EASTERN RESOURCES LIMITED — Interim / Quarterly Report 2017

Oct 27, 2016

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----- Start of picture text ----- QUARTERLY REPORT – SEPTEMBER 2016----- End of picture text -----

HIGHLIGHTS

ASX Code: EFE

Issued Capital: 285,857,734 ASX Code: EFE (as at 30 September 2016)

Issued Capital: Directors

Share Price at Steve Gemell (Chairman) Greg Jones Market Capitalisation at Michael Giles Cash on hand at Dahui Zhang Directors Yungang Wu

Glenn Goodacre - Chairman Greg De Ross - Managing Director Greg De Ross (CEO) Ivo Polovineo - Non-Ex Director

Wendy Corbett - Non-Ex Director Greg Jones - Non-Ex Director Address Steve Gemell - Non-Ex Director Level 1, 80 Chandos Street Investor and Media Contact: St Leonards, NSW 2065 Fergus Ross

Six Degrees Investor Relations Fergus.ross@sdir.com.au Postal

Address PO Box 956, Crows Nest Level 1, 80 Chandos Street NSW 1585 St Leonards, NSW 2065

Postal T: +61 2 9906 7751 PO Box 956, Crows Nest F: +61 2 9906 5233 NSW 1585

• Consistent with the previously announced objective to make a major project acquisition, the company continued to review several operating and near development base and precious metal projects during the quarter.

Eastern Iron Limited (ASX: EFE) is pleased to report on activities undertaken during the quarter ended 30th September 2016.

NEW PROJECT SEARCH

As reported in the previous (September 2016) quarter, Eastern Iron is actively reviewing opportunities to acquire a substantial near development or operating resource project for base or precious metals.

Several projects have been evaluated both within and external to Australia however the buoyant market conditions, particularly for precious metal projects, has created a highly competitive environment to secure quality projects. Nevertheless with the continued support of its major shareholders the company remains confident of securing a viable project.

NOWA NOWA IRON PROJECT

T: +61 2 9906 7751 Twitter: @EasternIronEFE F: +61 2 9906 5233

www.easterniron.com.au

Twitter: @EasternIronEFE www.easterniron.com.au

Little work has been undertaken on the Nowa Nowa project during the quarter. However, the Company will continue to monitor conditions in the global iron ore market to determine when work on the project can recommence.

FORWARD PROGRAM

Development Projects

The Company expects to continue evaluating new project opportunities during the next quarter.

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FINANCIAL POSITION

Total exploration and evaluation expenditure for the quarter was $29,000. The cash balance at the end of the quarter was $1,284,000.

INVESTOR INFORMATION

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, Chief Executive Officer Mob: 0417 711 274

The information in this report that relates to Exploration Results, Mineral Resources and Ore Reserves is based on information compiled by Greg De Ross, BSc, who is a Fellow of the Australasian Institute of Mining and Metallurgy. Greg De Ross is Chief Executive Officer of Eastern Iron Limited and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mr De Ross consents to the inclusion in the report of the matters based on this information in the form and context in which it appears.

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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