RAFAELLA RESOURCES LTD. (RFR)

name changed to Pivotal Metals Limited

The suspension of trading in the securities of Rafaella Resources will will be lifted immediately following the release by RFR of an announcement regarding an update on the company's significant new asset acquisition.

Rafaella to acquire 100% of the Horden Lake battery metals project for C$4m. Acquisition financing is secured for up to A$2m (at RFR's discretion) in binding commitments, with other significant late-stage discussions ongoing. An upfront deposit of C$400k has been paid from existing cash resources. NI43-101 (2009) compliant resource of 16.55Mt comprising 8.76Mt of Indicated @ 0.88% Cu, 0.21% Ni, and 7.79Mt of Inferred at 0.87% Cu, 0.25% Ni. Metallurgical studies by the International Nickel Company of Canada ("˜INCO') yielded excellent recoveries. In-fill drilling is planned to better quantify the known Co, Pd, Pt, Au and Ag contents and upgrade Inferred resource categories to Indicated in advance of a PFS. Close to infrastructure, notably a new road and power line connecting the mining town of Matagami to the La Grande hydroelectric power dam. The Horden Lake project is complementary to the Company's existing BelleterreAngliers exploration project, also held by RFR Quebec, which now holds a substantial battery metals portfolio in a Tier 1 mining jurisdiction.

The general meeting of shareholders which was to be held on Thursday 22 September 2022 at 3:00pm AWST at Level 8, London House, 216 St Georges Terrace, Perth WA 6000 will be postponed for 1 day as a result of the Queen's memorial public holiday recently announced by the Australian Prime Minister.

The company releases a notification of cessation of securities.

The securities of Rafaella Resources Limited will be suspended from quotation immediately under Listing Rule 17.2, at the request of RFR, pending the release of an announcement regarding an update on the company's significant new asset acquisition.

The suspension of trading in the securities of Rafaella Resources Limited will be lifted immediately following the release by RFR of an announcement regarding a capital raising.

The company releases a notice of proposed issue of securities.

Rafaella Resources has successfully closed a $2.0 million private placement at 6c per share, equal to a 2% premium to the Company's last traded share price on Thursday 10 February and an 12% discount to the 5-day VWAP. Shares to be issued have a 2 for 1 free attaching option with an exercise price of 12c per share and an expiry date of 13 April 2024. The raise was oversubscribed with strategic, long-term sophisticated investors being added to the shareholder register. Funds will be used for: advancement of the Santa Comba and San Finx project development work, ongoing due diligence and completion work for the Portuguese acquisitions, advancing funding options for the Midrim and Laforce exploration projects, and ongoing working capital requirements. Rafaella is continuing to progress the closing of the highly attractive Portuguese tungsten projects announced on 23rd November 20211 . The parties to the transaction have agreed a further extension to the signing of the definitive transaction agreements to the end of February. Note that the completion of the acquisition only occurs after the publication of a JORC report and shareholder approval. No consideration is payable prior to these conditions precedent being met. Rafaella has no major capital commitments in the immediate future. Vert Capital acted as Lead Manager for the raise.

The securities of Rafaella Resources Ltd will be suspended from quotation immediately under Listing Rule 17.2, at the request of RFR, pending the release of an announcement regarding a capital raising.

listed entity carried for record purposes only