                <div>The Approving Officer may not give clearance if:</div>
              </td>
            </tr>

        </table>
        <div> <br>
        </div>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="z745a0708a12e4108b928f37ea721960a" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

            <tr style="vertical-align: top;">
              <td style="width: 27pt;">&#160;</td>
              <td style="text-align: right; vertical-align: top; width: 27pt;">
                <div style="text-align: left;">a.</div>
              </td>
              <td style="text-align: left; vertical-align: top; width: auto;">
                <div>there is a matter about which there is or may be Inside Information in relation to Company Securities (whether or not the KMP knows about the matter) when the KMP requests clearance or proposes to deal in Company Securities;</div>
              </td>
            </tr>

        </table>
        <div> <br>
        </div>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="z124d62fc05f341abaf71544aff81e396" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

            <tr style="vertical-align: top;">
              <td style="width: 27pt;">&#160;</td>
              <td style="text-align: right; vertical-align: top; width: 27pt;">
                <div style="text-align: left;">b.</div>
              </td>
              <td style="text-align: left; vertical-align: top; width: auto;">
                <div>the Securities Trading Request form is lodged during a Closed Period;</div>
              </td>
            </tr>

        </table>
        <div> <br>
        </div>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="z67b7c30a0e484e08b2d1bfac0dced553" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

            <tr style="vertical-align: top;">
              <td style="width: 27pt;">&#160;</td>
              <td style="text-align: right; vertical-align: top; width: 27pt;">
                <div style="text-align: left;">c.</div>
              </td>
              <td style="text-align: left; vertical-align: top; width: auto;">
                <div>the proposed Dealing is during a Closed Period; or</div>
              </td>
            </tr>

        </table>
        <div> <br>
        </div>
      </div>
      <div>
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              <td style="width: 27pt;">&#160;</td>
              <td style="text-align: right; vertical-align: top; width: 27pt;">
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              </td>
              <td style="text-align: left; vertical-align: top; width: auto;">
                <div>the Approving Officer has any other reason to believe that the proposed Dealing breaches this Policy.</div>
              </td>
            </tr>

        </table>
      </div>
      <div style="margin-left: 28.35pt;"><br>
      </div>
      <div>
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              </td>
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                <div>In making a determination under 9.3(a) about the existence of Inside Information the Approving Officer should exercise caution and refuse the clearance if there is any possibility that Inside Information may exist.</div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
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                <div style="text-align: left;">9.5</div>
              </td>
              <td style="text-align: left; vertical-align: top; width: auto;">
                <div>Irrespective of any clearances given under this Policy, the Employee or KMP is not to Deal with Company Securities whilst in possession of Inside Information.</div>
              </td>
            </tr>

        </table>
      </div>
      <div style="margin-left: 72pt;"><br>
      </div>
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            <tr style="vertical-align: top;">
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                <div style="text-align: left;">9.6</div>
              </td>
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                <div>The Approving Officer must:</div>
              </td>
            </tr>

        </table>
        <div> <br>
        </div>
      </div>
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              <td style="width: 27pt;">&#160;</td>
              <td style="text-align: right; vertical-align: top; width: 27pt;">
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              </td>
              <td style="text-align: left; vertical-align: top; width: auto;">
                <div>keep a written record of:</div>
              </td>
            </tr>

        </table>
        <div> <br>
        </div>
      </div>
      <div>
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              <td style="width: 54pt;">&#160;</td>
              <td style="text-align: right; vertical-align: top; width: 27pt;">
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              </td>
              <td style="text-align: left; vertical-align: top; width: auto;">
                <div>any information received from a KMP in connection with this Policy; and</div>
              </td>
            </tr>

        </table>
        <div> <br>
        </div>
      </div>
      <div>
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            <tr style="vertical-align: top;">
              <td style="width: 54pt;">&#160;</td>
              <td style="text-align: right; vertical-align: top; width: 27pt;">
                <div style="text-align: left;">ii.</div>
              </td>
              <td style="text-align: left; vertical-align: top; width: auto;">
                <div>any clearance given under this policy, including the duration for which the clearance applies; and</div>
              </td>
            </tr>

        </table>
        <div> <br>
        </div>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="z93fda312654b401cb23d561c481df2ac" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

            <tr style="vertical-align: top;">
              <td style="width: 27pt;">&#160;</td>
              <td style="text-align: right; vertical-align: top; width: 27pt;">
                <div style="text-align: left;">b.</div>
              </td>
              <td style="text-align: left; vertical-align: top; width: auto;">
                <div>send a copy of the written record to the Company Secretary for keeping.</div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div>
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              <td style="text-align: right; vertical-align: top; width: 28.35pt;">
                <div style="text-align: left;">9.7</div>
              </td>
              <td style="text-align: left; vertical-align: top; width: auto;">
                <div>The Company Secretary must keep a file of any written record referred to in clauses 9.1 and 9.6.</div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div>
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            <tr style="vertical-align: top;">
              <td style="text-align: right; vertical-align: top; width: 28.35pt;">
                <div style="text-align: left;">9.8</div>
              </td>
              <td style="text-align: left; vertical-align: top; width: auto;">
                <div>For the purposes of this clause, written requests and clearances may include facsimiles and emails and are valid for a period the earlier of:</div>
              </td>
            </tr>

        </table>
        <div> <br>
        </div>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="zc0edfc6c766e427ca8f965d6620ea5a5" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

            <tr style="vertical-align: top;">
              <td style="width: 27pt;">&#160;</td>
              <td style="text-align: right; vertical-align: top; width: 27pt;">
                <div style="text-align: left;">a.</div>
              </td>
              <td style="text-align: left; vertical-align: top; width: auto;">
                <div>5 Business Days;</div>
              </td>
            </tr>

        </table>
        <div> <br>
        </div>
      </div>
      <div>
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            <tr style="vertical-align: top;">
              <td style="width: 27pt;">&#160;</td>
              <td style="text-align: right; vertical-align: top; width: 27pt;">
                <div style="text-align: left;">b.</div>
              </td>
              <td style="text-align: left; vertical-align: top; width: auto;">
                <div>the Business Day before the Company enters a Closed Period; and</div>
              </td>
            </tr>

        </table>
        <div> <br>
        </div>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="z2fdc3ff34b354c31bb24af749ceac107" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

            <tr style="vertical-align: top;">
              <td style="width: 27pt;">&#160;</td>
              <td style="text-align: right; vertical-align: top; width: 27pt;">
                <div style="text-align: left;">c.</div>
              </td>
              <td style="text-align: left; vertical-align: top; width: auto;">
                <div>the time that the KMP comes into possession of Inside Information.</div>
              </td>
            </tr>

        </table>
      </div>
      <div style="margin-left: 28.35pt;"><br>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="z2050cef5983f446cb38de08370f1d9a2" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

            <tr style="vertical-align: top;">
              <td style="text-align: right; vertical-align: top; width: 28.35pt;">
                <div style="text-align: left; font-weight: bold;">10.</div>
              </td>
              <td style="text-align: left; vertical-align: top; width: auto;">
                <div style="font-weight: bold;">CLEARANCE FROM THE APPROVING OFFICER &#8211; MARGIN LENDING OR SIMILAR ARRANGEMENTS</div>
              </td>
            </tr>

        </table>
      </div>
      <div style="margin-left: 28.35pt;"><br>
      </div>
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            <td style="width: 28.35pt; vertical-align: top;">10.1</td>
            <td style="width: auto; vertical-align: top;">
              <div>At least 10 Business Days prior to a KMP entering into any margin lending or similar arrangement, the KMP must first seek approval from the Approving Officer to enter into the margin lending or similar arrangement. The KMP must provide a
                copy of all documents relating to the margin lending arrangements for review by the Approving Officer.</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
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          <tr>
            <td style="width: 28.35pt; vertical-align: top;">10.2</td>
            <td style="width: auto; vertical-align: top;">
              <div>The KMP must not enter into any margin lending or similar arrangement until it has received the clearance from the Approving Officer.</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
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        <div class="BRPFPageNumberArea" style="text-align: center;"><font class="BRPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">4</font></div>
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            <td style="width: 28.35pt; vertical-align: top;">10.3</td>
            <td style="width: auto; vertical-align: top;">
              <div>The Approving Officer may not give clearance if:</div>
            </td>
          </tr>

      </table>
      <div> <br>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="zc3b2002ad5204757be30d718ad71f16b" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

