Announcement PDF Atomos Ltd (ASX:AMS) Atomos Strategic Recapitalisation Investor Presentation 12 April 2024 Hardware. Software. Cloudware. Important Notice and Disclaimer The information contained in this document (“Document”) has been prepared by Atomos Limited ACN 139 730 500 (referred to as “Atomos” or “Company”). The information contained in this Document is current as at the date of this Document and should be read in conjunction with other Atomos periodic and continuous disclosure announcements filed with the Australian Securities Exchange (ASX), available at www.asx.com.au. The information in this Document is not intended to form the basis of any investment decision in relation to the Company or its assets and should not be considered as a recommendation to the Recipient to acquire securities in the Company. This Document is not a prospectus, profile statement or disclosure document and does not constitute an offer or invitation to acquire securities or otherwise invest in the Company, and no agreement to subscribe for securities will be entered into on the basis of this Document. No representation or warranty, expressed or implied, is or will be made, and no responsibility or liability is or will be accepted by the Company, any of their respective officers, servants, agents or advisers (collectively “Limited Parties”) as to or in relation to the accuracy, reasonableness, completeness or reliability of the information in this Document or any other written or oral information made available to any Recipients or their advisers. Any liability therefore is hereby expressly disclaimed. In particular, no representation or warranty is given as to the achievability or reasonableness of any future projections, management estimates or plans, prospects, returns or forecasts. To the fullest extent permitted by law, the Limited Parties will not have any responsibility or liability for any loss or damage (whether foreseeable or not), however arising (including as a result of negligence), in relation to or in connection with the provision of this Document, the Recipient’s or any other person’s purported reliance on this Document, the failure to provide information of which any of the Limited Parties becomes aware or any errors in or omissions from this Document. None of the Limited Parties makes or gives any representation, warranty or guarantee, express or implied, that the information in this Document is accurate, current, reliable or complete, has been or will be audited or independently verified, or that reasonable care has been taken in compiling, preparing or furnishing it. Various statements in this Document constitute statements relating to intentions, future acts and events including forecast financial information (“Forward Looking Statements”). Forward Looking Statements involve subjective judgment and analysis, known and unknown risks, uncertainties and other important factors that may cause those future acts, events and circumstances to differ from the way or manner in which they are expressly or impliedly portrayed herein. The Limited Parties do not make or give any representation, warranty or guarantee, express or implied, that any Forward Looking Statements will be achieved or proven correct, or that any assumptions or projections on which the Forward Looking Statements are based are reasonable. No historical financial information, forecast financial information, estimates or projections contained in this Document or any other financial information derived from that information, can be relied upon as a promise or representation, as to the past, present or the future. Past performance is not necessarily a guide to future likelihood of achievement or reasonableness of any Forward Looking Statement, forecast financial information or other forecast. The Limited Parties do not undertake any obligation to (and expressly disclaim any obligation to) provide the Recipients with access to any additional information or to correct any inaccuracies herein which may become apparent or to disseminate any updates or revisions to any Forward Looking Statements in this Document to reflect any change in expectations in relation to any such statements or any change in events, conditions or circumstances on which any such statement is based. any person in connection with a proposed investment in the Company constitutes, or is to be taken as constituting, the giving of investment or financial product advice (or any other advice) to any such person. Each such person should make their own independent assessment of the merits or otherwise of investing in the Company and should seek their own professional advice in respect of any future investment opportunity and not act on the basis of any matter contained in this Document. In providing this Document, the Company has not considered the objectives, financial position, taxation situation or other needs of