EMPIRE RESOURCES LIMITED — Capital/Financing Update 2019

May 6, 2019

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Highlights

ACQUISITION COMPLETED PENNY’S FIND HIGH-GRADE GOLD MINE

• Orminex completes acquisition of 100% of Penny’s Find Gold Mine

• Mineral Resource of 248,000 tonnes at 7.04g/t Au for 56,000 oz and mineralisation remains open at depth

ASX ANNOUNCEMENT ASX Code: ONX

7 May 2019

• Completed open pit and significant on-site infrastructure included in the acquisition

• Underground mine plan supports potential short lead time to gold production

Orminex Ltd (ASX: ONX) (‘ Orminex ’ or ‘ the Company ’) is pleased to advise that the final detailed documents to acquire 100% of the Penny’s Find Gold Mine (‘ Penny’s Find ’) have been completed.

DIRECTORS & MANAGEMENT

Daryl Henthorn Executive Chairman Emmanuel Correia Non-Executive Director

John Correia Non-Executive Director Kelly Moore Company Secretary

The completed purchase includes a 100% interest in Mining Tenements M27/156 (which hosts the Penny’s Find open pit mine and mineral resource) and G27/01, L27/90 L27/91, L27/92 and L27/93 (which provide access to the mine and access roads within the mining area). The purchase includes existing site infrastructure and some equipment.

The terms between the Company and Empire Resources Ltd (ASX Code: ERL) (‘ Empire ’) to acquire Penny’s Find include staged cash payments totalling A$600,000 and a net smelter royalty of 5% payable on the first 50,000 ounces produced from M27/156 and thereafter a 2.5 % net smelter royalty for life of mine.

Commenting on the acquisition, Executive Chairman Daryl Henthorn, said:

Share Capital – 539,102,168 Unlisted Options – 9,452,055

A: 1A Agnew Way, Subiaco WA 6008

P: PO Box 924, SUBIACO WA 6904

PH: +61 8 6149 1550 FAX: +61 8 9380 8300

e: admin@orminex.com.au www.orminex.com.au

ACN: 008 740 672 ABN: 45 008 740 672

“This is a strategic acquisition for Orminex which is located within easy trucking distance of our processing options and our current mining operation at Comet Vale. We will now push forward with plans to get the mine into production as soon as possible.”

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Figure 1. Penny’s Find Gold mine site layout, location of infrastructure and tenements.

Penny’s Find is located 50km northeast of Kalgoorlie in Western Australia. It is strategically located within 30 minutes’ drive of Kalgoorlie and approximately 1 hour’s drive from Orminex’s operational mine Comet Vale.

Penny’s Find has 56,000 ounces of gold at high grades contained within the previously announced underground mineral resource reported by gold miner Empire Resources (refer ERL ASX announcement entitled “Penny’s Find Gold Mine New Underground Resource Estimate” dated 13 December 2017 and ONX ASX announcement entitled “acquisition of New Mineral Venture Project – Penny’s Find” dated 4 March 2019 for full JORC detail). ONX is not aware of any new information or data that materially affects the information in the previous ERL or ONX announcements and considers that all material assumptions and technical parameters underpinning the mineral resource disclosed in the ERL and ONX announcements continue to apply and have not materially changed.

The underground 2012 JORC compliant mineral resource of 248,000 tonnes at 7.04g/t Au (refer Table 1 below) extends from the base of the completed open pit (approximately 85m depth) to at least 250m below surface and remains open at depth. This underground resource only reports fresh mineralisation and is defined by a 1.5g/t Au lower cut-off wireframe model.

The high-grade gold mineralisation at Penny’s Find is hosted by quartz veins at the contact between sediments and basalt. Metallurgical test work has shown fresh mineralisation to be free milling with a high gravity recoverable gold component and a total gold recovery which has historically exceeded 90%.

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----- Start of picture text ----- Table 1: Penny’s Find Gold MineReportable in situ Mineral Resource below completed open pitFresh mineralisation onlyClass Tonnes Au g/t OuncesIndicated 147,000 8.06 38,000Inferred 101,000 5.57 18,000TOTAL 248,000 7.04 56,000----- End of picture text -----

The resource estimation was calculated by DataGeo Geological Consultants and incorporated results from all appropriate drilling with the most recent being diamond drilling reported to the ASX by ERL on 6 November 2017. The data, interpretation and techniques utilised in the estimate of the mineral resource are as summarised in the 13 December 2017 ERL announcement.

Orminex has acquired all the data and information relating to the proposed underground mine including geological information, drill data and results, the underground mining model and all reports prepared by independent consultants.

Orminex, with its strategic mining partner GBF Mining Pty Ltd (‘ GBF ’), will now apply for an underground mining licence and all other statutory approvals required to commence mining.

New Mineral Venture Projects

As previously advised, Orminex continues to review a number of potentially suitable new Mineral Venture projects and the Company will update the market of any material development.

Investor enquiries: Daryl Henthorn Executive Chairman dhenthorn@orminex.com.au

For more information, visit www.orminex.com.au

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About Orminex

Orminex has a strategic alliance with underground mining contractor GBF Mining Pty Ltd who oversees operational management of the Company’s projects. This strategic alliance facilitates a Mineral Ventures Model that provides capital and mining service solutions to suitable near-term production gold projects.