IRON BEAR RESOURCES LTD — Capital/Financing Update 2016

Mar 8, 2016

ASX Announcement 9 March 2016

Cape Lambert Placement Closes

Australia resource and investment company, Cape Lambert Resources Limited ( ASX: CFE ) ( Cape Lambert or the Company ) wishes to update shareholders in relation to the fully underwritten placement ( Placement ) to UK and European sophisticated investors (refer ASX announcements dated 11 and 12 January 2016 and 16 February 2016).

The Company is pleased to confirm that the Placement of approximately 94 million shares at 4.25c per shares to raise $4m has closed. The Company wishes to advise that at the request of the underwriter it has granted an extension to the settlement date for remittance of the funds to 31 March 2016.

Cape Lambert Resources Limited (ASX: CFE) is a fully funded mineral development company with exposure to iron ore, copper, gold, uranium, manganese, lithium and lead-silverzinc assets in Australia, Europe, Africa and South America.

Australian Securities Exchange

Code: CFE

Ordinary shares 626,686,586

Unlisted Options 7,675,000 ($0.088 exp 18 Dec 2016)

Board of Directors

Tony Sage Executive Chairman

Yours faithfully

Cape Lambert Resources Limited

Tim Turner Non-executive Director

Jason Brewer Non-executive Director

Tony Sage Executive Chairman

Melissa Chapman Company Secretary

Cape Lambert Contact

Investor Relations Phone: +61 8 9380 9555 Email: info@capelam.com.au

Australian Enquiries

Professional Public Relations David Tasker Phone: +61 8 9388 0944 Mobile: +61 433 112 936 Email: david.tasker@ppr.com.au

www.capelam.com.au

Cape Lambert Resources Limited ABN 71 095 047 920 Corporate - 32 Harrogate Street, West Leederville WA 6007