CORE ENERGY MINERALS LTD — Capital/Financing Update 2014

Dec 4, 2014

OAKDALE RESOURCES LIMITED

ACN 009 118 861

24 Palmerston Road West RINGWOOD VIC 3134 t: 03 9845 8300 e: info@oakdaleresources.com.au w: oakdaleresources.com.au

5 December 2014

ASX ANNOUNCEMENT

DECEMBER 2014 - MARKET UPDATE

Oakdale Resources Limited (ASX: OAR) is please to provide an update to the market following completion of the successful public offer and re-listing of the Company’s shares on ASX.

The Company has now commenced its evaluation programme on the Oakdale Graphite Project.

As outlined in the Company’s recent prospectus, the Company is intending to initially delineate between 10 and 15 million tonnes of graphite mineralisation at a grade of between 7% – 10% graphitic carbon within a 2 kilometre by 1 kilometre zone. This estimate is based upon assays of two-diamond drill holes spaced 400 meters apart and the geological nature of the graphite mineralisation which can be correlated between the drill holes. It should be noted that this potential quantity and grade is conceptual in nature, as there has been insufficient exploration carried out to date to estimate a mineral resource and it is uncertain if further exploration will result in the estimation of a mineral resource in accordance with the JORC Code 2012.

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Planning has commenced for the evaluation programme and a detailed review of the existing data has outlined the 2 kilometre by 1 kilometre zone within the Oakdale Graphite Project area to be tested by ground electrical geophysics to guide the proposed drill programme

While the Company is concentrating initially on a limited aerial extent of the graphite mineralisation, the graphite mineralisation is widespread throughout the Company’s tenements and this lateral extent of the mineralisation is highlighted by an historic isolated hole, BLRC007 (1 ), grading 15 metres of 10.2% carbon from 62 metres to 77 metres located 3.5 kilometres due east of the initial area to be drilled.

Project outlines and financial assessments and quotes have been received for both air core drilling and analytical work which the Company will be able to complete very cost competitive compared with previous programmes conducted on the Eyre Peninsula. The air core drilling will concentrate on the shallow, oxidised zone from which metallurgical test work has demonstrated that the flake graphite (jumbo, coarse and fine) can be recovered without degrading the flakes (2).

Drilling is scheduled to commence, pending appropriate government approvals, in early 2015.

For further information please contact the Company

Yours faithfully

John E Lynch B.Sc (Sydney) M.Sc. (James Cook) FAICD and FAIMM Managing Director

References

(1) The hole was a rotary percussion hole drilled in 2002 by Anglo American Exploration (Australia) Pty Limited.

(2) Metallurgical test results carried out at ALS/AMMTEC Laboratories, Burnie, Tasmania