Wisr : Constitution

CORPORATIONS ACT 2001

CONSTITUTION

of

DESERT METALS LIMITED

ACN 617 947 172

Adopted by Special Resolution of the members on 20 October 2020

C O N T E N T S

1.	INTERPRETATION............................................................................................................................	1
	1.1	Definitions ......................................................................................................................	1
	1.2	Interpretation ................................................................................................................	4
	1.3	Corporations Act Definitions .......................................................................................	4
	1.4	Status of Constitution ...................................................................................................	4
	1.5	General Authorisation..................................................................................................	5
	1.6	Displacement of Replaceable Rules .........................................................................	5
	1.7	Enforceability ................................................................................................................	5
	1.8	Jurisdiction.....................................................................................................................	5
2.	SHARE CAPITAL AND VARIATION OF RIGHTS .............................................................................	5
	2.1	Rights Attaching to Shares ..........................................................................................	5
	2.2	Issue of Shares ...............................................................................................................	5
	2.3	Entitlement to new Shares - prior to admission to Official List ................................	5
	2.4	Share Options ...............................................................................................................	6
	2.5	Variation of class rights ................................................................................................	6
	2.6	Effect of share issue on class rights.............................................................................	6
	2.7	Preference Shares ........................................................................................................	6
	2.8	Recognition of Trusts ....................................................................................................	7
	2.9	Unregistered Interests...................................................................................................	7
	2.10	Share Certificates and Share Option Certificates ....................................................	7
	2.11	Section 1071H of the Corporations Act .....................................................................	7
	2.12	Commissions..................................................................................................................	8
	2.13	Restricted Securities .....................................................................................................	8
	2.14	Non-Issue or Cancellation of Certificate ...................................................................	8
	2.15	No Prohibition on Foreign Ownership ........................................................................	8
	2.16	Payment of Interest out of Capital.............................................................................	9
3.	MINIMUM SHAREHOLDING ..........................................................................................................	9
	3.1	Effect of this Clause......................................................................................................	9
	3.2	Definitions ......................................................................................................................	9
	3.3	Minimum Shareholding ................................................................................................	9
	3.4	Sale of Listed Securities of Minority Member ...........................................................	10
	3.5	Acceptance of Offer .................................................................................................	10
	3.6	Appointment of Attorney ..........................................................................................	10
	3.7	Transfer.........................................................................................................................	10
	3.8	Proceeds of Sale.........................................................................................................	10
	3.9	Receipt of Proceeds ..................................................................................................	11
	3.10	Registration of Purchaser...........................................................................................	11
	3.11	Remedies Limited .......................................................................................................	11
	3.12	Cost of Sale of Listed Securities.................................................................................	11
	3.13	Exemption from clause 3 ...........................................................................................	11
	3.14	Notice to Exempt........................................................................................................	12
	3.15	Takeover Offer or Announcement ...........................................................................	12
	3.16	Use by Company of Clause 3 ...................................................................................	12
	3.17	Notice to New Minority Members.............................................................................	12
4.	UNCERTIFICATED HOLDINGS AND ELECTRONIC TRANSFERS...................................................	12
	4.1	Electronic or Computerised Holding........................................................................	12
	4.2	Statement of Holdings ...............................................................................................	13
	4.3	Share Certificates .......................................................................................................	13
	4.4	Listing Rules..................................................................................................................	13
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5.	LIEN	..............................................................................................................................................	13
	5.1	Lien for Members Debts .............................................................................................	13
	5.2	Generally .....................................................................................................................	13
	5.3	Exemption....................................................................................................................	14
	5.4	Dividends .....................................................................................................................	14
	5.5	Sale of Shares..............................................................................................................	14
	5.6	Restrictions on Sale.....................................................................................................	15
	5.7	Person Authorised to Sign Transfers ..........................................................................	15
	5.8	Proceeds of Sale.........................................................................................................	15
	5.9	Protection of Lien under ASX Settlement Operating Rules ...................................	15
	5.10	Further Powers re Forfeited Shares and Liens ..........................................................	15
6.	CALLS ON SHARES ......................................................................................................................	15
	6.1	Calls..............................................................................................................................	15
	6.2	Payment of Calls ........................................................................................................	16
	6.3	Quoted Shares ............................................................................................................	16
	6.4	Unquoted Shares ........................................................................................................	16
	6.5	Joint Liability ................................................................................................................	16
	6.6	Deemed Calls .............................................................................................................	16
	6.7	Differentiation between Shareholders.....................................................................	16
	6.8	Payments in Advance of Calls..................................................................................	16
	6.9	Outstanding Moneys..................................................................................................	17
	6.10	Revocation/Postponement or Extension.................................................................	17
	6.11	Compliance with Listing Rules and Corporations Act ...........................................	17
	6.12	Waive ...........................................................................................................................	17
7.	FORFEITURE OF SHARES ..............................................................................................................	17
	7.1	Failure to Pay Call.......................................................................................................	17
	7.2	Forfeiture......................................................................................................................	18
	7.3	Sale of Forfeited Shares .............................................................................................	18
	7.4	Continuing Liability .....................................................................................................	18
	7.5	Officer's Statement Prima Facie Evidence .............................................................	18
	7.6	Procedures ..................................................................................................................	18
	7.7	Listing Rules and ASX Settlement Operating Rules .................................................	18
	7.8	Waive ...........................................................................................................................	18
8.	TRANSFER OF SHARES - FOLLOWING ADMISSION TO OFFICIAL LIST ......................................	19
	8.1	Effect ............................................................................................................................	19
	8.2	Form of Transfer...........................................................................................................	19
	8.3	CHESS Transfers ...........................................................................................................	19
	8.4	Participation in CHESS ................................................................................................	19
	8.5	Registration Procedure ..............................................................................................	19
	8.6	Power to Refuse to Register ......................................................................................	20
	8.7	Closure of Register......................................................................................................	20
	8.8	Retention of Transfers by Company.........................................................................	20
	8.9	Power to suspend registration of transfers...............................................................	20
	8.10	Powers of Attorney .....................................................................................................	20
	8.11	Other Securities...........................................................................................................	21
	8.12	Branch Register...........................................................................................................	21
	8.13	Compliance with ASX Settlement Operating Rules ...............................................	21
	8.14	Issuer Sponsored Subregister .....................................................................................	21
	8.15	Transferor Holds Shares until Registration of Transfer ..............................................	21
	8.16	Waive ...........................................................................................................................	21
9.	TRANSFER OF SHARES - PRIOR TO ADMISSION TO OFFICIAL LIST ...........................................	21
	9.1	Effect ............................................................................................................................	21
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	9.2	General........................................................................................................................	22
	9.3	Transfer Notice ............................................................................................................	22
	9.4	Offers to other Shareholders .....................................................................................	22
	9.5	If purchasers found.....................................................................................................	23
	9.6	Transfers .......................................................................................................................	23
	9.7	If purchasers not found..............................................................................................	23
	9.8	Certain transfers excepted .......................................................................................	23
	9.9	Form of transfers .........................................................................................................	24
	9.10	Procedure for registration..........................................................................................	24
	9.11	Refusal to register .......................................................................................................	24
	9.12	Suspension of registrations.........................................................................................	24
10.	TRANSMISSION OF SHARES ........................................................................................................	24
	10.1	Death of Shareholder Leaving a Will .......................................................................	24

