ASF GROUP LIMITED — Capital/Financing Update 2020

Jun 24, 2020

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Rey varies loan agreement with ASF Group Limited and Wanyan Liu

Rey Resources Limited ( Rey or the Company ) is pleased to advise that the Company has agreed variations to its existing loan facilities with ASF Group Limited ( ASF ) and substantial shareholder, Wanyan Liu.

ASF Loan Facility

Further to the announcement on 27 March 2020, the Company and ASF have agreed to extend the maturity date for its loan facility ( ASF Loan Facility ) from 30 June 2020 to 31 October 2021. All other terms and conditions of the ASF Loan Facility remain the same.

Wanyan Liu Loan Facility #2

Further to the announcement on 18 April 2019 in relation to $3,000,000 loan facility provided by Wanyan Liu ( Wanyan Liu Loan Facility #2 ), the Company and Wanyan Liu have agreed to increase the Wanyan Liu Loan Facility #2 from $3,000,000 to $5,000,000 and extend the maturity date from 31 December 2020 to 31 October 2021. Interest will be accrued at a rate of 12% per annum and payable in cash on a quarterly basis. All other terms and conditions of the Wanyan Liu Loan Facility #2 remain the same.

The Company advises that, other than the variation of Wanyan Liu Loan Facility #2 mentioned above, the existing loans from Wanyan Liu, comprising the $3,000,000 loan as announced on 17 July 2019 and $500,000 loan as announced on 3 July 2017 remain the same.

Authorised by: Board of Rey Resources Limited

For further information please contact:

Wei Jin

Managing Director +61 2 9290 9600

Registered Office: Suite 5, 62 Ord Street, West Perth WA 6005 Tel: +61 (08) 9322 1587 Fax: +61 (08) 9322 5230 Website: www.reyresources.com