Announcement PDF DOC 1400030634.2 NOTICE OF ANNUAL GENERAL MEETING The Annual General Meeting of the Company will be held as follows: Date and time: Friday, 21 November 2025 at 11:00am (AWST) Location: Minerva Corporate Office, Level 8, 99 St Georges Terrace, Perth WA The Notice of Annual General Meeting should be read in its entirety. If Shareholders are in doubt as to how to vote, they should seek advice from their suitably qualified professional adviser prior to voting. Should you wish to discuss any matter, please do not hesitate to contact the Company Secretary on (08) 9486 4036. Shareholders are urged to vote by lodging the Proxy Form Page 2 DOC 1400030634.2 DY6 METALS LTD ACN 663 592 318 Notice of Annual General Meeting Notice is hereby given that the Annual General Meeting of Shareholders of DY6 Metals Ltd will be held at the offices of Minerva Corporate Office, Level 8, 99 St Georges Terrace, Perth WA on Friday, 21 November 2025 at 11:00am (AWST). The Directors have determined pursuant to Regulation 7.11.37 of the Corporations Regulations 2001 (Cth) that the persons eligible to vote at the Meeting are those who are registered Shareholders at 4pm (AWST) on Wednesday, 19 November 2025. The Explanatory Memorandum provides additional information on matters to be considered at the Meeting. The Explanatory Memorandum and the Proxy Form, form part of the Notice. Terms and abbreviations used in the Notice are defined in Schedule 1. Agenda 1 Annual Report To consider the Annual Report of the Company and its controlled entities for the financial year ended 30 June 2025, which includes the Financial Report, the Directors' Report and the Auditor's Report. Note: there is no requirement for Shareholders to approve the Annual Report. 2 Resolutions Resolution 1 – Remuneration Report To consider and, if thought fit, to pass with or without amendment, as a non-binding ordinary resolution the following: 'That, the Remuneration Report be adopted by Shareholders, on the terms and conditions in the Explanatory Memorandum.' Note: a vote on this Resolution is advisory only and does not bind the Directors or the Company. Resolution 2 – Re-election of Director - Daniel Smith To consider and, if thought fit, to pass with or without amendment, as an ordinary resolution the following: 'That, in accordance with Article 7.2 of the Constitution and Listing Rule 14.4 and for all other purposes, Daniel Smith, a Director appointed on 3 November 2022, retires at this Meeting and, being eligible and offering himself for re-election, is re-elected as a Director, on the terms and conditions in the Explanatory Memorandum.' Page 3 DOC 1400030634.2 Resolution 3 – Approval of 10% Placement Facility To consider and, if thought fit, to pass with or without amendment, as a special resolution the following: 'That, pursuant to and in accordance with Listing Rule 7.1A and for all other purposes, Shareholders approve the issue of Equity Securities totalling up 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 on the terms and conditions in the Explanatory Memorandum.' Resolution 4 – Renewed approval of employee incentive scheme To consider and, if thought fit, to pass with or without amendment, as an ordinary resolution the following: 'That, pursuant to and in accordance with exception 13 of Listing Rule 7.2 and for all other purposes, approval is given for the existing employee incentive scheme of the Company known as the "DY6 Metals Ltd Employee Securities Incentive Plan" and the issue of Securities under that Plan, on the terms and conditions in the Explanatory Memorandum.' Resolution 5 – Adoption of proportional takeover provisions in the Constitution To consider and, if thought fit, to pass with or without amendment, as a special resolution the following: 'That, for the purpose of section 648G of the Corporations Act, Article 4.9 and Schedule 5 of the Constitution and for all other purposes, approval is given for the Company to modify its existing Constitution by adopting Article 4.9 and Schedule 5 for a period of 3 years from the date of the Meeting.' Resolution 6(a) and Resolution 6(b) – Approval to issue up to 10,000,000 Consideration Shares and 10,000,000 Consideration Performance Rights To consider and, if thought fit, to pass with or without amendment, each as separate ordinary resolutions: 'That, the issue of up to: (a) 10,000,000 Consideration Shares; and (b) 10,000,000 Consideration Performance Rights, is approved under and for the purposes of Listing Rule 7.1 and for all other purposes, on the terms and conditions in the Explanatory Memorandum.' Resolution 7 – Change of Company Name Page 4 DOC 1400030634.2 To consider and, if thought fit, to pass the following resolution as a special resolution: “That, for the purposes of section 157(1)(a) of the Corporations Act and for all other purposes, approval is given for the name of the Company