CASSIUS MINING LIMITED — Interim / Quarterly Report 2016

Apr 27, 2016

28 April 2016

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ASX ANNOUNCEMENT

THIRD QUARTER ACTIVITIES REVIEW

Gulf Industrials Limited (“Gulf” or “the Company”) (ASX Code: GLF), is pleased to provide shareholders with the Activities Review for the quarter ending 31 March 2016.

EXPLORATION

Gulf through its Malagasy subsidiary, Austral Malagasy Mining SARL (“ AMM ”), is the 100% beneficial owner of Soalara Calcaire SARLU, (“ SC ”).

The Soalara Calcaire Project concession comprises two Mining Permits[1] :

• PE 14542 covering 12.5km[2] (~ 32 squares); and

• PE 14960 , immediately to the south of PE14542, covering 6.25km[2] (~ 16 squares).

Contained within the tenements is a large high quality limestone deposit directly adjacent to the sea, providing easy access for export.

During the March Quarter, SRK Exploration Services Limited (“ SRK ES ”) was appointed by Gulf to complete an independent technical review of the Company’s Soalara limestone property in Madagascar. The scope included what would be required to produce a JORC‐compliant inferred category resource of greater than 750 Mt of limestone.

SRK ES is part of the international group holding company SRK Consulting (Global) Limited which comprises over 1,400 professional staff providing expertise in a wide range of exploration, mining and engineering disciplines. SRK has a demonstrated track record in undertaking independent assessments of mineral resources and ore reserves, project evaluations and audits, competent person’s reports and independent feasibility evaluations on behalf of exploration and mining companies and financial institutions world‐wide.

The Company’s consultants conducted fieldwork in early February 2016. A total of twenty‐seven (27) verification rock samples were collected by SRK ES and analyzed by SGS in South Africa.

Other work completed included:

• Digitally captured and update of exploration data;

• Creation of various Geographical Information System (GIS) datasets, including permit extents, lithology, gravesites, grids, etc.;

• Updating the geological summary reports to the Ministry of Mines and Petroleum office in Toliara

• Securing permitting for sample exporting

The final SRK ES report, including the results of the analysis is expected shortly.

1 Each of the PE’s are valid for 40 years (to November 2055).

Gulf Industrials Limited Level 7, 99 Macquarie Street Sydney NSW 2000 PO Box R383 Royal Exchange NSW 1225 Australia t +61 2 8226 3323 f +61 2 8226 3304

ACN 115 027 033

www.gulfindustrials.com.au

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Background:

The Soalara property is located on the coast in southwest Madagascar and consists of two contiguous permits that encompass a total area of 18.75 sq. km. The permits are granted to Soalara Calcaire SARLU, a Malagasy company Gulf acquired 100 % share capital in through its Malagasy subsidiary Austral Malagasy Mining SARL. In 2015, the permits were granted for the exploitation of limestone, and are valid for a period of 40 years.

Regionally it occurs approximately 650 km southwest of Madagascar’s capital city Antananarivo. Locally it occurs approximately 30 km south of the town of Toliara and immediately south of St Augustin Bay. (see Figure below)

Location Map of the Soalara Limestone project

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Opportunities in West Africa

As previously noted, the Company is continuing to identify exploration and mining opportunities in Ghana.

The strategy is to undertake considered due diligence with the objective of identifying, acquiring and developing low capital expenditure gold mining and/or processing projects that can be brought into production in the near term. This will provide an underpinning cash flow to grow the Company and create value for all stakeholders.

Gulf is close to finalising discussions and entering into a joint venture agreement with a Ghanaian registered entity.

Gulf directors (Arkoudis and Karam) have been active in Ghana over the last 2 years, working closely with the Ghana Minerals Commission, Department of Lands and Natural Resources and the Local Chiefs.

Gulf representatives and consultants will be returning to Ghana in May 2016.

Gulf Industrials Limited Level 7, 99 Macquarie Street Sydney NSW 2000 PO Box R383 Royal Exchange NSW 1225 Australia t +61 2 8226 3323 f +61 2 8226 3304

ACN 115 027 033

www.gulfindustrials.com.au

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SCHEDULE OF TENEMENTS AS AT 31 MARCH 2016

Location	Tenement/ Special License Number
Madagascar	R14542 ‐ 100%
	R14960 – 100%

SCHEDULE OF TENEMENTS DISPOSED OF DURING THE QUARTER

Location	Tenement	/ Special License Number
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Attribution: Competent Person Statement

The information in this report that relates to exploration activities is based on information compiled by Scott Reid who is a Member of the Australia Institute for Geoscientists. Mr Reid is a consultant to Gulf Industrials Ltd. He has sufficient experience which is related to the style of mineralisation and type of deposit under consideration and to the activity which has been undertaken, to qualify as a Competent Person as defined by the 2012 edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”, Mr. Reid consents to the report being issued in the form and context in which it appears.

FURTHER INFORMATION

Wayne Kernaghan

t | +61 2 8226 3323

Gulf Industrials Limited Level 7, 99 Macquarie Street Sydney NSW 2000 PO Box R383 Royal Exchange NSW 1225 Australia t +61 2 8226 3323 f +61 2 8226 3304

ACN 115 027 033

www.gulfindustrials.com.au