New Century Resources : Letter to Ineligible Shareholders

10 November 2020

Dear Shareholder

Notification to Ineligible Shareholders

On 28 October 2020, New Century Resources Limited (Company) announced a 1 for 12 non-renounceable pro rata entitlement offer of new fully paid ordinary shares in the Company (New Shares) at an offer price of A$0.155 each to raise up to approximately A$14.36 million (before costs) (Entitlement Offer).

This letter is to inform you about the Entitlement Offer and to explain why you will not be able to subscribe for New Shares under the Entitlement Offer. This letter is not an offer to issue New Shares to you, nor an invitation for you to apply for New Shares. You are not required to do anything in response to this letter but there may be financial implications for you as a result of the Entitlement Offer that you should be aware of.

Details of the Entitlement Offer

The Entitlement Offer provides Eligible Shareholders (as defined below) with the opportunity to subscribe for one New Share for every twelve existing shares in the Company (Existing Shares) held at 7pm (AEDT) on Thursday, 5 November 2020 (Record Date) at an issue price of A$0.155 per New Share (Issue Price).

The Entitlement Offer is made by way of an offer document (Offer Document) pursuant to section 708AA of the Corporations Act 2001 (Cth) (Corporations Act) (as modified by ASIC Corporations (Non-TraditionalRights Issues) Instrument 2016/84).

Eligibility to participate in the Entitlement Offer

The Company has determined, pursuant to Listing Rule 7.7.1(a) and section 9A(3)(a) of the Corporations Act, that it would be unreasonable to make offers to shareholders in countries other than Australia, New Zealand, Singapore, Hong Kong, Germany and the United States in connection with the Entitlement Offer, having regard to:

1. the relatively small number of shareholders in the other jurisdictions where the Entitlement Offer would be made;
2. the number and value of shares for which such shareholders would otherwise have been entitled; and
3. the costs of complying with the legal and regulatory requirements in each other jurisdiction where the Entitlement Offer would be made.

Eligible Shareholders are those persons who:

a) are registered as a holder of Existing Shares on the Record Date;

Melbourne Office
Level 4, 360 Collins Street, Melbourne VIC 3000
Phone	[phone]
Email	[e-mail]
Website	www.newcenturyresources.com	1 / 2

1. have a registered address in Australia, New Zealand, Singapore, Hong Kong, Germany or the United States; and
2. are eligible under all applicable securities laws to receive an offer under the Entitlement Offer without any requirement for a prospectus or offer booklet to be lodged or registered.

A shareholder who is not an Eligible Shareholder will not be eligible to participate in the Entitlement Offer.

According to our records you do not satisfy the criteria for an Eligible Shareholder and therefore the Company is unable to extend to you the opportunity to participate in the Entitlement Offer. If our records are incorrect on this matter, please contact the Company per the details below.

Determination of eligibility of investors for the purposes of the Entitlement Offer is determined by the Company with reference to a number of matters. If you have questions in relation to any of the matters described above, please contact the Company on [phone] between 8:30am and 5.00pm (AEDT), Monday to Friday during the Offer Period.

Yours sincerely,

Oonagh Malone

Company Secretary

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