MARVEL GOLD LIMITED — Capital/Financing Update 2019

Jul 14, 2019

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15 July 2019

GRAPHEX RAISES $2.5M FROM SHARE PLACEMENT

Graphex Mining Limited (ASX: GPX) ( ‘ Graphex ’ or the ‘ Company ’) is pleased to advise that it has received subscriptions to purchase 12,534,605 fully paid ordinary shares at $0.20 cents per share to raise $2.5 million (before costs) through a placement to professional and sophisticated investors (the ‘ Placement ’).

Proceeds from the Placement will be used to complete key work streams associated with satisfying the conditions to the senior funding package of US$80 million for the construction and commissioning of the Chilalo Graphite Project ( see ASX announcement 29 October 2018 ).

Managing Director, Phil Hoskins, commented “ We are pleased to have received such strong support for the Placement, both from existing shareholders and new investors. Completion of the Placement will enable the Company to finalise the definitive feasibility study, continue our progress with the Tanzanian Government towards achieving the required regulatory and legislative certainty in Tanzania and execution of binding sales agreements for Chilalo product as we seek to develop Tanzania’s first graphite mine. ”

The Placement was made using the Company’s existing share issuance capacity under ASX Listing Rules 7.1 and 7.1A, with 4,480,220 shares issued under the Company’s issuance capacity pursuant to ASX Listing Rule 7.1 and 8,054,385 shares issued under the Company’s issuance capacity pursuant to ASX Listing Rule 7.1A. The Placement price of $0.20 per share represents a discount of a 22.0% discount to the 15 day VWAP, a 22.2% discount to the 5 day VWAP and a 23.1% discount to the last trading price of $0.26 (being the closing price on Wednesday, 11 July 2019). The Placement was joint lead managed by Bridge Street Capital Partners and Patersons Securities Limited.

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

ABOUT GRAPHEX MINING

Graphex Mining Limited (ASX:GPX) is an Australian resources company listed on the Australian Securities Exchange. Graphex owns the world-class Chilalo Graphite Project, located in south-east Tanzania (Figure 1).

Since the initial discovery of Chilalo in 2014, Graphex has adopted a clear and differentiated strategy of understanding end markets and seeking to partner with strategic investors to enable delivery of the Chilalo Project. Underpinned by a high proportion of large flake material with exceptional expansion characteristics, the Company has targeted the expandable graphite market, which among many applications, is ideally suited to the manufacture of high-value graphite foils and flame-retardant materials.

Graphex has strategically targeted these expandable graphite applications based on their attractive growth and value characteristics. The size and growth expectations of the expandable graphite market applications, the premium prices for large flake graphite in general and the suitability of Chilalo graphite for the production of expandable graphite applications has meant that the Company has prioritised supplying the expandable graphite market as the primary focus.

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

Figure 1 – Chilalo Large Flake Graphite Project, Located in Tanzania

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