Announcement PDF DELTA LITHIUM LIMITED ACN 107 244 039 RETAIL ENTITLEMENT OFFER BOOKLET For a fully underwritten accelerated non-renounceable pro-rata entitlement offer of two (2) New Shares for every seven (7) Shares held by Eligible Retail Shareholders at the Record Date at an issue price of A$0.46 per New Share. The Entitlement Offer is underwritten by Mineral Resources Limited (ACN 118 549 910). Refer to Section 6.1 for more information. THE RETAIL ENTITLEMENT OFFER OPENS ON 20 NOVEMBER 2023 AND CLOSES AT 2.00PM (PERTH TIME) ON 4 DECEMBER 2023 (UNLESS EXTENDED). VALID ACCEPTANCES MUST BE RECEIVED BEFORE THAT TIME. PLEASE READ THE INSTRUCTIONS IN THIS RETAIL ENTITLEMENT OFFER BOOKLET AND ON THE ACCOMPANYING ENTITLEMENT AND ACCEPTANCE FORM REGARDING THE ACCEPTANCE OF YOUR ENTITLEMENT UNDER THE RETAIL ENTITLEMENT OFFER. THIS IS AN IMPORTANT DOCUMENT WHICH REQUIRES YOUR IMMEDIATE ATTENTION AND SHOULD BE READ IN ITS ENTIRETY. IF YOU ARE IN DOUBT ABOUT WHAT TO DO, YOU SHOULD CONSULT YOUR STOCKBROKER, ACCOUNTANT, SOLICITOR OR OTHER PROFESSIONAL ADVISER. THIS RETAIL ENTITLEMENT OFFER BOOKLET IS NOT A PROSPECTUS. IT DOES NOT PROVIDE ALL OF THE INFORMATION THAT AN INVESTOR WOULD FIND IN A PROSPECTUS OR WHICH MAY BE REQUIRED IN ORDER TO MAKE AN INFORMED INVESTMENT DECISION REGARDING, OR ABOUT THE RIGHTS ATTACHING TO, THE NEW SHARES OFFERED BY THIS RETAIL ENTITLEMENT OFFER BOOKLET. AN INVESTMENT IN THE SECURITIES OFFERED UNDER THIS RETAIL ENTITLEMENT OFFER BOOKLET SHOULD BE CONSIDERED HIGHLY SPECULATIVE IN NATURE. This Retail Entitlement Offer Booklet may not be released to U.S. wire services or distributed in the United States or any other country outside Australia or New Zealand IMPORTANT NOTICES General The Retail Entitlement Offer is being made pursuant to provisions of the Corporations Act (as modified by ASIC Corporations (Non-Traditional Rights Issues) Instrument 2016/84) which allows entitlement offers to be made without a prospectus. This Retail Entitlement Offer Booklet does not detail all of the information which may be required in order to make an informed decision regarding an application for New Shares offered under the Retail Entitlement Offer. As a result, it is important for you to carefully read and understand the information on Delta Lithium Limited ACN 107 244 039 (Delta or Company) and the Retail Entitlement Offer made publicly available, prior to accepting all or part of your Entitlement or doing nothing in respect of your Entitlement. In particular, please refer to this Retail Entitlement Offer Booklet, Delta's half year and annual reports, Appendices 4D and 4E and other announcements lodged with the Australian Securities Exchange (ASX) (including announcements which may be made by Delta after publication of this Retail Entitlement Offer Booklet). By receiving this Retail Entitlement Offer Booklet, you will be taken to have acknowledged and agreed that: • determination of eligibility of investors for the purposes of the institutional and retail components of the Entitlement Offer is determined by reference to a number of matters, including legal and regulatory requirements, logistical and registry constraints and the discretion of Delta and the Joint Lead Managers; • each of Delta, the Joint Lead Managers and the Underwriter and each of their respective advisers, affiliates, related bodies corporate, directors, officers, partners, employees and agents disclaim any duty or liability (including for negligence) in respect of that determination and the exercise or otherwise of that discretion, to the maximum extent permitted by law; and • the information in this Retail Entitlement Offer Booklet remains subject to change without notice. Future performance and forward looking statements This Retail Entitlement Offer Booklet details certain forward looking statements including but not limited to projections, guidance on future revenues, earnings, estimates, the outcome and effects of the Entitlement Offer and the use of proceeds and the future performance of Delta. Indications of, and guidance or outlook on, future earnings or financial position or performance are also forward looking statements. Forward looking statements include those detailing words such as: "anticipate", "believe", "expect", "estimate", "should", “will", "plan", "could", "may" "intends", "guidance", "project", "forecast", "target", "likely", “continue”, “objectives” and other similar expressions within the meaning of securities laws of applicable jurisdictions and include, but are not limited to, the outcome and effects of the Entitlement Offer and the use of proceeds, certain plans, strategies and objectives of management and expected financial performance. Any forward looking statements, opinions and estimates provided in this Retail Entitlement Offer Booklet are based on assumptions and contingencies which are subject to change without notice and involve known and unknown risks and uncertainties and other