MALLEE RESOURCES LIMITED (ASX.MYL)

it has been resolved that the Company Be Wound Up Under 439c(c) with Matthew Wayne Caddy, Shaun Fraser and Robert Kirman appointed liquidators

Scott Langdon, Richard Tucker and Mark Korda of KordaMentha are appointed as joint and several Receivers and Managers

Mallee Resources Limited advises that the Company has appointed Robert Kirman, Matthew Caddy and Shaun Fraser of McGrathNicol as Voluntary Administrators to the Company.

delisted by ASX under Listing Rule 17.12

we understand ASX removed the company from listing because its securities have been suspended from quotation for a continuous period of two years

The company releases a notice of proposed issue of securities.

The Company has raised $4.5 million (before fees) by the placement of 10.8 million shares at $0.42 per share to sophisticated and institutional investors. The Placement provides the Company with additional working capital and together with sales revenues and existing cash resources also funds operational and capital expenditure related to the Avebury mine. Completion of the Placement will not result in the Company being reinstated to trading on ASX. The Company will be removed from the Official List of the ASX on 3 February 2023. The Company will now pursue an Initial Public Offering. There is not a guarantee that the Company will be successful with an IPO.

The company releses a letter to its shareholders in relation to the company's automatic removal from the official list on 3 February 2023 and the possibility that ASX would not agree to an extension of the timeframe for the proposed removal.

The company lodges its Quarterly Activities/Appendix 5B Cash Flow Report.

The company releases a notice of application for quotation of securities.

ASX has granted a waiver from ASX Listing Rule 10.1 to allow the Hartree Bridge Facility to be extended on the terms proposed. The extension is initially through to 30 December 2022. The Hartree Bridge repayment date may now be extended further through to 30 June 2023, following ASX granting a waiver of ASX Listing Rule 10.1 for the revised terms of the Bridging Facility.

The repayment date for a short-term bridging loan provided by major shareholder, Hartree Metals, in July has been further extended.

The company releases a notice of proposed issue of securities.

The company releases the Results of its Meeting.

The company releases the Managing Director Presentation to Shareholders.

The company releases the Chairman's Address to Shareholders.

The company releases a notification of cessation of securities.

The MYL unlisted option series with an expiry date of 7 November 2022 and an exercise price of 65 cents has expired. A total of 1,300,000 options have expired.

The company lodges its Quarterly Activities/Appendix 5B Cash Flow Report.

First concentrate produced at Avebury. Concentrate transported to warehouse in Burnie awaiting shipment. Advanced payment for first two consignments of nickel concentrate received.

The company's AGM will be held as a virtual meeting on Monday 28 November 2022 at 11:00am (AEDT).

A short-term bridging loan provided by major shareholders Hartree Metals LLC in July has been extended. The bridging loan was partially repaid by MYL on 30 September, leaving a balance of US$4 million outstanding and due for repayment on 14 October 2022. Hartree has provided an extension to the repayment date to 15 December 2022.

The company releases an Appendix 4G.

The company lodges its Annual Report to shareholders.

A short-term US$10 million bridging loan provided by major shareholder, Hartree Metals LLC, in July which was due for repayment on 30 September 2022 has been partially repaid leaving a balance of US$4 million outstanding with respect to which Hartree has provided an extension to the repayment date to 14 October 2022. This is intended to allow time to finalise negotiations with Hartree to secure a US$10 million line of credit as referred to in the Company's announcement dated 31 August 2022 and 7 September 2022.

The company releases a notice of application for quotation of securities.

The company has completed the acquisition of the exploration licence EL5/2020, an underground mine loader and mining information relating to the Avebury project.

The company lodges its Full Year Statutory Accounts.

The company releases a notice of proposed issue of securities.

The company releases a notice of application for quotation of securities.

The company releases a notice of proposed issue of securities.

The company as raised $11.3 million by the placement of 26.87 million shares at $0.42 per share to sophisticated investors. The placement, together with existing cash resources and expected sales revenues, are anticipated to fund the company's operations as it commences commercial production of nickel concentrates from the Avebury project. Once further funding has been secured, the company intends to re-submit an application for suitability to list on ASX, which it anticipates will be made by the end of the calendar year.

