Made by: Eclipse Metals Limited (ACN 142 366 541) (Company)
Product: 10,000 Listed Options in connection with the Offer (Listed Options) under a prospectus dated Wednesday, 26 November 2025 (Prospectus).
Effective date: Wednesday, 26 November 2025
This target market determination (TMD) has been prepared by the Company in respect of an offer of up to 10,000 Listed Options at an issue price of nil each to remove training restrictions on the sale of all Listed Options issued or quoted on the ASX by the Company prior to the Closing Date (using the definitions of the capitalised words and phrases as set out in the Prospectus) (Offer).
A copy of the Prospectus is available on ASX’s Announcement Platform: https://www.asx.com.au/markets/trade-our-cash-market/announcements.epm
The Offers will be made under, or accompanied by, a copy of the Prospectus. Any recipient of this TMD should carefully read and consider the Prospectus in full and consult their professional adviser if they have any questions regarding the contents of the Prospectus. Any recipient of this TMD who wants to acquire Listed Options under the Offer will need to complete the application form that will be in, or will accompany, the Prospectus. There is no cooling off period in respect of the issue of the Listed Options. This TMD is not a disclosure document for the purposes of the Corporations Act 2001 (Cth), and therefore has not been lodged, and does not require lodgement, with the Australian Securities and Investments Commission (ASIC) nor does it contain a full summary of the terms and conditions of the Listed Options.
This TMD does not take into account what you currently have, or what you want and need, for your financial future. It is important for you to consider these matters and read the Prospectus before you make an investment decision. The Company is not licensed to provide financial product advice in relation to the Listed Options.
1. Target Market
| Factor | Target market |
|---|---|
| Investment Objective | The Company expects that an investment in Listed Options will be suitable to investors who wish to gain exposure to equities in a small/mid-cap distribution and retail company listed on the Australian Securities Exchange (ASX). |
| Investment Timeframe |
The target market of investors will take a short to medium term outlook on their investment. Investors with a short-term outlook for their investment will benefit from an anticipated listing of the Listed Options on ASX, as well as an ability to exercise the Listed Options and trade the underlying Shares issued on exercise should the exercise price of the Listed Options be lower than the trading price of Shares. Investors with a medium-term outlook will benefit from an ability to exercise the Listed Options before the date that is 22 October 2027, and increase their shareholding and exposure to the potential upside in the Company’s Shares into the future. Given the need to pay the exercise price in order to acquire Shares, Investors in the target market are in a financial position that is sufficient for them to invest their funds until 22 October 2027 should they wish to exercise their Listed Options. Any decision to exercise the Listed Options is likely to be based on the trading price of the Shares. |
| Product description and key attributes |
The key eligibility requirements and product attributes of the Listed Options are:
|
| Investment Metrics |
While the Company does not have an established eligibility framework for investors based on metrics such as age, expected return or volatility, it is expected that the target market of investors will be able to withstand potential fluctuations in the value of their investment. An exercise price is required to be paid to acquire shares on exercise of Listed Options. As such, the capacity to realise the underlying value of the Listed Options would require that they be exercised on or before the expiry date. Investors in the target market will need to be in a financial position to have sufficient available funds so as to facilitate an exercise of the Listed Options prior to the expiry date. Prior to the expiry date, investors’ ability to liquidate the Listed Options may be limited by a lack of liquidity in the trading of Listed Options and Shares and the price of the Shares. The Offer offers no guaranteed income or capital protection. |
| Risk | The Company considers that an investment in the Listed Options is highly speculative, such that an investment in the Company is not appropriate for an investor who would not be able to bear a loss of some or all of the investment. Investors should also have a sufficient level of financial literacy and resources (either alone or in conjunction with an appropriate adviser) to understand and appreciate the risks of investing in Listed Options as an asset class generally and the more specific risks of investing in an Australian listed technology company. |
2. Distribution Conditions
The offer of Listed Options under the Prospectus is being made to those investors identified by the Directors (Eligible Holders).
The Prospectus will include jurisdictional conditions on eligibility. The Company will also include on its web landing page for the offer of Listed Options a copy of this TMD and require that retail clients confirm that they meet the eligibility criteria of the expected target market outlined in this TMD before they apply for Listed Options.
The Company considers that these distribution conditions will ensure that persons who invest in Listed Options fall within the target market in circumstances where personal advice is not being provided to those persons by the Company.
3. Review Triggers
The Listed Options are being offered for a limited offer period set out in the Prospectus, after the conclusion of which the Listed Options will no longer be available for investment by way of issue. It follows that the TMD will only apply in the period between the commencement of the offer of the Listed Options and the issue of the Listed Options shortly after the close of the Offer (Offer Period).
To allow the Company to determine whether circumstances exist that indicate this TMD is no longer appropriate to the Listed Options and should be reviewed, the following review triggers apply for the Offer Period:
- a new offer of Listed Options that requires preparation of a disclosure document is made after completion of the Offer Period;
- any event or circumstance that would materially change a factor taken into account in making this TMD;
- the existence of a significant dealing of the Listed Options that is not consistent with this TMD. The Company does not consider that an on-sale of the Listed Options on market is a significant dealing;
- ASIC raises concerns with the Company regarding the adequacy of the design or distribution of the Listed Options or this TMD; and
- material changes to the regulatory environment that applies to an investment in the Listed Options.
4. Review Period
If a review trigger occurs during the Offer Period, the Company will undertake a review of the TMD in light of the review trigger.
The Company will otherwise complete a review of the TMD immediately prior to the issue of Listed Options under the Offer.
5. Information Reporting
The reporting requirements of all distributors is set out in the table below.
| Reporting requirement | Period for reporting to the Company by the distributor | Information to be provided |
|---|---|---|
| Whether the distributor received complaints about the Listed Options. |
|
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| A significant dealing of the Listed Options that is not consistent with this TMD | As soon as reasonably practicable after the significant dealing occurs, but in any event no later than 10 business days after the significant dealing occurs. |
|
| A summary of the steps taken by the distributor to ensure that its conduct was consistent with this TMD. | Within 10 business days after the end of the close of the offer of Listed Options in accordance with the Prospectus. | A summary of the steps taken by the distributor to ensure that its conduct was consistent with this TMD. |
6. Contact Details
Contact details in respect of this TMD for the Company are:
Eclipse Metals Limited
Telephone: +61 8 9480 0420
Email: info@eclipsemetals.com.au
Website: https://www.eclipsemetals.com.au/