            <tr style="vertical-align: top;">
              <td style="width: 27pt;">&#160;</td>
              <td style="text-align: right; vertical-align: top; width: 27pt;">
                <div style="text-align: left;">a.</div>
              </td>
              <td style="text-align: left; vertical-align: top; width: auto;">
                <div>there is a matter about which there is or may be Inside Information in relation to Company Securities (whether or not the KMP knows about the matter) when the KMP requests clearance for the margin lending or similar arrangement;</div>
              </td>
            </tr>

        </table>
        <div> <br>
        </div>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="z48bd5da4da6a4c2da74a99a990449c78" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

            <tr style="vertical-align: top;">
              <td style="width: 27pt;">&#160;</td>
              <td style="text-align: right; vertical-align: top; width: 27pt;">
                <div style="text-align: left;">b.</div>
              </td>
              <td style="text-align: left; vertical-align: top; width: auto;">
                <div>the proposed margin lending or similar arrangement is requested to be entered into during a Closed Period;</div>
              </td>
            </tr>

        </table>
        <div> <br>
        </div>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="zd76e431cf24e473dad44f3a4e63cbd84" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

            <tr style="vertical-align: top;">
              <td style="width: 27pt;">&#160;</td>
              <td style="text-align: right; vertical-align: top; width: 27pt;">
                <div style="text-align: left;">c.</div>
              </td>
              <td style="text-align: left; vertical-align: top; width: auto;">
                <div>the Approving Officer does not believe that there are appropriate arrangements in place between the KMP and the margin lender or financier to enable the KMP to comply with the terms of this Policy and with applicable securities laws,
                  including clause 6.1 if there is any Dealing in any Company Securities by the margin lender or financier; or</div>
              </td>
            </tr>

        </table>
        <div> <br>
        </div>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="zc7b6c5df63cc434c84f6b18b35e81082" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

            <tr style="vertical-align: top;">
              <td style="width: 27pt;">&#160;</td>
              <td style="text-align: right; vertical-align: top; width: 27pt;">
                <div style="text-align: left;">d.</div>
              </td>
              <td style="text-align: left; vertical-align: top; width: auto;">
                <div>the Approving Officer has any other reason to believe that the proposed terms of the margin lending or similar arrangement breach this Policy.</div>
              </td>
            </tr>

        </table>
        <div> <br>
        </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="zf8a2d3b4468d4c51a936cb286c3fafd9">

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            <td style="width: 27pt;"><br>
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            <td style="width: 27pt; vertical-align: top;">e.</td>
            <td style="width: auto; vertical-align: top;">
              <div>Irrespective of any clearances given under this Policy, the Employee or KMP is not to Deal with Company Securities whilst in possession of Inside Information.</div>
            </td>
          </tr>

      </table>
      <div style="margin-left: 28.35pt;"><br>
      </div>
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            <td style="width: 28.35pt; vertical-align: top;">10.4</td>
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              <div>The Approving Officer must:</div>
            </td>
          </tr>

      </table>
      <div> <br>
      </div>
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            <td style="width: 27pt;"><br>
            </td>
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            <td style="width: auto; vertical-align: top;">
              <div>keep a written record of:</div>
            </td>
          </tr>

      </table>
      <div> <br>
      </div>
      <div>
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              <td style="width: 54pt;">&#160;</td>
              <td style="text-align: right; vertical-align: top; width: 27pt;">
                <div style="text-align: left;">i.</div>
              </td>
              <td style="text-align: left; vertical-align: top; width: auto;">
                <div>any information received from a KMP in connection with this Policy; and</div>
              </td>
            </tr>

        </table>
        <div> <br>
        </div>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="z0cc4a4950c0c4b89a5fc430c8509a5aa" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

            <tr style="vertical-align: top;">
              <td style="width: 54pt;">&#160;</td>
              <td style="text-align: right; vertical-align: top; width: 27pt;">
                <div style="text-align: left;">ii.</div>
              </td>
              <td style="text-align: left; vertical-align: top; width: auto;">
                <div>any clearance given under this policy, including the duration for which the clearance applies; and</div>
              </td>
            </tr>

        </table>
        <div> <br>
        </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="z8ec886bf12a74f30863deb0e89127c83">

          <tr>
            <td style="width: 27pt;"><br>
            </td>
            <td style="width: 27pt; vertical-align: top;">b.</td>
            <td style="width: auto; vertical-align: top;">
              <div>send a copy of the written record to the Company Secretary for keeping.</div>
            </td>
          </tr>

      </table>
      <div><br>
      </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="zf450d66c693a46118cf13df15564dec4">

          <tr>
            <td style="width: 28.35pt; vertical-align: top;">10.5</td>
            <td style="width: auto; vertical-align: top;">
              <div>The Company Secretary must keep a file of any written record referred to in clauses 10.1 and 10.4.</div>
            </td>
          </tr>

      </table>
      <div><br>
      </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="z75d39ce5fc7941f8954a4481682b1bb1">

          <tr>
            <td style="width: 28.35pt; vertical-align: top;">10.6</td>
            <td style="width: auto; vertical-align: top;">
              <div>For the purposes of this clause 10, written requests and clearances may include facsimiles and emails and are valid for a period of 5 Business Days.</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="z44cacec7f58a495ea78e74eb791cb29b" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

            <tr style="vertical-align: top;">
              <td style="text-align: right; vertical-align: top; width: 28.35pt;">
                <div style="text-align: left; font-weight: bold;">11.</div>
              </td>
              <td style="text-align: left; vertical-align: top; width: auto;">
                <div style="font-weight: bold;">DEALINGS IN WHICH A KMP HAS A RELEVANT INTEREST</div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="zf9f5afa347af4a72a051ef7d841a40db" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

            <tr style="vertical-align: top;">
              <td style="text-align: right; vertical-align: top; width: 28.35pt;">
                <div style="text-align: left;">11.1</div>
              </td>
              <td style="text-align: left; vertical-align: top; width: auto;">
                <div>A KMP must prohibit any Dealing in the Company Securities in which the KMP has a Relevant Interest while the KMP is in possession of Inside Information.</div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="z711e3e10535a42cb9d16fed11d0ed41e" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

            <tr style="vertical-align: top;">
              <td style="text-align: right; vertical-align: top; width: 28.35pt;">
                <div style="text-align: left; font-weight: bold;">12.</div>
              </td>
              <td style="text-align: left; vertical-align: top; width: auto;">
                <div style="font-weight: bold;">COMMUNICATING INSIDE INFORMATION</div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div>
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            <tr style="vertical-align: top;">
              <td style="text-align: right; vertical-align: top; width: 28.35pt;">
                <div style="text-align: left;">12.1</div>
              </td>
              <td style="text-align: left; vertical-align: top; width: auto;">
                <div>If an Employee (including a KMP) has information that he or she knows, or ought reasonably to know, is Inside Information in relation to Company Securities or the Securities of Transaction Entity, the Employee must not directly or
                  indirectly communicate that information to another person if he or she knows, or ought reasonably to know, that the other person would or would be likely to:</div>
              </td>
            </tr>

        </table>
        <div> <br>
        </div>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="z9bcde46ce2404a0096f38e08d4e15f50" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

            <tr style="vertical-align: top;">
              <td style="width: 27pt;">&#160;</td>
              <td style="text-align: right; vertical-align: top; width: 27pt;">
                <div style="text-align: left;">a.</div>
              </td>
              <td style="text-align: left; vertical-align: top; width: auto;">
                <div>Deal in Company Securities or the Securities of a Transaction Entity; or</div>
              </td>
            </tr>

        </table>
        <div> <br>
        </div>
      </div>
      <div>
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              <td style="width: 27pt;">&#160;</td>
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                <div style="text-align: left;">b.</div>
              </td>
              <td style="text-align: left; vertical-align: top; width: auto;">
                <div>procure another person to Deal in Company Securities or the Securities of a Transaction Entity.</div>
              </td>
            </tr>

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      </div>
      <div><br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
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        <div class="BRPFPageNumberArea" style="text-align: center;"><font class="BRPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">5</font></div>
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            <tr style="vertical-align: top;">
              <td style="text-align: right; vertical-align: top; width: 28.35pt;">
                <div style="text-align: left;">12.2</div>
              </td>
              <td style="text-align: left; vertical-align: top; width: auto;">
                <div>Unless otherwise authorised, an Employee must not inform colleagues (except the Approving Officer) about Inside Information or its details.</div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div>
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                <div style="text-align: left; font-weight: bold;">13.</div>
              </td>
              <td style="text-align: left; vertical-align: top; width: auto;">
                <div style="font-weight: bold;">NOTIFICATION OF TRADES IN COMPANY SECURITIES</div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div>
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                <div>KMP must notify the Company Secretary of any Dealings in the Company&#8217;s securities within two business days of such Deal occurring.&#160; Initial, ongoing and final notifications will be required which must include the details set out in
                  clause 9 to this Securities Trading Policy.</div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div>
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                <div style="font-weight: bold;">SPECULATIVE DEALING</div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div>
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              <td style="text-align: right; vertical-align: top; width: 28.35pt;">
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              </td>
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                <div>A KMP may not deal in Company Securities on considerations of a short-term nature or engage in hedging or short-sale transactions with respect to Company Securities.</div>
              </td>
            </tr>

