Renounceable Rights Issue To Raise Up To $1.78 Million

Bryah Resources Ltd (ASX:BYH) (“Bryah” or “the Company”) is pleased to announce that it is undertaking a 1 for 3 renounceable rights issue (“Rights Issue”) at 1.9 cents per share to raise up to approximately$1.78 million (before costs). For every 3 new shares subscribed, eligible shareholders will receive 2 free attaching New Options with an exercise price of 3.5 cents and expiring 1st December 2025. The Company will apply for the quotation of the new options on the ASX.

HIGHLIGHTS

• 1 for 3 Renounceable Rights Issue to raise up to $1.78 million
• Attractively priced at 1.9 cents per share
• Discount of 17% to the last price of 2.3 cents and 17% to the 20‐day VWAP
• With every 3 New Shares, shareholders re9ceive 2 free attaching New Options
• New Options will have an Exercise Price of 3.5 cents, expiring 1^st December 2025 and will be quoted subject to ASX approval
• Shareholders can trade their rights and apply for additional shares and options
• Rights to commence trading from 5^th May 2023
• Funds to be used for ongoing Copper exploration

The rights issue price represents a discount of:

• 17% to the Company’s last close of 2.3c on the ASX; and
• 17% to the Company’s 20‐day VWAP of 2.3c

The Rights Issue is open to all eligible shareholders who have a registered address within Australia, New Zealand or Singapore, and who hold Shares on the Record Date. The Rights Issue will close on 25^th May (unless extended), and eligible shareholders can apply for shortfall in excess of their entitlement. Shareholders can also trade their rights from 5^th May.

Funds raised will be used to enable the Company to:

• Drill Copper Hills South targets
• Complete Assay Downhole EM at Windalah
• Complete Aquarius RC Drilling
• IP Lines at the Olympus Target
• West Bryah Uranium/ REE Stage 1 – Twin Holes and re‐assay for REE
• General Working Capital

All New Shares issued will rank equally with existing shares on issue and the Company will apply for quotation of the New Shares and New Options. A prospectus in relation to the Rights Issue was lodged with ASIC on 3^rd May and, together with a personalised entitlement acceptance form, will be sent to eligible shareholders shortly after the Record Date.

Eligible shareholders should consider the prospectus in deciding whether to acquire securities under the Rights Issue and will need to follow the instructions on the entitlement and acceptance form that will accompany the prospectus. The following are indicative dates in respect of the capital raising:

These dates are indicative only and may change, subject to the Corporations Act and Listing Rules.

The Company’s Chairman Ian Stuart said: “This fundraising is a major step in the value creation journey for the Company and we look forward to continued shareholder support as we advance our copper gold VMS targets and manganese joint venture in the Bryah Basin and take our copper nickel resource and copper exploration at the Gabanintha Project, near Meekatharra to the next level to deliver value for our shareholders”.

Click here for the full ASX Release

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