Announcement PDF 1 SULTAN RESOURCES LTD ACN 623 652 522 NOTICE OF ANNUAL GENERAL MEETING Notice is given that the Meeting will be held at: TIME: 11:00 am (WST) DATE: 25 November 2026 PLACE: Unit 1 38 Colin Street West Perth WA 6005 The business of the Meeting affects your shareholding and your vote is important. This Notice should be read in its entirety. If Shareholders are in doubt as to how they should vote, they should seek advice from their professional advisers prior to voting. 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 4:00pm (WST) on 23 November 2026. B U S I N E S S OF TH E M E E T I N G AGENDA 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, with or without amendment, the following resolution as a non-binding resolution: “That, for the purposes of section 250R(2) of the Corporations Act and for all other purposes, approval is given for the adoption of the Remuneration Report as contained in the Company’s annual financial report for the financial year ended 30 June 2026.” Note: the vote on this Resolution is advisory only and does not bind the Directors or the Company. 3. RESOLUTION 2 – ELECTION OF A DIRECTOR – MR MAURICE MATICH To consider and, if thought fit, to pass, with or without amendment, the following resolution as an ordinary resolution: “That, for the purpose of Article 6.3(j) of the Constitution, Listing Rule 14.4 and for all other purposes, Mr Maurice Matich, a Director who was appointed casually on 17 September 2026, retires, and being eligible, is elected as a Director.” 4. RESOLUTION 3 – RATIFICATION OF PRIOR ISSUE OF PLACEMENT SHARES UNDER LISTING RULE 7.1 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 87,774,235 Shares to the Placement Participants on the terms and conditions set out in the Explanatory Statement.” 5. RESOLUTION 4 – RATIFICATION OF PRIOR ISSUE OF PLACEMENT SHARES UNDER LISTING RULE 7.1A 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 58,516,203 Shares to the Placement Participants on the terms and conditions set out in the Explanatory Statement.” 6. RESOLUTION 5 – APPROVAL TO ISSUE QUOTED PLACEMENT OPTIONS 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 7.1 and for all other purposes, approval is given for the Company to issue the Placement Participants one (1) Quoted Placement Option for every two (2) Placement Shares subscribed for and issued under the Placement, and otherwise as set out in the Explanatory Statement.” 7. RESOLUTION 6 – APPROVAL TO ISSUE NEW OPTIONS 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 7.1 and for all other purposes, approval is given for the Company to issue the Placement Participants one (1) New Option for every two (2) Placement Shares subscribed for and issued under the Placement, and otherwise as set out in the Explanatory Statement.” 8. RESOLUTION 7 – APPROVAL TO ISSUE OPTIONS TO LEAD MANAGER 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 7.1 and for all other purposes, approval is given for the Company to issue up to 40,000,000 Options to Xcel Capital Pty Ltd on the terms and conditions set out in the Explanatory Statement.” 9. RESOLUTION 8 – 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 Statement.” 10. RESOLUTION 9 – RE-INSERTION OF PROPORTIONAL TAKEOVER PROVISIONS IN THE CONSTITUTION To consider and, if thought fit, to pass the following resolution as a special resolution: “That, for the purposes of sections 136(2) and 648G of the Corporations Act and for all other purposes, approval is given for the Company to modify its existing Constitution by re-inserting the proportional takeover bid approval provisions in the form set out in Schedule 3 of this Notice (being the form of Schedule 4 of the Constitution), for a period of three years from the date of approval of this Resolution.” Dated: 19 October 2026 Voting Prohibition Statements Resolution 1 – Adoption of Remuneration Report In accordance with sections 250BD(2) and 250R of the Corporations Act, a vote on this Resolution must not be cast: (a) 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, regardless of the capacity in which the vote is cast; or (b) as a proxy by a member of the Key Management Personnel at the date of the Meeting, or their Closely Related Parties. However, a person (the voter) described above may cast a vote on this Resolution as a proxy if the vote is not cast on behalf of a person described above and either: (a) the voter 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: (i) does not specify the way the proxy is to vote on this Resolution; and expressly authorises the Chair to exercise the proxy even though this Resolution is connected directly or indirectly with the remuneration of a member of the Key Management Personnel. Voting Exclusion Statements In accordance with Listing Rule 14.11, the Company will disregard any votes cast in favour of the Resolution set out below by or on behalf of the following persons: Resolution 3 – Ratification of Prior Issue of Shares under Listing Rule 7.1 The Placement Participants (or their nominee(s)) or any other person who participated in the issue or an associate of that person or those persons. Resolution 4 – Ratification of Prior Issue of Shares under Listing Rule 7.1A The Placement Participants (or their nominee(s)) or any other person who participated in the issue or an associate of that person or those persons. Resolution 5 – Approval to Issue Quoted Placement Options The Placement Participants (or their nominee(s)) or any other person who is 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 holder of ordinary securities in the Company) or an associate of that person (or those persons). Resolution 6 – Approval to Issue New Options The Placement Participants (or their nominee(s)) or any other person who is 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 holder of ordinary securities in the Company) or an associate of that person (or those persons). Resolution 7 – Approval to Issue Lead Manager Options Xcel Capital Pty Ltd (or its nominee(s)) or any other person who is 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 holder of ordinary securities in the Company) or an associate of that person (or those persons). However, this does not apply to a vote cast in favour of the Resolution by: (a) a person as a 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 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 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 by proxy To vote by proxy, please complete and sign the enclosed Proxy Form and return by the time and in accordance with the instructions set out on the Proxy Form. In accordance with section 249L of the Corporations Act, Shareholders are advised that: • each Shareholder has a right to appoint a proxy; • the proxy need not be a Shareholder of the Company; and • a Shareholder who is 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. If the Shareholder appoints two proxies and the appointment does not specify the proportion or number of the member’s votes, then in accordance with section 249X(3) of the Corporations Act, each proxy may exercise one-half of the votes. Shareholders and their proxies should be aware that: • if proxy holders vote, they must cast all directed proxies as directed; and • any directed proxies which are not voted will automatically default to the Chair, who must vote the proxies as directed. Voting in person To vote in person, attend the Meeting at the time, date and place set out above. Should you wish to discuss the matters in this Notice please do not hesitate to contact the Company Secretary on +61 8 6559 1792. 6 E X PL A N A T O R Y S T A T E M E N T This Explanatory Statement has been prepared to provide information which the Directors believe to be material to Shareholders in deciding whether or not to pass the Resolutions. 1. FINANCIAL STATEMENTS AND REPORTS In accordance with the Corporations Act, 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.sultanresources.com.au. 2. RESOLUTION 1 – ADOPTION OF REMUNERATION REPORT 2.1 General The Corporations Act requires that at a listed company’s annual general meeting, a resolution that the remuneration report to be adopted must be put to the shareholders. However, such a resolution is advisory only and does not bind the company or the directors of the company. The remuneration report sets out the company’s remuneration arrangements for the directors and senior management of the company. The remuneration report is part of the directors’ report contained in the annual financial report of the company for a financial year. The chair of the meeting must allow a reasonable opportunity for its shareholders to ask questions about or make comments on 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 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 votes cast are in favour of the Spill Resolution, the company must convene a shareholder meeting (Spill Meeting) within 90 days of the second annual general meeting. All of the directors of the company who were in office when the directors' report (as included in the company’s annual financial report for the most recent financial year) 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 of the company is approved will be the directors of the company. 2.3 Previous voting results At the Company’s previous annual general meeting the votes cast against the remuneration report considered at that annual general meeting were less than 25%. Accordingly, the Spill Resolution is not relevant for this Meeting. 