Mithril Resources : Proposed issue of securities - MTH

Announcement Summary

Entity name

MITHRIL RESOURCES LIMITED

Announcement Type

New announcement

Date of this announcement 13/4/2022

The Proposed issue is:

A placement or other type of issue

Total number of +securities proposed to be issued for a placement or other type of issue

Proposed +issue date 26/4/2022

Refer to next page for full details of the announcementPart 1 - Entity and announcement details

1.1 Name of +Entity

MITHRIL RESOURCES LIMITED

We (the entity named above) give ASX the following information about a proposed issue of +securities and, if ASX agrees to +quote any of the +securities (including any rights) on a +deferred settlement basis, we agree to the matters set out in Appendix 3B of the ASX Listing Rules.

If the +securities are being offered under a +disclosure document or +PDS and are intended to be quoted on ASX, we also apply for quotation of all of the +securities that may be issued under the +disclosure document or +PDS on the terms set out in Appendix 2A of the ASX Listing Rules (on the understanding that once the final number of +securities issued under the +disclosure document or +PDS is known, in accordance with Listing Rule 3.10.3C, we will complete and lodge with ASX an Appendix 2A online form notifying ASX of their issue and applying for their quotation).

1.2 Registered Number Type ABN

Registration Number 30099883922

1.3 ASX issuer code MTH

1.4 The announcement isNew announcement

1.5 Date of this announcement 13/4/2022

1.6 The Proposed issue is:

A placement or other type of issuePart 7 - Details of proposed placement or other issuePart 7A - Conditions

7A.1 Do any external approvals need to be obtained or other conditions satisfied before the placement or other type of issue can proceed on an unconditional basis?

No

Part 7B - Issue details

Is the proposed security a 'New class' (+securities in a class that is not yet quoted or recorded by ASX) or an 'Existing class' (additional securities in a class that is already quoted or recorded by ASX)?

Existing class

Details of +securities proposed to be issued

ASX +security code and description

MTH : ORDINARY FULLY PAID

Will the proposed issue of this +security include an offer of attaching +securities?

Yes

Number of +securities proposed to be issued

350,000,000

Offer price details

Are the +securities proposed to be issued being issued for a cash consideration?

Yes

In what currency is the cash	What is the issue price per
consideration being paid?	+security?
AUD - Australian Dollar	AUD 0.01000

Will these +securities rank equally in all respects from their issue date with the existing issued +securities in that class?

Yes

Attaching +Security

Is the proposed attaching security a 'New class' (+securities in a class that is not yet quoted or recorded by ASX) or an 'Existing class' (additional +securities in a class that is already quoted or recorded by ASX)?

New class

Attaching +Security - New class (+securities in a class that is not yet quoted or recorded by ASX)

Details of attaching +securities proposed to be issuedISIN Code (if Issuer is a foreign company and +securities are non CDIs)Have you received confirmation from ASX that the terms Will the entity be seeking quotation of the 'new' class ofof the proposed +securities are appropriate and equitable under listing rule 6.1?

Yes

ASX +security code

New class-code to be confirmed

+Security type

Options

Number of +securities proposed to be issued 175,000,000

Offer price detailsAre the +securities proposed to be issued being issued for a cash consideration?

No

Please describe the consideration being provided for the +securities Nil

Please provide an estimate of the AUD equivalent of the consideration being provided for the +securitiesWill all the +securities issued in this class rank equally in all respects from their issue date?

Yes

Options details

+Security currency AUD - Australian Dollar

Exercise price Proposed issue of securities

+securities on ASX?

No

+Security description

Unquoted options

Expiry date 4 / 6

Exercise price

AUD 0.0150

Expiry date 26/4/2024

Details of the type of +security that will be issued if the option is exercised MTH : ORDINARY FULLY PAID

Number of securities that will be issued if the option is exercised 175,000,000 ordinary shares

Please provide a URL link for a document lodged with ASX setting out the material terms of the +securities proposed to be issued or provide the information by separate announcement.

Part 7C - Timetable

7C.1 Proposed +issue date 26/4/2022

Part 7D - Listing Rule requirements

7D.1 Has the entity obtained, or is it obtaining, +security holder approval for the entire issue under listing rule 7.1?

No

7D.1b Are any of the +securities proposed to be issued without +security holder approval using the entity's 15% placement capacity under listing rule 7.1?

Yes

7D.1b ( i ) How many +securities are proposed to be issued without security holder approval using the entity's 15% placement capacity under listing rule 7.1?

100,000,000 fully paid ordinary shares and 175,000,000 unquoted options.

7D.1c Are any of the +securities proposed to be issued without +security holder approval using the entity's additional 10% placement capacity under listing rule 7.1A (if applicable)?

Yes

7D.1c ( i ) How many +securities are proposed to be issued without +security holder approval using the entity's additional 10% placement capacity under listing rule 7.1A?

250,000,000 fully paid ordinary shares.

7D.1c ( ii ) Please explain why the entity has chosen to do a placement rather than a +pro rata issue or an offer under a +security purchase plan in which existing ordinary +security holders would have been eligible to participate

To raise funds to continue diamond core drilling in the Copalquin District to expand the high-grade gold-silver maiden JORC resource at El Refugio and continue exploration target development within the Copalquin District.

7D.2 Is a party referred to in listing rule 10.11 participating in the proposed issue?