ORA BANDA MINING LTD — Capital/Financing Update 2016

Nov 23, 2016

ASX ANNOUNCEMENT 24 November 2016

Debt Financing Update

Highlights

• Negotiations progressing to secure a $20-30 million debt facility (Debt Facility) with a bank financier

• Company to be fully funded through to gold production expected in first quarter 2017

BOARD OF DIRECTORS

Mr Michael Fotios Executive Chairman

Mr Craig Readhead Non-Executive Director

Mr Alan Still Non-Executive Director

Ms Shannon Coates Company Secretary

ISSUED CAPITAL

Shares: 489m Options: 50.2m Current Share Price: $0.23 Market Capitalisation: $112.5m Cash as at 30/9/2016: $5.5m

Eastern Goldfields Limited (ASX:EGS) ( Company or Eastern Goldfields ) is pleased to advise it is advanced in progressing its debt funding strategy, which will see the Company fully funded through to commencing gold production expected in the first quarter of 2017.

The Company is in negotiations with a bank financier with a view to securing the Debt Facility during December 2016, which will likely include a revolving debt facility with an associated hedging facility

The Debt Facility will be utilised to further the refurbishment of the Davyhurst Gold Processing Plant and for working capital through to commencement of gold production and associated ramp up in 2017.

Further details regarding the Debt Facility will be announced to the market once the negotiations and documentation are finalised.

-Ends-

Investor Enquiries

Michael Fotios Executive Chairman

T: +61 8 6241 1888 E: admin@easterngoldfields.com.au

Jon Snowball

FTI Consulting

T: +61 477 946 068

E: jon.snowball@fticonsulting.com