Notification of Issue, Conversion or Payment up of Unquoted Equity Securities Announcement Summary Entity name VARISCAN MINES LIMITED Date of this announcement Friday June 16, 2023 The +securities the subject of this notification are: +Securities issued as part of a transaction or transactions previously announced to the market in an Appendix 3B that are not quoted, and are not intended to be quoted, on ASX Total number of +securities to be issued/transferred ASX +security code VARAC Security description OPTION EXPIRING VARIOUS DATES EX VARIOUS PRICES Refer to next page for full details of the announcement Notification of Issue, Conversion or Payment up of Unquoted Equity Securities 1/5 Total number of +securities to be issued/transferred Issue date 15,277,779 16/06/2023 Notification of Issue, Conversion or Payment up of Unquoted Equity Securities Part 1 - Entity and announcement details 1.1 Name of entity VARISCAN MINES 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 Registration number ABN 16003254395 1.3 ASX issuer code VAR 1.4 The announcement is New announcement 1.5 Date of this announcement 16/6/2023 Notification of Issue, Conversion or Payment up of Unquoted Equity Securities 2/5 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: +Securities issued as part of a transaction or transactions previously announced to the market in an Appendix 3B that are not quoted, and are not intended to be quoted, on ASX Previous Appendix 3B details: Announcement Date and Time Announcement Title Selected Appendix 3B to submit quotation request 09-Mar-2023 10:25 New - Proposed issue of securities VAR A placement or other type of issue 2.3a.2 Are there any further issues of +securities yet to take place to complete the transaction(s) referred to in the Appendix 3B? Yes 2.3a.3 Please provide details of the further issues of +securities yet to take place to complete the transaction(s) referred to in the Appendix 3B 19,882,717 ordinary shares issued on 16 June 2023 which are covered in the Appendix 2A accompanying this Appendix 3G. 36,111,111 ordinary shares and 36,111,111 free attaching options under the placement still to be issued. Notification of Issue, Conversion or Payment up of Unquoted Equity Securities 3/5 Notification of Issue, Conversion or Payment up of Unquoted Equity Securities Part 3A - number and type of +securities the subject of this notification (existing class or new class) where issue has previously been notified to ASX in an Appendix 3B Placement Details ASX +security code and description VARAC : OPTION EXPIRING VARIOUS DATES EX VARIOUS PRICES Date the +securities the subject of this notification were issued 16/6/2023 Any other information the entity wishes to provide about the +securities the subject of this notification 15,277,779 unquoted options exercisable at $0.0275 each on or before 15 March 2025 Issue details Number of +securities 15,277,779 Were the +securities issued for a cash consideration? No Please describe the consideration being provided for the +securities Nil Notification of Issue, Conversion or Payment up of Unquoted Equity Securities 4/5 Notification of Issue, Conversion or Payment up of Unquoted Equity Securities Part 4 - +Securities on issue Following the issue, conversion or payment up of the +securities the subject of this application, the +securities of the entity will comprise: (A discrepancy in these figures compared to your own may be due to a matter of timing if there is more than one application for quotation/issuance currently with ASX for processing.) 4.1 Quoted +Securities (Total number of each +class of +securities quoted) Total number of +securities on issue ASX +security code and description VAR : ORDINARY FULLY PAID 318,120,913 4.2 Unquoted +Securities (Total number of each +class of +securities issued but not quoted on ASX) Total number of +securities on issue ASX +security code and description VARAD : PERFORMANCE RIGHTS 2,500,000 VARAL : OPTION EXPIRING 30-NOV-2023 EX $0.055 4,000,000 VARAN : OPTION EXPIRING 30-NOV-2023 EX $0.065 4,000,000 VARAP : OPTION EXPIRING 30-NOV-2023 EX $0.08 4,000,000 VARAC : OPTION EXPIRING VARIOUS DATES EX VARIOUS PRICES 18,277,779 VARAE : OPTION EXPIRING 30-NOV-2023 EX $0.095 1,500,000 VARAF : OPTION EXPIRING 30-NOV-2023 EX $0.10 1,500,000 VARAG : OPTION EXPIRING 30-NOV-2023 EX $0.105 1,500,000 VARAQ : OPTION EXPIRING 30-NOV-2024 EX $0.045 4,000,000 VARAR : OPTION EXPIRING 30-NOV-2024 EX $0.055 4,000,000 VARAS : OPTION EXPIRING 30-NOV-2024 EX $0.065 4,000,000 Notification of Issue, Conversion or Payment up of Unquoted Equity Securities 5/5