Announcement PDF Appendix 3G - Notification of issue, conversion or payment up of unquoted equity securities Announcement Summary Entity name AUSTRALIAN RARE EARTHS LIMITED Date of this announcement Friday May 02, 2025 The +securities the subject of this notification are: Other Total number of +securities to be issued/transferred ASX +security code Security description AR3AV PERFORMANCE RIGHTS Total number of +securities to be issued/transferred Issue date 7,527,965 02/05/2025 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 New announcement 1.5 Date of this announcement 2/5/2025 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: Other Please specify Performance Rights FY25 - Long Term 2.2a This notification is given in relation to an issue of +securities in a class which is not quoted on ASX and which: has an existing ASX security code ("existing class") 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 3B - number and type of +securities the subject of this notification (existing class) where issue has not previously been notified to ASX in an Appendix 3B Additional +securities in an existing class ASX +security code and description AR3AV : PERFORMANCE RIGHTS Date the +securities the subject of this notification were issued 2/5/2025 Will these +securities rank equally in all respects from their issue date with the existing issued +securities in that class Yes Any other information the entity wishes to provide about the +securities the subject of this notification The performance measurement period for the LTI Performance Rights begins on 1 July 2024 and ends on the measurement date of 30 June 2027. If the Performance Rights vest and are exercised, each participant will be issued one fully paid ordinary share in the Company for each Performance Right. Where the Performance Hurdles are met (as determined by the Board), Performance Rights will vest in three equal tranches as follows: 1 July 2027, 1 July 2028 & 1 July 2029. The employee must be a current AR3 Group employee as at the vesting date of each tranche in order to receive the vested options. Please provide any further information needed to understand the circumstances in which you are notifying the issue of these +securities to ASX, including why the issue of the +securities has not been previously announced to the market in an Appendix 3B N/A Issue details Number of +securities 7,527,965 Were the +securities issued for a cash consideration? No Please describe the consideration being provided for the +securities Nil Purpose of the issue Other Additional Details 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 211,987,365 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 15,427,431 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 EX $0.10 26,498,819 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 Part 5 - Other Listing Rule requirements 5.1 Were the +securities issued under an exception in Listing Rule 7.2 and therefore the issue did not need any security holder approval under Listing Rule 7.1? Yes 5.1a Select the number of the applicable exception in Listing Rule 7.2 13 Appendix 3G - Notification of issue, conversion or payment up of unquoted equity securities 6/6