Announcement PDF Doc 1402225850.7 HASTINGS TECHNOLOGY METALS LIMITED ACN 122 911 399 NOTICE OF ANNUAL GENERAL MEETING TIME: 10.00 am WST DATE: 27 November 2026 PLACE: Mill Street Conference Room Ground Floor, 5 Mill Street Perth WA 6000 To attend the meeting online please register at: https://hastingstechmetals.com/agm/ The business of the Meeting affects your shareholding and your vote is important. This Notice of Meeting should be read in its entirety. If Shareholders are in doubt as to how they should vote, they should seek advice from their professional advisers prior to voting. Shareholders will be able to attend the meeting online. Shareholders are strongly encouraged to lodge their completed proxy form in accordance with the instructions in this Notice of Meeting. This Notice of Meeting can be accessed on the Company’s website at www.hastingstechmetals.com Should you wish to discuss the matters in this Notice of Meeting please do not hesitate to contact the Company Secretary on (+61 8) 6117 6118. 2 2 Doc 1402225850.7 CONTENTS PAGE Business of the Meeting (setting out the proposed Resolutions) 4 Voting Exclusions 6 Explanatory Memorandum (explaining the proposed Resolutions) 8 Glossary 20 IMPORTANT INFORMATION TIME AND PLACE OF MEETING Notice is given that the Annual General Meeting of the Shareholders to which this Notice of Meeting relates will be held at 10.00 am WST on 27 November 2026 at Mill Street Conference Room Ground Floor 5 Mill Street Perth WA 6000, and to attend online please register at https://hastingstechmetals.com/agm/ Shareholders are encouraged to submit questions in advance of the Meeting to the Company. Questions must be submitted in writing to Guy Robertson, Company Secretary at guy.robertson@hastingstechmetals.com at least 48 hours before the AGM. The Company will also provide Shareholders with the opportunity to ask questions during the Meeting in respect of Resolutions to be put before the meeting. YOUR VOTE IS IMPORTANT The business of the Annual General Meeting affects your shareholding and your vote is important. Each Resolution set out in this Notice and put to the vote at the Meeting will be decided on a poll. VOTING ELIGIBILITY The Directors have determined pursuant to Regulation 7.11.37 of the Corporations Regulations 2001 (Cth) that the persons eligible to vote at the Annual General Meeting are those who are registered Shareholders at 10.00 am (WST) on 25 November 2026. VOTING BY PROXY 1. To be valid, the appointment of a proxy (made using a properly completed and executed Proxy Form) must be received by the Company no later than 10.00 am (WST) on 25 November 2026, being not later than 48 hours before the commencement of the Meeting. 2. Proxy Forms can be submitted as follows: • Vote by going to https://investor.automic.com.au/#loginsah. • Email to meetings@automicgroup.com.au; • By mail to Hastings Technology Metals Limited at c/- Automic Pty Ltd, GPO Box 5193 Sydney NSW 2001; or • By hand to the Registrar, Automic Pty Ltd Level 5 126 Phillip Street Sydney NSW 2000 business hours (Monday – Friday, 8:30am – 5pm (WST)). • By facsimile +61 2 8583 3040 3 3 Doc 1402225850.7 Instructions on how to complete the Proxy Form are on the reverse of the Proxy Form attached to this Notice. 3. If you do not mark a box, your proxy may vote as they choose on that item. However, if you intend to appoint a member of the Key Management Personnel as your proxy, please ensure that you direct them how to vote on Resolution 1. 4. If the Chairman of the meeting is your proxy (or he becomes your proxy by default), you will be taken to have expressly authorised him to exercise your proxy in relation to Resolution 1 (Adoption of the Remuneration Report) even though the Chairman is connected directly or indirectly with the remuneration of a director or member of the key management personnel of the Hastings Group. Shareholders will be informed of the proxy position and the manner in which the Chairman intends to vote undirected proxies at the meeting. 5. Voting by corporate representative Any corporate shareholder who has appointed a person to act as its corporate representative at the Meeting should provide that person with a certificate or letter executed in accordance with the Corporations Act authorising him or her to act as that company’s representative. The authority must be emailed to info@hastingstechmetals.com, with the corporate shareholder’s request to register for the Meeting. 