ORA BANDA MINING LTD — Interim / Quarterly Report 2018

Apr 30, 2018

30 April 2018

ASX ANNOUNCEMENT

Activities Report for Quarter ended 31 March 2018

HIGHLIGHTS

• Eastern Goldfields completes placement to raise $30.57 million

• Further $5.0 million raised through entitlement issue & underwriting

• Underground mining at Golden Eagle progressing strongly

• Open pit mining operations resumed at Siberia during February 2018

• Resource definition drilling recommenced

• Reinstated to Official Quotation on ASX post quarter end

• Cash including gold in circuit and gold in transit of $5.43 million

• Tradeable securities of $5.01 million

• $5 million repaid to Investec Australia Limited

• Undrawn Investmet Limited line of credit $8.81 million

OVERVIEW - DAVYHURST PROJECT OPERATIONS REPORT

The Davyhurst Project includes both open cut and underground mining targets and is located 120 kilometres north-west of Kalgoorlie.

ISSUED CAPITAL

Shares: 758.6m Options: 223.6m Current Share Price: $0.150 Market Capitalisation: $114m Cash at 31/03/2018: $3.8m*

*Excluding total debt facilities of $35.0m. Drawn to date $18.6m

During the March quarter, ramping up activities continued within the 1.2Mtpa gold processing plant, the Davyhurst Mill, with 72,183 tonnes at 1.48g/t treated. March delivered the strongest in results with an increased plant head grade of 1.69g/t and increased through-put rates achieved.

Underground mining continues to progress well at Golden Eagle, with total development of 370 metres for the quarter. The decline has advanced past the second level (355 Level) in the mine with ore development now well established. Ore development has been completed on the first level (375 Level), with ore production commenced.

A 3,500 metre underground drilling program targeting the Golden Eagle Central Shoot has commenced, with 933 metres completed during the quarter. Samples have been processed and submitted to the laboratory for assay.

Siberia open pit mining operations resumed in February, with the focus on the southern cut back of the Sandking pit. Material movement has progressed well in this free digging oxide portion of the pit. Additional grade control drilling has been conducted over the near surface laterite ores situated east of the pit, all of which sits outside the pre-mining ore reserve. Additional drilling is planned targeting mineralised extensions to the southeast.

On the ground, resource development and explorations works recommenced in March, with the drilling contractor mobilising two drilling rigs to site. On start‐up, drilling crews were deployed to the Riverina deposit, with exploration works at Menzies.

Processing Operations

Ore milled for the quarter totalled 72,183 tonnes at 1.48g/t for 3,430 ounces.

The plant experienced significant downtime with a total of 31.5 days were lost for the period, principally relating to:

• An adverse weather event ‐ A total of 11 days were lost due to an extreme adverse weather event

• Plant operational issues – A total of 20.5 days were lost due to mill downtime

The site was impacted by a severe weather event that initially struck the site on 11 February 2018. Heavy rain continued over an extended period of time, impacting processing, supply and surface haulage operations as a result of damage to critical road infrastructure. Direct operational impacts resulted in 11 days of mill downtime, although material handling issues relating to wet feed stock persisted past this point, resulting in reduced feed rates for a further 3 days.

An additional 20.5 days were lost to operational issues within the plant. These included, but were not limited to, electrical faults, mechanical faults, mechanical failures and blockages. The operational staff remain focussed on improving plant availability, with additional maintenance resources now deployed to site to assist in these endeavours. The focus of the specialised contractor will be to:

• correct any residual defects left over from the refurbishment process

• review and identify key areas for improvement for the plant (optimisation)

• review and strengthen the maintenance plans and requirements

==> picture [406 x 271] intentionally omitted <==

----- Start of picture text -----

Processing
2.00
70,000
1.90
60,000 1.80
1.70
50,000
1.60
40,000
1.50
30,000 1.40
1.30
20,000
1.20
10,000
1.10
- 1.00
Q Sep 17 Q Dec 17 Q Mar 18
Tonnes Milled Grade (g/t)
Grade (g/t)
Tonnes Milled
----- End of picture text -----

Quarterly processing figures

Underground Mining

Underground mining continued to progress well at Golden Eagle, with the capital decline development passing the second level (355 Level). Cross cut development on the 355 Level successfully intersected the main ore horizon, with ore drive development commenced prior to the end of the quarter.

Ore development was completed on the first level (375 Level), with production drilling and initial ore production commencing during the reporting period. The first level (375) delivered pleasing results, with the main ore lode (Quartz‐Feldspar Lode, or QFL) returning consistency in both grade and geometry. To the north, ore development was extended past the defined limit of the resource model by an additional 53 metres due to grade extensions on the main mineralised lode surface.

Following an internal review of the mine design, an additional ore development level (395 Level) above the 375 Level was incorporated into the mine plan. This level will be accessed from the north wall of the open pit and targets additional stoping ore that was previously excluded from the original mining model. Ultimately this re‐design will result in an increase to the planned mined ounces, although some ore production scheduled for the March 2018 quarter has been deferred until the June 2018 quarter as a result of the change.