any particular Recipient. The distribution of this document in jurisdictions outside Australia may be restricted by law. Persons who come into possession of this document who are not in Australia, should seek advice on and observe any such restrictions. Any failure to comply with such restrictions may constitute a violation of applicable securities laws. In particular, this document does not constitute an offer to sell, or a solicitation of an offer to buy, any securities in the United States. The securities being offered by the Company under the Prospectus lodged with ASX on or about the date of this Document have not been, and will not be, registered under the US Securities Act or the securities laws of any state or other jurisdiction of the United States Accordingly, the securities being offered by the Company under the Prospectus may not be offered or sold in the United States except in a transaction exempt from, or not subject to, the registration requirements of the Securities Act and other applicable US state securities laws. Non-IFRS financial measures Recipients should note that certain financial data included in this Document is not recognised under the Australian Accounting Standards (AAS) and is classified as ‘non-IFRS financial information’ under Regulatory Guide 230 ‘Disclosing non-IFRS financial information’ published by ASIC. The Company believes that this non-IFRS financial information provides useful information to users in measuring the financial performance and condition of Atomos. The non-IFRS financial measures do not have standardised meanings under AAS, and therefore may not be comparable with similarly titled measures presented by other entities, nor should these be interpreted as an alternative to other financial measures determined in accordance with AAS. Investors are cautioned not to place undue reliance on any non-IFRS financial information, ratios and metrics included in this Document. Non-IFRS information descriptors: • EBITDA (before R&D expenditure) is earnings before research and development expenditure, interest, taxation, depreciation, amortisation and impairment charges; • EBITDA is earnings before interest, taxation, depreciation, amortisation and impairment charges; • EBIT is earnings before interest, taxation and impairment charges; • Working capital is defined by the Company as trade and other receivables, inventory and other current assets less trade and other payables and other current liabilities; • Net cash flows from operations: the operating cash flows generated by the Company calculated as EBITDA excluding non-cash items and allowing for changes in working capital; and • Net cash flows before financing activities: being net cash flows from operations less capital expenditure and other investing expenditure. This document also contains statistics, data and other information relating to markets, market sizes, market shares, market positions and other industry data pertaining to the Company's business and markets. Such information is generally based on independent market and industry data or research. The Company has not independently verified, and cannot give any assurances as to the accuracy and completeness of the information sourced from market and industry data or research contained herein. Accordingly, the accuracy and completeness of such information is not guaranteed. There is no assurance that any of the forecasts or projections contained in the independent market and industry data or research will be achieved. Forecasts and projections involve risks and uncertainties and are subject to change based on various factors. You should note that market data and statistics are inherently predictive and subject to uncertainty and not necessarily reflective of actual market conditions. Neither the receipt of this Document by any person nor any information contained in it or supplied with it or subsequently communicated to 2 Chairmans Message, Paul Greenberg ... • Atomos has always been an innovative global video technology business with market leadership and significant brand equity • Revenue & EBITDA peaked in FY21 at $78.6m & $8.2m, respectively, but in FY23 revenue fell to $42.8m with an EBITDA loss of $25.5m1 , driven by: • – Over-stocking following COVID bubble, supply chain lags, component issues, US actors / writers strike and economic tightening – Substantial Board and Management changes Despite the challenges, several measures have been taken to stabilise and re-position the Company for growth: – Reduced fixed operating costs (incl capitalised R&D costs) by ~45% from 1H’23 vs. 1H’24 (driven by headcount reduction from ~150 (during FY22) to 90 at end Dec 23) – Reduced inventory by ~62% ($28.8m in Jun-22 to $10.8m as of Dec-23) – Reduced debt facility from $12m (Jun-22) to $8.3m including capitalised interest (Mar-24) + improved financial terms with minimal covenants – Release of the