factors which are beyond the control of Delta and its officers, employees, agents, associates and advisers. This includes any statements about market and industry trends, which are based on interpretations of current market conditions. Forward looking statements are provided as a general guide only and should not be relied upon as an indication or guarantee of future performance. Readers are cautioned not to place undue reliance on forward-looking statements. Actual results may differ materially from those expressed or implied in such statements. Except as required by law or regulation, Delta undertakes no obligation to update these forward-looking statements whether as a result of new information, future events or results or otherwise. To the maximum extent permitted by law, Delta, the Joint Lead Managers and the Underwriter and their respective officers, employees, agents, associates and advisers do not make any representation or warranty, express or implied as to the currency, accuracy, reliability or completeness of such information, or likelihood of fulfilment of any forward looking statement, and disclaim all responsibility and liability for these forward looking statements (including, without limitation, liability for negligence). Refer to the “Key Risks" section of the Investor Presentation in Section 5 of this Retail Entitlement Offer Booklet for a 1 summary of certain risk factors that may affect Delta. There can be no assurance that actual outcomes will not differ materially from these forward-looking statements. The forward looking statements are based on information available to Delta as at the date of this Retail Entitlement Offer Booklet. Except as required by law or regulation (including the Listing Rules), Delta and the Joint Lead Managers and the Underwriter undertake no obligation to provide any additional or updated information whether as a result of new information, future events or results or otherwise. Financial information All financial information in this Retail Entitlement Offer Booklet is in Australian dollars (A$ or $) unless otherwise stated. Investors should note that this Retail Entitlement Offer Booklet details pro forma financial information. For more detail, please refer to this Retail Entitlement Offer Booklet, Delta's half year and annual reports, Appendices 4D and 4E and other announcements lodged with ASX (including announcements which may be made by Delta after publication of this Retail Entitlement Offer Booklet). Past performance Investors should note that past performance, including past share price performance, cannot be relied upon as an indicator of (and provides no guidance as to) future Delta performance including future share price performance. Foreign Jurisdictions The information in this Retail Entitlement Offer Booklet does not constitute an offer in any jurisdiction in which, or to any person to whom, it would not be lawful to make such an offer. No action has been taken to register or qualify the Retail Entitlement Offer, the New Shares, or otherwise permit a public offering of the New Shares, in any jurisdiction outside of Australia. The distribution of this Retail Entitlement Offer Booklet (including an electronic copy) outside of Australia may be restricted by law. If you come into possession of this Retail Entitlement Offer Booklet, you should observe such restrictions, including those set forth in Section 7.18 and in the "International Offer Restrictions" section of the Investor Presentation that is included in this Retail Entitlement Offer Booklet. Because of legal restrictions, you must not send copies of this Retail Entitlement Offer Booklet or any material in relation to the Retail Entitlement Offer to any person outside Australia. Failure to comply with these restrictions may result in violations of applicable securities laws. See Section 7.18 for further information. New Zealand The New Shares are not being offered to the public within New Zealand other than to existing shareholders of the Company with registered addresses in New Zealand to whom the offer of these securities is being made in reliance on the Financial Markets Conduct (Incidental Offers) Exemption Notice 2021. This Retail Entitlement Offer Booklet has been prepared in compliance with Australian law and has not been registered, filed with or approved by any New Zealand regulatory authority under the Financial Markets Conduct Act 2013. This Retail Entitlement Offer Booklet is not a product disclosure statement under New Zealand law and is not required to, and may not, contain all the information that a product disclosure statement under New Zealand law is required to contain. Speculative investment An investment in New Shares should be considered highly speculative. You should read this Retail Entitlement Offer Booklet and the Company's ASX announcements (including announcements which may be made by Delta after publication of this Retail Entitlement Offer