7 3. RESOLUTION 2 – ELECTION OF A DIRECTOR – MR MAURICE MATICH 3.1 General Article 6.2(b) of the Constitution allows the Directors to appoint any person as a Director, whether to fill a casual vacancy or as an addition to the existing Directors, subject to the limits on the number of Directors in Article 6.1 of the Constitution. Pursuant to Article 6.3(j) of the Constitution and Listing Rule 14.4, a Director appointed by the Directors must retire at the next annual general meeting of the Company following that appointment and is eligible for election by Shareholders at that meeting. Mr Maurice (Nic) Matich was appointed as a Director by the other Directors on 17 September 2026 in accordance with the Constitution. Mr Matich will retire at the Meeting in accordance with Article 6.3(j) of the Constitution and Listing Rule 14.4 and, being eligible, seeks election from Shareholders. Further information in relation to Mr Matich is set out below. Qualifications, experience and other material directorships Mr Matich is a mechanical engineer and finance professional with over 18 years’ experience in the resources sector. His wide industry experience includes the provision of engineering, risk consulting and insurance services to numerous tier 1 mining companies with operations in lithium, iron ore, mineral sands, gold and rare earths. Mr Matich holds a Bachelor of Engineering (Mech) with Honours, Bachelor of Science (Phys/IT), Graduate Diploma in Applied Finance and is a graduate of the Australian Institute of Company Directors. During the past three years, Mr Matich has held the following directorships in other ASX listed companies: (a) Non-Executive Director of Adavale Resources Ltd (appointed 31 July 2024); (b) Non-Executive Director of Temas Resources Corp (appointed 27 January 2026); and (c) Managing Director of Pinnacle Minerals Ltd (appointed 20 October 2022, resigned 19 September 2024). Term of office Mr Matich has served as a Director since 17 September 2026. Independence If elected, the Board considers that Mr Matich will be an independent Director. Other material information The Company conducts appropriate checks on the background and experience of candidates before their appointment to the Board. These include checks as to a person’s experience, educational qualifications, character, criminal record and bankruptcy history. The Company undertook such checks prior to the appointment of Mr Matich. Board recommendation Having received an acknowledgement from Mr Matich that he will have sufficient time to fulfil his responsibilities as a Director and having reviewed the performance of Mr Matich since his appointment to the Board and the skills, knowledge, experience and capabilities required by the Board, the Directors (other than Mr Matich) recommend that Shareholders vote in favour of this Resolution. 3.2 Technical information required by Listing Rule 14.1A If this Resolution is passed, Mr Matich will be elected to the Board as an independent non- executive Director. 8 If this Resolution is not passed, Mr Matich will not continue in his role as an independent non-executive Director. The Company may seek nominations or otherwise identify suitably qualified candidates to join the Company. As an additional consequence, this may detract from the Board and Company’s ability to execute on its strategic vision. 4. BACKGROUND TO RESOLUTIONS 3 TO 7 – PLACEMENT 4.1 Placement As announced on 23 September 2026, the Company received firm commitments from new and existing institutional, professional and sophisticated investors (Placement Participants) to raise approximately $1,316,000 (before costs) through the issue of 146,222,222 fully paid ordinary shares in the capital of the Company (Placement Shares) at an issue price of $0.009 per Placement Share, together with: (a) one (1) free-attaching quoted Option exercisable at $0.03 each on or before 12 March 2027 (ASX: SLZO) (Quoted Placement Option) for every two (2) Placement Shares subscribed for and issued; and (b) one (1) free-attaching Option exercisable at $0.03 each on or before 12 July 2030 (New Options) for every two (2) Placement Shares subscribed for and issued, (together, the Placement). As announced on 2 October 2026, the number of Placement Shares issued was increased from 146,222,222 to 146,290,438 as a result of rounding of individual investor allocations. Accordingly, the number of Quoted Placement Options and the number of New Options attaching to the Placement Shares have each increased to 73,145,224. The Placement has been, and will continue to be, conducted in the following manner: (a) (Tranche 1) the issue of an aggregate of 146,290,438 Placement Shares to raise approximately $1,316,614 (before costs) on 2 October 2026, comprising: (i) 87,774,235 Placement Shares which were issued pursuant to the Company's placement capacity under Listing Rule 7.1, which the Company is seeking to ratify under Resolution 3; and (ii) 58,516,203 Placement Shares which were issued pursuant to the Company's placement capacity under Listing Rule 7.1A, which the Company is seeking to ratify under Resolution 4; and (b) (Tranche 2) the issue of 73,145,224 Quoted Placement Options and 73,145,224 New Options (together, the Placement Options) to the Placement Participants (or their nominee(s)), which the Company is seeking approval to issue under Resolutions 5 and 6. If all of the Placement Options are exercised, a total of 146,290,448 Shares will be issued and the Company will raise $4,388,713 (before costs) from the payment of the exercise price. 