MARVEL GOLD LIMITED — Capital/Financing Update 2018

Jan 16, 2018

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17 January 2018

UPDATE ON OFFTAKE AND FINANCING

Graphex Mining Limited ( ASX: GPX ) (‘ Graphex ’ or the ‘ Company ’) is pleased to provide an update on the status of financing and offtake discussions with its prospective JV partner, CN Docking Joint Investment and Development Co Ltd, a subsidiary of China National Building Materials Group (‘ CN Docking ’).

The Company recently met with CN Docking to advance negotiation of the joint venture, financing and offtake arrangements for the Chilalo Graphite Project. CN Docking has now requested to meet with the Tanzanian Government prior to finalising negotiation of these agreements. A delegation including the Chairman of CN Docking, the Vice President of the Investment Association of China and members of CN Docking’s investment syndicate are expected to visit Tanzania towards the end of January.

This visit follows a meeting held between Graphex management and the new Minister for Minerals in November 2017 to discuss various issues raised by the amendments to legislation governing the mining industry. The planned follow-up to this meeting has been delayed while government officials have been on leave.

A further update will be provided following the meetings held in Tanzania.

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 – Citadel-MAGNUS Michael Weir and Cameron Gilenko 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, which is the coarsest fake graphite product in the world. 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.

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

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