new Ninja and Shogun products (which have been well received by the market) – Appointment of new auditors (Moore Australia) and sign-off and lodgement of FY23 financial accounts – Clear strategy and experienced team (return of founder) now in place to execute on a growth plan ahead • Renewed focus on returning to its entrepreneurial, agile roots releasing innovative products that cater to a global market 1. Excludes FY23 intangibles impairment of $30.7m 3 New Executive Team moving forward … Jeromy Young Peter Barber Ben McAlister CEO & Co-Founder Managing Director COO & Video Entrepreneur Executive Director Financial Advisor to the Board and to the CEO 25 Years Global Video Industry 35 Years Global Video Industry 25 Years Public & Private Markets, Chartered Accountant 4 Summary – Next chapter in the Atomos journey ... Grow from Strength New Adjacent Markets • Atomos core monitor-recorder market stable • • Maintain revenue $40m+ at 40%+ gross profit margins Enter adjacent LED On-Set & Studio Lighting - NEW unique technology • Global respected brand • Products announced (shipping late Q4 FY24) • Right-sized - restructured to match core revenues and margins • Large TAM opportunity – US$1.5bn, CAGR 13%1 • Same customers through the same sales channels Return to Innovation Fund Growth • New products that are ready to announce • Re-capitalisation to position company for growth • Next generation Ninja, Shogun and Sumo lines • Announced Placement + Entitlement Offer • Market Cloud Services as essential value-add to devices 1. Report by 360iresearch: LED Light for Camera Market by Product (Panel Light, Ring Light, Rope Light), Model (OffCamera, On-Camera), Device Type, Application, Sales Channel, End-User - Global Forecast 2023-2030. 5 Product Innovation Returning to our core strengths … The Vision Focus on the Art Empower the democratisation of content creation in the Social, User-friendly designs that make video production simple intuitive and Pro Video & Entertainment Markets creative. Enabling creatives to focus on their art. Weddings, Events, Music Partnering with the Best Industry Standard Brand Align, integrate and partner with global technology leaders Strong brand equity and customer loyalty built over 12 years of innovation, care for the customer and teaming up with the best of the best to drive technology forward 7 Ready, Set, Upgrade … Driving Sales Over 100,000+ active users 500,000 units sold lifetime Automated production is the future We will show our customers why they need their new Ninja and paid cloud services 8 Ninja Phone – Now phones can be Ninjas too Expanding upon existing market opportunity • Video co-processor for the latest iPhones that lets you record from professional cameras onto the iPhone’s storage • Unique HDMI to USB-C, professional adaptor that securely attaches to the back of an iPhone 15 Pro or iPhone 15 Pro Max to create the world’s first Apple ProRes driven high resolution monitor-recorder. • Enable connection to any professional camera (Nikon, Panasonic, Canon, Fuji, Sony, etc) with an uncompressed HDMI output to Apple’s magnificent OLED screen. • Price expected to be USD$/€399 (excluding local sales taxes) and is expected to begin shipping at the end of Q4 FY24 9 The 'Light Bulb/LED Moment’ – introducing Ninja Dragon New Adjacent Markets Expand into LED On-Set & Studio Lights • Unique sun spectrum, Ninja controllable camera LED lights • Waterproof, flexible strip light design • Place anywhere, bend, shape and mount technology • Achievable adjacent market penetration • Able to leverage existing sales infrastructure and customer relationships • Large addressable market opportunity ~US$1.5bn1 • Expected to begin shipping at the end Q4 FY24 3m light strip ships in a case that facilitates rolling up into a Light Panel with included diffuser - Replacing Light Panels 1. Report by 360iresearch: LED Light for Camera Market by Product (Panel Light, Ring Light, Rope Light), Model (OffCamera, On-Camera), Device Type, Application, Sales Channel, End-User - Global Forecast 2023-2030. 10 New Products and Markets: LED On-Set & Studio Lighting Portfolio of new products and market – complementary to Atomos' existing flagship products Atomos brings innovation and creative flexibility to simple LED lighting Ninja Dragon can be LED panel, striplight or focused beam light Various competitor designs can be heavy, with a dated design Competition can be up to ~350% more expensive with minimal flexibility or adjustable features 11 On Set Control = Lights, Cameras, Action! Able to make production efficient & simple by connecting and controlling lights, cameras, and audio - all from Atomos monitor controls On Set Control 12 Control lights, cameras and monitors from your Ninja! A suite of intuitive cloud-based production services to allow creators to focus on their art, not on the tech Simpler, Faster and Higher Quality production