PDZ.L Regulatory News (PDZ)

PRAIRIE MINING LIMITED

NEWS RELEASE | 3 December 2021

NOTICE OF SHORTFALL FOR ENTITLEMENTS ISSUE

Prairie Mining Limited (Prairie or Company) is pleased to announce that the Company has received applications for 4,496,375 Shares at an issue price of A$0.20 each under the Company's one for ten non-renounceable entitlements issue (Entitlements Issue).

Directors, Mr Ian Middlemas and Mr Mark Pearce, have participated in the Entitlements Issue and taken up their full entitlement. As previously advised, due to Polish regulations, the Company was not able to extend the Entitlements Issue to Polish shareholders.

However, the Company has received significant interest from potential new investors based in the UK and Europe to subscribe for shares in the shortfall.

In accordance with the terms of the Entitlements Issue, the Directors will exercise their discretion to offer 18,638,892 shortfall shares to nominated parties. In accordance with the ASX Listing Rules the shortfall securities will be allotted within three (3) months from the closing date of the Entitlements Issue.

As previously reported, the Company issued 3,000,000 Shares in October 2021 in consideration for the Company's acquisition of its interest in the Arctic Rift Copper Project in Greenland.

An application will be made for admission of the 7,496,375 shares to the standard listing segment of the Official List of the FCA (Official List) and to trading on the main market of the London Stock Exchange for listed securities (LSE Admission). LSE Admission is expected to take place at on 10 December 2021.

Following LSE Admission, the Company's issued ordinary share capital will be 235,851,464 ordinary shares. The above figure of 235,851,464 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 following LSE Admission.

The Company will also issue 10,750,00 unlisted incentive options (Incentive Options) to Directors and key staff following shareholder approval at the Company's Annual General Meeting held on 24 November 2021.

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