EASTERN RESOURCES LIMITED — Capital/Financing Update 2014

May 29, 2014

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COMPLETION OF SHARE PURCHASE PLAN

Eastern Iron Limited (ASX: EFE) (Eastern Iron or the Company) advises that the Share Purchase Plan (SPP) launched on 5 May 2014 closed on 26 May 2014. The SPP was designed to provide shareholders with the opportunity to purchase shares in the Company at $0.042 per share being the same issue price as the share placements announced on 6 March 2014 and 15 April 2014 to Harland Capital Fund LLC, which raised a total of $701,400 (Placements).

The Company is pleased to advise that, notwithstanding the share price volatility during the SPP offer period, subscriptions were received for a total of 4,940,446 ordinary shares for proceeds of $207,500.

As previously advised, the funds raised from the SPP and Placements will be utilised for ongoing work on the Nowa Nowa Iron Project including completion of the Definitive Feasibility Study (DFS) and environmental studies carried out in preparation of an Environmental Effects Statement (EES).

INVESTOR INFORMATION

Eastern Iron is in the final stages of completion of a Definitive Feasibility Study for its 100% owned Nowa Nowa Iron project in eastern Victoria. The project will produce around 800,000t of high grade iron ore for export annually. The Company is also well advanced with required project permitting including concluding a native title agreement and the granting of a Mining Licence. An Environmental Effects Statement is in preparation and it is anticipated that final project permitting will be concluded in early 2015.

Further information, previous Eastern Iron announcements and exploration updates are available at the News and Reports tab on the Company’s website – www.easterniron.com.au

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Mr Greg De Ross Managing Director Mob: 0417 711 274

ASX: EFE

For enquiries on your shareholding or change of address please contact: Boardroom Limited GPO Box 3993, Sydney NSW 2001, Phone: (02) 9290 9600

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