4.2 Use of funds Funds raised under the Placement will be applied towards: (a) the expansion of the Company's exploration portfolio; (b) initial exploration activities at the Kaalkop Copper-Gold Project in Namibia, in respect of which the Company has lodged an exploration licence application; and (c) working capital. 4.3 Lead Manager Xcel Capital Pty Ltd (Lead Manager) acted as lead manager to the Placement pursuant to a mandate letter dated 20 September 2026 (Lead Manager Mandate). The Placement was not underwritten. Under the Lead Manager Mandate, the Company has agreed to: 9 (a) pay the Lead Manager a lead manager fee of $35,000 (plus GST) and a capital raising fee equal to 6% of the total amount raised under the Placement (plus GST); and (b) reimburse the Lead Manager for its reasonable out-of-pocket expenses incurred in connection with the Placement. The Lead Manager is responsible for any selling fees payable to third parties out of the capital raising fee. In addition, the Company has agreed to issue the Lead Manager (or its nominee(s)) 40,000,000 Options exercisable at $0.03 each on or before 12 July 2030 (Lead Manager Options), subject to Shareholder approval under Resolution 7. The Lead Manager Mandate otherwise contains terms (including representations, warranties, indemnities and termination rights) that are considered standard for an agreement of this nature. 5. RESOLUTIONS 3 AND 4 – RATIFICATION OF PRIOR ISSUE OF PLACEMENT SHARES 5.1 General A summary of the Placement is set out in Section 4.1 above. These Resolutions seek Shareholder ratification for the purposes of Listing Rule 7.4 for the issue of an aggregate of 146,290,438 Placement Shares at an issue price of $0.009 per Share to raise $1,316,614 (before costs). 87,774,235 Shares were issued pursuant to the Company’s capacity under Listing Rule 7.1 (being the subject of Resolution 3) and 58,516,203 Shares were issued pursuant to the Company’s placement capacity under Listing Rule 7.1A (being the subject of Resolution 4). 5.2 Listing Rules 7.1 and 7.1A 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 12 month period. Under Listing Rule 7.1A however, an Eligible Entity can seek approval from its members, by way of a special resolution passed at its annual general meeting, to increase this 15% limit by an extra 10% to 25%. The Company obtained this approval at its annual general meeting held on 26 November 2025. The Company’s ability to utilise the additional 10% capacity provided for in Listing Rule 7.1A is conditional on Resolution 8 being passed at this Meeting. 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 25% limit in Listing Rules 7.1 and 7.1A, reducing the Company’s capacity to issue further equity securities without Shareholder approval under Listing Rule 7.1 and 7.1A for the 12 month period following the date of the issue. 5.3 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. 5.4 Technical information required by Listing Rule 14.1A If these Resolutions are passed, the issue will be excluded in calculating the Company’s combined 25% limit in Listing Rules 7.1 and 7.1A, effectively increasing the number of equity 10 securities the Company can issue without Shareholder approval over the 12 month period following the date of the issue. If these Resolutions are not passed, the issue will be included in calculating the Company’s combined 25% limit in Listing Rules 7.1 and 7.1A, effectively decreasing the number of equity securities the Company can issue without Shareholder approval over the 12 month period following the date of the issue. 5.5 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 Placement Shares were issued to the Placement Participants, being new and existing institutional, professional and sophisticated investors identified through a bookbuild process conducted by the Lead Manager, which involved the Lead Manager seeking expressions of interest to participate in the Placement from non-related parties of the Company. None of the Placement Participants is a related party of the Company. Except for Rimoyne Pty Ltd, 10 Bolivianos Pty Ltd and Malcora Pty Ltd <C & C Ceniviva A/C>, the Company confirms that no Material Persons were issued more than 1% of the issued capital of the Company. Number and class of Securities issued 146,290,438 Placement Shares were issued on the following basis: (a) 87,774,235 Placement Shares were issued under Listing Rule 7.1 (ratification of which is sought under Resolution 3); and (b) 58,516,203 Placement Shares issued pursuant to Listing Rule 7.1A (ratification of which is sought under Resolution 4). Terms of Securities The Placement 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 2 October 2026. Price or other consideration the Company received for the Securities $0.009 per Placement Share. Purpose of the issue, including the intended use of any funds raised by the issue Refer to Section 4.2 for details of the proposed use of funds. Summary of material terms of agreement to issue The Shares were not issued under an agreement. Voting Exclusion Statement A voting exclusion statement applies to this Resolution. Compliance The issue did not breach Listing Rule 7.1 or 7.1A. 6. RESOLUTIONS 5 AND 6 – APPROVAL TO ISSUE PLACEMENT OPTIONS 6.1 General A summary of the Placement is set out in Section 4.1. 