PANAUST LIMITED ABN 17 011 065 160

Level 1, 15 James Street, Fortitude Valley, Brisbane | QLD | 4006 | Australia

PO Box 2297, Fortitude Valley Business Centre | QLD | 4006

T: +61 7 3117 2000 | F: +61 7 3846 4899 | E: [email protected]

ASX ANNOUNCEMENT

22 May 2015

Results of PanAust Limited Annual General Meeting

PanAust Limited advises that the resolutions considered at the Annual General Meeting earlier today were approved by the shareholders.

The following resolutions were passed:

Item 2: Adoption of Remuneration Report (non-binding resolution)

THAT the Remuneration Report contained in the Directors' Report of the Company for the financial

year ended 31 December 2014 be adopted.

Under the Corporations Act 2001 (Cth), this resolution is advisory only and does not bind the

Directors or the Company.

Item 3: Re-election of Mr Ken Pickering as a Director

THAT Mr Ken Pickering, who retires in accordance with the Company's constitution and is eligible

for election, be re-elected as a Director of the Company.

Item 4: Re-election of Mr Geoff Handley as a Director

THAT Mr John Crofts, who retires in accordance with the Company's constitution and is eligible for

election, be re-elected as a Director of the Company.

Item 5: Approval of issue of shares and advance of loan to the Managing Director under the Executive

Long-Term Share Plan

THAT, for the purposes of rules 7.1 and 10.14 of the Listing Rules of ASX Limited and Chapter 2E of the Corporations Act 2001 (Cth) and for all other purposes, the issue to Dr Fred Hess, the Managing Director of the Company, of 2,707,444 ordinary fully paid shares and the advance of a loan in the amount equal to the market price of those 2,707,444 ordinary fully paid shares under the Executive Long-Term Share Plan be approved.

Item 6: Approval for continuation of Long Term Incentives for Mr Robert Usher.

Resolution Withdrawn

In accordance with the requirements of the Corporations Act, the details of the poll and proxies submitted in relation to each resolution are detailed in Schedule 1 and Schedule 2 at the end of this announcement.

For further information contact:

Mr Paul Scarr Company Secretary PanAust Limited

Tel: +61 7 3117 2000

Email: [email protected]

Website: www.panaust.com.au

SCHEDULE 1

Results of poll at PanAust AGM

Page 2

SCHEDULE 2

Proxies received for PanAust AGM

Note 1: These proxies were to be voted in accordance with the discretion of the proxy holder.

Page 3