MARVEL GOLD LIMITED — Capital/Financing Update 2018

Mar 19, 2018

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20 March 2018

GRAPHEX RAISES $2.45M FROM SHARE PLACEMENT

Graphex Mining Limited (ASX: GPX) ( ‘ Graphex ’ or the ‘ Company ’) is pleased to advise that it has received subscriptions to purchase 8,750,000 fully paid ordinary shares at $0.28 cents per share to raise $2.45 million through a placement to professional and sophisticated investors (the ‘ Placement ’). Directors subscribed for 320,572 shares, the issue of which is subject to shareholder approval at the Company’s next general meeting.

Proceeds from the Placement will be used to further advance the Chilalo Graphite Project, including undertaking an updated feasibility study and completion of finance and offtake arrangements for the development of Chilalo.

Managing Director, Phil Hoskins, commented “ We are pleased to have received such strong support for the Placement, both from existing shareholders and new investors and are happy to welcome onto our register, new overseas and local institutions and high net worth individuals. The Placement ensures that the Company is sufficiently funded to complete the updated feasibility study and to negotiate the preferred project finance structure from a position of strength. We were also mindful of capping the Placement at 12.5% of issued capital to preserve the Company’s tight capital structure .”

The Placement was made using the Company’s existing share issuance capacity under ASX Listing Rule 7.1. The Placement price of $0.28 per share represents a discount of 8.2% to the last trading price of $0.305 (being the closing price on Thursday, 15 March 2018). The Placement was lead managed by Bridge Street Capital Partners.

PHIL HOSKINS

Managing Director

For further information, please contact: Stuart McKenzie – Commercial Manager and Phil Hoskins – Managing Director Company Secretary Tel: +61 8 9200 4960 Tel: +61 8 9200 4960

Media Michael Weir and Richard Glass Citadel-MAGNUS Tel: +61 8 6160 4900

About Graphex

Graphex Mining Limited is an Australian exploration and development company, dedicated to advancing the world class Chilalo Graphite Project, located in south-east Tanzania. Chilalo is host to a high-grade mineral resource and has demonstrated an ability to produce a premium graphite concentrate with a substantial portion of large and jumbo flake material. Chilalo graphite possesses outstanding expandability characteristics, making it ideally suited to the rapidly growing expandable graphite market.

Graphex has an experienced board and management team with specific skills and extensive experience in African based project development, exploration, mining and processing. The Company has a long and well-established presence in Tanzania.

For more information, visit www.graphexmining.com.au.

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