PELICAN RESOURCES LIMITED (PEL)

name changed to Sunshine Gold Limited

The company releases an Appendix 3G.

The company completes the underwritten entitlement offer and broker offer, under which the company has successfully raised $2,026,844.88. The conditions pursuant to the memorandum of understanding with the shareholders of XXXX Gold to acquire all of the issued capital of XXX Gold have been satisfied.

The company releases an Appendix 2A.

The company has completed its fully underwritten pro-rata non-renounceable entitlement offer of new Pelican fully paid ordinary shares. The Entitlement Offer closed at 5.00pm (Perth time) on Thursday, 19 November 2020. The Entitlement Offer was well supported with acceptances from eligible shareholders totalling 50,198,404 New Shares (representing an 78.63 % take-up). The shortfall of 13,643,840 Shares will be dealt with in accordance with the terms of the Underwriting Agreement with Shaw and Partners.

The prospectus and entitlement and acceptance form for the non-renounceable pro rata entitlement offer lodged with ASX on 25 September 2020 has today been despatched to eligible shareholders. Eligible shareholders that have elected to receive notices from the company in electronic format will receive details of the offer via email.

we understand that on or about this date the company consolidated its shares 5 for 8

The company confirms the allotment date for the shares offered pursuant to the underwritten entitlement offer will be 24 November 2020.

The company advises the consolidation of capital on the basis of every 8 shares being consolidated into 5 shares approved by shareholders at the company's AGM has been completed. Following completion of the consolidation, the company now has 255,369,374 shares on issue.

The company releases the results of its meeting.

The company lodges its Quarterly Cashflow Report.

The company lodges its Quarterly Activities Report.

The company issues a prospectus for the offer of 101,342,366 Shares (on a post"Consolidation basis) at a price of $0.02 per Share to raise $2,026,847. The offer comprises: a non"renounceable entitlement offer of 63,842,366 Shares at $0.02 per Share on the basis of one Share for every four Shares held on the Record Date; and an offer of 37,500,000 Shares at $0.02 per Share open to Australian resident investors who have received a firm allocation from the Lead Manager and Underwriter.

The company releases a letter to its shareholders regarding its AGM.

The company will hold its AGM on 26 October 2020 at 2.00pm (WST) at Wandoo Room, Holiday Inn, 778 "“ 788 Hay Street, Perth, Western Australia.

The company makes a correction to the consolidation issue date. The issue date is now 30 October 2020.

The company releases a notice of consolidation/split. Shareholders get 5 shares for every 8 presently owned.

The company releases a notice of Proposed issue of Securities - PEL.

The company enters into an agreement to acquire all issued capital of XXXX Gold, a gold-copper focused exploration company with 100% ownership of Triumph, Hodgkinson and Investigator projects in North Queensland. Consideration for the acquisition of XXXX Gold will include the issue of 88,000,000 Pelican Shares, 40,000,000 options over Pelican Shares and up to 100,000,000 Pelican Shares issued on achievement of JORC 2012 Resource milestones. Triumph and Hodgkinson gold projects in historical goldfields with potential for near surface high-grade and deeper large-scale deposits. Investigator copper project is an unexplored copper project on the Mount Gordon Fault Zone, Mt Isa. Experienced, successful management team and North Queensland based technical team. Shaw & Partners Limited proposed Lead Manager and Underwriter to an entitlement offer and broker offer to raise approximately $2,027,000. Potential for rapid delineation of JORC Resources. The XXXX Gold acquisition is targeted for completion on or before 30 November 2020.

The company has executed a DOCA with Cockatoo Iron NL and its subsidiary Pearl Gull which terminates the revenue sharing agreement between the parties. In consideration for terminating the RSA, Cockatoo Iron has agreed to pay to Pelican $225,000. The consideration shall be payable by or on behalf of Cockatoo Iron prior to 31 December 2020.

The company releases an Appendix 4G.

The company lodges its Annual Report to shareholders.

The company lodges its Quarterly Cashflow Report.

The company lodges its Quarterly Activities Report.

The company lodges its Quarterly Cashflow Report.

The company lodges its Quarterly Activities Report.

The company lodges its Half Year Accounts.

The company lodges its Quarterly Cashflow Report.

The company lodges its Quarterly Activities Report.

Settlement has been completed on the sale of Sibuyan Nickel Properties Development Corporation, the beneficial owner of the Romblon Project located on Sibuyan Island in the Romblon Province in the Philippines.

The following incentive options and advisor options are due to expire on 31 December 2019: Options expiring 31 December 2019 @ $0.02 - 35,000,000.

The company releases the results of its meeting.

The company lodges its Quarterly Cashflow Report.

The company lodges its Quarterly Activities Report.

The company's AGM will be held at 9:30 am (WST) on 11 November 2019 at Level 11, BGC Centre 28 The Esplanade Perth WA 6000.

Following execution of the SSADA, Pelican on behalf of the Vendor Parties arranged prepayment of all taxes that were applicable to the sale and transfer of SNPDC shares to Dynamo and DHAP. The Vendor Parties' agent has advised the Vendor Parties the BIR has finalised the assessment of the final share transfer and issued the relevant CAR. All shareholders of SNPDC have now been issued a CAR that facilitates the transfer of their shares to proceed. The Vendor Parties are now in a position to deliver settlement documents to Dynamo and DHAP and proceed with settlement in accordance with the terms of the SSADA. The Vendor Parties' agent has been instructed to provide formal notice to Dynamo and DHAP to prepare for settlement within the timeframe specified in the SSADA.

The company releases an Appendix 4G.

The company lodges its Annual Report to shareholders.

The company lodges its Quarterly Cashflow Report.

The company lodges its Quarterly Activities Report.

The following unlisted optoins are due to expire on 30 June 2019: Options expiring 30 June 2019 @ $0.01 - 50,000,000.

The company lodges its Quarterly Activities Report.

The company lodges its Quarterly Cashflow Report.

The company lodges its Half Year Accounts.

The company lodges its Quarterly Activities Report.

The company lodges its Quarterly Cashflow Report.

The company releases the results of its meeting.

The securities of Pelican Resources Limited will be suspended from quotation immediately in accordance with Listing Rule 17.3, as ASX has determined that PEL's operations are not adequate to warrant the continued quotation of its securities and therefore it is in breach of Listing Rule 12.1. The suspension will continue until PEL is able to demonstrate compliance with Listing Rule 12.1 of the Listing Rules.

The suspension of trading in the securities of Pelican Resources Limited (the "Company") will be lifted immediately, following receipt of an announcement regarding changes to board composition. Security Code: PEL

The securities of Pelican Resources Limited (the "Company") will be suspended from official quotation immediately at the request of the Company, pending the release of an announcement. Security Code: PEL