Emergency response training of site personnel was undertaken during the reporting period. Importantly for the stoping schedule, secondary egress for the underground mine was also established.

A 3,500 metre underground drilling program has commenced, with good productivity rates achieved to date. The six week program targets the down plunge continuation to the Central Shoot, and will utilise a combination of diamond and underground reverse circulation drilling. A total of 933 metres was completed during the quarter, with samples now processed and submitted to the laboratory for assay.

==> picture [226 x 169] intentionally omitted <==

Mine rescue training at the underground mine

==> picture [226 x 169] intentionally omitted <==

Diamond drilling targeting the Central Shoot

==> picture [223 x 297] intentionally omitted <==

Isometric view of the Golden Eagle underground mine

Open Pit Mining

Siberia open pit mining operations resumed in February, with the focus on the southern cut back of the Sandking pit. Material movement has progressed well in this free digging oxide portion of the pit. The first significant in-pit grade control event is planned for May, with ore production scheduled from that point forward.

Additional grade control drilling was conducted over the near surface laterite ores situated east of the pit. This area will be targeted as a source of ore in early April, all of which sits outside of the larger open pit Reserve model. Drilling outside of the immediate mining area has identified extensions to this mineralisation. This will be followed up with some additional infill drilling. Recent metallurgical testing of the Siberia laterites indicates recoveries in excess of 92% for this material.

Infill drilling on the Sandking low grade dump is planned for April.

PROJECT DEVELOPMENT UPDATE

Drilling operations recommenced in March, with the drilling contractor mobilising two drilling rigs to site. On start‐ up, drilling crews were deployed to the Riverina deposit, with exploration works at Menzies.

The Riverina Project area is located approximately 48 kilometres north of the Davyhurst Mill, and has a current Mineral Resource estimate of 2.6Mt @ 2.5g/t Au for 205,000 ounces. It is one of several high priority drilling targets within the Company’s Davyhurst Project and is seen as the next open pit mining focus following on from Siberia. Drilling is designed to infill and upgrade the existing Mineral Resource in accordance with the JORC Code 2012. Opportunities exist to expand and extend the known resource into areas currently constrained by a lack of drilling coverage.

An external consultant has been engaged to complete an updated Mineral Resource estimation in accordance with JORC Code 2012 of the Callion deposit, which is located approximately 13 km from the Davyhurst Mill and contains a Mineral Resource of 169,000 tonnes at 2.6g/t for 14,000 ounces. This process is well advanced, with a Resource update scheduled for the June 2018 quarter. This update will aim to quantify both the open pit resource and the larger underground resource which currently remains open at depth. Following on from the Resource update, a mining study will commenced aimed at quantifying both open pit and underground mining potential for this deposit.

The Waihi Mineral Resource estimation update process will follow. The Waihi Complex, located approximately 3 kilometres from the Davyhurst Mill, has been identified as an area containing significant potential to provide high grade underground feed to complement the open pit.

EXPLORATION UPDATE

During the quarter, the Company continued to progress the regional strategy, outlined below:

• Prioritise some 200+ prospects for drilling

• Prioritise early diamond drilling of prospects to identify mineralisation controls

• Acquire and compile detailed geophysical data

• Compile regional 1:25000 solid geology mapping

• Ongoing 1:5000 and 1:10000 geological project mapping for compilation

• Ongoing historic drilling and geochemical sampling data acquisition and validation

• Ongoing review of regolith and historical sampling efficacy

• Ongoing auger geochemistry acquisition

• Systematic pXRF and spectral data acquisition from all available archival material

• Establish regional end of hole (EOH), top of fresh rock (TOFR), and base of transported cover multi‐ element geochemistry

• Establish regional fresh rock spectral dataset for alteration analysis

• Complete structural and genetic model

The Company recently completed diamond tail drilling of the Lady Irene prospect immediately north of Menzies and has commencing drilling of three diamond holes into the known shoots at the historic Yunndaga prospect in Menzies, under the Joint Venture agreement with Intermin.

==> picture [401 x 301] intentionally omitted <==

Diamond drilling at Lady Irene prospect, 2018

The multipurpose rig will then move to the Mount Ida area to complete single holes at the Gordon and Bombay prospects. A shift south to the Mulline project will follow, where holes are planned at Peachtree, Lady Gladys, the Mulline offset target, and at the Young Australia prospect. Upon completion, the drill rig will move south‐east to the Timber Flat area, where two holes will be drilled at the Little Wonder prospect, to establish mineralisation controls and assist targeting of very high grade repetitions to the known mineralisation. A further hole is planned south of Callion at the Gila prospect. Diamond drilling of the Siberia‐Keiths trend, including the Siberia‐Consols area, is planned but will utilise the diamond‐only drill rig as it becomes available from the Resource Development team.

