NZX Capital Change Notice

Capital Change Notice






Section 1: Issuer information
Name of issuer Vulcan Steel Limited
NZX ticker code VSL
Class of financial product Ordinary Shares
ISIN (If unknown, check on NZX website) AU0000181984
Currency AUD
Section 2: Capital change details
Number issued/acquired/redeemed 4,674,506 ordinary shares
Nominal value (if any) N/A
Issue/acquisition/redemption price per security A$5.95 per share
Nature of the payment (for example, cash or other
consideration)
Cash
Amount paid up (if not in full) Fully paid
Percentage of total class of Financial Products
issued/acquired/redeemed/ (calculated on the number of
Financial Products of the Class, excluding any Treasury Stock,
in existence)
3.2976%
For an issue of Convertible Financial Products or Options, the
principal terms of Conversion (for example the Conversion
price and Conversion date and the ranking of the Financial
Product in relation to other Classes of Financial Product) or the
Option (for example, the exercise price and exercise date)
N/A
Reason for issue/acquisition/redemption and specific authority
for issue/acquisition/redemption/ (the reason for change must
be identified here)
Allotment of ordinary shares
under the retail component of
the fully underwritten
accelerated renounceable
entitlement offer announced to
NZX and ASX on 26 August
2025
Total number of Financial Products of the Class after the
issue/acquisition/redemption/Conversion (excluding Treasury
Stock) and the total number of Financial Products of the Class
held as Treasury Stock after the issue/acquisition/redemption.
146,428,905
In the case of an acquisition of shares, whether those shares
are to be held as treasury stock
N/A
Specific authority for the issue, acquisition, or redemption,
including a reference to the rule pursuant to which the issue,
acquisition, or redemption is made

Board resolution dated
25 August 2025

Terms or details of the issue, acquisition, or redemption (for
example: restrictions, escrow arrangements)
New ordinary shares which on
issue rank equally with all
existing ordinary shares in
Vulcan Steel Limited
Date of issue/acquisition/redemption 22 September 2025
Section 3: Authority for this announcement and contact person
Name of person

authorised to make this announcement
Sarah-Jane Lawson
Contact person for this announcement
Kar Yue Yeo
Contact phone number
+64 9 273 7214
Contact email address
karyue.yeo@vulcan.co
Date of release through MAP

22 September 2025