6. Voting by attorney A Shareholder entitled to vote at the Meeting is entitled to appoint an attorney to join and vote at the Meeting on the Shareholder’s behalf. An attorney need not be a holder of Shares. An instrument conferring the power of attorney or a certified copy of the authority must be emailed to info@hastingstechmetals.com with your request to register for the Meeting. At the meeting, the Chairman will allow a reasonable opportunity for shareholders to ask questions about, or make comments on, the management of the Company and on the Remuneration Report. Shareholders will also be given a reasonable opportunity at the meeting to ask the Company’s auditor, RSM Australia, questions about the content of its report, and the conduct of its audit of the Company, for the year. By order of the Board Guy Robertson Joint Company Secretary Hastings Technology Metals Ltd 22 October 2026 4 Doc 1402225850.7 BUSINESS OF THE MEETING AGENDA ORDINARY BUSINESS 1. FINANCIAL STATEMENTS AND REPORTS To receive and consider the annual financial report of the Company for the financial year ended 30 June 2026 together with the declaration of the Directors, the Directors’ report, the remuneration report and the auditor’s report. 2. RESOLUTION 1 – ADOPTION OF REMUNERATION REPORT To consider and, if thought fit, to pass the following Resolution as a non- binding Resolution: “That, for the purpose of section 250R(2) of the Corporations Act, and for all other purposes, approval is given for the adoption of the Remuneration Report.” Note: the vote on this Resolution is advisory only and does not bind the Directors or the Company. 3. RESOLUTION 2 : RE-ELECTION OF DIRECTOR – MR GUY ROBERTSON To consider and, if thought fit, to pass the following Resolution as an ordinary Resolution: “That, for the purpose of clause 10.3 of the Constitution and for all other purposes, Mr Guy Robertson, who retires by rotation, and being eligible, is re- elected as a Director.” 4. RESOLUTION 3 – RATIFICATION OF ISSUE OF SHARES TO AUGUST 2026 PLACEMENT PARTICIPANTS To consider and, if thought fit, to pass, with or without amendment, the following resolution as an ordinary resolution: “That, for the purposes of Listing Rule 7.4 and for all other purposes, Shareholders ratify the issue of 3,863,889 Shares to the August 2026 Placement Participants on the terms and conditions set out in the Explanatory Memorandum.” A voting exclusion statement applies to this Resolution. 5 Doc 1402225850.7 5. RESOLUTION 4 – RATIFICATION OF ISSUE OF SHARES TO THE JUNE 2026 PLACEMENT PARTICIPANTS To consider and, if thought fit, to pass, with or without amendment, the following resolution as an ordinary resolution: “That, for the purposes of Listing Rule 7.4 and for all other purposes, Shareholders ratify the issue of 2,739,726 Shares to the June 2026 Placement Participants on the terms and conditions set out in the Explanatory memorandum.” A voting exclusion statement applies to this Resolution. 6. RESOLUTION 5: APPROVAL OF 7.1A MANDATE To consider and, if thought fit, to pass the following resolution as a special resolution: “That, for the purposes of Listing Rule 7.1A and for all other purposes, approval is given for the Company to issue up to that number of Equity Securities equal to 10% of the issued capital of the Company at the time of issue, calculated in accordance with the formula prescribed in Listing Rule 7.1A.2 and otherwise on the terms and conditions set out in the Explanatory Memorandum.” 6 Doc 1402225850.7 VOTING EXCLUSION AND VOTING PROHIBITION STATEMENTS RESOLUTION PERSONS EXCLUDED FROM VOTING 1. Remuneration Report The Company will disregard any votes cast on this Resolution by or on behalf of: • a member of the Key Management Personnel, details of whose remuneration are included in the Remuneration Report for the year ended 30 June 2026; or • a closely related party of a member of the Key Management Personnel; or • as a proxy by a member of the Key Management Personnel at the date of the Meeting, or their closely related parties. However, this does not apply to a vote cast in favour of a resolution by: • a person as proxy or attorney for a person who is entitled to vote on the resolution, in accordance with directions given to the proxy or attorney to vote on the resolution in that way; or • the chair of the meeting as proxy or attorney for a person who is entitled to vote on the resolution, in accordance with a direction given to the chair to vote on the resolution as the chair decides and the appointment expressly authorizes the chair to exercise the proxy even if the resolution is connected directly or indirectly with the remuneration of a member of KMP. In accordance with Listing Rule 14.11, the Company will disregard any votes cast in favour of the Resolutions set out below by or on behalf of the following persons: Resolution 3 – Ratification of issue of Shares to August Placement Participants The August 2026 Placement Participants or any other person who participated in the issue or an associate of that person or those persons. Resolution 4 – Ratification of issue of Shares to June Placement Participants The June 2026 Placement Participants or any other person who participated in the issue or an associate of that person or those persons. However, this does not apply to a vote cast in favour of a resolution by: (a) a person as proxy or attorney for a person who is entitled to vote on the resolution, in accordance with the directions given to the proxy