Booklet) carefully before deciding whether to invest. This Retail Entitlement Offer Booklet does not take into account the investment objectives, financial or taxation or particular needs of any applicant. Before making any investment in the Company, each 2 applicant should consider whether such an investment is appropriate to his/her particular needs, their individual risk profile for speculative investments, investment objectives and individual financial circumstances. If persons considering applying for New Shares have any questions, they should consult their stockbroker, solicitor, accountant or other professional adviser. There is no guarantee that New Shares will make a return on the capital invested, that dividends will be paid on the New Shares or that there will be an increase in the value of the New Shares in the future. Website No document or information included on the Company's website is incorporated by reference into this Retail Entitlement Offer Booklet. Times and dates Times and dates in this Retail Entitlement Offer Booklet are indicative only and subject to change. All times and dates refer to Perth, Australia time unless specified otherwise. Refer to Section 1 "Indicative Timetable” of this Retail Entitlement Offer Booklet for more details. Rounding Any discrepancies between totals and sums and components in tables detailed in this Retail Entitlement Offer Booklet are due to rounding. Glossary Defined terms and abbreviations used in this Retail Entitlement Offer Booklet are detailed in the glossary of terms in Section 8. Trading New Shares Delta will have no responsibility and disclaims all liability (to the maximum extent permitted by law) to persons who trade New Shares they believe will be issued to them before they receive their holding statements, whether on the basis of confirmation of the allocation provided by Delta, the Share Registry, any of the Joint Lead Managers or the Underwriter or otherwise, or who otherwise trade or purport to trade New Shares in error or which they do not hold or are not entitled to. If you are in any doubt as to these matters, you should first consult with your stockbroker, accountant or other professional adviser. Refer to the Section 7 "Important Information" for details. Is this booklet relevant to you? This Retail Entitlement Offer Booklet is relevant to you if you are an Eligible Retail Shareholder. In this Retail Entitlement Offer Booklet, references to “you” are references to Eligible Retail Shareholders and references to “your Entitlement” or “your Retail Entitlement” (or “your Entitlement and Acceptance Form”) are references to the Entitlement (or Entitlement and Acceptance Form) of Eligible Retail Shareholders. Eligible Retail Shareholders are those persons who: • are registered as a holder of Shares as at the Record Date, being 15 November 2023; • have a registered address, on the Delta share register, in Australia or New Zealand; • are not in the United States and are not acting for the account or benefit of a person in the United States (to the extend such person holds Shares for the account or benefit of such person in the United States); 3 • were not invited to participate (other than as nominee, in respect of other underlying holdings) under the Institutional Entitlement Offer, and were not treated as an Ineligible Institutional Shareholder under the Institutional Entitlement Offer; and • are eligible under all applicable securities laws to receive an offer under the Retail Entitlement Offer without any requirement for a prospectus or offer document to be lodged or registered. Refer to Section 7 "Important Information" for further details. 4 CORPORATE DIRECTORY Directors Joint Lead Managers Mr Chris Ellison – Non-Executive Chairman Bell Potter Securities Limited Level 20, Brookfield Place Tower 1 125 St Georges Terrace Perth, Western Australia 6000 Mr James Croser – Managing Director Mr Nader El Sayed – Non-Executive Director Mr Steve Kovac – Non-Executive Director Canaccord Genuity (Australia) Limited Level 23, Exchange Tower 2 The Esplanade Perth, Western Australia 6000 Mr Joshua Thurlow – Non-Executive Director Underwriter Chief Financial Officer & Company Secretary Mr Peter Gilford Mineral Resources Limited 20 Walters Drive Osborne Park, Western Australia 6017 Registered Office Australian Legal Adviser 2/18 Richardson Street West Perth, Western Australia 6005 Telephone: +61 8 6109 0104 Thomson Geer Level 29, Central Park Tower 152-158 St Georges Terrace Perth, Western Australia 6000 Mr Tim Manners – Non-Executive Director Auditor* Website KPMG 235 St Georges Terrace Perth, Western Australia 6000 https://deltalithium.com.au/ Corporate information and the Delta Annual Report can be found via the Delta website. ASX Code: DLI Share Registry* Computershare Investor Services Pty Limited Level 17, 221 St Georges Terrace Perth, Western Australia 6000 Phone (within Australia): Phone (outside Australia): 1300 850 505 +61 3 9415 4000 *This party is named for informational purposes only and was not involved in the preparation of this Retail Entitlement Offer Booklet. 