to be changed to Tusker Minerals Ltd.” Voting exclusions Pursuant to the Listing Rules, the Company will disregard any votes cast in favour of: (a) Resolution 3, if at the time of the Meeting, the Company is proposing to make an issue of Equity Securities under Listing Rule 7.1A.2, by or on behalf of any persons who are expected to participate in, or who will obtain a material benefit as a result of, the proposed issue (except a benefit solely by reason of being a Shareholder), or any of their respective associates; (b) Resolution 4, by or on behalf on any person who is eligible to participate in the Plan, or any of their respective associates; and (c) Resolution 6(a) and Resolution 6(b), by or on behalf of any person who is expected to participate in, or who will obtain a material benefit as a result of, the proposed issue of the Consideration Shares and Consideration Performance Rights (except a benefit solely by reason of being a Shareholder), or any of their respective associates. The above voting exclusions do not apply to a vote cast in favour of the relevant Resolution by: (a) a person as proxy or attorney for a person who is entitled to vote, in accordance with directions given to the proxy or attorney to vote on the Resolution in that way; (b) the Chair as proxy or attorney for a person who is entitled to vote, in accordance with a direction given to the Chair to vote on the Resolution as the Chair decides; or (c) a holder acting solely in a 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. Voting prohibitions Resolution 1: in accordance with sections 250BD and 250R of the Corporations Act, a vote on this Resolution must not be cast (in any capacity) by or on behalf of a member of the Key Management Personnel details of whose remuneration are included in the Remuneration Report, or a Closely Related Party of such a member. A vote may be cast by such person if the vote is not cast on behalf of a person who is excluded from voting on this Resolution, and: (a) the person is appointed as a proxy by writing that specifies the way the proxy is to Page 5 DOC 1400030634.2 vote on this Resolution; or (b) the voter is the Chair and the appointment of the Chair as proxy does not specify the way the proxy is to vote on this Resolution, but expressly authorises the Chair to exercise the proxy even if this Resolution is connected with the remuneration of a member of the Key Management Personnel. Resolution 4: In accordance with sections 250BD and 250R of the Corporations Act, a vote on this Resolution must not be cast (in any capacity) by or on behalf of a member of the Key Management Personnel, details of whose remuneration are included in the Remuneration Report, or a Closely Related Party of such a member. A vote may be cast by such person if the vote is not cast on behalf of a person who is excluded from voting on this Resolution, and: (a) the person is appointed as a proxy by writing that specifies the way the proxy is to vote on this Resolution; or (b) the voter is the Chair and the appointment of the Chair as proxy does not specify the way the proxy is to vote on this Resolution, but expressly authorises the Chair to exercise the proxy even if this Resolution is connected with the remuneration of a member of the Key Management Personnel. BY ORDER OF THE BOARD Daniel Smith Executive Chairman DY6 Metals Ltd Dated: 21 October 2025 Page 6 DOC 1400030634.2 DY6 METALS LTD ACN 663 592 318 (Company) Explanatory Memorandum 1. Introduction The Explanatory Memorandum has been prepared for the information of Shareholders in connection with the business to be conducted at the meeting to be held at Minerva Corporate Office, Level 8, 99 St Georges Terrace, Perth WA on Friday, 21 November 2025 at 11:00am (AWST) (Meeting). The Explanatory Memorandum forms part of the Notice which should be read in its entirety. The Explanatory Memorandum contains the terms and conditions on which the Resolutions will be voted. The Explanatory Memorandum includes the following information to assist Shareholders in deciding how to vote on the Resolutions: Section 1 Introduction Section 2 Voting and attendance information Section 3 Annual Report Section 4 Resolution 1 – Remuneration Report Section 5 Resolution 2 – Re-election of Director - Daniel Smith Section 6 Resolution 3 – Approval of 10% Placement Facility Section 7 Resolution 4 – Renewed approval of employee incentive scheme Section 8 Resolution 5 – Adoption of proportional takeover provisions in the Constitution Section 9 Resolution 6(a) and Resolution 6(b) – Approval to issue up to 10,000,000 Consideration Shares and 10,000,000 Consideration Performance Rights Section 10 Resolution 7 - Change of Name Schedule 1 Definitions Schedule 2 Terms and conditions of Employee Securities Incentive Plan A Proxy Form is located at the end of the Explanatory Memorandum. 