11 These Resolutions seek Shareholder approval for the purposes of Listing Rule 7.1 for the issue of 73,145,224 Quoted Placement Options (Resolution 5) and 73,145,224 New Options (Resolution 6) to the Placement Participants (or their nominee(s)), being the free-attaching Options forming part of the Placement. 6.2 Listing Rule 7.1 A summary of Listing Rule 7.1 is set out in Section 5.2 above. The proposed issue falls within exception 17 of Listing Rule 7.2 which excludes from the restrictions in Listing Rules 7.1 and 7.1A an agreement to issue equity securities that is conditional on the holders of its ordinary securities approving the issue under Listing Rule 7.1 before the issue is made. The proposed issue therefore requires the approval of Shareholders under Listing Rule 7.1. 6.3 Technical information required by Listing Rule 14.1A If these Resolutions are passed, the Company will be able to proceed with the issue of the Placement Options. In addition, the issue will be excluded from the calculation of the number of equity securities that the Company can issue without Shareholder approval under Listing Rule 7.1. If these Resolutions are not passed, the Company will not be able to proceed with the issue of the Placement Options, and the Placement Participants will not receive the free- attaching Options that formed part of the terms on which they agreed to subscribe for Placement Shares. 6.4 Technical information required by Listing Rule 7.3 REQUIRED INFORMATION DETAILS Names of persons to whom Securities will be issued or the basis on which those persons were or will be identified/selected The Placement Options will be issued to the Placement Participants (or their nominee(s)), being new and existing institutional, professional and sophisticated investors who were identified through a bookbuild process conducted by the Lead Manager, which involved the Lead Manager seeking expressions of interest to participate in the Placement from non-related parties of the Company. None of the Placement Participants is a related party of the Company. Except for Rimoyne Pty Ltd, 10 Bolivianos Pty Ltd and Malcora Pty Ltd <C & C Ceniviva A/C>, the Company confirms that no Material Persons will be issued more than 1% of the issued capital of the Company. Number of Securities and class to be issued The Placement Options will be issued on the basis of one (1) Quoted Placement Option and one (1) New Option for every two (2) Placement Shares subscribed for and issued under the Placement, being a total of: (a) 73,145,224 Quoted Placement Options; and (b) 73,145,224 New Options. Terms of Securities The Placement Options will be exercisable at $0.03 each: (a) for the Quoted Placement Options, on or before 12 March 2027; and (b) for the New Options, on or before 12 July 2030. The Quoted Placement Options will be issued on the terms and conditions set out in Schedule 1 and will form part of the same class as the Company's existing quoted Options (ASX: SLZO), being the terms and conditions set out in Schedule 1. The New Options will be issued on the terms and conditions set out in Schedule 2. 12 REQUIRED INFORMATION DETAILS Date(s) on or by which the Securities will be issued The Company expects to issue the Placement Options as soon as possible after the Meeting. In any event, the Company will not issue any Placement Options later than three months after the date of the Meeting (or such later date to the extent permitted by any ASX waiver or modification of the Listing Rules). Price or other consideration the Company will receive for the Securities The Placement Options will be issued for nil cash consideration as they are free-attaching to the Placement Shares subscribed for and issued under the Placement. Purpose of the issue, including the intended use of any funds raised by the issue The purpose of the issue is to satisfy the Company's obligation to issue the free-attaching Options forming part of the Placement to the Placement Participants. Any funds raised from the exercise of the Placement Options will be applied in the same manner as set out in Section 4.2 above. Summary of material terms of agreement to issue The Placement Options are being issued pursuant to the terms of the Placem