workflows Atomos Technology makes this possible 13 Financials Profit & Loss – Full Year A$m 30 June Year End Audited FY22 Audited FY23 Revenue 73.3 42.8 COGS (44.5) (38.1) Gross Profit 28.8 4.7 Gross Profit Margin % 39.3% 11.0% Variable operating cost (5.7) (4.0) Fixed operating cost (27.7) (26.8) Other income / forex (0.4) 0.6 EBITDA (5.1) (25.5) Depreciation & amortisation1 (3.9) (3.0) Finance costs (0.5) (2.1) Impairments - (30.7) Profit (Loss) before income tax (9.5) (61.3) Capitalised R&D costs (5.0) (2.5) 1. In line with AASB 16 accounting, rent expense of ~$1m per annum is captured within depreciation FY22 vs FY23 Performance • Macroeconomic impacts (interest rates, inflation, conflict) • Distractions (ex CEO litigation, Board changes, US writers/actors strike, balance sheet repair, ASX suspension and audit challenges) • Inventory management and supply chain challenges impacted margins 15 Profit & Loss – Interim (Half Year) H1 FY24 Update Statutory Audit reviewed 1H24 Statutory Audit reviewed •1 Sales down ~18% pcp (1H23: $21.1m) 21.1 17.4 •2 COGS (16.4) (12.0) Statutory gross margin of 31.3%, up from 22.5% pcp, reflecting launch of new products (Q1 FY24) and completion of marketing campaigns to clear old stock in pcp Gross Profit 4.8 5.5 • Underlying gross margin of 38.2%, reconciliation below: A$m 31 December Half Year End Revenue 1H23 1 Underlying Gross Profit Revenue Statutory gross profit Obsolesce provision Underlying gross profit Statutory gross margin % Underlying gross margin % 1H'23 21.1 4.8 1.2 5.9 22.5% 28.1% 1H'24 17.4 5.5 1.2 7.0 31.3% 38.2% Gross margin % 2 22.5% 31.3% Variable operating cost 3 (2.2) (1.7) Fixed operating cost 4 (15.7) (10.1) Other income / forex 0.4 0.5 EBITDA (12.7) (5.8) Depreciation & amortisation1 (2.1) (0.8) •3 Variable costs expected to be ~10% of sales moving forward Finance costs (1.3) (0.8) •4 Material reduction in fixed operating costs due to restructuring Impairments (32.5) - •5 All R&D / product development costs expensed from 1H’24 onwards Profit (Loss) before income tax (48.6) (7.4) Capitalised R&D costs 5 (2.5) - 1. In line with AASB 16 accounting, rent expense of ~$1m per annum is captured within depreciation H2 FY24 Outlook • H2 sales expected to exceed H1’24 sales of $17.4m • Following completion of the restructure over balance of FY24, expect annualised fixed operating costs to be ~$16m by end of FY24 • Approx $45m sales to deliver EBITDA breakeven 16 Balance Sheet Dec-23 Audit reviewed Feb-24 Mgmt Accts Cash 1.5 1.5 Trade and other receivables 3.2 2.6 2.6 Inventories 10.8 10.9 10.9 Other current assets 3.1 2.5 2.5 Other current assets 18.6 17.5 PPE 1.1 1.0 1.0 Right of use assets 4.7 4.5 4.5 Other non-current assets 1.4 1.4 1.4 Financial assets 1.8 1.8 1.8 Total assets 27.6 26.2 Trade and other payables (11.9) (11.8) Borrowings – credit cards (0.2) (0.2) (0.2) Provisions (2.7) (2.6) (2.6) Lease liabilities (5.6) (5.4) (5.4) Borrowings (5.1) (6.1) (2.2) 8.3 - Total Liabilities (25.5) (26.2) (0.2) (8.3) (18.0) b) Net assets 2.1 0.1 (0.2) 16.1 16.0 c) d) Debt Increase (a) Note: Figures presented in the table above have been rounded. Capital Raise (b, c, d) Feb-24 Pro Forma(e) 7.8 9.3 Key Comments A$m 7.8 7.8 2.0 • Atomos is reviewing additional working capital solutions into the future to assist in funding new product inventory, which may include: 1. Debt Facilty – the Company is in early discussions with select potential low-cost funders to provide a debt facility to the Company. However, there is no guarantee any such facility will eventuate 2. Exercise of options – based on A$16m being raised under the Entitlement Offer and Placement, if all Options (including Broker Options and Additional Options to JY/PB) issued are exercised prior to their expiry date at an exercise price of $0.03, this would result in further cash inflow to the Company of A$16.5m 25.3 34.0 (9.8) a) e) In February 2024, the Company increased the limit of the current debt facility with Domazet FT3 Pty Ltd as trustee for The Domazet Family Trust (Debt Facility) from $5.0m to $8.0m along with extending the maturity date to 31 March 2025. At the end of February 2024, the Company drew down on a further $1.0m and in March 2024 the Company drew down on a further $2.0m, being the remaining headroom in the Debt Facilty. As of 31 March 2024, the Debt Facility is now fully drawn. The $2.0m funds drawn in March were directly applied to reducing trade and other payables. The interest accrual for Q3 FY24 (Qtr. ended 31 March 2024) was $0.2m. Debt Facility limit is $8.0m with remaining balance being capitalised interest incurred under the Debt Facilty. Assumes gross cash proceeds from the capital raise of $16.0m Assumes full $16.0m is raised under the Placement and Entitlement Offer and does not include any potential cash inflows from the exercise of Options Proforma cash balance assumes gross proceeds; costs of the Offer expected