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      </div>
      <div>&#160;</div>
      <div>
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            <tr style="vertical-align: top;">
              <td style="text-align: right; vertical-align: top; width: 28.35pt;">
                <div style="text-align: left; font-weight: bold;">15.</div>
              </td>
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              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div>
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              <td style="text-align: right; vertical-align: top; width: 28.35pt;">
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                <div>This policy must be distributed to all KMPs and Employees.</div>
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            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div>
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                <div style="text-align: left; font-weight: bold;">16.</div>
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              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div>
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              <td style="text-align: right; vertical-align: top; width: 28.35pt;">
                <div style="text-align: left;">16.1</div>
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                <div>Employees who are unsure about any information they may have in their possession, and whether they can use that information for Dealing in Company Securities or Securities in a Transaction Entity, should contact the Authorised Officer.</div>
              </td>
            </tr>

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      <div><br>
      </div>
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      <div style="text-align: center; font-weight: bold;">Schedule 1 &#8211; Defined Terms</div>
      <div style="text-align: justify;"> <br>
      </div>
      <div style="text-align: justify;">In this policy:</div>
      <div>&#160;</div>
      <div style="text-align: justify;"><font style="font-weight: bold;">Approving Officer</font> means:</div>
      <div>&#160;</div>
      <div>
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              <td style="text-align: right; vertical-align: top; width: 28.35pt;">
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                <div>for a KMP who is not a Director, the chief executive officer;</div>
              </td>
            </tr>

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      </div>
      <div>&#160;</div>
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              <td style="text-align: right; vertical-align: top; width: 28.35pt;">
                <div style="text-align: left;">b.</div>
              </td>
              <td style="text-align: left; vertical-align: top; width: auto;">
                <div>for a Director (except the chairman of the board), the chairman of the board; and</div>
              </td>
            </tr>

        </table>
      </div>
      <div>&#160;</div>
      <div>
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            <tr style="vertical-align: top;">
              <td style="text-align: right; vertical-align: top; width: 28.35pt;">
                <div style="text-align: left;">c.</div>
              </td>
              <td style="text-align: left; vertical-align: top; width: auto;">
                <div>for the chairman of the board, any other two Directors.</div>
              </td>
            </tr>

        </table>
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      <div>&#160;</div>
      <div style="text-align: justify;"><font style="font-weight: bold;">ASX</font> means ASX Limited (ABN 98 008 624 691) and where the context permits, the Australian Securities Exchange operated by ASX Limited.</div>
      <div>&#160;</div>
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      <div>&#160;</div>
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      <div>&#160;</div>
      <div>
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            <tr style="vertical-align: top;">
              <td style="text-align: right; vertical-align: top; width: 28.35pt;">
                <div style="text-align: left;">a.</div>
              </td>
              <td style="text-align: left; vertical-align: top; width: auto;">
                <div>during the 10 Business Day period prior to the expected release of, and two hours after the actual release of, announcements regarding:</div>
              </td>
            </tr>

        </table>
      </div>
      <div>&#160;</div>
      <div>
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              <td style="width: 27pt;">&#160;</td>
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                <div style="text-align: left;">(i)</div>
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              <td style="text-align: left; vertical-align: top; width: auto;">
                <div>material exploration results;</div>
              </td>
            </tr>

        </table>
      </div>
      <div>&#160;</div>
      <div>
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            <tr style="vertical-align: top;">
              <td style="width: 27pt;">&#160;</td>
              <td style="text-align: right; vertical-align: top; width: 27pt;">
                <div style="text-align: left;">(ii)</div>
              </td>
              <td style="text-align: left; vertical-align: top; width: auto;">
                <div>material mineral resource or reserve estimates or exploration targets;</div>
              </td>
            </tr>

        </table>
      </div>
      <div>&#160;</div>
      <div>
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            <tr style="vertical-align: top;">
              <td style="width: 27pt;">&#160;</td>
              <td style="text-align: right; vertical-align: top; width: 27pt;">
                <div style="text-align: left;">(iii)</div>
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              <td style="text-align: left; vertical-align: top; width: auto;">
                <div>results of material technical studies (including scoping, pre-feasibility, feasibility, or other detailed technical studies);</div>
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            </tr>

        </table>
      </div>
      <div>&#160;</div>
      <div>
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              <td style="width: 27pt;">&#160;</td>
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              </td>
              <td style="text-align: left; vertical-align: top; width: auto;">
                <div>sales and production figures;</div>
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            </tr>

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      </div>
      <div>&#160;</div>
      <div>
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            <tr style="vertical-align: top;">
              <td style="width: 27pt;">&#160;</td>
              <td style="text-align: right; vertical-align: top; width: 27pt;">
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              <td style="text-align: left; vertical-align: top; width: auto;">
                <div>profit and production forecasts;</div>
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            </tr>

        </table>
      </div>
      <div>&#160;</div>
      <div>
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            <tr style="vertical-align: top;">
              <td style="width: 27pt;">&#160;</td>
              <td style="text-align: right; vertical-align: top; width: 27pt;">
                <div style="text-align: left;">(vi)</div>
              </td>
              <td style="text-align: left; vertical-align: top; width: auto;">
                <div>material borrowings or material changes to terms of existing borrowings;</div>
              </td>
            </tr>

        </table>
      </div>
      <div>&#160;</div>
      <div>
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            <tr style="vertical-align: top;">
              <td style="width: 27pt;">&#160;</td>
              <td style="text-align: right; vertical-align: top; width: 27pt;">
                <div style="text-align: left;">(vii)</div>
              </td>
              <td style="text-align: left; vertical-align: top; width: auto;">
                <div>material changes to liquidity and material cash flow information;</div>
              </td>
            </tr>

        </table>
      </div>
      <div>&#160;</div>
      <div>
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            <tr style="vertical-align: top;">
              <td style="width: 27pt;">&#160;</td>
              <td style="text-align: right; vertical-align: top; width: 27pt;">
                <div style="text-align: left;">(viii)</div>
              </td>
              <td style="text-align: left; vertical-align: top; width: auto;">
                <div>significant changes in operations;</div>
              </td>
            </tr>

        </table>
      </div>
      <div>&#160;</div>
      <div>
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            <tr style="vertical-align: top;">
              <td style="width: 27pt;">&#160;</td>
              <td style="text-align: right; vertical-align: top; width: 27pt;">
                <div style="text-align: left;">(ix)</div>
              </td>
              <td style="text-align: left; vertical-align: top; width: auto;">
                <div>significant litigation;</div>
              </td>
            </tr>

        </table>
      </div>
      <div>&#160;</div>
      <div>
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            <tr style="vertical-align: top;">
              <td style="width: 27pt;">&#160;</td>
              <td style="text-align: right; vertical-align: top; width: 27pt;">
                <div style="text-align: left;">(x)</div>
              </td>
              <td style="text-align: left; vertical-align: top; width: auto;">
                <div>significant mergers, joint ventures, acquisitions, restructures, or takeovers;</div>
              </td>
            </tr>

        </table>
      </div>
      <div>&#160;</div>
      <div>
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            <tr style="vertical-align: top;">
              <td style="width: 27pt;">&#160;</td>
              <td style="text-align: right; vertical-align: top; width: 27pt;">
                <div style="text-align: left;">(xi)</div>
              </td>
              <td style="text-align: left; vertical-align: top; width: auto;">
                <div>major asset purchases or sales;</div>
              </td>
            </tr>

        </table>
      </div>
      <div>&#160;</div>
      <div>
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            <tr style="vertical-align: top;">
              <td style="width: 27pt;">&#160;</td>
              <td style="text-align: right; vertical-align: top; width: 27pt;">
                <div style="text-align: left;">(xii)</div>
              </td>
              <td style="text-align: left; vertical-align: top; width: auto;">
                <div>material new products and technology; and</div>
              </td>
            </tr>

        </table>
      </div>
      <div>&#160;</div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="z4c926d03213146b68f0946e630995d2c" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