or attorney to vote on the resolution in that way; or (b) the chair of the meeting as proxy or attorney for a person who is entitled to vote on the resolution, in accordance with a direction given to the chair to vote on the resolution as the chair decides; or (c) a holder acting solely as nominee, trustee, custodial or other fiduciary capacity on behalf of a beneficiary provided the following conditions are met: (i) the beneficiary provides written confirmation to the holder that the beneficiary is not excluded from voting, and is not an associate of a person excluded from voting, on the resolution; and (ii) the holder votes on the resolution in accordance with directions given by the beneficiary to the holder to vote in that way. 7 Doc 1402225850.7 Resolution 1 Voting Prohibition Statement In accordance with section 250BD of the Corporations Act, a person appointed as a proxy must not vote, on the basis of that appointment, on this Resolution if: • the proxy is either: o a member of the Key Management Personnel; or o a Closely Related Party of a member of the Key Management Personnel; and • the appointment does not specify the way the proxy is to vote on this Resolution. However, the above prohibition does not apply if: • the proxy is the chair of the meeting; and the appointment expressly authorises the chair of the meeting to exercise the proxy even though this Resolution is connected directly or indirectly with the remuneration of a member of the Key Management Personnel. 8 Doc 1402225850.7 EXPLANATORY MEMORANDUM This Explanatory Memorandum has been prepared to provide information which the Directors believe to be material to Shareholders in deciding whether or not to pass the Resolutions which are the subject of the business of the Meeting. 1. FINANCIAL STATEMENTS AND REPORTS In accordance with the Constitution, the business of the Meeting will include receipt and consideration of the annual financial report of the Company for the financial year ended 30 June 2026 together with the declaration of the directors, the directors’ report, the remuneration report and the auditor’s report. The Company will not provide a hard copy of the Company’s annual financial report to Shareholders unless specifically requested to do so. The Company’s annual financial report is available on its website at www.hastingstechmetals.com. 2. RESOLUTION 1: ADOPTION OF REMUNERATION REPORT 2.1 General Section 250R(2) of the Corporations Act requires that at a listed company’s Annual General Meeting, a resolution that the remuneration report be adopted must be put to the shareholders. A remuneration report sets out a company’s remuneration arrangements for its directors and senior management. The Company’s remuneration report forms part of the Directors’ report, which is contained in the annual financial report of the Company for the financial year ended 30 June 2026. Subject to the rules set out in Division 9 of Part 2G.2 of the Corporations Act described in section 2.2, Resolution 1 need only be an advisory vote of Shareholders and does not bind the Directors or the Company. Of itself, a failure of Shareholders to pass Resolution 1 will not require the Directors to alter any of the arrangements in the Remuneration Report. However, the Board will take the outcome of the vote very seriously when considering the Company’s future remuneration policy. A reasonable opportunity will be provided for discussion of the remuneration report at the Annual General Meeting. 2.2 Voting consequences A company is required to put to its shareholders a resolution proposing the calling of another meeting of shareholders to consider the appointment of directors of the company (Spill Resolution) if, at consecutive annual general meetings, at least 25% of the votes cast on a remuneration report resolution are voted against the adoption of the remuneration report and at the first of those annual general meetings a Spill Resolution was not put to vote. If required, the Spill Resolution must be put to vote at the second of those annual general meetings. If more than 50% of the votes cast are in favour of the Spill Resolution, the Company must convene the extraordinary general meeting (Spill Meeting) within 9 Doc 1402225850.7 90 days of the second annual general meeting. All of the Directors who were in office when the Directors' report was approved, other than the managing director of the Company, will cease to hold office immediately before the end of the Spill Meeting but may stand for re-election at the Spill Meeting. Following the Spill Meeting those persons whose election or re-election as Directors is approved will be the Directors of the Company. The Company received a vote of 90.02% in favour of the 2025 Remuneration report at the meeting held on 28 November 2025. 2.3 Proxy Restrictions The Chair will vote undirected proxies in favour of Resolution 1. 