to be approximately $1.0m. 17 Capital Raising Raise overview – up to $16.0m capital raise Financial recapitalisation well supported by major shareholders and incoming Board and Management Equity Capital Raise • Up to $16.0m capital raise via: Use of Funds2 Use of Funds Value Description Debt Facility repayment $8.3m Debt free post raise Costs restructure $1.0m Employee redundancies New products $1.4m Development & stocking of new products Working capital $4.3m Seasonal trading losses along with movements in inventory, accounts receivables, creditors and various other intra-month cash movements such as for employee payments) – Jeromy Young (MD) & Peter Barber (ED) investing $2.0m each in Placement ($4.0m total) Costs of Offer $1.0m Estimate of various costs (legal, advisory, registry) in undertaking the capital raise – Paul Greenberg (Chair) investing $0.1m in Placement Total $16.0m – Up to $8.0m Placement to Directors and institutional shareholders, subject to shareholder approval at an EGM (Placement) – $8.0m fully underwritten 1 for 1 non-renounceable pro-rata entitlement offer1 (Entitlement Offer) • Offer Price of $0.02 per share – Implied pre-money market cap of $8.0m (incl. capitalised interest) • Attaching options on 1 for 2 basis (Options) granted to subscribers in the Placement and Entitlement Offer • Options exercise price of $0.03 and expiry on 30 November 2025 – Further $16.5m cash inflow to AMS if all options exercised • $12.1m commitment from Board + major shareholder – Doma sub-underwriting full Entitlement Offer of $8m 1. 402,230,851 fully paid ordinary shares on issue pre raise 2. Assumes full $16.0m is raised under the Placement and Entitlement Offer and does not include any potential cash inflows from the exercise of Options 19 Capital Raise - Details (1/3) Offer Size Up to $16.0m, via the issue of approximately 802 million fully paid ordinary shares Offer Type • Up to $8.0m Placement to sophisticated and professional investors and three Company Directors (being Jeromy Young, Peter Barber and Paul Greenberg) subject to shareholder approval, via the issue of approximately 400 million fully paid ordinary shares (Placement); and • Fully underwritten 1 for 1 non-renounceable, pro rata, entitlement offer (Entitlement Offer) to eligible shareholders as at the Record Date to raise $8.0m via the issue of approximately 402m fully paid ordinary shares. (collectively, the ‘Offer’) Offer Price All shares under the Offer will be issued at a fixed price of A$0.02 per new share, representing a discount of: • 69.2% to the last closing price of Atomos shares of $0.065 per share on 27 February 2023 (day prior to suspension); and • 46.1% to Theoretical Ex-Rights Price (TERP)1 of $0.035 Ranking All new shares issued under the Offer will rank equally with existing Atomos shares from the date of issue Quoted Options • Participating shareholders will receive 1 free attaching option for every 2 new shares subscribed under the Offer (Options) • Options will have an exercise price of $0.03 and will expire on 30 November 2025. • As part of the Offer (and subject to shareholder approval), in addition to participating in the Placement, Jeromy Young and Peter Barber are being offered 100 million (50 million each) Options in recognition of considerable value delivered as part of the restructure and recapitalisation process • As part of the Offer, Henslow Pty Ltd (as Lead Manager and Underwriter) is being offered 50 million Options in recognition of considerable value delivered as part of the restructure and recapitalisation process • Subject to ASX approval, Options will be listed and quoted on the ASX (refer Re-Quotation of Shares, slide 21) • Assuming all options (including broker options) are exercised, additional cash inflow to Atomos of $16.5m (but there is no guarantee any or all options will be exercised) Lead Manager & Underwriter Henslow Pty Ltd 1. Theoretical ex rights price (TERP) includes the shares issued under the Placement and the Entitlement Offer. TERP is the theoretical price at which Atomos shares (Shares) should trade immediately after the ex-date for the Entitlement Offer. TERP is a theoretical calculation and the actual price at which Shares trade on ASX immediately after the ex-date for the Entitlement Offer will depend on many factors and may not be equal to the TERP. TERP is calculated by reference to the closing price of Atomos Shares as traded on ASX on 27 February 2023, being the last trading day prior to the announcement of the Entitlement Offer. 