Proposed issue of securities - PVT

Announcement Summaryp.1

Entity name PIVOTAL METALS LIMITEDp.1

Announcement Type New announcementp.1

Date of this announcement 22/10/2026p.1

The Proposed issue is: A placement or other type of issuep.1

Total number of +securities proposed to be issued for a placement or other type of issuep.1

Proposed +issue date 8/12/2026p.1

Refer to next page for full details of the announcementp.1

Part 1 - Entity and announcement detailsp.2

1.1 Name of +Entityp.2

PIVOTAL METALS LIMITEDp.2

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.p.2

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).p.2

1.2 Registered Number Typep.2

ACN Registration Number 623130987p.2

1.3 ASX issuer codep.2

PVTp.2

1.4 The announcement isp.2

New announcementp.2

1.5 Date of this announcementp.2

22/10/2026p.2

1.6 The Proposed issue is:p.2

A placement or other type of issuep.2

Part 7 - Details of proposed placement or other issuep.3

Part 7A - Conditionsp.3

7A.1 Do any external approvals need to be obtained or other conditions satisfied before the placement or other type of issue can proceed on an unconditional basis?p.3

Yesp.3

7A.1a Conditionsp.3

Commentsp.3

Part 7B - Issue detailsp.3

Details of +securities proposed to be issuedp.3

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)? New classp.3

Will the proposed issue of this +security include an offer of attaching +securities? Nop.3

ISIN Code (if Issuer is a foreign company and +securities do not have +CDIs issued over them)p.3

Have you received confirmation from ASX that the terms of the proposed +securities are appropriate and equitable under listing rule 6.1? Nop.3

Will the entity be seeking quotation of the 'new' class of +securities on ASX? Nop.3

ASX +security code New class-code to be confirmedp.3

+Security description Unquoted performance rights with vesting conditions expiring 3 years from grant datep.3

+Security type Performance options/rightsp.3

Number of +securities proposed to be issued 4,000,000p.3

Offer price detailsp.3

Are the +securities proposed to be issued being issued for a cash consideration? Nop.4

Please describe the consideration being provided for the +securities Remuneration incentivep.4

Please provide an estimate of the AUD equivalent of the consideration being provided for the +securitiesp.4

Will all the +securities issued in this class rank equally in all respects from their issue date? Yesp.4

Performance options/rights detailsp.4

Details of the type of +security that will be issued if the option is exercised PVT : ORDINARY FULLY PAIDp.4

Number of securities that will be issued if the option is exercised 1 PVT ordinary fully paid share for each performance right convertedp.4

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. Refer to notice of annual general meeting dated 15-Oct-26, announced on 22-Oct-26p.4

Second class of securities - Details of +securities proposed to be issuedp.4

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)? New classp.4

Will the proposed issue of this +security include an offer of attaching +securities? Nop.4

ISIN Code (if Issuer is a foreign company and +securities do not have +CDIs issued over them)p.4

Have you received confirmation from ASX that the terms of the proposed +securities are appropriate and equitable under listing rule 6.1? Nop.4

Will the entity be seeking quotation of the 'new' class of +securities on ASX? Nop.4

ASX +security code New class-code to be confirmedp.4

+Security description Unquoted options exercisable at $0.03 expiring 3 years from grant datep.4

Offer price detailsp.4

Are the +securities proposed to be issued being issued for a cash consideration? Nop.5

Please describe the consideration being provided for the +securities Remuneration incentivep.5

Please provide an estimate of the AUD equivalent of the consideration being provided for the +securitiesp.5

Will all the +securities issued in this class rank equally in all respects from their issue date? Yesp.5

Options detailsp.5

Details of the type of +security that will be issued if the option is exercised PVT : ORDINARY FULLY PAIDp.5

Number of securities that will be issued if the option is exercised 1 fully paid ordinary share for each option exercisedp.5

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. Refer to notice of annual general meeting dated 15-Oct-26, announced on 22-Oct-26p.5

+Security typep.5

Optionsp.5

Number of +securities proposed to be issuedp.5

20,000,000p.5

Offer price detailsp.5

Are the +securities proposed to be issued being issued for a cash consideration? Nop.5

Please describe the consideration being provided for the +securities Remuneration incentivep.5

Please provide an estimate of the AUD equivalent of the consideration being provided for the +securitiesp.5

Will all the +securities issued in this class rank equally in all respects from their issue date? Yesp.5

Options detailsp.5

Details of the type of +security that will be issued if the option is exercised PVT : ORDINARY FULLY PAIDp.5

Number of securities that will be issued if the option is exercised 1 fully paid ordinary share for each option exercisedp.5

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. Refer to notice of annual general meeting dated 15-Oct-26, announced on 22-Oct-26p.5

Part 7C - Timetablep.5

7C.1 Proposed +issue datep.5

8/12/2026p.5

Part 7D - Listing Rule requirementsp.5

7D.1 Has the entity obtained, or is it obtaining, +security holder approval for the entire issue under listing rule 7.1?p.5

Yesp.6

7D.1a Date of meeting or proposed meeting to approve the issue under listing rule 7.1p.6

24/11/2026p.6

7D.2 Is a party referred to in listing rule 10.11 participating in the proposed issue?p.6

Yesp.6

7D.3 Will any of the +securities to be issued be +restricted securities for the purposes of the listing rules?p.6

Nop.6

7D.4 Will any of the +securities to be issued be subject to +voluntary escrow?p.6

Nop.6

Part 7E - Fees and expensesp.6

7E.1 Will there be a lead manager or broker to the proposed issue?p.6

Nop.6

7E.2 Is the proposed issue to be underwritten?p.6

Nop.6

7E.4 Details of any other material fees or costs to be incurred by the entity in connection with the proposed issuep.6

p.6

Part 7F - Further Informationp.6

7F.01 The purpose(s) for which the entity is issuing the securitiesp.6

Remuneration incentivep.6

7F.1 Will the entity be changing its dividend/distribution policy if the proposed issue proceeds?p.6

Nop.6

7F.2 Any other information the entity wishes to provide about the proposed issuep.6

p.6