2.4 Directors’ Recommendation Noting that each Director has a personal interest in their own remuneration from the Company (as set out in the Remuneration Report), the Board recommends that Shareholders adopt the Remuneration Report and vote in favour of this Resolution 1. 3. RESOLUTION 2: RE-ELECTION OF DIRECTOR – MR GUY ROBERTSON 3.1 General Clause 10.3 of the Constitution requires that a Director must not hold office without re-election: (i) past the third annual general meeting following the Director’s appointment or last election; or (ii) for more than 3 years, whichever is the longer. Mr Guy Robertson will retire in accordance with clause 10.3 of the Constitution and being eligible seeks re-election. A brief profile of Mr Guy Robertson is set out in the Annual Report. 3.2 Directors’ Recommendation The Board recommends (with Mr Robertson abstaining) that Shareholders vote in favour of this Resolution 2. 4. RESOLUTION 3 – RATIFICATION OF ISSUE OF SHARES TO AUGUST 2026 PLACEMENT PARTICIPANTS 4.0 General This Resolution seeks Shareholder ratification for the purposes of Listing Rule 7.4 for the issue of an aggregate of 3,863,889 Shares to professional and sophisticated investors (August 2026 Placement Participants) at an issue price of $0.27 per Share to raise $1,043,250 (before costs) (August Placement). The August Placement was completed on 27 August 2026. The proceeds of the August Placement were applied to working capital. The Shares were issued under Listing Rule 7.1. 10 10 | P a g e Doc 1402225850.7 4.1 Listing Rule 7.1 Listing Rule 7.1 limits the amount of equity securities that a listed company can issue (subject to certain exceptions) without the approval of its shareholders over any 12 month period to 15% of the fully paid ordinary securities it had on issue at the start of that 12 month period. The issue does not fit within any of the exceptions set out in Listing Rule 7.2 and, as it has not yet been approved by Shareholders, it effectively uses up part of the 15% limit in Listing Rule 7.1, reducing the Company’s capacity to issue further equity securities without Shareholder approval under Listing Rule 7.1 for the 12 month period following the date of the issue. 4.2 Listing Rule 7.4 Listing Rule 7.4 allows the shareholders of a listed company to approve an issue of equity securities after it has been made or agreed to be made. If they do, the issue is taken to have been approved under Listing Rule 7.1 and so does not reduce the company’s capacity to issue further equity securities without shareholder approval under that rule. The Company wishes to retain as much flexibility as possible to issue additional equity securities in the future without having to obtain Shareholder approval for such issues under Listing Rule 7.1. Accordingly, the Company is seeking Shareholder ratification pursuant to Listing Rule 7.4 for the issue. 4.3 Technical information required by Listing Rule 14.1A If this Resolution 3 is passed, the issue will be excluded in calculating the Company’s 15% limit in Listing Rule 7.1, effectively increasing the number of equity securities the Company can issue without Shareholder approval over the 12 month period following the date of the issue. If this Resolution 3 is not passed, the issue will be included in calculating the Company’s 15% limit in Listing Rule 7.1, effectively decreasing the number of equity securities that the Company can issue without Shareholder approval over the 12 month period following the date of the issue. 11 11 | P a g e Doc 1402225850.7 4.4 Technical information required by Listing Rules 7.4 and 7.5 REQUIRED INFORMATION DETAILS Names of persons to whom Securities were issued or the basis on which those persons were identified/selected The August 2026 Placement Participants who were identified by the Directors, based on their interest in supporting the Company in its future development. The Company confirms that no substantial shareholders were issued more than 1% of the issued capital of the Company. Number and class of Securities issued 3,863,889 Shares were issued. Terms of Securities The Shares were fully paid ordinary shares in the capital of the Company issued on the same terms and conditions as the Company’s existing Shares. Date(s) on or by which the Securities were issued 27 August 2026 Price or other consideration the Company received for the Securities $0.27 per Share. Purpose of the issue, including the intended use of any funds raised by the issue The purpose of the issue was to provide additional working capital. Summary of material terms of agreement to issue The Shares were issued pursuant to customary placement agreements between the Company and the August 2026 Placement Participants. No fees were payable in relation to this Placement. Voting Exclusion Statement A voting exclusion statement applies to this Resolution. 4.5 Board Recommendation The Board recommends that Shareholders vote in favour of Resolution 3. 4.6 Chair’s Voting Intention The Chair intends to exercise all undirected proxies in favour of Resolution 3. 