20 Capital Raise – Details (2/3) Shareholder and Director Support • Atomos’ major shareholder, Doma, who owns approximately 17.6% of issued shares, has agreed to sub-underwrite the full $8.0m Entitlement Offer • Atomos Directors have agreed to subscribe for $4.1m in the Placement via: – $4.0m total ($2.0m each) from Jeromy Young (MD), Peter Barber (ED); and – $0.1m ($100k) from Paul Greenberg (Chair) – Directors' participation is subject to shareholder approval Entitlement Offer • Entitlement Offer is non-renounceable, and rights (Entitlements) are not transferable and will not be able to be traded on the ASX or privately. Eligible shareholders can choose to take up all, part or none of their Entitlement. Eligible shareholders who do not take up their Entitlement under the Entitlement Offer in full or part, will not receive any value in respect of those Entitlements not taken up. • The Entitlement Offer will open at 10:00am (AEST) on Tuesday, 23 April 2024 and close at 5:00pm (AEST time) on Monday, 13 May 2024. • Eligible shareholders will be those with registered addresses in Australia, New Zealand and the United Kingdom only on the Record Date of 7:00pm (Melbourne time) on Thursday, 18 April 2024. • Eligible shareholders wishing to participate in the Entitlement Offer should carefully read the Prospectus and accompanying personalised Entitlement and Acceptance Form which are expected to be despatched on or around Tuesday, 23 April 2024. • The Company has appointed Berne No 132 Nominees Pty Ltd as nominee for the purposes of section 615 of the Corporations Act (Nominee). ASIC has made an in-principle decision approving the appointment. The Nominee will arrange for the sale of the new shares which would otherwise have been issued to ineligible foreign shareholders, and will remit to those shareholders any proceeds of the sale (after deducting the Offer Price, any expenses, and any withholding tax). • A copy of the Prospectus will be available on the ASX website (www.asx.com.au) from 12 April 2024 Conditions of Underwriting • The obligations of the underwriter and sub-underwriter are subject to certain conditions and termination events. If any of those conditions are not met, or if any of those termination events occur, the underwriting and sub-underwriting arrangements may be terminated. • Refer to the slide titled “Underwriting Agreement” for more information. 21 Capital Raise – Details (3/3) Additional Take-up of Entitlements • Eligible Shareholders who take up their Entitlement in full may subscribe for additional Entitlement Offer shares in excess of their Entitlements. • Additional Entitlement Offer shares will only be available to the extent that there are Entitlements under the Entitlement Offer that are not taken up by eligible shareholders. Notice of Meeting (NOM) • A NOM was lodged with the ASX today for purposes of conducting an EGM to be held on Thursday, 16 May 2024 • Included in the NOM are four resolutions requiring shareholder approval and relate to the Placement and Options issue. • In relation to the resolutions, the major shareholder and Directors (as and where they are legally able to), intend to vote in favour of the resolutions. Re-Quotation of Shares • Following discussions with ASX, subject to satisfaction of certain conditions, Atomos expects to return to ASX trading following completion and settlement of the Placement and Entitlement Offer (which is expected to occur post EGM approval of the Placement). Full details of the conditions are set out in the Prospectus 22 Capital Raise – Use of Funds 1. Use of Funds $ Value1 Description Debt Facility repayment (incl. capitalised interest) $8.3m Post raise, Atomos will have no outstanding amounts owing under its external debt facilty Costs restructure $1.0m Primarily related to employee redundancies New products $1.4m Relation to development and stocking of new products Working capital $4.3m Seasonal trading losses along with movements in inventory, accounts receivables, creditors and various other intra-month cash movements such as for employee payments) Costs of Offer $1.0m Estimate of various costs (legal, advisory, registry) in undertaking the capital raise Total $16.0m Assumes full $16.0m is raised under the Placement and Entitlement Offer and does not include any potential cash inflows from the exercise of Options 23 Capital Raise – Indicative Timetable1,2 Key Event Announcement of Entitlement Offer, Placement, Director Offer, Broker Offer Lodge Prospectus with ASIC and ASX and lodge Appendix 3B with ASX Friday 12 April 2024 Publication of Notice of EGM on ASX Friday 12 April 2024 Notice of EGM dispatched to shareholders Tuesday 16 April 2024 Record Date for Entitlement Offer Thursday 18 April 2024 Entitlement Offer opens; Placement Options Offer opens; Broker Offer opens; Director Options Offer opens Tuesday 23 April 2024 Entitlement Offer, Placement Options Offer, Director Options Offer close Monday 13 May 2024 Announcement of results of Entitlement Offer EGM conducted 1. 2. 3. Date Wednesday 15 May 2024 Thursday 16 May 2024 Settlement of Placement Friday 17 May 2024 Settlement of Entitlement Offer (including any shortfall) Friday 17 May 2024 Issue of Entitlement Offer Shares (& Entitlement Offer Options); Issue of Placement Shares