5 MANAGING DIRECTOR'S LETTER 15 November 2023 Dear Shareholder, On behalf of the Board of Delta, I am delighted to invite you to participate in a two (2) for seven (7) fully underwritten accelerated non-renounceable pro rata entitlement offer of New Shares at an offer price of A$0.46 per New Share (Offer Price) to raise gross proceeds of up to A$70,151,922 (Entitlement Offer). The Entitlement Offer was announced to the ASX on 13 November 2023. The institutional component of the Entitlement Offer (Institutional Entitlement Offer) raised a total of approximately A$41.8 million (before costs) before trading in the Shares recommenced on 15 November 2023. This retail entitlement offer booklet (Retail Entitlement Offer Booklet) relates to the retail component of the Entitlement Offer (Retail Entitlement Offer), which proposes to raise a further A$28.4 million (before costs). The Entitlement Offer is fully underwritten by Mineral Resources Limited (ACN 118 549 910) (the Underwriter or MinRes), subject to the terms of the underwriting agreement between the Company, MinRes and the Joint Lead Managers further described in Section 6.1 (Underwriting Agreement). Delta intends to use the proceeds to be raised under the Entitlement Offer primarily to fund a significantly enhanced exploration program at the Company's Mt Ida and Yinnetharra Lithium Projects, including upgrading of camp and infrastructure facilities at both sites, as Delta announced to the ASX on 13 November 2023. Refer to Section 5 for further details regarding the Entitlement Offer and the indicative use of funds. Retail Entitlement Offer details Under the Retail Entitlement Offer, Eligible Retail Shareholders are being offered the opportunity to subscribe for two (2) New Shares for every seven (7) existing Shares held on the Record Date of 4.00pm (Perth time) on 15 November 2023. The Retail Entitlement Offer to which this Retail Entitlement Offer Booklet relates closes at 2.00pm (Perth time) on 4 December 2023 (unless extended). Eligible Retail Shareholders who take up their Entitlements in full may also apply for additional New Shares in excess of their Entitlements at the Offer Price up to a maximum amount of 100% of their Entitlement (subject to compliance with applicable laws and to the terms detailed in this Retail Entitlement Offer Booklet) (Top Up Facility). The availability of additional New Shares under the Top Up Facility will be limited to the Entitlements attributable to Eligible Retail Shareholders that do not take up their Entitlements. In the event it is necessary to scale back applications for additional New Shares (where there are more applications for additional New Shares than there is shortfall under the Retail Entitlement Offer) then the scale back will be on a pro rata basis, based on the Retail Entitlements. Any Shortfall Shares not allocated to Eligible Retail Shareholders will be allotted to the Underwriter in its capacity as underwriter (subject to the terms of the Underwriting Agreement). Accompanying this Retail Entitlement Offer Booklet is your personalised entitlement and acceptance form (Entitlement and Acceptance Form) which details your Entitlement and provides instructions for participating in the Retail Entitlement Offer. To participate, you must ensure that you have paid your applications monies by BPAY®, or, alternatively for Eligible Retail Shareholders registered in New Zealand, by EFT, in accordance with the instructions provided on the Entitlement and Acceptance Form and so that those application monies are received by the Share Registry before 2.00pm (Perth time) on 4 December 2023. If you do not wish to take up any of your Entitlement, you do not have to take any action. As the Entitlement Offer is non-renounceable, Entitlements will not be tradeable on the ASX or otherwise transferable. If you do not take up your full Entitlement, those Entitlements that you do not take up will lapse and you will not receive any payment or value for them. Delta obtained approval from ASIC to appoint Bell Potter Securities Limited (ACN 006 390 772) (Nominee) as nominee for the purposes of section 615 of the Corporations Act to sell New Shares which would otherwise have been available to Ineligible Shareholders had they been eligible to participate in the Entitlement Offer. The Nominee will arrange for the sale of the New Shares which would have been offered to Ineligible Shareholders. The Company will arrange for the proceeds of sale (if any), net of expenses, to 6 be distributed to Ineligible Institutional Shareholders and Ineligible Retail Shareholders in proportion to their Entitlements at the Record Date. Shareholder support and underwriting MinRes Group, which has Voting Power of 17.4% in the Company, subscribed for its full Entitlement of 26,531,991 New Shares (representing an aggregate subscription of $12,204,715 at the Offer Price) under the Institutional Entitlement Offer and (via the Underwriter) agreed to fully underwrite the Entitlement Offer, subject to the terms of the Underwriting Agreement. The impact of this underwriting on MinRes Group's control over the Company, as a major Shareholder, will depend on the extent to which Eligible Retail Shareholders take up their Entitlements under the Retail Entitlement Offer and shortfall under the Top Up Facility. In the unlikely event that no Eligible Retail Shareholders participate in the Retail Entitlement Offer or Top Up Facility, MinRes Group's Voting Power in the Company will increase to a maximum of 26.4%. Refer to Sections 6.4 to 6.6 (inclusive) below for further information of the control impact of the Entitlement Offer. Additionally, the following persons (or their nominees) supported the Entitlement Offer by directly or indirectly subscribing for some or all of their Entitlements under the Institutional Entitlement Offer: • • Directors: • James Croser (controlling 5,980,377 Shares) subscribed for 652,174 New Shares for a subscription of $300,000 at the Offer Price; • Nader El Sayed (controlling 2,533,893 Shares) subscribed for 217,391 New Shares for a subscription of $100,000 at the Offer Price; and • Tim Manners (controlling 425,874 Shares) subscribed for 47,619 New Shares for a subscription of $21,905 at the Offer Price; and Hancock Prospecting (controlling 24,726,334 Shares for a Voting Power of 4.6% of the Company) subscribed for its full Entitlement of 7,064,667 New Shares for a subscription of $3,249,747 at the Offer Price (such amount excluding any subscription for additional New Shares under the Institutional Entitlement Offer top up facility and bookbuild), which, along with the subscription by MinRes Group, represents an aggregate subscription of $15,876,367 at the Offer Price (being 22.6% of the total amount offered under the Entitlement Offer). Mr Steve Kovac (controlling 25,316 Shares), a Director, also intends to subscribe for his full Entitlement of 7,223 New Shares (for an aggregate subscription of $3,328 at the Offer Price) under the Retail Entitlement Offer. Further information and application instructions for the Entitlement Offer, as well as key risks associated with investing in the Entitlement Offer are detailed in this Retail Entitlement Offer Booklet (including in the Investor Presentation in the “Key Risks” section) which you should read carefully and in its entirety, along with Delta's other ASX announcements. If you have any questions in relation to the Retail Entitlement Offer, please contact the Delta Shareholder Information Line on 1300 850 505 (within Australia) or +61 3 9415 4000 (outside Australia) from 5.30am to 2.00pm (Perth time), Monday to Friday during the Retail Entitlement Offer period. For other questions, you should consult your broker, solicitor, accountant, financial adviser, or other professional adviser. On behalf of the Board of Delta, I invite you to consider this investment opportunity. Yours faithfully, James Croser Managing Director 7 TABLE OF CONTENTS 1. INDICATIVE TIMETABLE .................................................................................. 9 2. SUMMARY OF OPTIONS AVAILABLE TO YOU ............................................ 10 3. KEY DETAILS OF THE ENTITLEMENT OFFER ............................................. 11 4. HOW TO APPLY .............................................................................................. 13 5. ASX OFFER ANNOUNCEMENTS ................................................................... 20 6. ADDITIONAL INFORMATION ......................................................................... 23 7. IMPORTANT INFORMATION .......................................................................... 31 8. GLOSSARY ...................................................................................................... 41 9. ENTITLEMENT AND ACCEPTANCE FORM ................................................... 44 8 1. INDICATIVE TIMETABLE Event Date Announcement of the Entitlement Offer Monday, 13 November 2023 Results of Institutional Entitlement Offer announced Wednesday, 15 November 2023 Record Date (4.00pm Perth time) Wednesday, 15 November 2023 Retail Entitlement Offer Booklet and Entitlement and Acceptance Form made available to Eligible Retail Shareholders Monday, 20 November 2023 Retail Entitlement Offer opens (Perth time) Monday, 20 November 2023 Settlement of New Shares under the Institutional Entitlement Offer Monday, 20 November 2023 Issue and commencement of trading of New Shares issued under the Institutional Entitlement Offer Tuesday, 21 November 2023 Retail Entitlement Offer closes (2.00pm (Perth time)) (Closing Date) Monday, 4 December 2023 Announcement of results of Retail Entitlement Offer Thursday, 7 December 2023 Settlement of New Shares under the Retail Entitlement Offer Friday, 