EMPIRE RESOURCES LIMITED — Capital/Financing Update 2016

Oct 23, 2016

24 October 2016

ASX Release

ACN 092 471 513

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UPDATE

MINE DEVELOPMENT PENNY’S FIND GOLD MINE (WA)

Empire Resources Limited (‘Empire’, ASX code: ERL) is pleased to provide an update on the progress of mine development being undertaken prior to the commencement of open pit operations at Penny’s Find.

Mine construction achievements to-date:

• Road re-alignment on time and budget

• Site earthworks completed for laydown area for site offices and workshops

• Site earthworks completed for a dewatering dam and water supply.

Road Re-Alignment

Hampton Mining and Civil Services of Kalgoorlie (“Hampton”) were engaged to undertake premining site works and construct a 1.8 km re-alignment of the Kurnalpi/Pinjin Road that currently traverses the area of the planned open pit.

Work on the road re-alignment is progressing well with all clearing done, culvert installation completed and road embankments well advanced.

Initial road compaction tests by the Kalgoorlie/Boulder City Council have been successfully completed. Hampton is continuing to construct the new road embankments to meet WA Main Roads standards.

The road re-alignment is on budget and scheduled to be completed by end October 2016.

Site Earthworks

Site earthworks required prior to the start of mining include the laydown area for site offices and workshops, a dewatering dam and water supply have been completed.

Still to be completed in the ramp up phase to mining are the run of mine (ROM) ore pad, site access to roads, and drainage bunds. Photographs of the current work underway are shown below.

Electrical generators and magazines for explosives have been purchased and orders are underway for the supply of site offices, workshops, fuel tank, light vehicles and telecommunications.

Interviews for site personnel are currently being undertaken.

DAVID SARGEANT MANAGING DIRECTOR October 2016

For further information on the Company, Tel: +61 8 9361 3100 www.resourcesempire.com.au

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Location of Penny’s Find Project

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Site layout at Penny’s Find superimposed on an aerial photograph

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Construction of road re-alignment

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Penny’s Find : Road re-alignment under construction

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Penny’s Find : Road re-alignment – formed road base completed

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Culvert construction on the road re-alignment

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Culvert construction on the road re-alignment

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Complete culvert installation on the road re-alignment

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Clearing topsoil from laydown area

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Construction of laydown area

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Portion of the completed laydown area with protecting windrow