CLASSIC MINERALS LTD — Capital/Financing Update 2017

Apr 2, 2017

ASX Announcement

ASX: CLZ ACN 119 484 016

3 April 2017

DOHERTY’S GOLD PROJECT TRANSACTION

Classic Minerals Limited ("Classic" or the "Company") (ASX Code: CLZ) is pleased to advise that it is another step closer to completing the sale of its Doherty’s Gold Project to Accelerated Mining Pty Ltd (“AccMin”).

With mutual consent of both parties, the proposed completion date has been extended to the 9 June 2017

In the interim, Classic will receive an immediate payment of $1M cash.

The immediate payment will enable Classic to:

• Commence further exploration and other development activities at the company’s projects, and

• Pay down debt;

Parties have also agreed that, in the event that AccMin fails to complete the transaction on the 9[th] of June 2017 as per the extension, Classic will have the right to on-sell 100% of the tenement and mining rights to a 3[rd] party.

Sale of the project allows shareholders to share in success achieved by Accelerated Mining without the requirement to fund exploration or mining. Once mining commences at Doherty’s, Classic will receive a 7.5% net smelter return royalty from production.

On behalf of the board Justin Doutch Managing Director

Classic Minerals Limited

Phone: (08) 6305 0221 Address: 71 Furniss Road, Landsdale WA 6065 Postal: PO Box 487, Osborne Park WA 6917 Website: www.classicminerals.com.au Email: contact@classicminerals.com.au

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