            <tr style="vertical-align: top;">
              <td style="width: 27pt;">&#160;</td>
              <td style="text-align: right; vertical-align: top; width: 27pt;">
                <div style="text-align: left;">(xiii)</div>
              </td>
              <td style="text-align: left; vertical-align: top; width: auto;">
                <div>capital raisings by the Company (except participation by a KMP in the capital raising itself).</div>
              </td>
            </tr>

        </table>
      </div>
      <div>&#160;</div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="z1023643d225e487ba5ed672f0f97ab66" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

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              <td style="text-align: right; vertical-align: top; width: 28.35pt;">
                <div style="text-align: left;">b.</div>
              </td>
              <td style="text-align: left; vertical-align: top; width: auto;">
                <div>during the 5 Business Day period prior to the expected release of, and two hours after the actual release of, the following:</div>
              </td>
            </tr>

        </table>
      </div>
      <div>&#160;</div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="zd984a40bc2a44c51839d9b2cd2e93174" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

            <tr style="vertical-align: top;">
              <td style="width: 27pt;">&#160;</td>
              <td style="text-align: right; vertical-align: top; width: 27pt;">
                <div style="text-align: left;">(i)</div>
              </td>
              <td style="text-align: left; vertical-align: top; width: auto;">
                <div>quarterly activity reports, quarterly cash flow statements, half year financial results, and full year financial results;</div>
              </td>
            </tr>

        </table>
      </div>
      <div>&#160;</div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
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        <div class="BRPFPageNumberArea" style="text-align: center;"><font class="BRPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">7</font></div>
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          <div><img src="image00002.jpg"></div>
        </div>
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      <div>
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            <tr style="vertical-align: top;">
              <td style="width: 27pt;">&#160;</td>
              <td style="text-align: right; vertical-align: top; width: 27pt;">
                <div style="text-align: left;">(ii)</div>
              </td>
              <td style="text-align: left; vertical-align: top; width: auto;">
                <div>a disclosure document for the offer of Securities in the Company containing Inside Information or information that has not been announced to the market under ASX Listing Rule 3.1A;</div>
              </td>
            </tr>

        </table>
      </div>
      <div>&#160;</div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="z615339aeb6db4255a5a5e37f20440798" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

            <tr style="vertical-align: top;">
              <td style="width: 27pt;">&#160;</td>
              <td style="text-align: right; vertical-align: top; width: 27pt;">
                <div style="text-align: left;">(iii)</div>
              </td>
              <td style="text-align: left; vertical-align: top; width: auto;">
                <div>a target statement for a takeover offer for Securities in the Company;</div>
              </td>
            </tr>

        </table>
      </div>
      <div>&#160;</div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="z96e73a5303b646d29ed2e0dc7069ea2d" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

            <tr style="vertical-align: top;">
              <td style="width: 27pt;">&#160;</td>
              <td style="text-align: right; vertical-align: top; width: 27pt;">
                <div style="text-align: left;">(iv)</div>
              </td>
              <td style="text-align: left; vertical-align: top; width: auto;">
                <div>a bidder&#8217;s statement for the issue of Securities in the Company; or</div>
              </td>
            </tr>

        </table>
      </div>
      <div>&#160;</div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="ze33d953ce790414eab96b573f57281ba" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

            <tr style="vertical-align: top;">
              <td style="width: 27pt;">&#160;</td>
              <td style="text-align: right; vertical-align: top; width: 27pt;">
                <div style="text-align: left;">(v)</div>
              </td>
              <td style="text-align: left; vertical-align: top; width: auto;">
                <div>a scheme booklet for a merger by way of a scheme of arrangement involving the Securities of the Company.</div>
              </td>
            </tr>

        </table>
      </div>
      <div>&#160;</div>
      <div style="text-align: justify;"><font style="font-weight: bold;">Company</font> means IperionX Limited (ACN 002 664 495).</div>
      <div>&#160;</div>
      <div style="text-align: justify;"><font style="font-weight: bold;">Company Securities</font> means all Securities in the Company or a Group member whether or not listed or traded on the ASX or other financial market in Australia (including financial
        products issued or created over or in respect of the Company&#8217;s Securities). </div>
      <div>&#160;</div>
      <div style="text-align: justify;"><font style="font-weight: bold;">Corporations Act</font> means the Corporations Act 2001.</div>
      <div>&#160;</div>
      <div style="text-align: justify;"><font style="font-weight: bold;">Deal</font> includes acquiring, disposing of, subscribing for, and Dealing has a corresponding meaning.&#160; A decision to join, or subscribe for shares under, any dividend reinvestment
        plan is not dealing in Company Securities.&#160; </div>
      <div>&#160;</div>
      <div style="text-align: justify;"><font style="font-weight: bold;">Director</font> means a director of the Company.</div>
      <div>&#160;</div>
      <div style="text-align: justify;"><font style="font-weight: bold;">Employee</font> means any employee or consultant of the Company.</div>
      <div>&#160;</div>
      <div style="text-align: justify;"><font style="font-weight: bold;">Exceptional Circumstance</font> has the meaning outlined in Schedule 3.</div>
      <div>&#160;</div>
      <div style="text-align: justify;"><font style="font-weight: bold;">Generally available information</font> is information that is:</div>
      <div>&#160;</div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="z62035f2228b841688bce5a2640a8c135" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

            <tr style="vertical-align: top;">
              <td style="text-align: right; vertical-align: top; width: 28.35pt;">
                <div style="text-align: left;">a.</div>
              </td>
              <td style="text-align: left; vertical-align: top; width: auto;">
                <div>is readily observable;</div>
              </td>
            </tr>

        </table>
      </div>
      <div>&#160;</div>
      <div>
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            <tr style="vertical-align: top;">
              <td style="text-align: right; vertical-align: top; width: 28.35pt;">
                <div style="text-align: left;">b.</div>
              </td>
              <td style="text-align: left; vertical-align: top; width: auto;">
                <div>has been made known in a manner likely to bring it to the attention of persons who commonly invest in securities of the relevant type and a reasonable period for that information to be disseminated has elapsed since it was made known;
                  or</div>
              </td>
            </tr>

        </table>
      </div>
      <div>&#160;</div>
      <div>
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            <tr style="vertical-align: top;">
              <td style="text-align: right; vertical-align: top; width: 28.35pt;">
                <div style="text-align: left;">c.</div>
              </td>
              <td style="text-align: left; vertical-align: top; width: auto;">
                <div>consists of deductions, conclusions or inferences made or drawn from information falling under paragraphs (a) or (b).</div>
              </td>
            </tr>

        </table>
      </div>
      <div>&#160;</div>
      <div style="text-align: justify;"><font style="font-weight: bold;">Group</font> means the Company and each of its controlled entities.</div>
      <div>&#160;</div>
      <div style="text-align: justify;"><font style="font-weight: bold;">Inside Information</font> means information that is not generally available and if it were generally available, a reasonable person would expect it to have a Material Effect on the
        price or value of the Company&#8217;s Securities. For the purposes of this Policy, Inside Information generally includes, but is not limited to the following (prior to it being generally available):</div>
      <div>&#160;</div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="zf4581da3fce841158d20014a30160908" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

            <tr style="vertical-align: top;">
              <td style="text-align: right; vertical-align: top; width: 28.35pt;">
                <div style="text-align: left;">a.</div>
              </td>
              <td style="text-align: left; vertical-align: top; width: auto;">
                <div>material exploration results;</div>
              </td>
            </tr>

        </table>
      </div>
      <div>&#160;</div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="z9c375c9ec75e42ceb1c9b5e5b7b37777" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

            <tr style="vertical-align: top;">
              <td style="text-align: right; vertical-align: top; width: 28.35pt;">
                <div style="text-align: left;">b.</div>
              </td>
              <td style="text-align: left; vertical-align: top; width: auto;">
                <div>material mineral resource or reserve estimates or exploration targets;</div>
              </td>
            </tr>

        </table>
      </div>
      <div>&#160;</div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="z620ac87ab94a4619a036bf32bb0b0dbd" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

            <tr style="vertical-align: top;">
              <td style="width: 27pt;">&#160;</td>
              <td style="text-align: right; vertical-align: top; width: 27pt;">
                <div style="text-align: left;">(i)</div>
              </td>
              <td style="text-align: left; vertical-align: top; width: auto;">
                <div>results of material technical studies (including scoping, pre-feasibility, feasibility, or other detailed technical studies);</div>
              </td>
            </tr>

        </table>
      </div>
      <div>&#160;</div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="z9ea70e50fa54452dbefe53a1e060f34c" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

