GOLDARC RESOURCES LIMITED — Capital/Financing Update 2016

May 8, 2016

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ASX RELEASE

9 MAY 2016

TORIAN EARNS 12.25% INTEREST IN ZULEIKA JV

Torian Resources Ltd ( ASX:TNR ) ( Torian or Company ) is pleased to announce that it has earned its initial 12.25% interest in the Zuleika JV Project.

Torian formed the Zuleika Joint Venture with Cascade Resources Ltd ( Cascade ) in April 2015 to explore and develop the Zuleika Project. Under the terms of the JV, Torian can earn up to a 49% interest in the Project by spending $5 Million on the project over four years. Torian also had the ability to earn an initial 12.25% interest in the Project by spending $1.25 million in the first year.

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Figure 1: Map showing Torian’s Zuleika JV Project in relation to other mines and key infrastructure.

ABN: 72 002 261 565 Unit G4, 49 Melville Parade, South Perth, 6151 Australia Phone +61 8 6216 0424 Fax +61 8 6216 0425 Kalgoorlie Office phone/fax: +61 8 9093 4818 info@torianresources.com.au www.torianresources.com.au

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The Zuleika JV Project is located in a highly sought after region approximately 40km north west of Kalgoorlie. After seven separate acquisitions, the project now comprises around 214km² of tenure and lies north and partly along strike of several major gold mines including Northern Star (ASX:NST), Tribune Resources (ASX:TBR) and Rand Mining’s (ASX:RND) 7Moz East Kundana Joint Venture and Evolution’s (ASX:EVN) Frogs Legs and White Foil operations.

Most of Torian’s initial $1.25 million spend to earn its 12.5% interest in the JV went towards Phase 1 of the Company’s large 4 Phase drilling program. Phase 1 comprised over 36,000m of RAB and RC drilling. Results included the discovery of 1.3km anomalous strike length of the black shale line at Target 4 and 4m @ 11.28g/t from 44m at Target 5 from historic drilling. Both of these targets and others require further drilling. Approximately 25% of these results are still awaited.

Torian and Cascade are in discussions regarding a possible merger. Nothing has been formalised at this time. Torian is also in discussions with other groups.

For further information, please contact:

Matthew Sullivan

Managing Director

(08) 6216 0424 info@torianresources.com.au

About Torian:

Torian Resources Ltd ( ASX:TNR ) is a highly active Australian gold company that is focused on developing the gold mines of tomorrow. The Company has four advanced projects located in the Goldfields region of Western Australia.

Torian’s flagship Project, the Zuleika JV, lies north and partly along strike of several major gold mines including Northern Star (ASX:NST), Tribune Resources (ASX:TBR) and Rand Mining’s (ASX:RND) 7Moz East Kundana Joint Venture and Evolution’s (ASX:EVN) Frogs Legs and White Foil operations.

Since May 2015, Torian has increased its landholding at the Zuleika Project by approximately 75% via seven separate acquisitions. Torian is now the second largest landholder in this highly sought after region and is focused on fast tracking its development.

Torian has commenced a large, 4 Phase, exploration program that is targeting the Zuleika Shear and intends to further consolidate ground in this region.

Torian is also developing the high grade Mt Stirling Project which has an outcropping inferred resource located 40km North West of Leonora. Following a successful infill drilling program in December, Torian is currently completing a scoping study on the project to assess it as a standalone mining operation.

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Torian’s exploration team has an enviable track record of discovering and developing a number of multi-million ounce gold mines in this region. Torian is commencing an exciting phase in its development, and we look forward to updating the market as things progress.

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