Consolidated Zinc : Appendix 3B

Rule 2.7, 3.10.3, 3.10.4, 3.10.5

Appendix 3B

New issue announcement, application for quotation of additional securities and agreement

Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX's property and may be made public.

Introduced 01/07/96 Origin: Appendix 5 Amended 01/07/98, 01/09/99, 01/07/00, 30/09/01, 11/03/02, 01/01/03, 24/10/05, 01/08/12, 04/03/13

Name of entity

Consolidated Zinc Limited

ABN 27 118 554 359

We (the entity) give ASX the following information.

Part 1 - All issues

You must complete the relevant sections (attach sheets if there is not enough space).

• 1 +Class of +securities issued or to be issued

  Fully Paid Ordinary shares (Shares)

• 2 Number of +securities issued or to be issued (if known) or maximum number which may be issued

  2,950,000 Shares

• 3 Principal terms of the +securities (e.g. if options, exercise price and expiry date; if partly paid +securities, the amount outstanding and due dates for payment; if +convertible securities, the conversion price and dates for conversion)

Fully Paid Ordinary Shares issued on conversion of

Performance Rights following satisfaction of specific conditions with no consideration payable.

• 4 Do the +securities rank equally in all respects from the +issue date with an existing +class of quoted +securities?

  If the additional +securities do not rank equally, please state:

  •  the date from which they do

  •  the extent to which they participate for the next dividend, (in the case of a trust, distribution) or interest payment

  •  the extent to which they do not rank equally, other than in relation to the next dividend, distribution or interest payment

• 5 Issue price or consideration

  Yes

  NIL

• 6 Purpose of the issue

  (If issued as consideration for the acquisition of assets, clearly identify those assets)

  Conversion of Performance Rights into fully paid ordinary shares following satisfaction of specific conditions with no consideration payable.

• 6a Is the entity an +eligible entity that has obtained security holder approval under rule 7.1A?

  If Yes, complete sections 6b - 6h in relation to the +securities the subject of this Appendix 3B, and comply with section 6i

• 6b The date the security holder resolution under rule 7.1A was passed

  Yes

  20 November 2018

• 6c Number of +securities issued without security holder approval under rule 7.1

  Nil

• 6d Number of +securities issued with security holder approval under rule 7.1A

N/A

• 6e Number of +securities issued with security holder approval under rule 7.3, or another specific security holder approval (specify date of meeting)

  2,000,000 - 20 November 2018

• 6f Number of +securities issued under an exception in rule 7.2

  Nil

• 6g If +securities issued under rule 7.1A, was issue price at least 75% of 15 day VWAP as calculated under rule 7.1A.3? Include the +issue date and both values. Include the source of the VWAP calculation.

  N/A

• 6h If +securities were issued under rule 7.1A for non-cash consideration, state date on which valuation of consideration was released to ASX Market Announcements

  N/A

• 6i Calculate the entity's remaining issue capacity under rule 7.1 and rule 7.1A - complete Annexure 1 and release to ASX Market Announcements

  7.1 capacity - 175,007,973 7.1A capacity - 117,556,000

• 7 +Issue dates

  Note: The issue date may be prescribed by ASX

  (refer to the definition of issue date in rule

  19.12). For example, the issue date for a pro rata

  entitlement issue must comply with the applicable

  timetable in Appendix 7A.

  Cross reference: item 33 of Appendix 3B.

• 8 Number and +class of all +securities quoted on ASX (including the +securities in section 2 if applicable)

24 January 2019

Number	+Class
1,176,886,027	Fully Paid Ordinary Shares

Number and +class of all +securities not quoted on ASX (including the +securities in section 2 if applicable)

Number	+Class
40,000,000 1,250,000 126,172,002 2,500,000 57,283,882 1,000,000 1,000,000 1,000,000 19,650,000	Options ($0.06, 31 Dec 2020) Options ($0.06, 30 June 2023) Options ($0.06, 31 Dec 2018) Options ($0.06, 5 June 2020) Options ($0.025, 31 Dec 2020) Options ($0.06, 21 Sep 2023) Options ($0.06, 24 Dec 2023) Options ($0.06, 5 years satisfaction specific performance conditions) Performance from of Rights (various expiry dates between 31 December 2019 and 31 December 2020)

10

Dividend policy (in the case of a trust, distribution policy) on the increased capital (interests)

Part 2 - Pro rata issue

The company does not currently have a dividend policy.

11
12	Is the issue renounceable or non-	N/A
renounceable?
13	Ratio in which the +securities will	N/A
be offered

Is security required?

holderapproval N/A

• 14 +Class of +securities to which the offer relates

  N/A

• 15 +Record date entitlements

  todetermine N/A

• 16 Will holdings on different registers (or subregisters) be aggregated for calculating entitlements?

  N/A

• 17 Policy for deciding entitlements in relation to fractions

  N/A

• 18 Names of countries in which the entity has security holders who will not be sent new offer documents

  Note: Security holders must be told how their entitlements are to be dealt with.

  Cross reference: rule 7.7.

• 19 Closing date for receipt acceptances or renunciations

  N/Aof N/A

• 20 Names of any underwriters

  N/A

• 21 Amount of any underwriting fee or commission

  N/A

• 22 Names of any brokers to the issue

  N/A

• 23 Fee or commission payable to the broker to the issue

  N/A

• 24 Amount of any handling fee payable to brokers who lodge acceptances or renunciations on behalf of security holders

  N/A

• 25 If the issue is contingent on security holders' approval, the date of the meeting

N/A