            <tr style="vertical-align: top;">
              <td style="width: 27pt;">&#160;</td>
              <td style="text-align: right; vertical-align: top; width: 27pt;">
                <div style="text-align: left;">(ii)</div>
              </td>
              <td style="text-align: left; vertical-align: top; width: auto;">
                <div>sales and production figures;</div>
              </td>
            </tr>

        </table>
      </div>
      <div>&#160;</div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="z6572ab6396754f748006ecb045a31165" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

            <tr style="vertical-align: top;">
              <td style="width: 27pt;">&#160;</td>
              <td style="text-align: right; vertical-align: top; width: 27pt;">
                <div style="text-align: left;">(iii)</div>
              </td>
              <td style="text-align: left; vertical-align: top; width: auto;">
                <div>profit and production forecasts;</div>
              </td>
            </tr>

        </table>
      </div>
      <div>&#160;</div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div class="BRPFPageFooter" style="width: 100%;"></div>
        <div class="BRPFPageNumberArea" style="text-align: center;"><font class="BRPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">8</font></div>
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          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
        <div class="BRPFPageHeader" style="width: 100%;">
          <div><img src="image00002.jpg"></div>
        </div>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="z53fc3d28a5354eed83ff441e7ad408b4" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

            <tr style="vertical-align: top;">
              <td style="width: 27pt;">&#160;</td>
              <td style="text-align: right; vertical-align: top; width: 27pt;">
                <div style="text-align: left;">(iv)</div>
              </td>
              <td style="text-align: left; vertical-align: top; width: auto;">
                <div>material borrowings or material changes to terms of existing borrowings;</div>
              </td>
            </tr>

        </table>
      </div>
      <div>&#160;</div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="za33f1744e2e4464e870697e998c230bf" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

            <tr style="vertical-align: top;">
              <td style="width: 27pt;">&#160;</td>
              <td style="text-align: right; vertical-align: top; width: 27pt;">
                <div style="text-align: left;">(v)</div>
              </td>
              <td style="text-align: left; vertical-align: top; width: auto;">
                <div>material changes to liquidity and material cash flow information;</div>
              </td>
            </tr>

        </table>
      </div>
      <div>&#160;</div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="zf846aaee9150456188aceaa6d3224ea7" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

            <tr style="vertical-align: top;">
              <td style="width: 27pt;">&#160;</td>
              <td style="text-align: right; vertical-align: top; width: 27pt;">
                <div style="text-align: left;">(vi)</div>
              </td>
              <td style="text-align: left; vertical-align: top; width: auto;">
                <div>significant changes in operations;</div>
              </td>
            </tr>

        </table>
      </div>
      <div>&#160;</div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="z4683fd88a3f34ef3bd85c36e95f74b67" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

            <tr style="vertical-align: top;">
              <td style="width: 27pt;">&#160;</td>
              <td style="text-align: right; vertical-align: top; width: 27pt;">
                <div style="text-align: left;">(vii)</div>
              </td>
              <td style="text-align: left; vertical-align: top; width: auto;">
                <div>significant litigation;</div>
              </td>
            </tr>

        </table>
      </div>
      <div>&#160;</div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="z6af2b8445f424ca6bf6abf7e50d2509d" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

            <tr style="vertical-align: top;">
              <td style="width: 27pt;">&#160;</td>
              <td style="text-align: right; vertical-align: top; width: 27pt;">
                <div style="text-align: left;">(viii)</div>
              </td>
              <td style="text-align: left; vertical-align: top; width: auto;">
                <div>impending mergers, joint ventures, acquisitions, restructures, takeovers;</div>
              </td>
            </tr>

        </table>
      </div>
      <div>&#160;</div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="z44568ec6d0f3411e9b8f5f706e3d1b18" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

            <tr style="vertical-align: top;">
              <td style="width: 27pt;">&#160;</td>
              <td style="text-align: right; vertical-align: top; width: 27pt;">
                <div style="text-align: left;">(ix)</div>
              </td>
              <td style="text-align: left; vertical-align: top; width: auto;">
                <div>major asset purchases or sales; and</div>
              </td>
            </tr>

        </table>
      </div>
      <div>&#160;</div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="z8628e75e776e468bae86950742856285" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

            <tr style="vertical-align: top;">
              <td style="width: 27pt;">&#160;</td>
              <td style="text-align: right; vertical-align: top; width: 27pt;">
                <div style="text-align: left;">(x)</div>
              </td>
              <td style="text-align: left; vertical-align: top; width: auto;">
                <div>material new products and technology.</div>
              </td>
            </tr>

        </table>
      </div>
      <div>&#160;</div>
      <div style="text-align: justify;"><font style="font-weight: bold;">Insider Trading </font>in relation to this Policy means if a person has information about securities and the person knows, or ought reasonably to know, that the information is Inside
        Information, the person is prohibited from:</div>
      <div>&#160;</div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="zc592f90b9ad840c7affae6ca77e5fc2c" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

            <tr style="vertical-align: top;">
              <td style="text-align: right; vertical-align: top; width: 28.35pt;">
                <div style="text-align: left;">a.</div>
              </td>
              <td style="text-align: left; vertical-align: top; width: auto;">
                <div>Dealing in the securities;</div>
              </td>
            </tr>

        </table>
      </div>
      <div>&#160;</div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="z799f4e40145c4b9e8ada0744d01f2bd9" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

            <tr style="vertical-align: top;">
              <td style="text-align: right; vertical-align: top; width: 28.35pt;">
                <div style="text-align: left;">b.</div>
              </td>
              <td style="text-align: left; vertical-align: top; width: auto;">
                <div>procuring another person to Deal in the securities; or</div>
              </td>
            </tr>

        </table>
      </div>
      <div>&#160;</div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="z7795993f432744e0992a1fd12b838122" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

            <tr style="vertical-align: top;">
              <td style="text-align: right; vertical-align: top; width: 28.35pt;">
                <div style="text-align: left;">c.</div>
              </td>
              <td style="text-align: left; vertical-align: top; width: auto;">
                <div>giving the information to another person who the person knows, or ought reasonably to know, is likely to:</div>
              </td>
            </tr>

        </table>
      </div>
      <div>&#160;</div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="zd46ded9a79b9495fb3f40004a1072c0e" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

            <tr style="vertical-align: top;">
              <td style="width: 27pt;">&#160;</td>
              <td style="text-align: right; vertical-align: top; width: 27pt;">
                <div style="text-align: left;">(i)</div>
              </td>
              <td style="text-align: left; vertical-align: top; width: auto;">
                <div>Deal in the securities; or</div>
              </td>
            </tr>

        </table>
      </div>
      <div>&#160;</div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="zcc5bbde7f3f24ed6857a6dd4fff09e83" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

            <tr style="vertical-align: top;">
              <td style="width: 27pt;">&#160;</td>
              <td style="text-align: right; vertical-align: top; width: 27pt;">
                <div style="text-align: left;">(ii)</div>
              </td>
              <td style="text-align: left; vertical-align: top; width: auto;">
                <div>procure someone else to Deal in the securities.</div>
              </td>
            </tr>

        </table>
      </div>
      <div>&#160;</div>
      <div style="text-align: justify;"><font style="font-weight: bold;">Key Management Personnel</font> or <font style="font-weight: bold;">KMP</font> means those persons having authority and responsibility for planning, directing and controlling the
        activities of the entity, directly or indirectly, including any director (whether executive or otherwise), chief executive officer, chief financial officer or company secretary of that entity, as determined in accordance with Accounting Standard
        AASB 124 &#8216;Related Party Disclosure&#8217;.</div>
      <div>&#160;</div>
      <div style="text-align: justify;">For the purposes of this Policy, information is taken to be<font style="font-weight: bold;"> Material</font> or will have a <font style="font-weight: bold;">Material Effect </font>if the information would, or would
        be likely to, influence persons who commonly acquire securities in deciding whether or not to acquire or dispose of the Company&#8217;s Securities<font style="font-weight: bold;">. </font></div>
      <div>&#160;</div>
      <div style="text-align: justify;"><font style="font-weight: bold;">Relevant Interest</font> A person has a Relevant Interest in securities if they:</div>
      <div>&#160;</div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="zaca62a55c840478e927ee517014d9627" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

            <tr style="vertical-align: top;">
              <td style="text-align: right; vertical-align: top; width: 28.35pt;">
                <div style="text-align: left;">a.</div>
              </td>
              <td style="text-align: left; vertical-align: top; width: auto;">
                <div>are the holder of the securities; or</div>
              </td>
            </tr>

