ENOVA MINING LIMITED — Capital/Financing Update 2018

Oct 4, 2018

5[th] October 2018

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ASX Announcement

The Company Announcement Office ASX Limited Via E Lodgement

Roll-over of Existing Loan Facilities with EMMCO Mining Sdn. Bhd. (EMMCO) and Atlas Offshore Services Pty. Ltd. (AOS)

On the 22[nd] May 2018, Crossland Strategic Metals Limited (the Company) disclosed details of loan facilities currently owed by the Company to EMMCO Mining Sdn. Bhd. (EMMCO), a Malaysian incorporated company who is a 55.11% shareholder of the Company as at the date of this announcement.

On the 31[st] July 2018, the Company announced details of loan facilities currently owed by the Company to Atlas Offshore Services Pty Ltd (AOS) who is not a shareholder of the Company as at the date of this announcement.

The due maturity dates for these loans with both parties was 4[th] October 2018. Both loan providers have agreed, by way of renewed Master Agreements signed on the 5[th] October 2018, to roll-over both loans with interest at 15% per annum to a new maturity date of 4[th] April 2019.

Details of the renewed loan agreements with EMMCO, effective 5[th] October 2018, are tabled below:

Date ofOriginal Loan	PrincipalAUD$	Flat InterestRate per annumOr pro-rata thereof	InterestApplicable to DueDateAUD$	Due Date
2nd November 2017	113,849.32	15%	8,468.52	4th April 2019
28th November2017	56,390.41	15%	4,194.52	4th April 2019
9th February2018	54,869.86	15%	4,081.42	4th April 2019
4th April 2018	268,801.37	15%	19,994.40	4th April 2019
1st June 2018	202,010.21	15%	15,026.24	4th April 2019
Total Due	695,921.17		51,765.10	4th April 2019

In addition to the above loans, the Company maintains a creditor debt owed to EMMCO, interest free. Details of this debt is tabled as follows:

Date of Debt	AmountAUD$	Flat InterestRate per annumOrpro-rata thereof
31st May2017	55,601.27	0%
31st December 2017	123,706.09	0%
30th June 2018	35,007.71	0%
Total	214,315.07

Details of the renewed loan agreements with AOS, effective 5[th] October 2018, are tabled below:

Date ofOriginal Loan	PrincipalAUD$	Flat InterestRate per annumOr pro-ratathereof	InterestApplicable to DueDateAUD$	Due Date
9th November 2016	453,364.84	15%	33,722.89	4th April 2019
10th April 2017	430,489.79	15%	32,021.36	4th April 2019
Total Due	883,854.63		65,744.25	4th April 2019

EMMCO and AOS have provided written assurance to the Company that they will not instigate a call on current creditor debt or loans made to the Company without a planned strategy to discharge the debt.

The Company is considering discharging loans, in part, through the issue of convertible shares to reduce debt levels. Issues of new shares, or securities, will be in accord with ASX Listing Rules 7.1 and 7.2. Shareholder approval was previously received on the 31[st] May 2018, following the Company’s 2018 AGM, for the issue of 200,000,000 convertible securities for this purpose. Shareholder approval was also received for the issue of 50,000,000 share options entitled to Mr. Eric Vesel. The issue of shares and convertibles was not completed within 30 days of shareholder approval, thereby extinguishing their eligibility. These resolutions will be presented to shareholders for ratification at a future date.

Non-executive Director of the Company, Mr Stan Wassylko, is a related party being Director and Shareholder of AOS. Non-executive Director of the Company, Mr Harun Halim Rasip, is a related party being Director and Shareholder of EMMCO and AOS.

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Eric Vesel CEO / Director Crossland Strategic Metals Ltd.