2. Voting and attendance information Shareholders should read the Notice including the Explanatory Memorandum carefully before Page 7 DOC 1400030634.2 deciding how to vote on the Resolutions. 2.1 Voting in person To vote in person, attend the Meeting on the date and at the place set out above. 2.2 Voting by proxy A Proxy Form is attached to the Notice. This is to be used by Shareholders if they wish to appoint a representative (a 'proxy') to vote in their place. All Shareholders are invited and encouraged to attend the Meeting or, if they are unable to attend in person, sign and return the Proxy Form to the Company in accordance with the instructions thereon. Lodgement of a Proxy Form will not preclude a Shareholder from attending and voting at the Meeting in person. Please note that: (i) a member of the Company entitled to attend and vote at the Meeting is entitled to appoint a proxy; (ii) a proxy need not be a member of the Company; and (iii) a member of the Company entitled to cast two or more votes may appoint two proxies and may specify the proportion or number of votes each proxy is appointed to exercise, but where the proportion or number is not specified, each proxy may exercise half of the votes. The enclosed Proxy Form provides further details on appointing proxies and lodging Proxy Forms. Section 250BB(1) of the Corporations Act provides that an appointment of a proxy may specify the way the proxy is to vote on a particular resolution and, if it does: (i) the proxy need not vote on a show of hands, but if the proxy does so, the proxy must vote that way (i.e. as directed); (ii) if the proxy has 2 or more appointments that specify different ways to vote on the resolution – the proxy must only vote on a poll; (iii) if the proxy is the chair of the meeting at which the resolution is voted on – the proxy must vote on a poll, and must vote that way (i.e. as directed); and (iv) if the proxy is not the chair – the proxy need not vote on the poll, but if the proxy does so, the proxy must vote that way (i.e. as directed). Section 250BC of the Corporations Act provides that, if: (i) an appointment of a proxy specifies the way the proxy is to vote on a particular resolution at a meeting of the Company's members; (ii) the appointed proxy is not the chair of the meeting; (iii) at the meeting, a poll is duly demanded on the resolution; and (iv) either the proxy is not recorded as attending the meeting or the proxy does not vote on the resolution, Page 8 DOC 1400030634.2 the chair of the meeting is taken, before voting on the resolution closes, to have been appointed as the proxy for the purposes of voting on the resolution at the meeting. 2.3 Chair's voting intentions If the Chair is your proxy, either by appointment or by default, and you have not indicated your voting intention, you expressly authorise the Chair to exercise the proxy in respect of Resolution 1, even though this Resolution is connected directly or indirectly with the remuneration of the Company's Key Management Personnel. The Chair intends to exercise all available proxies in favour of all Resolutions, unless the Shareholder has expressly indicated a different voting intention. 2.4 Submitting questions Shareholders may submit questions in advance of the Meeting to the Company. Questions must be submitted by emailing the Company Secretary at john.kay@dy6metals.com by 11:00am (AWST) on Wednesday, 19 November 2025. Shareholders will also have the opportunity to submit questions during the Meeting in respect to the formal items of business. In order to ask a question during the Meeting, please follow the instructions from the Chair. The Chair will attempt to respond to the questions during the Meeting. The Chair will request prior to a Shareholder asking a question that they identify themselves (including the entity name of their shareholding and the number of Shares they hold). 3. Annual Report In accordance with section 317 of the Corporations Act, Shareholders will be offered the opportunity to discuss the Annual Report, including the Financial Report, the Directors' Report and the Auditor's Report for the financial year ended 30 June 2025. There is no requirement for Shareholders to approve the Annual Report. At the Meeting, Shareholders will be offered the opportunity to: (a) discuss the Annual Report which is available online at https://www.asx.com.au/markets/company/DY6; (b) ask questions about, or comment on, the management of the Company; and (c) ask the Auditor questions about the conduct of the audit and the preparation and content of the Auditor's Report. In addition to taking questions at the Meeting, written questions to the Chair about the management of the Company, or to the Company's Auditor about: (a) the preparation and content of the Auditor's Report; (b) the conduct of the audit; (c) accounting policies adopted by the Company in relation to the preparation of