        </table>
      </div>
      <div>&#160;</div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="z2966dd36c4ff4abea0dcbd993ad7a566" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

            <tr style="vertical-align: top;">
              <td style="text-align: right; vertical-align: top; width: 28.35pt;">
                <div style="text-align: left;">b.</div>
              </td>
              <td style="text-align: left; vertical-align: top; width: auto;">
                <div>have power to exercise, or control the exercise of, a right to vote attached to the securities; or</div>
              </td>
            </tr>

        </table>
      </div>
      <div>&#160;</div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="zfaa4289e47b44fe5b6f50a5b22ef16b6" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

            <tr style="vertical-align: top;">
              <td style="text-align: right; vertical-align: top; width: 28.35pt;">
                <div style="text-align: left;">c.</div>
              </td>
              <td style="text-align: left; vertical-align: top; width: auto;">
                <div>have power to dispose of, or control the exercise of a power to dispose of, the securities.</div>
              </td>
            </tr>

        </table>
      </div>
      <div>&#160;</div>
      <div style="text-align: justify;"><font style="font-weight: bold;">Security</font> includes shares, debentures, rights, options, employee options, prescribed interests and warrants and Securities has a corresponding meaning.</div>
      <div>&#160;</div>
      <div style="text-align: justify;"><font style="font-weight: bold;">Transaction Entity </font>means an entity which the Company has business dealings which is listed on the ASX or any other financial market.</div>
      <div>&#160;</div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div class="BRPFPageFooter" style="width: 100%;"></div>
        <div class="BRPFPageNumberArea" style="text-align: center;"><font class="BRPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">9</font></div>
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          <div><img src="image00002.jpg"></div>
        </div>
      </div>
      <div style="text-align: center; font-weight: bold;">Schedule 2 &#8211; Exclusions From The Securities Trading Policy</div>
      <div>&#160;</div>
      <div style="text-align: justify;">Dealing excluded from the operation of Policy includes:</div>
      <div>&#160;</div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="zb292ede04a3d44bfb6b6fafb6dd33df5" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

            <tr style="vertical-align: top;">
              <td style="text-align: right; vertical-align: top; width: 28.35pt;">
                <div style="text-align: left;">a.</div>
              </td>
              <td style="text-align: left; vertical-align: top; width: auto;">
                <div>transfers of Securities already held into a superannuation fund over which the KMP and its representatives have no discretion or into another non-discretionary saving scheme in which the KMP is a beneficiary;</div>
              </td>
            </tr>

        </table>
      </div>
      <div>&#160;</div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="zd50023a220c0461db9412fb08f04f0b1" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

            <tr style="vertical-align: top;">
              <td style="text-align: right; vertical-align: top; width: 28.35pt;">
                <div style="text-align: left;">b.</div>
              </td>
              <td style="text-align: left; vertical-align: top; width: auto;">
                <div>transfers of Securities where there is no change in beneficial ownership;</div>
              </td>
            </tr>

        </table>
      </div>
      <div>&#160;</div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="zef23eaae3ab1410ebbf9cfecc7a1dae9" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

            <tr style="vertical-align: top;">
              <td style="text-align: right; vertical-align: top; width: 28.35pt;">
                <div style="text-align: left;">c.</div>
              </td>
              <td style="text-align: left; vertical-align: top; width: auto;">
                <div>an investment in, or trading in units of, a fund or other scheme (other than a scheme only investing in the securities of the entity) where the assets of the fund or other scheme are invested at the sole discretion of a third party;</div>
              </td>
            </tr>

        </table>
      </div>
      <div>&#160;</div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="zc91e39f89d264dc79965d69fd8810d07" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

            <tr style="vertical-align: top;">
              <td style="text-align: right; vertical-align: top; width: 28.35pt;">
                <div style="text-align: left;">d.</div>
              </td>
              <td style="text-align: left; vertical-align: top; width: auto;">
                <div>where a KMP is a trustee, trading in Securities by that trust provided the KMP is not a beneficiary of the trust and any decision to trade during a Closed Period is taken by the other trustees or by the investment managers
                  independently of the KMP;</div>
              </td>
            </tr>

        </table>
      </div>
      <div>&#160;</div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="z05a77c1f57834b608fe27cd6158b7603" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

            <tr style="vertical-align: top;">
              <td style="text-align: right; vertical-align: top; width: 28.35pt;">
                <div style="text-align: left;">e.</div>
              </td>
              <td style="text-align: left; vertical-align: top; width: auto;">
                <div>undertakings to accept, or acceptance of, a takeover offer;</div>
              </td>
            </tr>

        </table>
      </div>
      <div>&#160;</div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="za997274224de426b8bb350f75ff925e3" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

            <tr style="vertical-align: top;">
              <td style="text-align: right; vertical-align: top; width: 28.35pt;">
                <div style="text-align: left;">f.</div>
              </td>
              <td style="text-align: left; vertical-align: top; width: auto;">
                <div>trading under an offer or invitation made to all or most of the security holders, such as, a rights issue, a security purchase plan, a dividend or distribution reinvestment plan and an equal access buy-back, where the plan that
                  determines the timing and structure of the offer has been approved by the board.&#160; This includes decisions relating to whether or not to take up the entitlements;</div>
              </td>
            </tr>

        </table>
      </div>
      <div>&#160;</div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="z8dd5da3e6f13452788f7937837af6d94" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

            <tr style="vertical-align: top;">
              <td style="text-align: right; vertical-align: top; width: 28.35pt;">
                <div style="text-align: left;">g.</div>
              </td>
              <td style="text-align: left; vertical-align: top; width: auto;">
                <div>the exercise (but not the sale of securities following exercise) of an option or a right under an employee incentive scheme, or the conversion of a convertible security;</div>
              </td>
            </tr>

        </table>
      </div>
      <div>&#160;</div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="z2221f0ffbc1f47aca8a441cf49ccc130" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

            <tr style="vertical-align: top;">
              <td style="text-align: right; vertical-align: top; width: 28.35pt;">
                <div style="text-align: left;">h.</div>
              </td>
              <td style="text-align: left; vertical-align: top; width: auto;">
                <div>trading under a non-discretionary trading plan for which prior written clearance has been provided in accordance with procedures set out in the trading policy (including a plan whereby the Company or an agent sells Securities on behalf
                  of KMP to meet any taxation consequences arising from the conversion of rights or exercise of options held by KMP) and where:</div>
              </td>
            </tr>

        </table>
      </div>
      <div>&#160;</div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="z6f1810c07ddf487ca7b15d37e32625e3" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

            <tr style="vertical-align: top;">
              <td style="width: 27pt;">&#160;</td>
              <td style="text-align: right; vertical-align: top; width: 27pt;">
                <div style="text-align: left;">(i)</div>
              </td>
              <td style="text-align: left; vertical-align: top; width: auto;">
                <div>the KMP did not enter into the plan or amend the plan during a Closed Period;</div>
              </td>
            </tr>

        </table>
      </div>
      <div>&#160;</div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="z649bf9a989a84f1f9f71609ec4d20eb9" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

            <tr style="vertical-align: top;">
              <td style="width: 27pt;">&#160;</td>
              <td style="text-align: right; vertical-align: top; width: 27pt;">
                <div style="text-align: left;">(ii)</div>
              </td>
              <td style="text-align: left; vertical-align: top; width: auto;">
                <div>the trading plan does not permit the KMP to exercise any influence or discretion over how, when, or whether to trade; and</div>
              </td>
            </tr>

        </table>
      </div>
      <div>&#160;</div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="zb8dbe4a2012f48fdab782bdd7e5b5665" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

            <tr style="vertical-align: top;">
              <td style="width: 27pt;">&#160;</td>
              <td style="text-align: right; vertical-align: top; width: 27pt;">
                <div style="text-align: left;">(iii)</div>
              </td>
              <td style="text-align: left; vertical-align: top; width: auto;">
                <div>the entity&#8217;s trading policy does not allow for the cancellation of a trading plan during a Closed Period other than in exceptional circumstances; and</div>
              </td>
            </tr>

        </table>
      </div>
      <div>&#160;</div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="z7e6f6048e3a74ed4bc657570c5595fe0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

            <tr style="vertical-align: top;">
              <td style="text-align: right; vertical-align: top; width: 28.35pt;">
                <div style="text-align: left;">i.</div>
              </td>
              <td style="text-align: left; vertical-align: top; width: auto;">
                <div>the issue or grant of Company Securities by the Company to a KMP where shareholder approval for the issue of the Company Securities has been obtained and if Inside Information exists both the Company and KMP are fully aware of the
                  Inside Information.</div>
              </td>
            </tr>

