ORA BANDA MINING LTD — Capital/Financing Update 2017

Jun 22, 2017

ASX ANNOUNCEMENT 23 JUNE 2017

DAVYHURST MILL COMMISSIONING UNDERWAY -

FIRST ORE CRUSHED

HIGHLIGHTS

• Progressive commissioning of crushing, grinding-gravity and leach circuits commenced

• Crushing circuit commissioned and operational, grinding-gravity circuit scheduled for Saturday 24 June 2017

• Approximately 25Kt of low grade and 9kt of medium grade commissioning feed on Davyhurst ROM

Eastern Goldfields Limited (ASX:EGS) (“Eastern Goldfields” or “the Company”) is pleased to provide an update on commissioning progress at the Davyhurst Mill, located approximately 120 kilometres north west of Kalgoorlie, within the Davyhurst Mining Hub.

Mill Commissioning Status

• Refurbishment of the 1.2Mtpa mill is now complete

• Crushing circuit commissioned 20 June 2017

• Oxygen tanks commissioned, loaded and ready for operation

• New cyanide tank installed, commissioning expected early next week

ISSUED CAPITAL

Shares: 546.9m Options: 60.1m Current Share Price: $0.35 Market Capitalisation: $191.4m Cash as at 31/03/2017: $551,000*

• Raw water dam completed, ready to accept water

• 5.5MW containerised diesel power station and 550,000 litre fuel storage facility will be commissioned in the next few days

Mining and Haulage Status

• Approximately 53Kt of low grade ore has been mined at Siberia

*Excluding total debt facilities of $35.0m, see ASX announcement 31 Jan 2017. Drawn to date $15.0m

• Low grade ore from historic stockpile continuing to be mined and placed on Siberia ROM for transport to Davyhurst ROM, 23.5Kt hauled to date

• Approximately 34Kt of low and medium grade ore on Davyhurst ROM

• Construction of Siberia bypass haul road complete

• Siberia grade control drilling expected to commence end of June 2017

Eastern Goldfields Chairman, Michael Fotios, commented:

“Commissioning of the Davyhurst processing facility is advancing rapidly with the crushing circuit fully operational and grinding-gravity circuit nearing completion. Mining operations are well underway at Siberia, providing the low-grade ore feedstock to support the mill’s commissioning. We look forward to keeping the market informed of progress as we move closer to pouring first gold from our newly refurbished plant.”

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First ore being processed through crushing Overview of crushing circuit circuit (stockpiled ore in background)

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Overview of operating crushing circuit and refurbished fine ore bin receiving fine ore

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Refurbished mill feed conveyor, grinding circuit, new cyclone cluster, new gravity circuit (Nelson Concentrators coloured green) and preleach tanks.

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New mill control room, Nelson Concentrator and Acacia reactor installations.

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Loading of Siberia low grade ore at Siberia ROM for transport to Davyhurst ROM

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Project overview

Investor Enquiries

Michael Fotios Executive Chairman T: +61 8 6241 1866

E : admin@easterngoldfields.com.au

Jon Snowball FTI Consulting T: +61 477 946 068

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.

Competent Persons Statements

The information in this presentation that relates to Mineral Resources (with the exception of the Missouri and Sand King Mineral Resources) is based on, and fairly represents, information and supporting documentation compiled by or under the supervision of Mr Michael Thomson, a Competent Person who is a member of the Australasian Institute of Mining and Metallurgy, a ‘Recognised Professional Organisation’ (‘RPO’) included in a list that is posted on the ASX website from time to time. Mr Thomson has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 and 2012 Editions of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. This information was prepared and first disclosed under the JORC Code 2004. It has not been updated since to comply with the JORC Code 2012 on the basis that the information has not materially changed since it was last reported.

The information in this report that relates to the Missouri Mineral Resource is based on information compiled under the supervision of Mr Ross Whittle-Herbert, an employee of Eastern Goldfields Limited, who is Member of the Australian Institute of Geoscientists. Mr Ross Whittle-Herbert has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’.

The information in this report that relates to the Sand King Mineral Resource is based on information compiled under the supervision of Mr Michael Thomson, an employee of Eastern Goldfields Limited, who is Member of the Australian Institute of Mining and Metallurgy (AusIMM). Mr Michael Thomson has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’.

Eastern Goldfields Limited confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement and, in the case of estimates of Mineral Resources, all material assumptions and technical parameters underpinning the estimates in the initial announcement continue to apply and have not materially changed. Eastern Goldfields Limited confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcement.

