Announcement PDF Appendix 3G - Notification of issue, conversion or payment up of unquoted equity securities Update Summary Entity name AUSTRALIAN RARE EARTHS LIMITED Announcement Type Update to previous announcement Date of this announcement Thursday May 01, 2025 Reason for the update Final Option numbers including rounding to individual holder level Refer to next page for full details of the announcement Appendix 3G - Notification of issue, conversion or payment up of unquoted equity securities 1/6 Appendix 3G - Notification of issue, conversion or payment up of unquoted equity securities Part 1 - Entity and announcement details 1.1 Name of entity AUSTRALIAN RARE EARTHS LIMITED We (the entity named above) give notice of the issue, conversion or payment up of the following unquoted +securities. 1.2 Registered number type Registration number ACN 632645302 1.3 ASX issuer code AR3 1.4 The announcement is Update/amendment to previous announcement 1.4a Reason for update to a previous announcement Final Option numbers including rounding to individual holder level 1.4b Date of previous announcement to this update 1/5/2025 1.5 Date of this announcement 1/5/2025 Appendix 3G - Notification of issue, conversion or payment up of unquoted equity securities 2/6 Appendix 3G - Notification of issue, conversion or payment up of unquoted equity securities Part 2 - Issue details 2.1 The +securities the subject of this notification are: +Securities issued as part of a transaction or transactions previously announced to the market in an Appendix 3B that are not quoted, and are not intended to be quoted, on ASX Previous Appendix 3B details: Announcement Date and Time Announcement Title Selected Appendix 3B to submit quotation request 09-Apr-2025 11:30 Update - Update - Proposed issue of securities - AR3 A standard +pro rata issue (non-renounceable) 2.3a.2 Are there any further issues of +securities yet to take place to complete the transaction(s) referred to in the Appendix 3B? No Appendix 3G - Notification of issue, conversion or payment up of unquoted equity securities 3/6 Appendix 3G - Notification of issue, conversion or payment up of unquoted equity securities Part 3A - number and type of +securities the subject of this notification (existing class or new class) where issue has previously been notified to ASX in an Appendix 3B Corporate Action Component Detail ASX +security code and description AR3AX : OPTION EXPIRING 30-MAR-2029 DEFERRED Date the +securities the subject of this notification were issued 1/5/2025 Any other information the entity wishes to provide about the +securities the subject of this notification Nil Issue details Number of +securities 26,498,954 Were the +securities issued for a cash consideration? Yes In what currency was the cash consideration being paid? What was the issue price per +security? AUD - Australian Dollar AUD 0.00000000 Appendix 3G - Notification of issue, conversion or payment up of unquoted equity securities 4/6 Appendix 3G - Notification of issue, conversion or payment up of unquoted equity securities Part 4 - +Securities on issue Following the issue, conversion or payment up of the +securities the subject of this notification, the +securities of the entity will comprise: The figures in parts 4.1 and 4.2 below are automatically generated and may not reflect the entity's current issued capital if other Appendix 2A, Appendix 3G or Appendix 3H forms are currently with ASX for processing. 4.1 Quoted +securities (Total number of each +class of +securities issued and quoted on ASX) ASX +security code and description Total number of +securities on issue AR3 : ORDINARY FULLY PAID 158,989,727 4.2 Unquoted +securities (Total number of each +class of +securities issued but not quoted on ASX) ASX +security code and description Total number of +securities on issue AR3AV : PERFORMANCE RIGHTS 7,899,466 AR3AM : OPTION EXPIRING 02-DEC-2025 EX $0.50 1,750,000 AR3AN : OPTION EXPIRING 02-DEC-2026 EX $0.50 1,550,000 AR3AO : OPTION EXPIRING 28-FEB-2026 EX $0.47 500,000 AR3AR : OPTION EXPIRING 26-NOV-2027 EX $0.435 1,808,333 AR3AS : OPTION EXPIRING 26-NOV-2026 EX $0.37 1,500,000 AR3AT : OPTION EXPIRING 26-NOV-2026 EX $0.50 1,500,000 AR3AL : OPTION EXPIRING 04-JUL-2025 EX $0.5743 500,000 AR3AX : OPTION EXPIRING 30-MAR-2029 DEFERRED 26,498,954 AR3AU : OPTION EXPIRING 20-DEC-2026 EX $0.4739 1,500,000 AR3AJ : OPTION EXPIRING 09-MAY-2025 EX $1.02 1,000,000 AR3AF : OPTION EXPIRING 29-JUL-2025 EX $0.60 2,000,000 AR3AP : OPTION EXPIRING 09-MAY-2025 EX $0.57 8,163,147 Appendix 3G - Notification of issue, conversion or payment up of unquoted equity securities 5/6 Appendix 3G - Notification of issue, conversion or payment up of unquoted equity securities Appendix 3G - Notification of issue, conversion or payment up of unquoted equity securities 6/6