Announcement PDF Appendix 3B - Proposed issue of securities Update Summary Entity name WIDGIE NICKEL LIMITED Announcement Type Update to previous announcement Date of this announcement 16/4/2024 Reason for update to a previous announcement Adjustment to the Rights Issue entitlement ratio to reflect exact whole number of shares rather than fractional (1:3) to 10,000:29,795 (1:2.9795 as announced) Refer to next page for full details of the announcement Appendix 3B - Proposed issue of securities 1/7 Appendix 3B - Proposed issue of securities Part 1 - Entity and announcement details 1.1 Name of +Entity WIDGIE NICKEL LIMITED We (the entity named above) give ASX the following information about a proposed issue of +securities and, if ASX agrees to +quote any of the +securities (including any rights) on a +deferred settlement basis, we agree to the matters set out in Appendix 3B of the ASX Listing Rules. If the +securities are being offered under a +disclosure document or +PDS and are intended to be quoted on ASX, we also apply for quotation of all of the +securities that may be issued under the +disclosure document or +PDS on the terms set out in Appendix 2A of the ASX Listing Rules (on the understanding that once the final number of +securities issued under the +disclosure document or +PDS is known, in accordance with Listing Rule 3.10.3C, we will complete and lodge with ASX an Appendix 2A online form notifying ASX of their issue and applying for their quotation). 1.2 Registered Number Type Registration Number ACN 648687094 1.3 ASX issuer code WIN 1.4 The announcement is Update/amendment to previous announcement 1.4a Reason for update to a previous announcement Adjustment to the Rights Issue entitlement ratio to reflect exact whole number of shares rather than fractional (1:3) to 10,000:29,795 (1:2.9795 as announced) 1.4b Date of previous announcement to this update 16/4/2024 1.5 Date of this announcement 16/4/2024 1.6 The Proposed issue is: A standard +pro rata issue (non-renounceable or renounceable) 1.6a The proposed standard +pro rata issue is: + Non-renounceable Appendix 3B - Proposed issue of securities 2/7 Appendix 3B - Proposed issue of securities Part 3 - Details of proposed entitlement offer issue Part 3A - Conditions 3A.1 Do any external approvals need to be obtained or other conditions satisfied before the entitlement offer can proceed on an unconditional basis? No Part 3B - Offer details +Class or classes of +securities that will participate in the proposed issue and +class or classes of +securities proposed to be issued ASX +security code and description WIN : ORDINARY FULLY PAID Is the proposed security a 'New class' (+securities in a class that is not yet quoted or recorded by ASX) or an 'Existing class' (additional securities in a class that is already quoted or recorded by ASX)? Existing class Will the proposed issue of this +security include an offer of attaching +securities? Yes If the entity has quoted company options, do the terms entitle option holders to participate on exercise? No Details of +securities proposed to be issued ASX +security code and description WIN : ORDINARY FULLY PAID ISIN Code (if Issuer is a foreign company and +securities do not have +CDIs issued over them) ISIN Code for the entitlement or right to participate in a non-renounceable issue (if Issuer is foreign company and +securities do not have +CDIs issued over them) Offer ratio (ratio to existing holdings at which the proposed +securities will be issued) The quantity of additional +securities For a given quantity of +securities to be issued held 10,000 Appendix 3B - Proposed issue of securities 29,795 3/7 Appendix 3B - Proposed issue of securities What will be done with fractional entitlements? Maximum number of +securities proposed to be issued (subject to rounding) Fractions rounded up to the next whole number 99,998,340 Offer price details for retail security holders In what currency will the offer be made? What is the offer price per +security for the retail offer? AUD - Australian Dollar AUD 0.04000 Oversubscription & Scale back details Will individual +security holders be permitted to apply for more than their entitlement (i.e. to over-subscribe)? Yes Describe the limits on over-subscription No Shares will be issued to a party under the Shortfall Offer if the effect would be to increase that party's voting power in the Company to an amount greater than 19.99% Will a scale back be applied if the offer is over-subscribed? Yes Describe the scale back arrangements If the number of Shortfall Securities applied for by Eligible Shareholders exceeds the total Shortfall, the Shortfall Securities will be allocated among applying Eligible Shareholders proportionate to their existing holdings Will these +securities rank equally in all respects from their issue date with the existing issued +securities in that class? Yes Attaching +Security Is the proposed attaching security a 'New class' (+securities in a class that is not yet quoted or recorded by ASX) or an 'Existing class' (additional +securities in a class that is already quoted or recorded by ASX)? New class Attaching +Security - New class (+securities in a class that is not yet quoted or recorded by ASX) Details of attaching +securities proposed to be issued ISIN Code (if Issuer is a foreign company and +securities do not have +CDIs issued over them) ISIN Code for the entitlement or right to participate in a non-renounceable issue (if Issuer is foreign company and +securities do not have +CDIs issued over them) Have you received confirmation from ASX that the terms of the proposed +securities are appropriate and Will the entity be seeking quotation of the 'new' class of Appendix 3B - Proposed issue of securities 4/7 Appendix 3B - Proposed issue of securities of the proposed +securities are appropriate and equitable under listing rule 6.1? No ASX +security code New class-code to be confirmed Will the entity be seeking quotation of the 'new' class of +securities on ASX? No +Security description Options to subscribe for Shares exercisable at $0.07 each expiring 31 October 2025 +Security type Options Offer ratio (ratio of attaching securities at which the new +securities will be issued) The quantity of attaching +securities to be issued For a given quantity of the new +securities issued 1 2 What will be done with fractional entitlements? Maximum number of +securities proposed to be issued (subject to rounding) Fractions rounded up to the next whole number 49,999,170 Offer price details for retail security holders In what currency will the offer be made? What is the offer price per +security for the retail offer? AUD 0.00000 AUD - Australian Dollar Oversubscription & Scale back details Will individual +security holders be permitted to apply for more than their entitlement (i.e. to over-subscribe)? Yes Describe the limits on over-subscription No Shares will be issued to a party under the Shortfall Offer if the effect would be to increase that party's voting power in the Company to an amount greater than 19.99% Will a scale back be applied if the offer is over-subscribed? Yes Describe the scale back arrangements If the number of Shortfall Securities applied for by Eligible Shareholders exceeds the total Shortfall, the Shortfall Securities will be allocated among applying Eligible Shareholders proportionate to their existing holdings Will all the +securities issued in this class rank equally in all respects from their issue date? Yes Options details +Security currency AUD - Australian Dollar Exercise price Expiry date AUD 0.0700 31/10/2025 Appendix 3B - Proposed issue of securities 5/7 Appendix 3B - Proposed issue of securities Details of the type of +security that will be issued if the option is exercised WIN : ORDINARY FULLY PAID Number of securities that will be issued if the option is exercised one fully paid ordinary share for each option exercised Please provide a URL link for a document lodged with ASX setting out the material terms of the +securities proposed to be issued or provide the information by separate announcement. Full details to be included in a Prospectus expected to be lodged on 18 April 2024 https://www.widgienickel.com.au/site/investor-centre/asx-announcements Part 3C - Timetable 3C.1 +Record date 23/4/2024 3C.2 Ex date 22/4/2024 3C.4 Record date 23/4/2024 3C.5 Date on which offer documents will be sent to +security holders entitled to participate in the +pro rata issue 29/4/2024 3C.6 Offer closing date 8/5/2024 3C.7 Last day to extend the offer closing date 3/5/2024 3C.9 Trading in new +securities commences on a deferred settlement basis 9/5/2024 3C.11 +Issue date and last day for entity to announce results of +pro rata issue 15/5/2024 3C.12 Date trading starts on a normal T+2 basis 16/5/2024 3C.13 First settlement date of trades conducted on a +deferred settlement basis and on a normal T+2 basis 20/5/2024 Appendix 3B - Proposed issue of securities 6/7 Appendix 3B - Proposed issue of securities Part 3E - Fees and expenses 3E.1 Will there be a lead manager or broker to the proposed offer? No 3E.2 Is the proposed offer to be underwritten? No 3E.3 Will brokers who lodge acceptances or renunciations on behalf of eligible +security holders be paid a handling fee or commission? No 3E.4 Details of any other material fees or costs to be incurred by the entity in connection with the proposed offer Legal fees and share registry fees Part 3F - Further Information 3F.1 The purpose(s) for which the entity intends to use the cash raised by the proposed issue Funds raised will primarily be used to advance the Company's Mt Edwards nickel and lithium assets as well as potential due diligence and acquisition costs for other and complementary value accretive opportunities that may present 3F.2 Will holdings on different registers or subregisters be aggregated for the purposes of determining entitlements to the issue? No 3F.3 Will the entity be changing its dividend/distribution policy if the proposed issue is successful? No 3F.4 Countries in which the entity has +security holders who will not be eligible to participate in the proposed issue Hong Kong, Singapore, Switzerland, Thailand and United Kingdom 3F.5 Will the offer be made to eligible beneficiaries on whose behalf eligible nominees or custodians hold existing +securities No 3F.6 URL on the entity's website where investors can download information about the proposed issue https://www.widgienickel.com.au/site/investor-centre/asx-announcements 3F.7 Any other information the entity wishes to provide about the proposed issue 1 for 2.9795 pro-rata non¿renounceable rights issue to existing shareholders to raise up to approximately $4m (before costs) priced at $0.04 per fully paid ordinary share. Participants under the Offer will also receive 1 free attaching unlisted option for every 2 Shares subscribed for and issued (New Option). These New Options will be exercisable at $0.07 on or before 31 October 2025. 3F.8 Will the offer of rights under the rights issue be made under a +disclosure document or product disclosure statement under Chapter 6D or Part 7.9 of the Corporations Act (as applicable)? Yes 3F.9 Any on-sale of the +securities proposed to be issued within 12 months of their date of issue will comply with the secondary sale provisions in sections 707(3) and 1012C(6) of the Corporations Act by virtue of: The publication of a +disclosure document or +PDS for the +securities proposed to be issued Appendix 3B - Proposed issue of securities 7/7