the financial statements; and Page 9 DOC 1400030634.2 (d) the independence of the Auditor in relation to the conduct of the audit, may be submitted no later than five Business Days before the Meeting to the Company Secretary at the Company's registered office. The Company will not provide a hard copy of the Company’s Annual Report to Shareholders unless specifically requested to do so. 4. Resolution 1 – Remuneration Report 4.1 General In accordance with section 250R(2) of the Corporations Act, the Company must put the Remuneration Report to the vote of Shareholders. The Directors' Report contains the Remuneration Report which sets out the remuneration policy for the Company and the remuneration arrangements in place for the executive Directors, specified executives and non- executive Directors. In accordance with section 250R(3) of the Corporations Act, Resolution 1 is advisory only and does not bind the Directors. If Resolution 1 is not passed, the Directors will not be required to alter any of the arrangements in the Remuneration Report. If the Company's Remuneration Report receives a 'no' vote of 25% or more (Strike) at two consecutive annual general meetings, Shareholders will have the opportunity to remove the whole Board, except the managing director (if any). Where a resolution on the Remuneration Report receives a Strike at two consecutive annual general meetings, the Company will be required to put to Shareholders at the second annual general meeting a resolution on whether another meeting should be held (within 90 days) at which all Directors (other than the managing director, if any) who were in office at the date of approval of the applicable Directors' Report must stand for re-election. The Company's Remuneration Report did not receive a Strike at the 2024 annual general meeting. If the Remuneration Report receives a Strike at this Meeting, Shareholders should be aware that if a second Strike is received at the 2026 annual general meeting, this may result in the re-election of the Board. The Chair will allow a reasonable opportunity for Shareholders as a whole to ask about, or make comments on the Remuneration Report. 4.2 Board recommendation Resolution 1 is an ordinary resolution. Given the personal interests of all Directors in the outcome of this Resolution, the Board declines to make a recommendation to Shareholders regarding this Resolution. 5. Resolution 2 – Re-election of Director - Daniel Smith 5.1 General Article 7.2 of the Constitution and Listing Rule 14.4 both provide that a Director (excluding the Managing Director) must not hold office without re-election past the third annual general meeting following that Director's appointment or three years, whichever is longer. Page 10 DOC 1400030634.2 Article 7.2(b) of the Constitution provides that a Director who retires in accordance with Article 7.2(b)(iii) is eligible for re-election. Accordingly, Daniel Smith, a Director appointed on 3 November 2022, retires at this Meeting and, being eligible and offering himself for election, seeks election pursuant to Resolution 2. 5.2 Daniel Smith Mr Smith holds a Bachelor of Arts, is a Fellow of the Governance Institute of Australia, and has over 17 years' primary and secondary capital markets expertise. He is a director and co-founder of Minerva Corporate, a boutique corporate services and advisory firm. He has advised on and been involved in over a dozen initial public offers/reverse takeovers for companies listed on the ASX, AIM and NSX. Mr Smith is currently non-executive director for several companies listed on AIM/ASX operating in the resources sector and has been heavily involved in project origination and evaluation. The Company confirms that it has taken appropriate checks into Mr Smith's background and experience and that these checks did not identify any information of concern. Mr Smith has acknowledged to the Company that he will have sufficient time to fulfil his responsibilities as a Director. Mr Smith is not considered to be an independent Director as he is a substantial shareholder of the Company. 5.3 Board recommendation Resolution 2 is an ordinary resolution. The Board (other than Mr Smith who has a personal interest in the outcome of this Resolution) recommends that Shareholders vote in favour of this Resolution. 