The company intends to hold its AGM for 2022 on or after 16 November 2022. The closing date for receipt of nominations from persons wishing to be considered for election as a Director at the Meeting is 4 October 2022. Any nominations must be received at MYL's registered office no later than 5.00 pm (WST) on 4 October 2022.

The company releases a notice of application for quotation of securities.

Site workforce passes 150 employees. Operation moved to 24/7 basis. Stope production commenced in the mine as ROM stockpile passes 25,000 tonnes. Plant commissioning underway. Emergency response team at full strength with first Tasmanian underground live fire training in 20 years conducted at Avebury.

The company releases a notice of proposed issue of securities.

The Company has raised $7.7 million by the placement of 18.37 million shares at $0.42 per share to sophisticated investors. The Placement was completed by the Company in order to ensure that it is able to meet its financial obligations during the final stages of development of the Avebury nickel project.

A short term US$10 million bridging loan provided by major shareholder Hartree Metals in July was due for repayment on 5 September 2022. Hartree has provided an extension to the repayment date to 30 September 2022. This is intended to allow time to finalise negotiations with Hartree to secure a US$10 million line of credit as referred to in the Company's announcement dated 31 August 2022. In relation to the binding agreement to acquire the exploration licence EL5/2020 in western Tasmania near to the Avebury Nickel Project, a Sandvik LH517 mine loader and all the geological and mining data and information held by the vendors in relation to both the Melba tenements and the Avebury Nickel Project, the closing date for satisfaction of conditions precedent to the agreement has been extended to 30 September 2022.

TThe Company releases a supplementary prospectus. The Directors of the Company have resolved to withdraw the Offers as set out in the Prospectus. This Supplementary Prospectus formally withdraws the Offer and confirms that the expiry date of the Prospectus is brought forward to the date of the Supplementary Prospectus.

The company has not received sufficient funds to meet the Minimum Subscription for the capital raising and has determined to close the Offer effectively immediately. The Company is currently exploring alternate sources of finance in the short-term including a placement of shares or convertible securities using capacity available under the Listing Rules.

In relation to the sale of Bright Mountain Resources, settlement of this transaction is to occur in tranches over the next 6 months with completion due by 17 January 2023. The first tranche of sale proceeds of not less than US$1 million was due to be received by MYL on 21 August 2022. A further tranche of not less than US$1 million is due no later than 31 August 2022. To date neither tranche has been received. MAI is seeking approval from the Central Bank for the transfer of funds. CBM approval has not yet been obtained. MYL is also working with its major shareholder Hartree Metals LLC to secure a US$10 million line of credit to be applied toward expenditure commitments for which MYL had allocated funds that are to be received pursuant to the agreement for its sale of BMR.

The company has extended the closing date for its capital raising to 5pm (AWST) on 26 August 2022.

Capital raising g is planned to close by 5pm (WST) on 19 August 2022. Two new Sandvik underground mine loaders have arrived in Tasmania and are presently being configured with teleremote technology to enable safe underground loading. The loaders are expected to arrive on site later in August which will allow for the commencement of production from stopes and the commencement of 24 hour/7 day operational rosters. Refurbishment and equipment testing programmes are well advanced in the processing plant. A dust extraction system for the crushing shed is presently being installed ahead of the planned start to commissioning in September. A safety conscious culture is well established at Avebury. The emergency response team has undertaken training programs to enhance operational readiness and ensure operations at Avebury continue to prioritise safety.

The company releases an Investor Webinar.

The company releases the Chairman's Letter to Shareholders.

The company issues a prospectus for an offer of up to 100,000,000 Shares at an issue price of $0.70 per Share to raise up to $70,000,000.

The company lodges its Quarterly Activities/Appendix 5B Cash Flow Report.

The company has agreed to sell its Myanmar subsidiary, Bright Mountain Resources (Myanmar) Limited. Mallee will sell all the shares in BMR to 24 Hour Mining & Industry Company Limited's subsidiary, Myanmar Airways International Company Limited.

