ORA BANDA MINING LTD — Capital/Financing Update 2019

Jun 25, 2019

24 June 2019

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ASX Announcement

Pre-reinstatement disclosure

Ora Banda Mining Limited (“Company”) (ASX:OBM) (formally Eastern Goldfields Limited) makes the following pre-reinstatement disclosure in accordance with the reinstatement conditions received from ASX.

Capitalised terms in this announcement not otherwise defined have the meaning ascribed in the Company's prospectus dated 30 April 2019 ( Prospectus ).

Capital Structure

The Company confirms that upon reinstatement the capital structure will be as follows:

Security	Number
Fully paid ordinary shares	371,179,700
Fully paid ordinary shares – voluntary escrowed to 11/03/2020	57,270,131
Fully paid ordinary shares – voluntary escrowed to 11/12/2020	57,270,131
Unlisted performance options	2,000,000
Unlisted incentive options	5,333,333
Unlisted remuneration options	1,155,001
Unlisted options exercisable at $0.2625 on or before 11 June 2021	7,666,667
Unlisted options exercisable at $1.1250 on or before 11 June 2023	2,916,667
Unlisted options exercisable at $2.9625 on or before 2 February 2023	3,854,862
Unlisted options exercisable at $3.3375 on or before 2 February 2023	3,854,862
Unlisted options exercisable at $3.1125 on or before 2 February 2021	509,500
Unlisted options exercisable at $6.1875 on or before 2 February 2021	66,667
Unlisted options exercisable at $2.9625 on or before 31 January 2023	2,178,331
Unlisted options exercisable at $3.3375 on or before 31 January 2023	2,178,331
Unlisted options exercisable at $2.8350 on or before 8 March 2020	1,468,334

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Use of funds

The Company confirms the actual funds received from the capital raising, being $30,190,150, are planned to be used in accordance with the table below:

Expenditure Plan	Amount
Creditors Trust Fund	7,300,000
Supporting Creditor Payments	4,597,243
Korda Mentha Fee	693,500
Repayment of Hawke's Point Loan to Deed Administrators	652,992
Exploration, resource development and associated working capital	15,501,869
Lead Manager fees	1,420,285
Hawke's Point legal fees	24,261
Total Amount Raised	$30,190,150

Statement of Financial Position

Attached at Schedule 1 is a pro-forma statement of financial position for the Company based on the Company's reviewed accounts for the six months ended 31 December 2018 and actual funds raised under the Capital Raising.

Status of Litigation

Other than as disclosed in the Prospectus, the Company does not have any further update in relation to any litigation matters.

Other confirmations

The Company confirms as follows:

1. all of the Company's material tenements on which its proposed exploration program will be conducted are in good standing;

2. the Company is in compliance with all of its unconditional performance bonds and mining rehabilitation fund obligations (as applicable);

3. there are no legal, regulatory or contractual impediments to the Company undertaking its proposed activities as set out in the Prospectus;

4. the Company is debt free, other than specified debts owed to hire purchase and other equipment financiers;

5. the Company does not have any unpaid employee entitlements (other than in respect of continuing employees whose entitlements have not yet crystallised);

6. the Company does not have any unpaid amounts owing to a government; and

7. the Company is in compliance with the listing rules, and in particular listing rule 3.1.

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Investor & Media Queries: David Quinlivan Managing Director +61 418 948 944

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Schedule 1

Statement of Financial Position

Assets Current assets Cash and cash equivalents Trade and other receivables Inventories Total current assets Non-current assets Trade and other receivables Mine properties Financial Assets Total non-current assets Total assets Liabilities and Equity Current liabilities Trade and other payables Loans and borrowings Provisions Total current liabilities Non-current liabilities Provisions Total non-current liabilities Total liabilities Net liabilities SHAREHOLDERS’ (DEFICIT)/EQUITY Issued capital Accumulated losses Reserves Total shareholders’ deficit	18 Jun 2019 $’000 14,987 121 79 15,187 - 38,460 - 38,460 53,647 - - 172 172 15,783 15,783 15,955 37,692 352,408 (327,466) 12,750 37,692	31 Dec 2018 $’000 2,759 121 79
		2,959
		64 38,460 945
		39,469
		42,428
		44,372 31,935 1,104
		77,411
		18,289
		18,289
		95,700
		(53,272)
		287,168 (353,778) 13,338
		(53,272)

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