6. Resolution 3 – Approval of 10% Placement Facility 6.1 General Broadly speaking, and subject to a number of exceptions, Listing Rule 7.1 limits the amount of Equity Securities that a listed company can issue without the approval of its shareholders over any 12-month period to 15% of the fully paid ordinary securities it had on issue at the start of that period. Listing Rule 7.1A, however, enables an eligible entity to issue Equity Securities up to 10% of its issued share capital through placements over a 12-month period after the annual general meeting (10% Placement Facility). The 10% Placement Facility is in addition to the Company's 15% annual placement capacity under Listing Rule 7.1. Resolution 3 seeks Shareholder approval by way of a special resolution to provide the Company with the ability to issue Equity Securities under the 10% Placement Facility during the 10% Placement Period (refer to Section 6.2(f) below). The number of Equity Securities to be issued under the 10% Placement Facility will be determined in accordance with the formula prescribed in Listing Rule 7.1A.2 (refer to Section 6.2(c) below). Page 11 DOC 1400030634.2 If Resolution 3 is passed, the Company will be able to issue Equity Securities up to the combined 25% limit in Listing Rules 7.1 and 7.1A without any further Shareholder approval. If Resolution 3 is not passed, the Company will not be able to access the additional 10% capacity to issue Equity Securities without Shareholder approval provided for in Listing Rule 7.1A and will remain subject to the 15% limit on issuing Equity Securities without Shareholder approval in Listing Rule 7.1. 6.2 Listing Rule 7.1A (a) Is the Company an eligible entity? An eligible entity for the purposes of Listing Rule 7.1A is an entity that is not included in the S&P/ASX 300 Index and has a market capitalisation of $300 million or less. The Company is an eligible entity as it is not included in the S&P/ASX 300 Index and has a market capitalisation of approximately $21m, based on the closing price of Shares ($0.22) on 3 October 2025. (b) What Equity Securities can be issued? Any Equity Securities issued under the 10% Placement Facility must be in the same class as an existing quoted class of Equity Securities of the eligible entity. As at the date of the Notice, the Company has on issue one quoted class of Equity Securities on issue, being the Shares (ASX:DY6). (c) How many Equity Securities can be issued? Listing Rule 7.1A.2 provides that under the approved 10% Placement Facility, the Company may issue or agree to issue a number of Equity Securities calculated in accordance with the following formula: (A x D) – E Where: A = is the number of Shares on issue at the commencement of the Relevant Period: (A) plus the number of fully paid Shares issued in the Relevant Period under an exception in Listing Rule 7.2 other than exception 9, 16 or 17; (B) plus the number of fully paid Shares issued in the Relevant Period on the conversion of convertible securities within Listing Rule 7.2 exception 9 where: (1) the convertible securities were issued or agreed to be issued before the commencement of the Relevant Period; or (2) the issue of, or agreement to issue, the convertible securities was approved, or taken under the Listing Rules to have been approved, under Listing Rule 7.1 or Listing Rule 7.4; Page 12 DOC 1400030634.2 (C) plus the number of fully paid Shares issued in the Relevant Period under an agreement to issue securities within Listing Rule 7.2 exception 16 where: (1) the agreement was entered into before the commencement of the Relevant Period; or (2) the agreement or issue was approved, or taken under the Listing Rules to have been approved, under Listing Rule 7.1 or Listing Rule 7.4; (D) plus the number of partly paid Shares that became fully paid Shares in the Relevant Period; (E) plus the number of any other fully paid Shares issued in the Relevant Period with approval under Listing Rules 7.1 and 7.4; and (F) less the number of fully paid Shares cancelled in the Relevant Period. Note that 'A' has the same meaning in Listing Rule 7.1 when calculating the Company's 15% annual placement capacity. D = is 10%. E = is the number of Equity Securities issued or agreed to be issued under Listing Rule 7.1A.2 in the 12-months before the date of the issue or agreement to issue that are not issued with Shareholder approval under Listing Rules 7.1 or 7.4. (d) What is the interaction with Listing Rule 7.1? The Company's ability to issue Equity Securities under Listing Rule 7.1A will be in addition to its 15% annual placement capacity under Listing Rule 7.1. (e) At what price can the Equity Securities be issued? Any Equity Securities issued under Listing Rule 7.1A must be issued for a cash consideration per Equity Security which is not less than 75% of the VWAP of Equity Securities in the same class calculated over the 15 Trading Days on which trades in that class were recorded immediately before: (i) the date on which the price at which the Equity Securities are to be issued is agreed by the Company 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 6.2(e)(i) above, the date on which the Equity Securities are issued, (Minimum Issue Price). (f) When can Equity Securities be issued? Shareholder approval of the 10% Placement Facility under Listing Rule 7.1A will be valid from the date of the Meeting and will expire on the earlier of: (i) the date that is 12 months after the date of the Meeting; Page 13 DOC 1400030634.2 (ii) the time and date of the Company's next annual general meeting; or (iii) the time and date of Shareholder approval of a transaction under Listing Rules 11.1.2 (a significant change to the nature or scale of activities) or 11.2 (disposal of main undertaking), (10% Placement Period). (g) What is the effect of Resolution 3? The effect of Resolution 3 will be to allow the Company to issue the Equity Securities under Listing Rule 7.1A during the 10% Placement Period without further Shareholder approval or using the Company's 15% annual placement capacity under Listing Rule 7.1. 