ORA BANDA MINING LTD — Capital/Financing Update 2017

Aug 14, 2017

ASX ANNOUNCEMENT 15 AUGUST 2017

FIRST CIP GOLD POUR COMPLETED AND DELIVERED TO PERTH MINT

HIGHLIGHTS

• First CIP gold poured at the newly refurbished Davyhurst processing plant

• Plant throughput rate continues to increase

• Optimisation of gravity, leach and CIP circuits advancing well

• Carbon loadings in CIP circuit continue to increase

• First gold delivered to the Perth Mint

Eastern Goldfields Limited (ASX:EGS) (“Eastern Goldfields” or “the Company”) is pleased to announce that the first carbon-in-pulp (“CIP”) gold pour has been completed at the recently commissioned Davyhurst processing plant, located approximately 120 kilometres north west of Kalgoorlie, within the Davyhurst Mining Hub.

The first CIP gold pour occurred on Thursday, 10 August 2017 with delivery to the Perth Mint the following day. The Company plans to pour and deliver gold to the Mint on a weekly schedule, incrementally increasing cash flow generated from the Davyhurst Project. Approximately 25,000t @ 1g/t has been treated through the processing plant, as budgeted, during early commissioning.

Eastern Goldfields Chairman, Michael Fotios, commented:

ISSUED CAPITAL

Shares: 560.4m Options: 58m Current Share Price: $0.23 Market Capitalisation: $128m Cash as at 30/06/2017: $13,000*

*Excluding total debt facilities of $35.0m, see ASX announcement 31 Jan 2017. Drawn to date $15.7m.

“This is a significant occasion in the Company’s history, and we greatly appreciate the dedication and persistence of our employees and contractors that have made this possible. We look forward to building on this achievement as we ramp-up throughput of higher grade feedstock toward nameplate capacity and begin generating material cash flow from the Davyhurst Project.”

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Figure 1: Executive Chairman Michael Fotios with first CIP gold poured from Davyhurst

Optimisation works relating to the Process Logic Control (“PLC”) have progressed throughout the plant, from the crusher circuit through to the tailings thickener and discharge. Positive outcomes relating to plant throughput and efficiencies have been achieved as a result of this work.

The focus of the operational team is to maintain the plant at the current rate of 80t/hr and then to commence the ramp-up of the throughput rate over the coming weeks. In addition to this, the Company will now look to increase the plant feed grade via a shift to higher grade ore stockpile blends.

In the coming month, the targeted throughput rate will increase to 115t/hr, or 75% of the designed throughput rate, before shifting to 150t/hr or 100% of the designed throughput rate by month three.

Investor Enquiries

Michael Fotios Jon Snowball Executive Chairman FTI Consulting T: +61 8 6241 1866 T: +61 477 946 068 E : admin@easterngoldfields.com.au E: jon.snowball@fticonsulting.com

Forward Looking Statements

Eastern Goldfields Limited has prepared this announcement based on information available to it. No representation or warranty, express or implied, is made as to the fairness, accuracy, completeness or correctness of the information, opinions and conclusions contained in this announcement. To the maximum extent permitted by law, none of Eastern Goldfields Limited, its directors, employees or agents, advisers, nor any other person accepts any liability, including, without limitation, any liability arising from fault or negligence on the part of any of them or any other person, for any loss arising from the use of this announcement or its contents or otherwise arising in connection with it. This announcement is not an offer, invitation, solicitation or other recommendation with respect to the subscription for, purchase or sale of any security, and neither this announcement nor anything in it shall form the basis of any contract or commitment whatsoever. This announcement may contain forward looking statements that are subject to risk factors associated with gold exploration, mining and production businesses. It is believed that the expectations reflected in these statements are reasonable but they may be affected by a variety of variables and changes in underlying assumptions which could cause actual results or trends to differ materially, including but not limited to price fluctuations, actual demand, currency fluctuations, drilling and production results, reserve estimations, loss of market, industry competition, environmental risks, physical risks, legislative, fiscal and regulatory changes, economic and financial market conditions in various countries and regions, political risks, project delay or advancement, approvals and cost estimates.