ASX Appendix 3G - Notification regarding unquoted securitie

Appendix 3G - Notification of issue, conversion or payment up of unquoted equity securities
Appendix 3G - Notification of issue, conversion or payment up of unquoted equity securities
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Announcement Summary
Entity name
VULCAN STEEL LIMITED
Date of this announcement
Tuesday November 11, 2025
The +securities the subject of this notification are:
Total number of +securities to be issued/transferred
ASX +security
codeSecurity description
Total number of
+securities to be
issued/transferredIssue date
VSLAAPERFORMANCE SHARE RIGHTS824,19510/11/2025
Refer to next page for full details of the announcement
+Other securities issued under an +employee incentive scheme that are not intended to be quoted on ASX

Appendix 3G - Notification of issue, conversion or payment up of unquoted equity securities
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Part 1 - Entity and announcement details
1.1 Name of entity
VULCAN STEEL LIMITED
We (the entity named above) give notice of the issue, conversion or payment up of the following unquoted +securities.
1.2 Registered number type
ARBN
Registration number
652996015
1.3 ASX issuer code
VSL
1.4 The announcement is
1.5 Date of this announcement
11/11/2025
New announcement

Appendix 3G - Notification of issue, conversion or payment up of unquoted equity securities
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Part 2 - Issue details
2.1 The +securities the subject of this notification are:
2.2a This notification is given in relation to an issue of +securities in a class which is not quoted on ASX and
which:
has an existing ASX security code ("existing class")
+Other securities issued under an +employee incentive scheme that are not intended to be quoted on ASX

Appendix 3G - Notification of issue, conversion or payment up of unquoted equity securities
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Part 3B - number and type of +securities the subject of this notification (existing class) where issue has not previously been notified to
ASX in an Appendix 3B
ASX +security code and description
VSLAA : PERFORMANCE SHARE RIGHTS
Date the +securities the subject of this notification were issued
10/11/2025
Will these +securities rank equally in all respects from their issue date with the existing issued
+securities in that class
Were any of the +securities issued to +key management personnel (KMP) or an +associate?
Provide details of the KMP or +associates being issued +securities.
Name of KMPName of registered holderNumber of +securities
Adrian CaseyAdrian Casey
126,624
Gavin StreetGavin Street
390,543
Kar Yue YeoKar Yue Yeo
126,624
Please provide a URL link for a document lodged with ASX detailing the terms of the +employee incentive scheme
or a summary of the terms
- Notice of Meeting of Shareholders filed with ASX on 29 September 2025 (ASM meeting date was - 31 October 2025).
- Annual Report for the financial year 1 July 2024 to 30 June 2025 filed with ASX on 26 August 2025 (particularly pages
84 to 85)
https://www.asx.com.au/markets/trade-our-cash-market/announcements.vsl
Any other information the entity wishes to provide about the +securities the subject of this notification
Issue details
Number of +securities
824,195
Yes
Yes

Appendix 3G - Notification of issue, conversion or payment up of unquoted equity securities
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Part 4 - +Securities on issue
Following the issue, conversion or payment up of the +securities the subject of this notification, the +securities of
the entity will comprise:
The figures in parts 4.1 and 4.2 below are automatically generated and may not reflect the entity's current issued capital if
other Appendix 2A, Appendix 3G or Appendix 3H forms are currently with ASX for processing.
4.1 Quoted +securities (Total number of each +class of +securities issued and quoted on ASX)
ASX +security code and description
Total number of
+securities on issue
VSL : ORDINARY FULLY PAID146,529,960
4.2 Unquoted +securities (Total number of each +class of +securities issued but not quoted on ASX)
ASX +security code and description
Total number of
+securities on issue
VSLAA : PERFORMANCE SHARE RIGHTS2,236,106

Appendix 3G - Notification of issue, conversion or payment up of unquoted equity securities
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Part 5 - Other Listing Rule requirements
5.1 Were the +securities issued under an exception in Listing Rule 7.2 and therefore the issue
did not need any security holder approval under Listing Rule 7.1?
5.1a Select the number of the applicable exception in Listing Rule 7.2
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Yes