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Asiamet Resources Limited (“ARS” or the “Company”) notes that pursuant to their letters of engagement, each of the Non-Executive Directors (“Directors”) of the Company and the Chairman are eligible to receive director’s fees. The Chairman and Directors have elected to receive these fees in the form of shares in the Company for the period 1 January 2022 to 31 December 2022 in lieu of cash.

The share price to be used for the calculation is a 10-day VWAP over the 10 trading days immediately following publication of the Company’s Annual Accounts as released on 27 April 2023, or if the Company is in a close period at that time, for the 10 trading days immediately following the end of that close period. The share price used based on the above formula was 1.08 pence per share following the release of the Company’s Annual Accounts.

The award of shares in the Company to directors for director’s fees for the 2022 year is set out below.

Tony Manini               2,564,630 shares

Dominic Heaton        2,564,630 shares

Faldi Ismail                 2,564,630 shares

Peter Pollard               2,564,630 shares

Bruce Sheng               2,564,630 shares

Eva Armila                  2,564,630 shares

In addition to the abovementioned share issue, a further 20,738,204 performance rights in the form of shares in the Company will be awarded to certain employees, in lieu of cash, for their contribution to the Company during 2022 and as a long-term incentive. This includes an amount of 3,500,512 shares allocated to Tony Manini for his role as Executive Chairman, an amount of 6,775,484 shares allocated to Darryn McClelland for his services as Chief Executive Officer for the period. 

Following the issue of the above shares, the shareholdings of the directors (including direct and indirect holdings) will be as follows:

Application has been made for the 36,125,985 shares (“New Common Shares”) to be admitted to trading on AIM (“Admission”). It is expected that Admission to AIM will become effective and dealings in the New Common Shares will commence on or around 20 July 2023. The New Common Shares will rank pari passu in all respects with the existing common shares in the Company.

The total number of common shares outstanding after completion of the issue of the New Common Shares will increase from 2,187,064,944 to 2,223,190,929 shares. This represents the total number of voting rights in the Company and may be used by shareholders as the denominator for the calculations by which they can determine if they are required to notify their interest in, or a change to their interest in the Company under the Financial Conduct Authority’s Disclosure and Transparency Rules.

Directors Fees and Employee Incentive Payments – 15:00:03 13 Jul 2023 – ARS News article | London Stock Exchange

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