Alice Queen Limited (ASX:AQX)(AQX or the Company) is pleased to advise that it has receivedbinding commitments from unrelated investors for $280,000 pursuant to an upsize of tranche two ofthe placement announced 22 October 2025. Securities subscribed for by unrelated investors under The amount subscribed for by unrelated investors is in addition to the $510,894.27 subscription byGage Resource Development Pty Ltd, the substantial shareholder of AQX (and/or its nominee(s)) As announced on 22 October 2025, the placement comprises an offer of fully paid ordinary shares at$0.004 (0.4 cents) per share with every two shares to be accompanied by one free-attaching listed Funds raised are proposed to be used for the Horn Island Scoping Study update, further exploration The Company proposes issuing all of the shares and AQXO options under tranche two of theplacement and lodging a prospectus for the purposes of qualifying the shares and AQXO options for Approved by the Board of Alice Queen Limited. For more information: Andrew BuxtonManaging Director, Alice Queen Limited+61 (0) 403 461 247andrew.buxton@alicequeen.com.au