5. RESOLUTION 4 – RATIFICATION OF ISSUE OF SHARES TO JUNE 2026 PLACEMENT PARTICIPANTS 5.0 General This Resolution 4 seeks Shareholder ratification for the purposes of Listing Rule 7.4 for the issue of an aggregate of 2,739,726 Shares to professional and sophisticated investors (June 2026 Placement Participants) at an issue price of $0.365 per Share to raise $1,000,000 (before costs) (June 2026 Placement). The June 2026 Placement was completed on 23 June 2026. The proceeds of the June Placement 12 12 | P a g e Doc 1402225850.7 were intended to provide general working capital. The Shares were issued under Listing Rule 7.1A. 5.1 Listing Rule 7.1 Listing Rule 7.1 limits the amount of equity securities that a listed company can issue, subject to certain exceptions, without the approval of its shareholders over any 12 month period to 15% of the fully paid ordinary securities it had on issue at the start of that 12 month period. Under Listing Rule 7.1A, an eligible entity can seek approval from its members, by way of a special resolution passed at its annual general meeting, to issue securities up to the equivalent of an additional 10% of the Company’s fully paid issued capital over a 12-month period after the date of the annual general meeting approving the additional capacity to issue securities. The 10% capacity is in addition to the 15% placement capacity under Listing Rule 7.1. The Company obtained this approval at its annual general meeting held on 28 November 2025. The issue does not fit within any of the exceptions set out in Listing Rule 7.2 and, as it has not yet been approved by Shareholders, approval is sought at this meeting. 5.2 Listing Rule 7.4 Listing Rule 7.4 allows the shareholders of a listed company to approve an issue of equity securities after it has been made or agreed to be made. If they do, the issue is taken to have been approved under Listing Rule 7.1 and so does not reduce the company’s capacity to issue further equity securities without shareholder approval under that rule. The Company wishes to retain as much flexibility as possible to issue additional equity securities in the future without having to obtain Shareholder approval for such issues under Listing Rule 7.1. Accordingly, the Company is seeking Shareholder ratification pursuant to Listing Rule 7.4 for the issue. 5.3 Technical information required by Listing Rule 14.1A If Resolution 4 is passed, the June Placement Shares will be treated as having been issued with shareholder approval for the purposes of Listing Rule 7.1. They will cease to be counted in variable E under Listing Rule 7.1A.2 and will be included in variable A for the purposes of Listing Rules 7.1 and 7.1A.2, subject to the applicable calculation provisions. If Resolution 4 is not passed, the June Placement Shares will continue to be counted in variable E and excluded from variable A while they remain within the relevant 12-month period. Assuming the issue was validly made under Listing Rule 7.1A, it will not be counted in variable C under Listing Rule 7.1. 13 13 | P a g e Doc 1402225850.7 5.4 Technical information required by Listing Rules 7.4 and 7.5 REQUIRED INFORMATION DETAILS Names of persons to whom Securities were issued or the basis on which those persons were identified/selected The June 2026 Placement Participants who were identified by the Directors, based on their interest in supporting the Company in its future development. The Company confirms that no substantial shareholders were issued more than 1% of the issued capital of the Company. Number and class of Securities issued 2,739,726 Shares were issued. Terms of Securities The Shares were fully paid ordinary shares in the capital of the Company issued on the same terms and conditions as the Company’s existing Shares. Date(s) on or by which the Securities were issued 23 June 2026. Price or other consideration the Company received for the Securities $0.365 per Share. Purpose of the issue, including the intended use of any funds raised by the issue The purpose of the issue is to provide additional working capital Summary of material terms of agreement to issue The Shares were issued pursuant to customary placement agreements between the Company and the June 2026 Placement Participants. No fees were payable in connection with the Placement. Voting Exclusion Statement A voting exclusion statement applies to this Resolution. 5.5 Board Recommendation The Board recommends that Shareholders vote in favour of Resolution 4. 5.6 Chair’s Voting Intention The Chair intends to exercise all undirected proxies in favour of Resolution 4. 