The company releases a notice of proposed issue of securities.

The company releases an updated Investor Presentation.

The company releases a notice of application for quotation of securities.

Mallee has acquired 100% of the shares in Allegiance Mining Pty Ltd, owner of the Avebury project. Mining operations have commenced, and the re-start of the processing plant is planned for Q3, 2022. Dominant ground holding position at Avebury (Ni) and Melba (Ni, Cu, PGE's). 100% renewable grid power connected to site. Mallee is engaging with suppliers to decarbonise Avebury operations.

The company releases the following: Constitution and notice of proposed issue of securities.

The company releases the following: Chairman's Address to Shareholders, Managing Director Presentation to General Meeting and Results of Meeting.

The company has entered into binding commercial agreements with Hartree Metals required as a condition precedent to its acquisition of Allegiance Mining pursuant to the DOCA in respect of Allegiance, including a life of mine offtake agreement subscription agreements for loan facilities, a hedging agreement and security documentation.

The MYL unlisted option series with an expiry date of 15 June 2022 and an exercise price of 78 cents has expired. A total of 4,000,000 options have expired.

The company releases its Investor Presentation.

Orders to approve the transfer of shares in Allegiance Mining to MYL have been approved in the Supreme Court of Western Australia. The Deed Administrators of Allegiance have now obtained leave, under section 444GA of the Corporations Act 2001 (Cth), to transfer all of the existing shares in Allegiance to the Company or its nominee upon effectuation of the DOCA.

An extraordinary meeting of the Company's shareholders is scheduled to be held at Level 8, Exchange Tower, 2 The Esplanade, Perth, Western Australia on 29 June 2022 at 11am (AWST)

The company has entered into a binding agreement with Zebs Minerals to acquire the exploration licence ELS/2020 in western Tasmania near to the Avebury Nickel Project, a Sandvik LH517 mine loader and all the geological and mining data and information held by the Vendors in relation to both the Melba tenements and the Avebury Nickel Project.

The Deed Administrators have made an application to the Court for leave under section 444GA of the Corporations Act for the transfer of 100% of the issued capital in Allegiance from Dundas Mining Pty Ltd (in liquidation) to the Company on effectuation of the DOCA. A shareholder of Dundas has objected to the 444GA Application on the basis that it considers that the Court making an order on the terms of the 444GA Application will unfairly prejudice the shareholders of Allegiance (being Dundas). The Company has been granted leave to appear in the 444GA Application proceedings as an interested party and is continuing to progress the 444GA Application. The Court is currently scheduled to consider the 444GA Application at a hearing to be held over the course of 9 and 10 June 2022, with a hearing scheduled for 19 May 2022 to consider whether the Dundas shareholder objecting to the 444GA Application has standing to appear in the proceedings. The Company will update the market in respect to the section 444GA Application proceedings as the matter progresses.

The status of the Avebury Nickel Mine in western Tasmania has changed from care and maintenance to an operational mine site. The change comes after payment of the required environmental bond and the submission of the requisite operational plans. All safety protocols for the operation of the underground mine are in place.

The company lodges its Quarterly Activities/Appendix 5B Cash Flow Report.

CSA Global Pty Ltd, an ERM Group Company, has reported a mineral resource estimate in accordance with the JORC Code in respect of the Avebury Project.

Mallee Resources Limited retains a total of US$12.1 million in Myanmar as a result of the divestment of its interests in the Bawdwin project. Repatriation of these funds to Australia is pending approval from the Central Bank of Myanmar. CBM has issued a public notice in respect of the conversion of foreign currency balances into local currency and the requirement for approval of the transfer of foreign currency overseas by a new Foreign Exchange Management Committee at a ministerial level. The exact nature and effect of the CBM Notice is uncertain.

The company lodges its Half Yearly Report and Accounts.

