IRON BEAR RESOURCES LTD — Capital/Financing Update 2019

May 28, 2019

ASX Announcement 29 May 2019

Confirmation of Payment to La Patience

Australian resources and investment company, Cape Lambert Resources Limited (ASX: CFE ) ( Cape Lambert or the Company ) can confirm that Paragon Mining SARL ( Paragon ) has made the US$500,000 payment to La Patience SPRL in respect to the Kipushi Cobalt-Copper Tailings Project (refer ASX announcement dated 2 May 2019).

Tony Sage, Chairman, commented “We thank Paragon for making the payment and look to forward to progressing the project with them.”

Yours faithfully Cape Lambert Resources Limited

Tony Sage Executive Chairman

Cape Lambert Resources Limited is a listed (ASX: CFE), diversified mineral development and investment company that aims to meet global demand for minerals that drive progress and power our future

Australian Securities Exchange

Code: CFE

Ordinary shares 1,019,927,757

Unlisted Options 15,336,363 ($0.07 exp 12 Mar 2020) 7,667,727 ($0.07 exp 19 Mar 2020) 5,250,000 ($0.04 exp 31 Mar 2020) 15,000,000 ($0.03 exp 30 June 2021) 5,000,000 ($0.05 exp 13 Dec 2020 10,000,000 ($0.075 exp 30 Jun 2019)

Convertible Note 333,817 convertible notes

Board of Directors

Tony Sage Executive Chairman

Tim Turner Non-executive Director

Stefan M ü ller Non-executive Director

Melissa Chapman Company Secretary

Cape Lambert Contact

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

www.capelam.com.au

Cape Lambert Resources Limited ABN 71 095 047 920

Corporate - 32 Harrogate Street, West Leederville WA 6007

190529 La Patience Payment