MARVEL GOLD LIMITED — Board/Management Information 2019

Mar 31, 2019

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1 April 2019

APPOINTMENT OF NON-EXECUTIVE DIRECTOR

Graphex Mining Limited ( ASX: GPX ) (‘ Graphex ’ or the ‘ Company ’) is pleased to announce the appointment of Daniel Saint Don as a non-executive director, effective immediately.

Daniel is the appointed representative of funds managed by global private investment firm Castlelake, L.P. (‘ Castlelake ’), which has provided the Company a US$5 million interim loan, the proceeds of which are being applied to satisfying the conditions precedent to Castlelake participating in a larger funding package of up to US$40 million in equity and up to US$40 million from the issue of senior secured loan notes for construction of the Chilalo Project (‘ Senior Funding Package ’).[1]

Daniel is highly familiar with the Chilalo Project, having visited the Chilalo Project site and been involved in Castlelake’s due diligence in his previous role with Golder Associates.

Daniel is based in Denver and has over 30 years of operational and technical experience in North America and internationally. This includes responsibilities in mine operations, engineering, contracting services, due diligence review, and project development. Daniel has demonstrated success in managing and directing projects encompassing all phases of the mining cycle and offers strong technical and practical skills.

He is currently a non-executive director of North River Resources and has held senior roles with Golder Associates, Atna Resources Ltd, DMC Mining Services, Boart Longyear Company, Stillwater Mining Company, Inmet Mining, and Mosaic (formerly IMC). He holds a Bachelor of Science in Mining Engineering from Michigan Technological University, an MBA from Westminster College in Salt Lake City and is a licensed professional engineer in Ontario, P. Eng.

In addition to his appointment as a non-executive director, Daniel is also Castlelake’s representative on the Project Steering Committee. The Project Steering Committee is responsible for assessing and reviewing overall progress of the Chilalo Project and providing the Graphex board of directors with recommendations on technical, environmental, permitting and stakeholder/social aspects of the Chilalo Project.

Graphex’s Chairman, Stephen Dennis, commented, “ We are pleased to welcome someone of Daniel’s calibre to our Board during an important stage of the Company’s transition from developer to producer. Not only is his experience complementary to the existing Board, he will play an integral role in ensuring the Company’s bankable feasibility study satisfies the conditions required to unlock the Senior Funding Package.”

1 For information on the funding arrangements agreed with the Castlelake Funds and other market participants, see ASX announcement dated 29 October 2018.

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PHIL HOSKINS

Managing Director

For further information, please contact: Phil Hoskins – Managing Director Tel: +61 8 9200 4960

Stuart McKenzie – Commercial Manager and Company Secretary Tel: +61 8 9200 4960

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