Appendix 38

Rule 2.7, 3.10.3, 3.10.4, 3.10.5

New issue announcement,

application for quotation of additional securities and agreement

Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX's property and may be made public.

Introduced 01/07/96 Origin: Appendix 5 Amend ed 01/07/98, 01/09/99, 01/07/00, 30/09/01, 11/03/02, 01/01/03, 24/10/05 , 01/o8/12, 04/03/13

Name of entity

IRAWSON RESOURCES LIMITED

ABN

We (the entity) give ASX the following information.

Part 1 ·All issues

You must complete the relevant sections (attach sheets if there is not enough space).

Unlisted options approved by Shareholders at the Annual General Meeting 5th November 2015

1 +Class of +securities issued or to be issued

7,500,000

2 Number of +securities issued or to be issued (if known) or maximum number which may be issued

Exercise price of $0.045 per option Exercise expiry date 01/12/2018

3 Principal terms of the

+securities (e.g. if options, exercise price and expiry date; if partly paid +securities, the amount outstanding and due dates for payment; if

+convertible securities, the conversion price and dates for conversion)

+ See chapter 19 for defined terms.

Appendix 38 Page 1

1. Do the +securities rank equally in all respects from the +issue date with an existing +class of quoted +securities?

   
   

   If the additional +securities do not rank equally, please state:

   • the date from which they do

   • the extent to which they participate for the next dividend, (in the case of a trust, distribution) or interest payment

   • the extent to which they do not rank equally, other than in relation to the next dividend, distribution or interest payment

     
     

2. Issue price or consideration

   
   

3. Purpose of the issue

(If issued as consideration for the acquisition of assets, clearly identify those assets)

6a Is the entity an +eligible entity that has obtained security holder approval under rule 7.IA?

Unquoted options

Shares issued pursuant to the exercise of the options will rank equally with existing fully paid ordinary shares

To provide an incentive to the Directors to provide dedicated and ongoing commitment and effort to the Company on a long term basis.

Their issue was approved at the Annual General Meeting of 5th November 2015.

I Nil

No

IfYes, complete sections 6b - 6h in relation to the +securities the subject of this Appendix 3B, and comply with section 6i

6b The date the security holder I Not applicable resolution under rule 7.IA was

passed -

6c Number of +securities issued I Not applicable without security holder approval

under rule 7.1

+ See chapter 19 for defined terms. Appendix 38 Page 2

6d Numbe r of +securities issued Not applicable with security holder approval

under rule 7.iA

Nil

6e Numbe r of +securities issued with security holder approval under rule 7.3, or another specific security holder approval (specify date of meeting)

6f Numbe r of +securities issued Nil under an exception in rule 7,2

Not applicable

6h If +securities were issued under rule 7.iA for non-cash consideration , state date on which valuation of consideration was released to ASX Market Announcements

Not applicable

6i Calculate the entity's remaining issue capacity under rule 7.1and rule 7.iA - complete Annexure 1 and release to ASX Market Announcements

1 December 2015

7 +Issue dates

Note: The issue date may be prescribed by ASX (refer to the definition of issue date in rule 19.12). For example, the issue date for a pro rat.a enti tlement issue must comply wi th the applicable timetable i n Appendix 7A.

Cross reference: item 33 of Appendix JB.

8 Number and +class of all

+securities quoted on ASX (including the +securities in section 2 ifapplicable)

+ See chapter 19 for defined terms.

Appendix 38 Page 3

9 Number and +class of all

+securities not quoted on ASX

(including the +securities in section 2 if applicable)

10 Dividend policy (in the case of a I Not applicable trust, distribution policy) on the

increased capital (interests) ------------------

Part 2 ·Pro rata issue

11 Is security required?

holder appmval I Not applicable

12 Is the issue renounceable or non- , Not applicable

renounceable? '------------------

13 Ratio in which the +securities I Not applicable

willbe offered L...-----------------

+class of+securities to which the I Not applicable

offer relates . -----------------

15 +Record date to entitlements

determine I Not applicable

Will holdings on different I Not applicable registers (or subregisters) be

aggregated for calculating

entitlements? '------------------

+ See chapter 19 for defined terms. Appendix 38 Page 4