10.2 Death or Bankruptcy of Shareholder or the Shareholder becomes of unsound

		mind .............................................................................................................................	24
	10.3	Registration by Transmission or to Beneficiary.........................................................	25
	10.4	Limitations to Apply ....................................................................................................	25
	10.5	Death of a Joint Holder .............................................................................................	25
	10.6	Joint Personal Representatives .................................................................................	25
	10.7	ASX Settlement Transfer .............................................................................................	25
	10.8	Joint Holders ................................................................................................................	25
11.	CHANGES TO CAPITAL STRUCTURE ...........................................................................................	26
	11.1	Alterations to Capital .................................................................................................	26
	11.2	Reduction of Capital .................................................................................................	26
	11.3	Buy-Backs ....................................................................................................................	26
	11.4	Fractions ......................................................................................................................	27
12.	WRITTEN RESOLUTIONS ...............................................................................................................	27
13.	GENERAL MEETINGS ...................................................................................................................	27
	13.1	Convening of General Meetings of Shareholders by Directors' Resolution........	27
	13.2	Change of place or postponement of a General Meeting of Shareholders .....	27
	13.3	Convening of General Meetings of Shareholders by a Director or requisition ...	27
	13.4	Cancellation of a General Meeting of Shareholders ............................................	28
	13.5	Notice ..........................................................................................................................	28
	13.6	Irregularities in giving notice......................................................................................	28
	13.7	Business at General Meeting ....................................................................................	29
	13.8	Notice to Home Branch.............................................................................................	29
	13.9	Annual General Meeting ..........................................................................................	29
14.	PROCEEDINGS AT GENERAL MEETINGS ....................................................................................	29
	14.1	Quorum........................................................................................................................	29
	14.2	Persons Entitled to Attend a General Meeting .......................................................	29
	14.3	Refusal of Admission to Meetings .............................................................................	30
	14.4	Insufficient room .........................................................................................................	30
	14.5	Chairman ....................................................................................................................	30
	14.6	Vacating Chair ...........................................................................................................	30
	14.7	Disputes Concerning Procedure ..............................................................................	31
	14.8	General Conduct .......................................................................................................	31
	14.9	Adjournment ...............................................................................................................	31
	14.10	Notice of Resumption of Adjourned Meeting ........................................................	31
	14.11	How resolutions are decided ....................................................................................	31
	14.12	Casting Vote ...............................................................................................................	31
	14.13	Voting Rights ...............................................................................................................	31
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