ORA BANDA MINING LTD — Capital/Financing Update 2020

Jul 2, 2020

ASX Announcement (ASX: OBM)

3 July 2020

Entitlement Offer Cleansing Notice

This notice is given by Ora Banda Mining Limited (ASX: OBM) ( Company ) under section 708AA(2)(f) of the Corporations Act 2001 (Cth) ( Act ), as modified by the Australian Securities and Investments Commission ( ASIC ).

The Company announced today an accelerated non-renounceable pro rata entitlement offer on the basis of 1 new fully paid ordinary share ( New Share ) for every 9 fully paid ordinary shares in the Company ( Share ) held by eligible shareholders at an issue price of A$0.23 per New Share to raise approximately A$15 million (before costs) ( Entitlement Offer ).

The Company advises that:

1. the Company will offer the New Shares under the Entitlement Offer without disclosure to investors under Part 6D.2 of the Act;

2. this notice is being given under section 708AA(2)(f) of the Act as modified by ASIC;

3. as at the date of this notice, the Company has complied with:

   • (a) the provisions of Chapter 2M of the Act as they apply to the Company; and

   • (b) section 674 of the Act;

4. as at the date of this notice, there is no 'excluded information' of the type referred to in section 708AA(8) and 708AA(9) of the Act which is required to be disclosed by the Company;

5. the potential effect that the Entitlement Offer will have on the control of the Company, and the consequences of that effect, will depend on a number of factors, including investor demand and existing shareholdings. As the Entitlement Offer is a pro rata issue, given the current level of holdings of substantial holders (based on substantial holder notices that have been given to the Company and lodged with ASX before the date of this announcement) and pursuant to the agreements in place and the structure of the Entitlement Offer, the Entitlement Offer is not expected to have any material effect on the control of the Company and, as a result, there is not expected to be any consequences flowing from that effect; and

6. Hawke’s Point, the Company’s major shareholder, will not exceed its voting power of 44.99% under the Entitlement Offer.

Additional Information

This announcement was authorised for release to the ASX by the Board of Ora Banda Mining Limited.

Investor & Media Queries:

David Quinlivan Managing Director +61 418 948 944 info@orabandamining.com.au

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ADDRESS Level 1, 2 Kings Park Rd, Perth WA 6005 POST PO Box 464, West Perth WA 6872 ABN 69 100 038 266 PHONE +61 8 6365 4548 PHONE (TOLL FREE) 1300 035 592 WEBSITE www.orabandamining.com.au ENQUIRES info@orabandamining.com.au