        </table>
      </div>
      <div>&#160;</div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div class="BRPFPageFooter" style="width: 100%;"></div>
        <div class="BRPFPageNumberArea" style="text-align: center;"><font class="BRPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">10</font></div>
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        <div class="BRPFPageHeader" style="width: 100%;">
          <div><img src="image00002.jpg"></div>
        </div>
      </div>
      <div style="text-align: center; font-weight: bold;">Schedule 3 &#8211; Exceptional Circumstances</div>
      <div>&#160;</div>
      <div>For the purposes of this Policy, Exceptional Circumstances include:</div>
      <div>&#160;</div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="z5a7437e3124c403687a63bc10685bf83" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

            <tr style="vertical-align: top;">
              <td style="text-align: right; vertical-align: top; width: 28.35pt;">
                <div style="text-align: left;">a.</div>
              </td>
              <td style="text-align: left; vertical-align: top; width: auto;">
                <div>severe financial hardship whereby the Employee has a pressing financial commitment that cannot be satisfied otherwise than by selling the relevant Securities.</div>
              </td>
            </tr>

        </table>
      </div>
      <div>&#160;</div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="zc2ebc1938d5a4fb797e6654c33c783c5" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

            <tr style="vertical-align: top;">
              <td style="text-align: right; vertical-align: top; width: 28.35pt;">
                <div style="text-align: left;">b.</div>
              </td>
              <td style="text-align: left; vertical-align: top; width: auto;">
                <div>For example, a tax liability of an Employee would not normally constitute severe financial hardship unless the person has no other means of satisfying the liability.&#160; A tax liability relating to Securities received under an employee
                  incentive scheme would also not normally constitute severe financial hardship or otherwise be considered an Exceptional Circumstance.</div>
              </td>
            </tr>

        </table>
      </div>
      <div>&#160;</div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="z8ba572a649e242ce813a4befebe5d93a" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

            <tr style="vertical-align: top;">
              <td style="text-align: right; vertical-align: top; width: 28.35pt;">
                <div style="text-align: left;">c.</div>
              </td>
              <td style="text-align: left; vertical-align: top; width: auto;">
                <div>The Employee is required by a court order, or there are court enforceable undertakings, for example, in a bona fide family settlement, to transfer or sell the securities of the entity or there is some other overriding legal or
                  regulatory requirement for him or her to do so.</div>
              </td>
            </tr>

        </table>
      </div>
      <div>&#160;</div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="zfca98cb4591f4f8c82cfca4b68f71be3" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

            <tr style="vertical-align: top;">
              <td style="text-align: right; vertical-align: top; width: 28.35pt;">
                <div style="text-align: left;">d.</div>
              </td>
              <td style="text-align: left; vertical-align: top; width: auto;">
                <div>An unforeseen circumstance that is considered by the Board to be consistent with the objectives of this Policy.</div>
              </td>
            </tr>

        </table>
      </div>
      <div>&#160;</div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div class="BRPFPageFooter" style="width: 100%;"></div>
        <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 class="BRPFPageHeader" style="width: 100%;">
          <div><img src="image00002.jpg"></div>
        </div>
      </div>
      <div style="text-align: center; font-weight: bold;">Schedule 4 &#8211; Notification Requirements</div>
      <div>&#160;</div>
      <div style="text-align: justify; font-weight: bold;">Initial disclosure</div>
      <div>&#160;</div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="z368fbdbe0d0e4d829f802e75c0fc4cef" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

            <tr style="vertical-align: top;">
              <td style="text-align: right; vertical-align: top; width: 28.35pt;">
                <div style="text-align: justify;">1.</div>
              </td>
              <td style="text-align: left; vertical-align: top; width: auto;">
                <div style="text-align: justify;">The KMP will provide the following information as at the date of appointment.</div>
              </td>
            </tr>

        </table>
      </div>
      <div>&#160;</div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="z55acbd645d9c4366b48e2524a7f342b6" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

            <tr style="vertical-align: top;">
              <td style="width: 27pt;">&#160;</td>
              <td style="text-align: right; vertical-align: top; width: 27pt;">
                <div style="text-align: left;">a.</div>
              </td>
              <td style="text-align: left; vertical-align: top; width: auto;">
                <div>details of all Company Securities registered in the KMP&#8217;s name.&#160; These details include the number and class of the Company Securities;</div>
              </td>
            </tr>

        </table>
      </div>
      <div>&#160;</div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="z0f17ea923ee6490fbd41b51d764ad7a8" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

            <tr style="vertical-align: top;">
              <td style="width: 27pt;">&#160;</td>
              <td style="text-align: right; vertical-align: top; width: 27pt;">
                <div style="text-align: left;">b.</div>
              </td>
              <td style="text-align: left; vertical-align: top; width: auto;">
                <div>details of all Company Securities not registered in the KMP&#8217;s name but in which the KMP has a Relevant Interest.&#160; These details include the number and class of the Company Securities, the name of the registered holder and the
                  circumstances giving rise to the Relevant Interest; and</div>
              </td>
            </tr>

        </table>
      </div>
      <div>&#160;</div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="za428b82d70ac49dfa798623808515b2e" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

            <tr style="vertical-align: top;">
              <td style="width: 27pt;">&#160;</td>
              <td style="text-align: right; vertical-align: top; width: 27pt;">
                <div style="text-align: left;">c.</div>
              </td>
              <td style="text-align: left; vertical-align: top; width: auto;">
                <div>details of all contracts (other than contracts to which the Company is a party) to which the KMP is a party or under which the KMP is entitled to a benefit, and that confer a right to call for or deliver shares in, debentures of, or
                  interests in a managed investment scheme made available by, the Company or a related body corporate.&#160; These details include the number and class of shares, debentures or interests, the name of the registered holder if the shares,
                  debentures or interests have been issued and the nature of the KMP&#8217;s interest under contract.</div>
              </td>
            </tr>

        </table>
      </div>
      <div>&#160;</div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="z87fc642582f54cbfa877d150071bfe5e" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

            <tr style="vertical-align: top;">
              <td style="text-align: right; vertical-align: top; width: 28.35pt;">
                <div style="text-align: left;">2.</div>
              </td>
              <td style="text-align: left; vertical-align: top; width: auto;">
                <div>The KMP will provide the required information as soon as reasonably possible after the date of appointment and in any event not later than two Business Days after the date KMP&#8217;s date of appointment.</div>
              </td>
            </tr>

        </table>
      </div>
      <div>&#160;</div>
      <div style="text-align: justify; font-weight: bold;">Ongoing disclosure</div>
      <div>&#160;</div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="z141a0771a5d94a2ab140c21339e6a7dc" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

            <tr style="vertical-align: top;">
              <td style="text-align: right; vertical-align: top; width: 28.35pt;">
                <div style="text-align: left;">3.</div>
              </td>
              <td style="text-align: left; vertical-align: top; width: auto;">
                <div>The KMP will provide the following information.</div>
              </td>
            </tr>

        </table>
      </div>
      <div>&#160;</div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="z43fc1272e676485a9a853d7f7b465237" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

            <tr style="vertical-align: top;">
              <td style="width: 27pt;">&#160;</td>
              <td style="text-align: right; vertical-align: top; width: 27pt;">
                <div style="text-align: left;">a.</div>
              </td>
              <td style="text-align: left; vertical-align: top; width: auto;">
                <div>details of changes in Company Securities registered in the KMP&#8217;s name other than changes occurring as a result of corporate actions by the Company.&#160; These details include the date of the change, the number and class of the Company
                  Securities held before and after the change, and the nature of the change, for example on-market transfer. The KMP will also provide details of the consideration payable in connection with the change, or if a market consideration is not
                  payable, the value of the Company Securities the subject of the change;</div>
              </td>
            </tr>

        </table>
      </div>
      <div>&#160;</div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="z62b1c1312a2f416a82149c14bc54cd7a" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

            <tr style="vertical-align: top;">
              <td style="width: 27pt;">&#160;</td>
              <td style="text-align: right; vertical-align: top; width: 27pt;">
                <div style="text-align: left;">b.</div>
              </td>
              <td style="text-align: left; vertical-align: top; width: auto;">
                <div>details of changes in Company Securities not registered in the KMP&#8217;s name but in which the KMP has a Relevant Interest. These details shall include the date of the change, the number and class of the Company Securities held before and
                  after the change, the name of the registered holder before and after the change, and the circumstances giving rise to the Relevant Interest. The KMP will also provide details of the consideration payable in connection with the change, or
                  if a market consideration is not payable, the value of the Company Securities the subject of the change; and</div>
              </td>
            </tr>

