YANDAL RESOURCES LIMITED (YRL)

The suspension of trading in the securities of Yandal Resources Limited will be lifted immediately following the release by YRL of an announcement regarding an application with the Federal Court of Australia or Supreme Court of Western Australia seeking declaratory relief and ancillary orders relating to prior trading in shares, and an announcement pertaining to the capital raise.

The company issues a prospectus for the offer of a non-renounceable pro-rata rights issue to Eligible Shareholders of approximately 22,542,049 New Shares, on the basis of 1 New Share for every 5.15 Shares held at an issue price of 12 cents per New Share, to raise up to approximately $2,705,046 (before costs) and approximately 11,271,025 New Options on the basis of 1 free attaching New Option for every 2 New Shares issued, with each New Option having an exercise price of 24 cents and an expiry date of 31 October 2024.

Strongly supported Placement to existing and new institutional and sophisticated investors to raise approximately $2.3m. 1-for-5.15 Non-Renounceable Rights Issue to raise approximately $2.7m. Firm commitments from existing shareholders together with underwriting from Lead Manager and Underwriter totals $2.7m. Placement and Rights Issue shares priced at $0.12 and include a 1-for-2 free attaching option with an exercise price of $0.24. Directors intend to take up their full entitlements under the Rights Issue. Funds raised will be primarily focused on Resource expansion drilling at Mt McClure plus follow-up exploration on key high potential prospects.

The company's AGM will be held on or around 29 November 2022. The closing date for receipt of nominations from persons wishing to be considered for election as a Director at the meeting is 11 October 2022, being at least 35 business days prior to the AGM.

On 7 October 2022, the Supreme Court of Western Australia heard the Company's application seeking orders in relation to inadvertent administrative errors whereby the Company failed to lodge a cleansing notice in strict compliance with the requirements of section 708A(5)(e) of the Corporations Act 2001 in connection with the issue of shares on conversion of unlisted options throughout 2019, 2020 and 2021, that were subsequently on-sold into the market. The Court has granted orders validating any subsequent offer for sale or sale of the Uncleansed Shares. Following receipt of the Orders, the Company is now able to shift its focus to completion of its proposed capital raising. The Company will remain in voluntary suspension to facilitate an orderly market in its securities pending release of an announcement to the ASX with respect to the Capital Raising, which is anticipated to be on or around Wednesday, 12 October 2022.

High resolution aeromagnetic survey commences at Barwidgee Project. Survey will assist future drill targeting of key mineralising structures at the high-grade Sim's Find and New England Granite Prospects. "¢ Previous high-grade intersections recorded at Sims Find include 8m @ 24.3g/t Au and 3m @ 20.9g/t Au¹. Survey will cover approximately 8.5km x 3.7km. Busy exploration pipeline planned over coming months including further drilling to test MRE expansion potential at Mt McClure and follow-up RC drilling at Barwidgee.

The company lodges cleansing notices for the following dates: 20 October 2020, 23 November 2020, 27 January 2021, 31 December 2021, 23 November 2021, 29 April 2021 and 21 December 2021.

The securities of Yandal Resources Limited will be suspended from quotation immediately under Listing Rule 17.2, at the request of YRL, pending the release of an announcement regarding an application with the Federal Court of Australia or Supreme Court of Western Australia seeking declaratory relief and ancillary orders relating to prior trading in shares, and an announcement pertaining to the capital raise.

listed entity carried for record purposes only