MARVEL GOLD LIMITED — Capital/Financing Update 2020

Jul 28, 2020

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29 July 2020

DESPATCH OF ENTITLEMENT OFFER PROSPECTUS

Graphex Mining Limited (ASX: GPX) (to be renamed Marvel Gold Limited)i	(Graphexor theCompany) is	(Graphexor theCompany) is
pleased to announce that that the Prospectus (including the Entitlement and	Acceptance Form), lodged with
ASIC on 20 July 2020 and released to ASX on 21 July 2020, has been despatched to Eligible Shareholders today
for the fully underwritten 1 for 1 non-renounceable_pro rata_entitlement offer at a price of $0.02 per Graphex
share (Entitlement Offer).
Pursuant to the Entitlement Offer, the Company will issue 115,011,555 fully paid ordinary shares in the
capital of the Company (New Shares) at an issue price of $0.02 per New Share, to raise approximately $2.3
million (before costs).
Proceeds from the Entitlement Offer will be used to:
 Provide funding for exploration work to enable the Company to earn-in to the Mali Gold Projects (see
ASX announcement dated 17 June 2020 for information on the Mali Gold Projects);
 Conduct a process to sell-down or refinance the Chilalo Project;
 Carry out work to identify opportunities to expand the Company’s landholding in Mali; and
 Fund corporate overheads and working capital.
As outlined in the indicative timetable included in the Prospectus and set out below, acceptances		for the
Entitlement Offer close at5:00 pm (AWST) on 12 August 2020.
Event	Date
Announcement of Entitlement Offer lodgement of Prospectus with ASX	21 July 2020
Notice of Entitlement Offer sent to ineligible shareholders	22 July 2020
Shares quoted on an "ex" basis	23 July 2020
Record Date for determining eligibility of Shareholders to participate under the Entitlement Offer	24 July 2020
Prospectus dispatched to Eligible Shareholders and Graphex announces that this
has occurred	29 July 2020
Entitlement Offer Opens
Last day to extend the Entitlement Offer closing date	7 August 2020
Closing Date for acceptance and payment	12 August 2020
If agreed by ASX, securities quoted on a deferred settlement basis	13 August 2020
Announcement of results of Entitlement Offer	17 August 2020

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Event	Date
Allocation of Shares not subscribed for under the Entitlement Offer, if any to underwriters (Underwriter Shares)	17 August 2020
Issue of New Shares and lodgement of Appendix 2A with ASX	19 August 2020
Despatch of holding statements	21 August 2020

All dates (other than the date of the Prospectus and the date of lodgement of the Prospectus with ASIC and ASX) are indicative only. Subject to the Corporations Act 2001 (Cth) and the ASX Listing Rules, the Directors of the Company reserve the right to vary these dates, including the closing date of the Entitlement Offer, without prior notice. As such the date the Shares issued under the Entitlement Offer are expected to commence trading on ASX may vary. The Directors also reserve the right not to proceed with the whole or part of the Offer at any time prior to allotment. In that event, application money will be returned without interest.

If you have any queries in relation to the Entitlement Offer, please contact the Company Secretary on +61 8 9200 4960.

Authorised for release by the Managing Director.

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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

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

i The change to the Company’s name from Graphex Mining Limited to Marvel Gold Limited, as approved by shareholders at the general meeting held on 20 July 2020, took effect with the Australian and Securities Investment Commission on the same day. Please note that the change of name with ASX and new ASX ticker code (MVL) will however only take effect following completion of the Entitlement Offer.

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