6. RESOLUTION 5 – APPROVAL OF 7.1A MANDATE 6.0 General As summarised in Section 4.1 above, Listing Rule 7.1 limits the amount of Equity Securities that a listed company can issue without the approval of its shareholders over any 12-month period to 15% of the fully paid ordinary securities it had on issue at the start of that period. Listing Rule 7.1A enables eligible entities to issue additional Equity Securities up to 10% of their issued capital through placements 14 14 | P a g e Doc 1402225850.7 over a twelve-month period after the Annual General Meeting (7.1A Mandate), subject to the receipt of shareholder approval by way of a special resolution. An ‘eligible entity’ means an entity which is not included in the S&P/ASX 300 Index and has a market capitalisation of $300,000,000 or less. As at the date of this Notice, the Company is an eligible entity as it is not included in the S&P/ASX 300 Index and has a current market capitalisation of $58.6 million (based on the number of Shares on issue and the closing share price on the ASX on 2 October 2026). 6.1 Nature of resolution Resolution 5 seeks Shareholder approval by way of special resolution for the Company to utilise the additional 10% placement capacity provided for in Listing Rule 7.1A to issue Equity Securities without Shareholder approval. For note, a special resolution is a resolution requiring at least 75% of votes cast by shareholders present and eligible to vote at the meeting in favour of the resolution. If Resolution 5 is passed, the Company will be able to issue Equity Securities under the 7.1A Mandate (additional to the 15% placement capacity available under Listing Rule 7.1) without further Shareholder approval. If Resolution 5 is not passed, the Company will not be able to access the additional 10% capacity to issue Equity Securities without Shareholder approval under Listing Rule 7.1A and will remain subject to the 15% limit on issuing Equity Securities without Shareholder approval set out in Listing Rule 7.1. 6.2 Technical information required by Listing Rule 7.3A Pursuant to and in accordance with Listing Rule 7.3A, the information below is provided in relation to Resolution 5: (a) Period for which the 7.1A Mandate is valid The 7.1A Mandate will commence on the date of the Meeting and expire on the first to occur of the following: (i) the date that is 12 months after the date of this Meeting; (ii) the time and date of the Company’s next annual general meeting; and (iii) the time and date of approval by Shareholders of any transaction under Listing Rule 11.1.2 (a significant change in the nature or scale of activities) or Listing Rule 11.2 (disposal of the main undertaking). (b) Minimum price Any Equity Securities issued under the 7.1A Mandate must be in an existing quoted class of Equity Securities and be issued for cash consideration at a minimum price of 75% of the volume weighted average price of Equity Securities in that class, calculated over the 15 trading days on which trades in that class were recorded immediately before: 15 15 | P a g e Doc 1402225850.7 (i) the date on which the price at which the Equity Securities are to be issued is agreed by the entity and the recipient of the Equity Securities; or (ii) if the Equity Securities are not issued within 10 trading days of the date in paragraph (i) above, the date on which the Equity Securities are issued. (c) Use of funds raised under the 7.1A Mandate In the event the Company were to raise funds from issues of Equity Securities under the 7.1A Mandate, then funds would be used for: (i) Increasing capacity at the Company’s Thailand Hydromet Plant (ii) Working capital. (d) Risk of Economic and Voting Dilution Any issue of Equity Securities under the 7.1A Mandate will dilute the interests of Shareholders who do not receive any Shares under the issue. Shareholders should note that there is a risk that: (i) the market price for Equity Securities may be significantly lower on the date of issue than on the date of approval under Listing Rule 7.1A (being, the date of this meeting); and (ii) the Equity Securities may be issued at a price that is at a discount to the market price for those Equity Securities on the issue date. If Resolution 5 is approved by Shareholders and the Company issues the maximum number of Equity Securities available under the 7.1A Mandate, the economic and voting dilution of existing Shares would be as shown in the table in Section 6.2(e) below. The table shows the dilution of existing Shareholders calculated in accordance with the formula outlined in Listing Rule 7.1A.2, on the basis of the closing market price of Shares and the number of Equity Securities on issue or proposed to be issued as at 2 October 2026. The table also shows the voting dilution impact where the number of Shares on issue (Variable A in the formula) changes and the economic dilution where there are changes in the issue price of Shares issued under the 7.1A Mandate. (e) Additional 10% Placement Capacity Shareholders should note that the calculation of the number of Equity Securities permitted to be issued under the 10% Placement Capacity is a moving calculation and will be based on the formula set out in Listing Rule 7.1A.2 at the time of the Equity Securities. That formula is: (A x D) – E 16 16 | P a g e Doc 1402225850.7 A is the number of Shares on issue 12 months before the date of iss