Thred Limited ACN 124 541 466 to be renamed PVW Resources Limited PROSPECTUS IMPORTANT: ALL REFERENCES TO SECURITIES IN THIS PROSPECTUS ARE ON A POST- CONSOLIDATION BASIS UNLESS OTHERWISE INDICATED For the offer of 12,500,000 shares at an issue price of $0.20 each to raise $2,500,000 (before costs) (public offer). The public offer is subject to a minimum subscription requirement of $2,500,000. The public offer is not underwritten. This prospectus is a re-compliance prospectus for the purposes of satisfying chapters 1 and 2 of the listing rules and to satisfy ASX requirements for reinstatement of the company’s securities to trading following a change in the nature and scale of the company’s activities. The offers made under this prospectus and the issue of securities pursuant to this prospectus are subject to and conditional on satisfaction of the offer conditions. If the offer conditions are not satisfied, no securities will be issued pursuant to this prospectus and the company will repay all money received from applicants without interest. Lead manager Solicitors to the Offers CPS Capital Group Pty Ltd Blackwall Legal LLP Level 45, 108 St Georges Terrace Level 26, 140 St Georges Terrace Perth WA 6000 Perth WA 6000 This document is important and should be read in its entirety. If after reading this prospectus you have any questions about the securities being offered under this prospectus or any other matter, then you should consult your stockbroker, accountant or other professional advisor. For personal use only The shares offered by this prospectus should be considered as highly speculative. CONTENTS 1. CORPORATE DIRECTORY ............................................................................................. 3 2. TIMETABLE ......................................................................................................................... 4 3. IMPORTANT NOTES ........................................................................................................ 5 3.1. Lodgement and timing ........................................................................................................... 5 3.2. Disclaimer ................................................................................................................................ 5 3.3. Offers conditional .................................................................................................................. 5 3.4. Applications ............................................................................................................................. 6 3.5. Electronic prospectus ............................................................................................................ 6 3.6. Forward-looking statements ................................................................................................. 6 3.7. Foreign jurisdictions ............................................................................................................... 7 3.8. Photographs and diagrams .................................................................................................... 7 3.9. Competent persons statement .............................................................................................. 7 3.10. Speculative investment........................................................................................................... 7 3.11. Other matters .......................................................................................................................... 8 4. LETTER FROM THE CHAIRMAN ................................................................................ 9 5. INVESTMENT SUMMARY ............................................................................................. 10 6. DETAILS OF THE OFFERS ........................................................................................... 18 6.1. The public offer .................................................................................................................... 18 6.2. Minimum subscription ......................................................................................................... 18 6.3. Further offers ........................................................................................................................ 18 6.4. Takeover bid .......................................................................................................................... 19 6.5. General meeting .................................................................................................................... 19 6.6. Re-compliance with Chapters 1 and 2 of the listing rules .............................................. 19 6.7. Issue of securities .................................................................................................................. 20 6.8. Quotation of shares .............................................................................................................. 20 6.9. Restricted securities .............................................................................................................. 20 6.10. Dividend policy ..................................................................................................................... 21 6.11. How to apply ......................................................................................................................... 21 6.12. Application monies to be held on trust ............................................................................. 22 6.13. Allocation of shares .............................................................................................................. 22 6.14. Lead manager and commissions......................................................................................... 22 6.15. Financial forecasts ................................................................................................................ 22 6.16. CHESS and issuer sponsorship .......................................................................................... 22 6.17. Privacy .................................................................................................................................... 23 6.18. Taxation ................................................................................................................................. 23 6.19. Enquiries ................................................................................................................................ 23 7. PURPOSE AND EFFECT OF THE OFFERS ............................................................ 24 For personal use only 7.1. Purpose of the public offer and funds allocation ............................................................ 24 7.2. Effect of the offers ............................................................................................................... 25 7.3. Effect on capital structure ................................................................................................... 25 8. DIRECTORS, KEY MANAGEMENT & CORPORATE GOVERNANCE ........ 26 8.1. Director profiles ................................................................................................................... 26 8.2. Directors’ interests ............................................................................................................... 27 1 8.3. Directors’ security holdings ................................................................................................ 28 8.4. Remuneration of directors .................................................................................................. 29 8.5. Key terms of agreements with directors ........................................................................... 29 8.6. Corporate governance .......................................................................................................... 30 9. COMPANY AND PVW OVERVIEW ........................................................................... 34 9.1. Company strategy ................................................................................................................. 34 9.2. PVW – business overview ................................................................................................... 35 9.3. PVW projects ........................................................................................................................ 36 9.4. Business model ..................................................................................................................... 42 9.5. Proposed exploration work programs and budgets ........................................................ 43 9.6. Consideration matters .......................................................................................................... 44 9.7. Management of PVW .......................................................................................................... 45 10. FINANCIAL INFORMATION ....................................................................................... 46 11. INVESTIGATING ACCOUNTANT’S REPORT ....................................................... 47 12. RISK FACTORS .................................................................................................................. 69 12.1. Introduction .......................................................................................................................... 69 12.2. Risks specific to the acquisition .......................................................................................... 69 12.3. Risks