EGS Mineral Resource Statement

PROJECT	('000t) MEAS	(g/t Au) URED	('000t) (g/t Au) INDICATED	('000t) (g/t Au) INDICATED	('000t) (g/t Au) INFERRED	('000t) (g/t Au) INFERRED	('000t) (g/t Au) ('000oz.) TOTAL MATERIAL	('000t) (g/t Au) ('000oz.) TOTAL MATERIAL	('000t) (g/t Au) ('000oz.) TOTAL MATERIAL
GOLDEN EAGLE	0	0.0	345	2.5	311	2.6	656	2.5	54
LIGHTS OF ISRAEL UNDERGROUND	0	0.0	74	4.3	180	4.2	254	4.2	35
MAKAI SHOOT	0	0.0	1,985	2.0	153	1.7	2,138	2.0	136
WAIHI	0	0.0	805	2.4	109	2.4	914	2.4	71
Central Davyhurst Subtotal	0	0.0	3,200	2.2	800	2.6	4,000	2.3	300
LADY GLADYS	0	0.0	1,858	1.9	190	2.4	2,048	1.9	128
RIVERINA AREA	0	0.0	941	2.4	1,644	2.5	2,585	2.5	205
FOREHAND	0	0.0	386	1.7	436	1.9	822	1.8	48
SILVER TONGUE	0	0.0	155	2.7	19	1.3	174	2.5	14
Mulline Subtotal	0	0.0	3,300	2.1	2,300	2.4	5,600	2.2	390
SAND KING	0	0.0	1,773	3.3	680	3.7	2,453	3.4	272
MISSOURI	0	0.0	2,022	3.0	409	2.6	2,431	2.9	227
PALMERSTON/CAMPERDOWN	0	0.0	118	2.3	174	2.4	292	2.4	22
BERWICK MOREING	0	0.0	0	0.0	50	2.3	50	2.3	4
BLACK RABBIT	0	0.0	0	0.0	434	3.5	434	3.5	49
THIEL WELL	0	0.0	0	0.0	18	6.0	18	6.0	3
Siberia Subtotal	0	0.0	3,900	3.1	1,800	3.2	5,700	3.1	580
CALLION	0	0.0	86	2.8	83	2.3	169	2.6	14
FEDERAL FLAG	32	2.0	112	1.8	238	2.5	382	2.3	28
SALMON GUMS	0	0.0	199	2.8	108	2.9	307	2.8	28
WALHALLA	0	0.0	448	1.8	216	1.4	664	1.7	36
WALHALLA NORTH	0	0.0	94	2.4	13	3.0	107	2.5	9
MT BANJO	0	0.0	109	2.3	126	1.4	235	1.8	14
MACEDON	0	0.0	0	0.0	186	1.8	186	1.8	11
IGUANA	0	0.0	690	2.1	2,032	2.0	2,722	2.0	177
LIZARD	106	4.0	75	3.7	13	2.8	194	3.8	24
Davyhurst Regional Subtotal	138	3.5	1,800	2.2	3,000	2.0	5,000	2.1	340
Davyhurst Total	138	3.5	12,200	2.5	7,900	2.4	20,300	2.5	1,610
BALDOCK	0	0.0	136	18.6	0	0.0	136	18.6	81
BALDOCK STH	0	0	0	0	0	0	0	0	0
METEOR	0	0.0	0	0.0	143	9.3	143	9.3	43
WHINNEN	0	0	0	0	39	13.3	39	13.3	17
Mount Ida subTotal	0	0.0	140	18.6	180	10.2	320	13.8	140
Combined Total	138	3.5	12,300	2.7	8,100	2.6	20,600	2.6	1,750

1. All Resources listed above with the exception of the Missouri and Sand King Resource were prepared and first disclosed under the JORC Code 2004 (refer to ASX release “ Swan Gold Prospectus ”, 13/2/2013) . It has not been updated since to comply with JORC Code 2012 on the basis that the information has not materially changed since it was last reported.

2. The Missouri and Sand King Mineral Resources have been updated and comply with all relevant aspects of the JORC code 2012. Please refer to the original announcements for these Resources on 15 December 2016 and 3 January 2017 respectively for further detail.

3 . The First Hit, Sunraysia and Lady Bountiful Resources are no longer held by Eastern Goldfields and as such have been omitted from the above table.

1. The above table contains rounding errors.