Target Market Determination - Options Prospectus
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Livium Ltd
ACN: 126 129 413
ASX: LIT
Unit 1, 79-83 High Street
Kew, Victoria 3101
Australia
+61 (0) 3 7017 2656
info@liviumcorp.com
liviumcorp.com
Target Market Determination
Livium Ltd (ACN 126 129 413)
Made by: Livium Ltd (ACN 126 129 413) (Company)
Product: Options to acquire fully paid ordinary shares in the Company (Shares), each exercisable
at $0.02 on or before 28 April 2028 (Options), offered under the prospectus by the
Company dated 25 November 2025 (Prospectus).
Effective date: 25 November 2025
1. Introduction
This Target Market Determination (TMD) is issued by the Company pursuant to section 994B of the
Corporations Act 2001 (Cth) (Corporations Act) in relation to the Options offered under the Prospectus.
This TMD has been prepared to help investors understand for whom the offers of Options under the
Prospectus are most suitable.
Importantly, this TMD:
• does not set out the full terms and conditions of the Options – these are set out in the
Prospectus;
• is not intended to provide legal, financial or investment advice; and
• is not a recommendation to subscribe for or acquire Options, or otherwise to invest in the
Company.
Investors should refer to and read the Prospectus in its entirety when making a decision regarding
subscription for/acquisition of Options as it contains material information, including a summary of key
investment risks. Investors should consider consulting with a professional adviser if they have any
questions regarding the Options or contents of the Prospectus.
A copy of the Prospectus is available:
• on the Company’s website at https://liviumcorp.com/; or
• on the Australian Securities Exchange (ASX) market announcements platform,
www.asx.com.au, using the Company’s ASX code, ‘LIT’.
Capitalised terms used in this TMD and which are not otherwise defined have the meanings assigned
to them in the Prospectus, unless inconsistent with the context in which they are used.
Target Market Determination Livium Ltd (ACN 126 129 413)
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2. Product Information
The key features of the Options are as follows:
Eligibility: Eligible Participants who subscribe for and are issued Placement Options
pursuant to the Placement Options Offer under the Prospectus (Offer
Participants).
The Lead Manager (or its nominees) is eligible to participate in the Lead
Manager Offer made under the Prospectus.
For the purposes of this document:
“Eligible Participant” means those Placement Participants who did not
receive Tranche 1 Placement Options or received a lesser number of
Tranche 1 Placement Options than the number of Placement Shares
subscribed for.
“Exempt Investor” means an investor to whom, pursuant to section 708
of the Corporations Act, securities may be offered without disclosure
under Chapter 6D of the Corporations Act, including a ‘sophisticated
investor’ or ‘professional investor’ under the Corporations Act.
“Lead Manager” means Peak Asset Management Pty Ltd (ACN 689 835
201) authorised representative of LeMessurier Securities Pty Ltd under
its AFS Licence No. 296877.
“Lead Manager Offer” means the offer made pursuant to the Prospectus,
to the Lead Manager (or its nominees) of 72,000,000 Lead Manager
Options and 50,000,000 Retainer Options at nil issue price.
“Options” means Placement Options, Lead Manager Options and
Retainer Options.
“Placement Options Offer” means the offer made pursuant to the
Prospectus, to Eligible Participants of 1 Placement Option (exercisable at
$0.02 per option and expiring on 28 April 2028) for every 1 Share
subscribed for and issued under the Placement at nil issue price.
“Placement” means the Share placement by the Company to Placement
Participants, to raise approximately $4,500,000 before costs, as
announced by the Company to ASX on 17 October 2025.
“Placement Participant” means existing shareholders and Exempt
Investors who subscribed for and was issued with Shares under the
Placement.
Share Entitlement: Each Option entitles the holder an entitlement to subscribe for and be
issued with one new Share in the Company, on payment of the specified
exercise price.
Exercise price: Each Option is exercisable at $0.02.
Expiry date: Each Option expires at 5.00 pm (AWST) on 28 April 2028.
Quotation: The Company will seek quotation of the Options in accordance with the
Listing Rules, subject to satisfaction of the minimum quotation conditions
Target Market Determination Livium Ltd (ACN 126 129 413)
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set out in the Listing Rules. In the event that quotation of the Options
cannot be obtained, the Options will remain unquoted.
Transfer: The Options are freely transferable from the date of issue and prior to
their expiry date, subject to any restrictions on transfer or escrow
arrangements imposed by the ASX Listing Rules or applicable law.
3. Target Market
The Options have been designed for investors whose likely objectives, financial situation and needs (as
listed below) are aligned with the product (including the key attributes) as set out in this section Error!
