GOLDEN DEEPS LIMITED. — Capital/Financing Update 2018

Feb 25, 2018

ASX ANNOUNCEMENT 26 February 2018

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ASX code: GED

Successful Completion of Due Diligence and Initial Payment for the Acquisition of the Professor and Waldman Cobalt-Silver Projects

Highlights:

• Due diligence successfully completed on the technical and legal aspects of the Professor and Waldman Cobalt-Silver Projects

• Initial cash payment of CAD150,000 made to the project Vendor

• Issue of 10 million Golden Deeps shares to the Vendors (with 12 months escrow) pending, subject to shareholder approval

• Golden Deeps will hold a 70% interest in the Professor and Waldman projects when a further payment of CAD$90,000 is made to the Vendor in four months time

• Golden Deeps can acquire up to 100% interest in the Projects through additional cash payments and share issues to the Vendor

• Key claim locations in the Cobalt Mining Camp which was historically the most prolific silvercobalt mining camp in Canada, reported to have produced in excess of 50 million pounds (~22,700 tonnes) of cobalt and 600 million ounces of silver over a 60-year period from the early 1900’s

• Recent rock sampling assay results up to 1.015% Co, 200ppm Ag and 0.62g/t Au returned from mineralised veins within the Professor Adit historical workings

• Excellent infrastructure surrounds these high-grade cobalt-silver projects

• Significant potential to host economic deposits of cobalt-silver mineralisation

Diversified exploration company Golden Deeps Limited (ASX: GED ) is pleased to announce that it has completed the due diligence assessment for the Professor and Waldman Cobalt-Silver Projects, located in Ontario, Canada. The technical and legal review of the projects was successful and did not identify any material issues. Golden Deeps has an option to acquire a 100% interest in each of the Professor and the Waldman Cobalt-Silver Projects and has subsequently made the Tranche 1 payment to the project Vendors as stipulated in the binding agreement previously announced on 11 December 2017.

The proposed acquisition of the Professor and adjacent Waldman Cobalt-Silver Projects (see ASX announcement dated 11 December 2017) will provide Golden Deeps with the opportunity to position itself as a developer of key commodities for the growing lithium-ion battery and energy storage markets. Recently completed rock sampling of veins from within the Professor Adit returned high-grade mineralisation up to 1.015% Co, 200ppm Ag, 0.62g/t Au (see GED announcement dated 18 January 2018). This indicates that the projects have exciting exploration potential for high-grade cobalt-silver mineralisation like that identified elsewhere in the historical Cobalt Mining Camp. The Company is therefore keen to advance exploration on the Projects.

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1[st] Floor, 8 Parliament Place, West Perth, WA 6005 PO Box 1618, West Perth, WA 6872

www.goldendeeps.com

t : +61 8 9481 7833 f : +61 8 9481 7835 email : ged@goldendeeps.com

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Project Location

The Professor and Waldman Cobalt-Silver Projects are located in the core of the historic Cobalt Mining Camp, approximately 400 km north of Toronto in Ontario, Canada (Figure 1). The associated claim blocks are situated approximately 3 km south and 5 km southeast of the town of Cobalt, respectively, and exhibit similar geology to other past operating and producing mines in the region, such as University Mine, Silverfields Mine and Cleopatra Mine (Figure 2).

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Figure 1: Location of Professor and Waldman Cobalt-Silver Projects

Access to the Professor and Waldman Projects is easily facilitated through sealed roads and dedicated access roads to the location of the key historical mines. The service roads are in good operating condition and can provide year-round access to the project to facilitate exploration.

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Figure 2: Professor and Waldman Project claim block areas in the historical Cobalt Mining Camp

Golden Deeps Limited 1[st] Floor, 8 Parliament Place, West Perth, WA 6005

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PO Box 1618, West Perth, WA 6872

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Summary of Acquisition Terms

Golden Deeps Limited has entered into a binding agreement with New Found Gold Corp. (the Vendor) to acquire 100% of the Professor and Waldman Cobalt-Silver Projects in Ontario, Canada. The acquisition is proceeding as per the key terms outlined in an announcement dated 11 December 2017.

The Company has previously paid the Vendor CAD15,000 at execution of the agreement to secure an exclusive right to conduct due diligence on the Projects. Now that this has been successfully completed, the Company has made an initial Tranche 1 cash payment of CAD150,000 to the Vendor and will issue the Vendor 10,000,000 shares in Golden Deeps Limited, subject to shareholder approval. The Company will acquire a 70% interest in the Professor and Waldman Projects on making a final Tranche 1 cash payment of CAD90,000 after 4 months from this initial payment.

The Company can acquire up to a 100% interest in the Projects by making further cash payments and issuing additional shares to the Vendor, as outlined in the Company’s announcement dated 11 December 2017. If the Company does not exercise its option to acquire 100% of the Projects, then the Company and the Vendor will form an unincorporated joint venture for the ongoing exploration and development of the Projects.

Further Work

Through the due diligence process and collation of historical exploration data the Company has obtained detailed geological maps, historical exploration results including drilling completed on the claim blocks, and other technical information for the Professor and Waldman Cobalt-Silver Projects. This information is currently being digitised and has been compiled into a database in order to assist with further exploration.

An exploration program for the Professor and Waldman Projects comprising geophysical surveys, further sampling and drilling of key target areas is being prepared for implementation during the 2018 field season in Ontario.

ENDS

For further information, please contact:

Graham Baldisseri Lachlan Reynolds Company Secretary Exploration Manager P: +61 8 9481 7833 P: +61 8 9481 7833 E: gbaldisseri@kmm.com.au E: lreynolds@goldendeeps.com

Golden Deeps Limited 1[st] Floor, 8 Parliament Place, West Perth, WA 6005

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PO Box 1618, West Perth, WA 6872

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Caution Regarding Forward-Looking Information

This document contains forward-looking statements concerning Golden Deeps. Forward-looking statements are not statements of historical fact and actual events and results may differ materially from those described in the forward looking statements as a result of a variety of risks, uncertainties and other factors. Forward-looking statements are inherently subject to business, economic, competitive, political and social uncertainties and contingencies. Many factors could cause the Company’s actual results to differ materially from those expressed or implied in any forward-looking information provided by the Company, or on behalf of, the Company. Such factors include, among other things, risks relating to additional funding requirements, metal prices, exploration, development and operating risks, competition, production risks, regulatory restrictions, including environmental regulation and liability and potential title disputes.

Forward looking statements in this document are based on the company’s beliefs, opinions and estimates of Golden Deeps as of the dates the forward looking statements are made, and no obligation is assumed to update forward looking statements if these beliefs, opinions and estimates should change or to reflect other future developments.

Competent Person Statement

The information in this announcement that relates to Exploration Targets, Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by Mr. Lachlan Reynolds. Mr Reynolds is a consultant to Golden Deeps Limited and is a member of the Australasian Institute of Mining and Metallurgy. Mr Reynolds has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken 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 Reynolds consents to the inclusion in the report of the matters based on their information in the form and context in which it appears.

The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcements. The Company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcements.

Golden Deeps Limited 1[st] Floor, 8 Parliament Place, West Perth, WA 6005

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PO Box 1618, West Perth, WA 6872