Important Notices

THIS PDS

This is an important document which should be read in its entirety before making any investment decision. You should obtain independent advice if you have any questions about any of the matters contained in this product disclosure statement (PDS). Lowell Resources Fund [ARSN 093 363 896] (Fund) is an Australian registered managed investment scheme. Cremorne Capital Limited [AFSL 241175] is the Responsible Entity of the Fund. This document is a product disclosure statement (PDS) for the purposes of Part 7.9 of the Corporations Act 2001 (Cth) and has been issued by the Responsible Entity, which will also be the issuer of the Units and Options.

LODGEMENT AND LISTING

This PDS is dated 5 August 2022 and a copy of this PDS was lodged with ASIC on that date. The Responsible Entity will apply to ASX within seven days after the date of this PDS for official quotation (listing) of the Units offered under this PDS on ASX. The options offered under this PDS are intended to be unlisted. Official quotation of the options is not being applied for and is not a condition of the Offer. Neither ASIC, ASX or their officers take any responsibility for the contents of this PDS. Admission to the official list of ASX is in no way an indication of the merits of the Fund.

FORWARD-LOOKING STATEMENTS

This PDS contains forward-looking statements, statements identified by use of the words ‘believes’, ‘estimates’, ‘anticipates’, ‘expects’, ‘predicts’, ‘intends’, ‘targets’, ‘plans’, ‘goals’, ‘outlook’, ‘aims’, ‘guidance’, ‘forecasts’, ‘may’, ‘will’, ‘would’, ‘could’ or ‘should’ and other similar words that involve risks and uncertainties. These statements are based on an assessment of present economic and operating conditions, and on a number of assumptions and contingencies that are subject to change without notice and involve known and unknown risks and uncertainties and other factors which are beyond the control of the Responsible Entity, the Investment Manager, their directors and their management. They are provided as a general guide only and should not be relied upon as an indication or guarantee of future performance. As set out above, the Responsible Entity and the Investment Manager do not make any representation, express or implied, in relation to forward-looking statements and you are cautioned not to place undue reliance on these statements The Responsible Entity and the Investment Manager do not intend to update or revise forward-looking statements, or to publish prospective financial information in the future, regardless of whether new information, future events or any other factors affect the information contained in this PDS, except where required by law. These statements are subject to various risk factors that could cause the Fund’s actual results to differ materially from the results expressed or anticipated in these statements. Key risk factors are set out in Section 8. These and other factors could cause actual results to differ materially from those expressed in any statement contained in this PDS.

TARGET MARKET DETERMINATION

The Responsible Entity has adopted a target market determination (TMD) for the offer of Units and options. The TMD is available at the following website: www.cremornecapital.com. By accepting or applying for Units and options under the Offer, an investor warrants that they have received, read and understood the TMD and that they fall within the target market set out in the TMD.

NOTICE TO INVESTORS

No person is authorised to provide any information, or to make any representation, about the Fund that is not contained in this PDS. Potential investors should only rely on the information contained in this PDS. Any information or representation not contained in the PDS may not be relied on as having been authorised by the Responsible Entity in connection with the Fund. Except as required by law and only to the extent required by such law, neither the Responsible Entity, the Investment Manager nor any other person associated with the Fund guarantees or warrants the future performance of the Fund, the return on an investment made under this PDS, the repayment of capital or the payment of distributions on the Units. Before deciding to invest in the Fund, investors should read the entire PDS. The information contained in individual sections is not intended to and does not provide a comprehensive review of the business and the financial affairs of the Fund. The information in this PDS does not take into account the investment objectives, financial situation or particular needs of individual investors. An investment in the Fund should be considered speculative. You should carefully consider the risks (including those set out in Section 8) that impact on the Fund in the context of your personal requirements (including your financial and taxation position) and, if required, seek professional guidance from your stockbroker, solicitor, accountant or other professional adviser prior to deciding to invest in the Fund. No cooling-off regime (whether provided for by law or otherwise) applies to the Fund.

RIGHTS AND OBLIGATIONS ATTACHED TO THE UNITS

Details of the rights and obligations attached to each Unit are summarised in Section 14.1 and set out in the Constitution. The material provisions of the Constitution are also summarised in Section 14.1. A copy of the Constitution is available, free of charge on the following website: www.cremornecapital.com/lrfconstitution/ .

DATA

All data contained in charts, graphs and tables is based on information available as at 29 July 2022 unless otherwise stated.

UPDATED INFORMATION

Information in this PDS may need to be updated from time to time. Any updated information that is considered not materially adverse to investors will be made available on the following website: www.cremornecapital.com/lrf-pds and the Responsible Entity will provide a copy of the updated information, free of charge to any investor who requests a copy by contacting the Company Secretary at info@lowell.net.au . In accordance with its obligations under the Corporations Act, the Responsible Entity may issue a supplementary PDS to supplement any relevant information not disclosed in this PDS. You should read any supplementary disclosures made in conjunction with this PDS prior to making any investment decision.

GLOSSARY

Certain terms and abbreviations in this PDS have defined meanings that are explained in Section 15. Defined terms are generally identifiable by the use of an upper case first letter.

IMPORTANT NOTICES