8 December 2023 Issue of New Shares under the Retail Entitlement Offer (Retail Allotment Date) Monday, 11 December 2023 Despatch of holding statements for, and commencement of trading of, New Shares issued under the Retail Entitlement Offer Tuesday, 12 December 2023 Note: This timetable is indicative only and subject to change. Delta reserves the right to amend the timetable for the Entitlement Offer (and other matters in the timetable) without notice, subject to the Corporations Act, the Listing Rules and other applicable laws. In particular, Delta reserves the right to extend the Closing Date at any time, to accept late applications under the Retail Entitlement Offer (either generally or in particular cases) and to withdraw the Entitlement Offer without prior notice. Any extension of the Closing Date will have a consequential effect on the issue date of New Shares under the Retail Entitlement Offer. The commencement of quotation of New Shares is subject to confirmation from ASX. Cooling off rights do not apply to an investment in New Shares. You cannot withdraw your application once it has been accepted. Eligible Retail Shareholders wishing to participate in the Retail Entitlement Offer are encouraged to pay their application monies by BPAY ® or EFT as soon as possible after the Retail Entitlement Offer opens. Enquiries If you have any questions, please contact the Delta Shareholder Information Line on 1300 850 505 (within Australia) or +61 3 9415 4000 (outside Australia) from 5.30am to 2.00pm (Perth time), Monday to Friday. For other questions, you should consult your broker, solicitor, accountant, financial adviser, or other professional adviser. 9 2. SUMMARY OF OPTIONS AVAILABLE TO YOU If you are an Eligible Retail Shareholder (as defined in Section 7.1) you may take one of the following actions: (a) take up all of your Entitlement only or take up all of your Entitlement and participate in the Top Up Facility; (b) take up part of your Entitlement and allow the balance to lapse; or (c) do nothing, in which case your Entitlement will lapse and you will receive no value for those lapsed Entitlements. The Retail Entitlement Offer closes on the Closing Date (unless extended). Ineligible Retail Shareholders are not entitled to participate in the Retail Entitlement Offer (refer to Section 7 for further details). Options available to you Key considerations 1 Take up all of your Entitlement or take up all of your Entitlement and participate in the Top Up Facility • You may elect to purchase New Shares at the Offer Price (see Section 4 for instructions on how to take up your Entitlement). • If you elect to take up all of your Entitlement, you may also apply for additional New Shares under the Top Up Facility up to a maximum amount of 100% of your Entitlement (subject to compliance with applicable laws and to the terms detailed in this Retail Entitlement Offer Booklet). There is no guarantee that you will be allocated any additional New Shares under the Top Up Facility. You may be allocated less than the total of, or none of the, New Shares for which you apply under the Top Up Facility. Take up part of your Entitlement and allow the balance to lapse • You may take up part of your Entitlement, and the part not taken up will lapse. You will not be entitled to apply for additional New Shares under the Top Up Facility. • If you do not take up your Entitlement in full you will not receive any payment or value for those Entitlements not taken up. • If you do not take up all of your Entitlement, you will have your percentage holding in Delta reduced as a result of dilution by the New Shares to be issued under the Entitlement Offer. • If you do not take up your Entitlement, or if your application is not supported by cleared funds, you will not be allocated New Shares and your Entitlement will lapse. Your Entitlement to participate in the Retail Entitlement Offer is non-renounceable and cannot be traded on ASX or any other exchange, nor can it be privately transferred. • If you do not take up your Entitlement in full you will not receive any payment or value for those Entitlements not taken up. • If you do not take up your Entitlement, you will have your percentage holding in Delta reduced as a result of dilution by the New Shares to be issued under the Entitlement Offer. 2 3 Do nothing, in which case your Entitlement will lapse and you will receive no value for those lapsed Entitlements 10 3. KEY DETAILS OF THE ENTITLEMENT OFFER 3.1 Overview of the Entitlement Offer The Entitlement Offer is a fully underwritten non-renounceable pro rata offer on the basis of two (2) New Shares for every seven (7) Shares held by Eligible Shareholders on the Record Date at the Offer Price to raise up to A$70,151,922. The Entitlement Offer comprises two components: (a) Institutional Entitlement Offer – Eligible Institutional Shareholders were given the opportunity to take up all or part of their Entitlement. Entitlemen