6.3 Specific information required by Listing Rule 7.3A Pursuant to and in accordance with Listing Rule 7.3A, the following information is provided in relation to the 10% Placement Facility: (a) Final date for issue The Company will only issue the Equity Securities under the 10% Placement Facility during the 10% Placement Period (refer to Section 6.2(f) above). (b) Minimum issue price Where the Company issues Equity Securities under the 10% Placement Facility, it will only do so for cash consideration and the issue price will be not less than the Minimum Issue Price (refer to Section 6.2(e) above). (c) Purposes of issues under the 10% Placement Facility The Company may seek to issue Equity Securities under the 10% Placement Facility for the purposes of raising funds for continued investment in the Company's current assets, the acquisition of new assets or investments (including expenses associated with such an acquisition), and/or for general working capital. (d) Risk of economic and voting dilution Shareholders should note that there is a risk that: (i) the market price for the Company's Equity Securities may be significantly lower on the date of the issue of the Equity Securities than on the date of the Meeting; and (ii) the Equity Securities may be issued at a price that is at a discount to the market price for the Company's Equity Securities on the issue date, which may have an effect on the amount of funds raised by the issue of the Equity Securities. If this Resolution 3 is approved by Shareholders and the Company issues Equity Securities under the 10% Placement Facility, the existing Shareholders' economic and Page 14 DOC 1400030634.2 voting power in the Company may be diluted as shown in the below table (in the case of Options, only if the Options are converted into Shares). The table below shows the dilution of existing Shareholders based on the current market price of Shares and the current number of Shares for Variable 'A' calculated in accordance with the formula in Listing Rule 7.1A.2 (see Section 6.2(c) above) as at the date of this Notice (Variable A), with: (i) two examples where Variable A has increased, by 50% and 100%; and (ii) two examples of where the issue price of Shares has decreased by 50% and increased by 100% as against the current market price. Share on issue (Variable A in Listing Rule 7.1A.2) Dilution Issue price per Share $0.110 $0.22 $0.44 50% decrease in Current Market Price Current Market Price 100% increase in Current Market Price 97,732,283 Shares Variable A 10% Voting Dilution 9,773,228 9,773,228 9,773,228 Funds raised $1,075,055 $2,150,110 $4,300,220 146,598,425 Shares 50% increase in Variable A 10% Voting Dilution 14,659,842 14,659,842 14,659,842 Funds raised $1,612,583 $3,225,165 $6,450,330 195,464,566 Shares 100% increase in Variable A 10% Voting Dilution 19,546,457 19,546,457 19,546,457 Funds raised $2,150,110 $4,300,221 $8,600,441 Notes: 1. The table has been prepared on the following assumptions: (a) The issue price ($0.22) is the closing price of the Shares on ASX on 3 October 2025, being the latest practicable date before this Notice was signed. (b) Variable A comprises of 97,732,283 Shares as calculated on 3 October 2025. (c) The Company issues the maximum number of Equity Securities available under the 10% Placement Facility. (d) No convertible securities (including any issued under the 10% Placement Facility) are exercised or converted into Shares before the date of the issue of the Equity Securities. (e) The issue of Equity Securities under the 10% Placement Facility consists only of Shares. If the issue of Equity Securities includes quoted Options, it is assumed that those quoted Options are exercised into Shares for the purpose of calculating the voting dilution effect on existing Shareholders. 2. The number of Shares on issue (i.e. Variable A) may increase as a result of issues of Shares that do not require Shareholder approval (for example, a pro rata entitlements issue, scrip issued under a takeover offer or upon exercise of convertible securities) or future specific placements under Listing Rule 7.1 that are approved at a future Shareholders' meeting. Page 15 DOC 1400030634.2 3. The 10% voting dilution reflects the aggregate percentage dilution against t