EREPL::Extraordinary/ Special General Meeting::Voluntary

CIRCULAR DATED 25 JANUARY 2021

THIS CIRCULAR IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION. PLEASE READ IT CAREFULLY.

This Circular is issued by Anchor Resources Limited (the "Company"). If you are in any doubt as to the action you should take, you should consult your stockbroker, bank manager, solicitor, accountant or other professional advisers immediately.

Unless otherwise defined, capitalised terms appearing on the cover of this Circular bear the same meanings ascribed to them in the section entitled "Definitions" of this Circular.

If you have sold or transferred all your shares in the capital of the Company held through The Central Depository (Pte) Limited ("CDP"), you need not forward this Circular with the Notice of Extraordinary General Meeting ("Notice of EGM") and the attached proxy form to the purchaser or transferee as arrangements will be made by CDP for a separate Circular with the Notice of EGM and the attached proxy form to be sent to the purchaser or transferee. If you have sold or transferred all your shares in the capital of the Company represented by physical share certificate(s) which are not deposited with the CDP, you should at once hand this Circular with the Notice of EGM and the attached proxy form immediately to the purchaser or transferee, or to the bank, stockbroker or agent through whom you effected the sale or transfer, for onward transmission to the purchaser or transferee.

This Circular has been prepared by the Company and its contents have been reviewed by the Company's sponsor, UOB Kay Hian Private Limited (the "Sponsor") for compliance with the relevant rules of the Singapore Exchange Securities Trading Limited ("SGX-ST") Listing Manual Section B: Rules of Catalist ("Catalist Rules").

This Circular has not been examined or approved by the SGX-ST and the SGX-ST assumes no responsibility for the contents of this Circular, including the accuracy, completeness or correctness of any of the information, statements or opinions made or reports contained in this Circular.

The contact person for the Sponsor is Mr Lance Tan, Senior Vice President, at 8 Anthony Road, #01- 01, Singapore 229957, telephone [phone].

Anchor Resources Limited

(Company Registration Number: 201531549N)

(Incorporated in the Republic of Singapore)

CIRCULAR TO SHAREHOLDERS IN RELATION TO:

1. SETTLEMENT OF S$3,500,000 LOAN AND ALL ACCRUED INTEREST THEREON OF S$116,667 BY WAY OF ISSUANCE OF 2,427,293,288 NEW ORDINARY SHARES IN THE CAPITAL OF THE COMPANY AT AN ISSUE PRICE OF S$0.00149 PER SHARE; AND
2. PAYMENT OF INTRODUCER FEE OF S$262,500 BY WAY OF ISSUANCE OF 176,174,497 NEW ORDINARY SHARES IN THE CAPITAL OF THE COMPANY AT AN ISSUE PRICE OF S$0.00149 PER SHARE.

IMPORTANT DATES AND TIMES:
Last date and time for lodgement of Proxy Form	:	7 February 2021 at 10:00 a.m.
Last date and time to pre-register online to attend	:	6 February 2021 at 10:00 a.m.

the EGM remotely
Date and time of Extraordinary General Meeting	:	9 February 2021 at 10:00 a.m.
Place of Extraordinary General Meeting	:	The EGM will be held by electronic means

DEFINITIONS

		PAGE
DEFINITIONS…………………………………………………………………………………………………...	1
LETTER TO SHAREHOLDERS………………………………………………………………………………	6
1.	INTRODUCTION………………………………………………………………………………………......	6
2.	THE PROPOSED TRANSACTIONS……………………………………………………………………	7
3.	CONDITIONS PRECEDENT OF THE PROPOSED TRANSACTIONS…………………………….	9
4.	OVERVIEW OF THE SETTLEMENT SHARE ISSUE AND THE INTRODUCER SHARE ISSUE…	10
5.	RATIONALE FOR THE PROPOSED TRANSACTIONS………………………………………………	12
6.	FINANCIAL EFFECTS OF THE PROPOSED TRANSACTIONS.…….…………………….………...	13
7.	DIRECTOR'S CONFIRMATION ………………………………………………………………………..	14
8.	INTERESTS OF DIRECTORS AND SUBSTANTIAL SHAREHOLDERS…………………………..	15
9.	DIRECTORS' RECOMMENDATION….…………………………………..…........................................	15
10.	EXTRAORDINARY GENERAL MEETING……………………………………………………………	16
11.	NO PROSPECTUS OR OFFER INFORMATION STATEMENT…………………………………….	16
12.	ACTIONS TO BE TAKEN BY SHAREHOLDERS…………………………………………………….	16
13.	DIRECTORS' RESPONSIBILITY STATEMENT……………………………………………………...	17
14.	DOCUMENTS AVAILABLE FOR INSPECTION……………………………………………………...	17
APPENDIX A - SHAREHOLDING INTERESTS OF THE DIRECTORS AND SUBSTANTIAL
SHAREHOLDERS OF THE COMPANY AS AT THE LATEST PRACTICABLE DATE AND UPON
COMPLETION OF THE PROPOSED TRANSACTIONS…………………………………………………	A-1
NOTICE OF EXTRAORDINARY GENERAL MEETING…………………………………………………….	N-1
PROXY FORM

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DEFINITIONS

The following definitions apply throughout in this Circular except where the context otherwise requires or otherwise stated:

"associate"	: (a)	In	relation to any Director, chief executive officer,
		Substantial Shareholder or Controlling Shareholder (being
		an individual) means:
		(i)	his immediate family;
		(ii)	the trustees of any trust of which he or his
			immediate family is a beneficiary or, in the case of
			a discretionary trust, is a discretionary object; and
		(iii)	any company in which he and his immediate
			family together (directly or indirectly) have an
			interest of 30% or more;
	(b)	In relation to a Substantial Shareholder or a Controlling
		Shareholder (being a company) means any other

company which is its subsidiary or holding company or is a subsidiary of such holding company or one in the equity of which it and/or such other company or companies taken together (directly or indirectly) have an interest of 30% or more,

or such other definition as the Catalist Rules may from time to time prescribe

"Board" or "Directors"	: The	board of Directors of the Company as at the Latest
		Practicable Date
"Catalist"	:	The sponsor-supervised listing platform of the SGX-ST
"Catalist Rules"	: Listing Manual Section B: Rules of Catalist of the SGX-ST, as
		amended, modified or supplemented from time to time
"CDP"	:	The Central Depository (Pte) Limited
"Circular"	: This circular to Shareholders dated 25 January 2021
"Companies Act"	:	Companies Act (Chapter 50 of Singapore), as amended,
		modified, or supplemented from time to time
"Company"	:	Anchor Resources Limited
"Completion"	: Completion of the Proposed Transactions
"Controlling Shareholder"	:	A person who:
		(a)	holds directly or indirectly 15% or more of the total voting
			rights in the Company. Notwithstanding, the SGX-ST
			may determine that a person who satisfies this paragraph
			is not a Controlling Shareholder; or
		(b)	in fact exercises control over the Company
"Director"	: A director of the Company
"EGM"	:	The extraordinary general meeting of the Company, to be held at
		10:00 a.m. on 9 February 2021 by way of electronic means, the
		notice of which is set out on pages N-1 to N-5 of this Circular
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