All proceeds from the US$30 million divestment of its interest in the Bawdwin project and the shares in BJV Company Limited have been received. US$12.2 million of the divestment proceeds were paid directly to the Company's wholly owned Myanmar subsidiary, Bright Mountain Resources Myanmar Limited, ahead of transfer to Australia. The Company no longer has any interest in the Bawdwin project

MYL successfully executes its new project search process and now has a clear path to acquire the Avebury nickel sulphide project in western Tasmania. Compelling acquisition cost for a highly prized asset - MYL has agreed to acquire 100% of the shares in Allegiance which owns Avebury for A$85.9 m1 through a combination of cash and shares pursuant to the terms of a deed of company arrangement. MYL will also reimburse an estimated $23.2 million in expenditure incurred in development of the Avebury project during the DOCA term. Substantial nickel sulphide Mineral Resources of 29.3 Mt at 0.9% Ni (264 Kt contained Ni) (JORC 2012)2. Avebury hosts an established underground mine development, processing plant and mine infrastructure in good condition. Targeting a near term re-start of the mine to produce a nickel concentrate product in high demand. Outstanding exploration potential with deposit open at depth and along strike. MYL currently reviewing the existing Avebury mine re-start plans. Once finalised, MYL will make further disclosures in relation to operational work programs, schedules, key commercial agreements, and financing plans.

Creditors of Allegiance Mining have resolved to authorise the joint administrators of Allegiance to execute a DOCA in accordance with the DOCA proposed by the company with the sole secured creditor Hartree Metals. It is anticipated that the DOCA will be formally executed within weeks.

MYL's involvement in the DOCA will be subject to shareholder approval under ASX Listing Rule 11.1.2 and as otherwise necessary to permit MYL to meet its obligations under the DOCA, to be sought at an extraordinary general meeting of MYL shareholders to be convened following execution of the DOCA, as well as MYL receiving any other necessary regulatory approvals. In the event that such approvals are not received by 30 June 2022, Hartree will implement the DOCA without MYL's involvement. ASX has also advised the Company that it will be required to re-comply with Chapters 1 and 2 of the ASX Listing Rules in order to re-commence trading following effectuation of the DOCA.

The company has submitted a DOCA proposal to Richard Tucker and John Bumbak of KordaMentha in their capacities as administrators of Allegiance Mining Pty Ltd. The Allegiance Group wholly owns the Avebury nickel sulphide mine, near Zeehan in Tasmania. The Proposal was made by MYL together with Hartree Metals LLC. The Administrators have issued a notice of meeting for the second meeting of creditors of the Allegiance Group to be held on 22 February 2022 for the purpose of Creditors considering and voting on whether the DOCA should be executed, which has been recommended by the Administrators. If Creditors do not resolve to execute a DOCA on the terms set out in the Proposal, the proposed acquisition will not proceed on the terms of the Proposal.

The company lodges its Quarterly Activities/Appendix 5B Cash Flow Report.

To date almost US$3M has been received by MYL's 100% owned Myanmar subsidiary with the balance of funds expected to flow in the next couple of weeks. The processes for transferring USD within and from Myanmar are dynamic and following the decision of ANZ Banking Group to cease to offer banking services, the Group was required to open accounts with local banks. This took a considerable period of time, but MYL now has accounts opened with two local banks. These factors combined to delay the process, notwithstanding the considerable efforts of the purchaser to assist. Therefore, MYL has agreed to allow an extension of the timeframe for payment of the balance of the funds to the end of February.

The company releases a notification regarding unquoted securities.

The company releases the following: Chairman's Address to Shareholders and Results of Meeting.

The company releases its Chairman's Letter to Shareholders.

The company releases a letter to its shareholders regarding its AGM. The AGM will be held in person at Level 8, Exchange Tower, 2 The Esplanade, Perth, 6000, Western Australia on Tuesday, 30 November 2021 at 11:00am (AWST).

The annual general meeting of the Company will be held at Level 8, Exchange Tower, 2 The Esplanade Perth, Western Australia at 11.00am (AWST) on Tuesday 30 November 2021.

The company lodges its Quarterly Activities/Appendix 5B Cash Flow Report.

name changed from Myanmar Metals Limited