West African Resources : Notification regarding unquoted securities - WAF

Notification of Issue, Conversion or Payment up of Unquoted Equity SecuritiesAnnouncement Summary

Entity name

For personal use only

WEST AFRICAN RESOURCES LIMITED

Date of this announcement Wednesday April 06, 2022

The +securities the subject of this notification are:

+Other securities issued under an +employee incentive scheme that are not intended to be quoted on ASX

Total number of +securities to be issued/transferred

Total number of

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Notification of Issue, Conversion or Payment up of Unquoted Equity SecuritiesPart 1 - Entity and announcement details

For personal use only

1.1 Name of entity

WEST AFRICAN RESOURCES LIMITED

We (the entity named above) give notice of the issue, conversion or payment up of the following unquoted +securities.

1.2 Registered number type ACN

1.3 ASX issuer code WAF

1.4 The announcement isNew announcement

1.5 Date of this announcement 6/4/2022

Registration number 121539375

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Notification of Issue, Conversion or Payment up of Unquoted Equity Securities

Part 2 - Issue details

2.1 The +securities the subject of this notification are:

+Other securities issued under an +employee incentive scheme that are not intended to be quoted on ASX

For personal use only

2.2a This notification is given in relation to an issue of +securities in a class which is not quoted on ASX and which:has an existing ASX security code ("existing class")

Notification of Issue, Conversion or Payment up of Unquoted Equity Securities

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Notification of Issue, Conversion or Payment up of Unquoted Equity Securities

Part 3B - number and type of +securities the subject of this notification (existing class) where issue has not previously been notified to ASX in an Appendix 3B

For personal use only

ASX +security code and description WAFAA : PERFORMANCE RIGHTS

Date the +securities the subject of this notification were issued 6/4/2022

Will these +securities rank equally in all respects from their issue date with the existing issued +securities in that class

No

If some of the issued +securities do not rank equally:

Is the actual date from which the +securities will rank equally (non-ranking end date) known?

No

Provide the estimated non-ranking end period

The non-ranking end period of the issued Performance Rights will occur when they vest and are exercised. The last date for exercise of the Performance Rights is their expiry date.

Please state the extent to which the +securities do not rank equally:In relation to the next dividend, distribution or interest payment; orFor any other reason

The Performance Rights have expiry dates, vesting conditions and exercise prices different to other securities in the class.

Were any of the +securities issued to +key management personnel (KMP) or an +associate?

Yes

Provide details of the KMP or +associates being issued +securities.

Name of KMP

Name of registered holder

Number of +securities

Padraig O'Donoghue

Padraig O'Donoghue

273,289

Please provide a URL link for a document lodged with ASX detailing the terms of the +employee incentive scheme or a summary of the terms

The securities are being issued under WAF's Incentive Options and Performance Rights Plan, which was approved at the 14 May 2021 AGM. Pages 19-23 of the AGM Notice provide a summary of the material terms of the Plan, a copy of which is available here:https://wcsecure.weblink.com.au/pdf/WAF/02363447.pdf .

Any other information the entity wishes to provide about the +securities the subject of this notification N/A

Notification of Issue, Conversion or Payment up of Unquoted Equity Securities

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Notification of Issue, Conversion or Payment up of Unquoted Equity Securities

Issue details

Number of +securities

569,639

For personal use only

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