We attach, as required by item 14 of section 633(1) of the Corporations Act 2001 (Cth), a copy of the target's statement (Target's Statement) of Alliance Resources Limited (ABN 38 063 293 336) (Alliance) in response to the off-market takeover bid by Gandel Metals Pty Ltd (ACN 102 347 955) (Gandel Metals) announced on 4 April 2022, for all the ordinary shares in Alliance.

Due to the coronavirus pandemic and related issues, ASIC has granted Alliance relief from the usual requirement under the Corporations Act 2001 (Cth) to send the Target's Statement to Alliance shareholders by post. The fact that ASIC has granted the relief in connection with the offer should not be taken as a reflection of ASIC's views on any other aspect of the bid

The Target's Statement has been sent to Gandel Metals and lodged with the Australian Securities and Investments Commission today.

The Target's Statement will today be sent to Alliance shareholders by the following means: 1. Alliance shareholders who have nominated an email address to receive communications from Alliance will receive an email to their nominated email address with a link to an electronic copy of the Target's Statement and 2. Alliance shareholders who have not nominated an email address to receive communications from Alliance will receive a letter from Alliance to their registered postal address, which will contain details of a link to an electronic copy of the Target's Statement.

The Target's Statement is also available on the Alliance website for anyone wanting to download an electronic copy.

Alliance shareholders may also request a hard copy of the Target's Statement be sent to them (if in Australia, by pre-paid ordinary post or by courier, or, if outside Australia, by pre-paid airmail post or by courier) by contacting the Alliance information line on 03 9697 9090 (within Australia) or +613 9697 9090 (outside Australia) between 9:00am and 5:00pm (AEST) Monday to Friday, excluding public holidays

Contact:

Kevin Malaxos

Tel: +61 3 9697 9090

Email: info@allianceresources.com.au

Forward looking statements

Some of the statements appearing in this Target's Statement are in the nature of forward looking statements, including statements of current intention, statements of opinion and predictions as to possible future events. You should be aware that such statements are not statements of fact and there can be no certainty of outcome in relation to matters to which the statements relate. Forward looking statements and statements in the nature of forward looking statements are only predictions and are subject to inherent risks and uncertainties before actual outcomes are achieved. Those risks and uncertainties are not all within the control of Alliance and cannot be predicted with assured accuracy by Alliance and could cause actual values or results, performance or achievements to differ materially from implied values or anticipated results, performance or achievements expressed or implied in those forward looking statements. These risks, variables and factors include matters specific to the industry in which Alliance operates, as well as general economic and financial market conditions, forces of nature and legislative, fiscal or regulatory developments. Although Alliance believes that the expectations reflected in any forward looking statements included in this Target's Statement are reasonable, no assurance can be given that such expectations will prove to be correct. None of Alliance, any of its officers, or any person named in this Target's Statement with his or her consent or anyone involved in the preparation of this Target's Statement makes any representation or warranty (expressed or implied) as to the accuracy or likelihood of fulfilment of any forward looking statement, or any outcomes expressed or implied in any forward looking statement and any statement in the nature of a forward looking statement, except as required by law. You are cautioned not to place undue reliance on any forward looking statement or any statement in the nature of a forward looking statement having regard to the fact that the outcome may not be achieved.

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