Reference source not found..
Class of investors
within target market:
The Options are intended for investors who:
• wish to gain exposure to investments in equity securities of small-
mid cap technology companies listed on ASX;
• may wish to engage in secondary trading of quoted equity
securities, including Shares;
• seek leverage to profit from an appreciation in the market price of
Shares; and
• are accustomed to participating in speculative investments in the
battery recycling sector.
Objectives, financial
situation and needs:
The Options are issued only to Offer Participants and the Lead Manager
(or its nominees). They have been designed for investors who:
• are Exempt Investors;
• have an existing equity holding in the Company;
• have the financial ability to consider the economic risk of the
exercise of the Options;
• do not have need for liquidity with respect to an investment in the
Options;
• do not have a need to derive income from an investment in the
Options;
• have adequate means to provide for their current needs and other
contingencies and to withstand a loss of their entire investment in
the Options;
• have such knowledge and experience in financial and business
matters that they are capable of evaluating the merits and risks of
exercising the Options; and
• have determined that the Options are a suitable investment both
in the nature and number of the Options being acquired.
Excluded class of
consumers:
The Options have not been designed for individuals who:
• do not ordinarily invest in speculative investments in the battery
recycling sector;
Target Market Determination Livium Ltd (ACN 126 129 413)
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• require an income stream from their investment; or
• are not able to withstand the consequences of potential losses
without material impact on their standard of living.
Consistency between
target market and the
product:
The Options provide leverage in respect of share price appreciation of
Shares. However, there is a risk that the Options may become worthless
in value if the Company’s share price does not exceed the exercise price
of the Options before their expiry.
4. Distribution
The following is an overview of the intended distribution of the Options.
Distribution channels: The Options are designed to be issued to the Offer Participants, being the
Eligible Participants (or their nominees) and the Lead Manager (or its
nominees).
Distribution
conditions:
Persons determined to be eligible to participate in the Offesr and receive
Options are set out in section Error! Reference source not found. of this
TMD. Only such eligible persons will be entitled to participate in those Offers
under the Prospectus.
Options will only be distributed in accordance with valid applications made
by eligible persons in accordance with the terms for each offer set out in the
Prospectus.
Adequacy of
distribution conditions
and restrictions:
The Company has emphasised that an investment in the Options, and in the
underlying Shares that may be issued on exercise of Options, is speculative
in nature and not suitable for investors to whom such an investment is
inappropriate.
Target Market Determination Livium Ltd (ACN 126 129 413)
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5. Review of TMD
The Company will review this TMD on the basis outlined below.
Review triggers The Options will only be available for subscription during the period the Offer
is open under the Prospectus (currently, between Tuesday, 25 November
2025 and Thursday, 27 November 2025), unless the offer period is extended
(Review Period).
Where any event occurs during the Review Period that suggests the TMD is
no longer appropriate, the Company will review this TMD. Examples of
events that may trigger a review include (but are not limited to):
• a material change in the Options’ key attributes such that they are no
longer consistent with the likely objectives, financial situation and
needs of investors in the target market;
• a significant adverse change to the Company’s circumstances (e.g.
suspension from trading, the appointment of administrators);
• a supplementary or replacement prospectus being lodged in relation
to the Prospectus;
• a material adverse change to the economic or regulatory landscape
which applies to an investment in the Options; or
• regulatory queries are received as to the adequacy of this TMD.
Review period: If a review trigger occurs, the Company will undertake a review of the TMD
within 10 business days.
As the Offer is only to a discrete class of persons for a limited time, and the
Company is subject to continuous disclosure requirements under the
Corporations Act and ASX Listing Rules, the Company considers it is not
necessary or appropriate to implement periodic reviews of this TMD.
6. Reporting and Monitoring of TMD
The Company will collect and review the information in relation to this TMD as set out below.
Complaints: The Company will review all complaints received in relation to the Options
on a continuous basis.
Significant dealings: The Company will consider “significant dealings” (as that term is defined in
ASIC Regulatory Guide 274) in relation to the Options which are inconsistent
with this TMD and determine appropriate steps to be taken, including (if
appropriate) reporting matters to the Australian Securities & Investments
Commission.
7. Authorisation
This TMD has been authorised for release by the Board of Directors of the Company.
Target Market Determination Livium Ltd (ACN 126 129 413)
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8. Enquiries
For further information in relation to this TMD, please contact the Company using the contact details
below:
Catherine Grant-Edwards
Joint Company Secretary
Livium Ltd
Telephone: +61 (0) 3 7017 2656
Email: info@liviumcorp.com
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