        </table>
      </div>
      <div>&#160;</div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div class="BRPFPageFooter" style="width: 100%;"></div>
        <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 class="BRPFPageHeader" style="width: 100%;">
          <div><img src="image00002.jpg"></div>
        </div>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="z8a14c32d03d346ca8b01769e65e7d4ae" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

            <tr style="vertical-align: top;">
              <td style="width: 27pt;">&#160;</td>
              <td style="text-align: right; vertical-align: top; width: 27pt;">
                <div style="text-align: left;">c.</div>
              </td>
              <td style="text-align: left; vertical-align: top; width: auto;">
                <div>details of all changes to contracts (other than contracts to which the Company is a party) to which the KMP is a party or under which the KMP is entitled to a benefit, and that confer a right to call for or deliver shares in,
                  debentures of, or interests in a managed investment scheme made available by, the Company or a related body corporate.&#160; These details include the date of the change, the number and class of the shares, debentures or interests to which the
                  interest relates before and after the change, the name of the registered holder if the shares, debentures or interests have been issued, and the nature of the KMP&#8217;s interests under the contract.</div>
              </td>
            </tr>

        </table>
      </div>
      <div>&#160;</div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="z268f40105e474c44b8a593e9dd4aafe3" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

            <tr style="vertical-align: top;">
              <td style="text-align: right; vertical-align: top; width: 28.35pt;">
                <div style="text-align: left;">4.</div>
              </td>
              <td style="text-align: left; vertical-align: top; width: auto;">
                <div>The KMP will provide the required information as soon as reasonably possible after the date of the change and in any event no later than two Business Days after the date of the change.</div>
              </td>
            </tr>

        </table>
      </div>
      <div>&#160;</div>
      <div style="text-align: justify; font-weight: bold;">Final disclosure</div>
      <div>&#160;</div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="z1e1e84fe99a5409b8bfb72155773fb44" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

            <tr style="vertical-align: top;">
              <td style="text-align: right; vertical-align: top; width: 28.35pt;">
                <div style="text-align: left;">5.</div>
              </td>
              <td style="text-align: left; vertical-align: top; width: auto;">
                <div>The KMP will provide the following information as at the date of ceasing to be a KMP.</div>
              </td>
            </tr>

        </table>
      </div>
      <div>&#160;</div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="z747e658aac5f43ba8cd3c246b48939cb" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

            <tr style="vertical-align: top;">
              <td style="width: 27pt;">&#160;</td>
              <td style="text-align: right; vertical-align: top; width: 27pt;">
                <div style="text-align: left;">a.</div>
              </td>
              <td style="text-align: left; vertical-align: top; width: auto;">
                <div>details of all Company Securities registered in the KMP&#8217;s name.&#160; These details include the number and class of the Securities;</div>
              </td>
            </tr>

        </table>
      </div>
      <div>&#160;</div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="z50690836e437420a953d08b8a29b6729" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

            <tr style="vertical-align: top;">
              <td style="width: 27pt;">&#160;</td>
              <td style="text-align: right; vertical-align: top; width: 27pt;">
                <div style="text-align: left;">b.</div>
              </td>
              <td style="text-align: left; vertical-align: top; width: auto;">
                <div>details of all Company Securities not registered in the KMP&#8217;s name but in which the KMP has a Relevant Interest.&#160; These details include the number and class of the Company Securities, the name of the registered holder and the
                  circumstances giving rise to the Relevant Interest; and</div>
              </td>
            </tr>

        </table>
      </div>
      <div>&#160;</div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="z7fbca74067b1453c9eba16b8c2fd1972" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

            <tr style="vertical-align: top;">
              <td style="width: 27pt;">&#160;</td>
              <td style="text-align: right; vertical-align: top; width: 27pt;">
                <div style="text-align: left;">c.</div>
              </td>
              <td style="text-align: left; vertical-align: top; width: auto;">
                <div>details of all contracts (other than contracts to which the Company is a party) to which the KMP is a party or under which the KMP is entitled to a benefit, and that confer a right to call for or delivery shares in, debentures of, or
                  interests in a managed investment scheme made available by, the Company or a related body corporate.&#160; These details include the number and class of the shares, debentures or interests, the name of the registered holder if the shares
                  debentures or interests have been issued and the nature of the interest under the contract.</div>
              </td>
            </tr>

        </table>
      </div>
      <div>&#160;</div>
      <div>
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              <div>I agree to be bound by, and to comply with, the Securities Trading Policy.</div>
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              <div>I acknowledge and agree that the Securities Trading Policy forms part of the terms of my appointment as an employee/director/consultant of IperionX Limited.</div>
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      <div>&#160;</div>
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              <div>Name: </div>
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            <td style="width: 45%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);"><br>
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            <td style="width: 50%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
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            <td style="width: 5%; vertical-align: top;">&#160;</td>
            <td style="width: 45%; vertical-align: top;">&#160;</td>
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          <tr>
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              <div>Date: </div>
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            <td style="width: 45%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);"><br>
            </td>
            <td style="width: 50%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
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      <div style="text-align: center; font-style: italic;">To be returned to the Company Secretary on completion.</div>
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      <div style="text-align: center; font-weight: bold;">Schedule 6 - Securities Trading Request</div>
      <div>&#160;</div>
      <div style="text-align: justify;">In accordance with the Securities Trading Policy of IperionX Limited, before dealing in any Company Securities you are required to obtain clearance.</div>
      <div>&#160;</div>
      <div style="text-align: justify;">Please forward this request to Approving Officer by fax no. + 61 8 9322 6558 or scan then by email to <u>info@iperionx.com</u>. </div>
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            <td style="width: 12%; vertical-align: top; padding-bottom: 2px;">
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            </td>
            <td style="width: 38%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);"><br>
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            <td style="width: 50%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
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            <td style="width: 12%; vertical-align: top;">&#160;</td>
            <td style="width: 38%; vertical-align: top;"><br>
            </td>
            <td style="width: 50%; vertical-align: top;">&#160;</td>
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            <td style="width: 12%; vertical-align: top; padding-bottom: 2px;">
              <div style="text-align: justify;">Location:</div>
            </td>
            <td style="width: 38%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);"><br>
            </td>
            <td style="width: 50%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
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            <td style="width: 12%; vertical-align: top;">&#160;</td>
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            </td>
            <td style="width: 50%; vertical-align: top;">&#160;</td>
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          <tr>
            <td style="width: 12%; vertical-align: top; padding-bottom: 2px;">
              <div style="text-align: justify;">Telephone: </div>
            </td>
            <td style="width: 38%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);"><br>
            </td>
            <td style="width: 50%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
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            <td style="width: 12%; vertical-align: top;">&#160;</td>
            <td style="width: 38%; vertical-align: top;"><br>
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            <td style="width: 50%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 12%; vertical-align: top; padding-bottom: 2px;">
              <div style="text-align: justify;">Facsimile: </div>
            </td>
            <td style="width: 38%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);"><br>
            </td>
            <td style="width: 50%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
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      <div style="text-align: justify;">I request permission to trade the following Securities which are currently held / proposed to be held by myself personally and/or other parties with whom I have a Relevant Interest as follows:</div>
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            <td style="width: 42%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center;">Registered Name of Security Holder</div>
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              <div style="text-align: center;">Type of </div>
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              <div style="text-align: center;">Number of </div>
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              <div style="text-align: center;">Buy/Sell </div>
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          <tr>
            <td style="width: 42%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td style="width: 18.52%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td style="width: 16.98%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td style="width: 21.62%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
          </tr>
          <tr>
            <td style="width: 42%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td style="width: 18.52%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td style="width: 16.98%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td style="width: 21.62%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">&#160;</td>
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      <div style="text-align: justify;">I confirm that:</div>
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          <tr>
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              <div>it is not a Closed Period;</div>
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              <div>I am not in possession of Inside Information;</div>
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          <tr>
            <td style="width: 28.35pt; vertical-align: top;">c.</td>
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              <div>I may be refused permission to deal without explanation.</div>
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            <td style="width: 29%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);"><br>
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            <td style="width: 6%; vertical-align: top; padding-bottom: 2px;">
              <div style="text-align: justify;">Date: </div>
            </td>
            <td style="width: 20%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);"><br>
            </td>
          </tr>

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      <div> <br>
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      <div>&#160;</div>
      <div style="text-align: justify;">This form is valid for a period of 5 Business Days from the date of approval.&#160; After this time, clearance will lapse and a further request will need to be completed.&#160; This form will be returned to you with the period
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
