Magnetite Mines : Change of Director's Interest Notice

Appendix 3Y Change of Director's Interest Notice

Appendix 3Y

Rule 3.19A.2

For personal use only

Change of Director's Interest Notice

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 30/09/01 Amended 01/01/11

Name of entity	MAGNETITE MINES LIMITED
ABN	34 108 102 432
We (the entity) give ASX the following information under listing rule 3.19A.2 and as agent for
the director for the purposes of section 205G of the Corporations Act.
Name of Director		James McKerlie
Date of last notice		12 January 2022

Part 1 - Change of director's relevant interests in securities

In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust

Note: In the case of a company, interests which come within paragraph (i) of the definition of "notifiable interest of a director" should be disclosed in this part.

	Direct or indirect interest	Indirect
	Nature of indirect interest	Sir James Fiscal Pty Ltd holds the
	Note: Provide details of the circumstances giving rise to the relevant
	interest.	securities, James McKerlie owns 100% of
	(including r g stered holder)	the shares in Sir James Fiscal Pty Ltd.
	Date of change	20 May 2022
	No. of securities held prior to change
	Sir James Fiscal Pty Ltd	2,500,000 fully paid ordinary shares
	Class	MGT
	Number acquired
	Sir James Fiscal Pty Ltd	650,000	listed options MGTOE expiring
	Sir James Fiscal Pty Ltd	1,300,000 fully paid ordinary shares
		20/05/2023 @ $0.05 per share
	Number disposed	Nil
	+ See chapter 19 for defined terms.		Appendix 3Y Page 1
01/01/2011

For personal use only

Appendix 3Y

Change of Director's Interest Notice

valuation	$32,500
Note: If consideration is non-cash, provide details and estimated
Value/Considerat on
No. of securities held after change
Sir James Fiscal Pty Ltd	650,000	listed options MGTOE expiring
Sir James Fiscal Pty Ltd	3,800,000 fully paid ordinary shares
	20/05/2023 @ $0.05 per share
of securities under dividend reinvestment plan, participation in buy-	Issue of securities under a rights issue
Example: on-market trade, off-market trade, exercise of options, issue
Nature of change
back

Part 2 - Change of director's interests in contracts

Note: In the case of a company, interests which come within paragraph (ii) of the definition of "notifiable interest of a director" should be disclosed in this part.

Detail of contract	Not applicable
Nature of interest	Not applicable
Name of registered holder	Not applicable
(if issued securities)
Date of change	Not applicable
No. and class of securities to which	Not applicable
interest related prior to change
Note: Details are only required for a contract in
relation to which the interest has changed	Not applicable
Interest acquired
Interest disposed	Not applicable
Note:Value/ConsiderationIf consideration is non-cash, provide details	Not applicable
and an estimated valuation	Not applicable
Interest after change

Part 3 - +Closed period

	Were the interests in the securities or contracts detailed	No
	above traded during a +closed period where prior written
	clearance was required?
	+ See chapter 19 for defined terms.	01/01/2011
	Appendix 3Y Page 2

For personal use only

		Appendix 3Y
	Change of Director's Interest Notice
	If so, was prior written clearance provided to allow the	Not applicable
	trade to proceed during this period?
	If prior written clearance was provided, on what date was	Not applicable
	this provided?

+ See chapter 19 for defined terms.	Appendix 3Y Page 3
01/01/2011

Appendix 3Y Change of Director's Interest Notice

Appendix 3Y

Rule 3.19A.2

For personal use only

Change of Director's Interest Notice

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 30/09/01 Amended 01/01/11

Name of entity	MAGNETITE MINES LIMITED
ABN	34 108 102 432
We (the entity) give ASX the following information under listing rule 3.19A.2 and as agent for
the director for the purposes of section 205G of the Corporations Act.
Name of Director		Mark Richard Eames
Date of last notice		15 December 2021

Part 1 - Change of director's relevant interests in securities

In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust

Note: In the case of a company, interests which come within paragraph (i) of the definition of "notifiable interest of a director" should be disclosed in this part.

Direct or indirect interest	Direct and Indirect
Nature of indirect interest
(including r g stered holder)	Relevant interest arise by virtue of the power to
Note: Provide details of the circumstances giving rise to the relevant	control the voting rights attached to the
interest.	securities of the entities.
Date of change	20 May 2022
No. of se urities held prior to change
Mark Richard Eames	40,098,262	fully paid ordinary shares
10,000,000	unquoted options MGTOD expiring
Eames Family Account		15/12/2025 @ $0.02 per share
Eames Family Account	15,000,000	unquoted options MGTAK expiring
	13/12/2024 @ $0.0369 per share
Class	MGT

+ See chapter 19 for defined terms.	Appendix 3Y Page 1
01/01/2011

For personal use only

Appendix 3Y

Change of Director's Interest Notice

Number acquired
Mark Richard Eames	4,609,826	listed options MGTOE expiring
Mark Richard Eames	9,219,652	fully paid ordinary shares
	20/05/2023 @ $0.05 per share
Number disposed	Nil
Note: If consideration is non-cash, provide details and estimated	$230,491.30
Value/Considerat on
valuation
No. of se urities held after change
Mark Richard Eames	10,000,000	unquoted options MGTOD expiring
Eames Family Account	49,317,914	fully paid ordinary shares
	15/12/2025 @ $0.02 per share
Eames Family Account	15,000,000	13/12/2024 @ $0.0369 per share
Mark Richard Eames	unquoted options MGTAK expiring
4,609,826	20/05/2023 @ $0.05 per share
	listed options MGTOE expiring
Example: on-market trade, off-market trade, exercise of options, issue	Issue of securities under a rights issue
Nature of change
of securities under dividend reinvestment plan, participation in buy-
back

Part 2 - Change of director's interests in contracts

Note: In the case of a company, interests which come within paragraph (ii) of the definition of "notifiable interest of a director" should be disclosed in this part.

	Detail of contract	Not applicable
	Nature of interest	Not applicable
	Name of registered holder	Not applicable
	(if issued securities)
	Date of change	Not applicable
	No. and class of securities to which	Not applicable
	interest related prior to change
	Note: Details are only required for a contract in
	relation to which the interest has changed	Not applicable
	Interest acquired
	+ See chapter 19 for defined terms.	01/01/2011
	Appendix 3Y Page 2