CORPORATE

Placement

On 5 February 2018, the Company issued 87,500,000 shares to Hawke’s Point at a price of $0.20 per share, with corresponding 1 for 1 free attaching unlisted options to acquire shares in the Company ( Options ). The Options were issued in two tranches, with one half of the Options having an exercise price of $0.25 and the other half having an exercise price of $0.275, and an expiry date of 5 years after issue subject to an accelerated expiry date should certain objective conditions be met.

Completion of the Placement occurred on 2 February 2018, and total funds raised under the Placement amounted to $30.57 million (before costs).

Rights Issue

Following the Placement, the Company completed a Right Issue to existing shareholders at an issue price of $0.20 per New Share on the basis of 1 New Share for every 20 existing fully paid ordinary shares, together with a free attaching Option per New Share acquired.

On 26 February 2018, the Company advised that it received valid applications under the Rights Issue for 11,247,806 New Shares from shareholders, leaving a shortfall of 24,676,464 shares and options ( Shortfall Securities ). In addition, the Company received additional applications from existing shareholders for a further 2,773,497 New Shares in accordance with section 2.9 of the prospectus dated 1 February 2018 (as supplemented by the supplementary prospectus dated 20 February 2018) ( Prospectus ). The Rights Issue was partially underwritten by Investmet Limited and 11,000,000 New Shares and 11,000,000 options were issued to the underwriter. A total of approximately $5.0 million has been raised under the Rights Issue and underwriting. The balance of the shortfall of approximately $2.0 million is available to place until 21 May 2018

GRES

On 12 July 2017, the Company received a writ of summons for proceedings in the Supreme Court of Western Australia commenced by GR Engineering Services ( GRES ) in relation to the Davyhurst Gold Project refurbishment contract entered into by GRES and the Company on 22 September 2016. The Order made by the Supreme Court of Western Australia to wind up Eastern Goldfields was subsequently set aside and the winding up process terminated with the Company returned to its Directors (ASX announcement 17 August 2017). The Company provided further updates on the status of these proceedings on 24 and 25 January 2018.

Investec Repayment

During the quarter, $5 million was repaid to Investec Australia Limited.

Re-instatement to Quotation

Post the end of the quarter, on Tuesday 17 April 2018, the Company was reinstated to official quotation on ASX.

OUTLOOK

Currently, the Company is moving towards steady state production based on treatment of existing low and medium grade surface stockpiles.

The Company expects to ramp up production during the March quarter, based on the introduction of higher grade open pit feed from the Siberia Mining Centre and ore becoming available from the Golden Eagle underground operation.

Investor and Media Enquiries

Michael Fotios Executive Chairman T: +61 8 6241 1888

E : admin@easterngoldfields.com.au

Competent Person Statement

The information in this report that relates to Exploration Results, Exploration Targets and the Sand King and Missouri Mineral Resources is based on information compiled under the supervision of Mr Michael Thomson, a former employee of Eastern Goldfields Limited, who is Member of the Australian Institute of Mining and Metallurgy. 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 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement. The Company confirms that the form and context in which the Competent Person’s findings are presented have not been modified from the original 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.

The information in this report that relates to Mineral Resources (with the exception of the Sand King and Missouri Mineral Resources) is based on information compiled under the supervision of Mr Michael Thomson, a former employee of Eastern Goldfields Limited, who is Member of the Australian Institute of Mining and Metallurgy. 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 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement. The Company confirms that the form and context in which the Competent Person’s findings are presented have not been modified from the original 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. 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 Ore Reserves is based on information compiled by Mr Craig Mann, who is an independent mining engineering consultant and a full-time employee of Entech Pty Ltd, and has sufficient relevant experience to advise Eastern Goldfields Limited on matters relating to mine design, mine scheduling, mining methodology and mining costs. Mr Mann is satisfied that the information provided in this statement has been determined to a PFS level of accuracy, based on the data provided by Eastern Goldfields Limited. The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement. The Company confirms that the form and context in which the Competent Person’s findings are presented have not been modified from the original announcement and, in the case of estimates of Ore Reserves, all material assumptions and technical parameters underpinning the estimates in the initial announcement continue to apply and have not materially changed.

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.

Table 2: EGS Mineral Resource Statement

PROJECT	('000t) (g/t Au) MEASURED	('000t) (g/t Au) MEASURED	('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	3,962	2.3	296
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
SUNRAYSIA	0	0.0	175	2.1	318	2.0	493	2.0	32
Riverina-Mulline Subtotal	0	0.0	3,515	2.1	2,607	2.3	6,122	2.2	427
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	3,913	3.1	1,765	3.2	5,678	3.1	577
CALLION	0	0.0	86	2.8	83	2.3	169	2.6	14
Callion Subtotal	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
Walhalla Subtotal	32	2.0	962	2.1	887	2.0	1,881	2.1	126
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
Lady Ida Subtotal	106	4.0	765	2.3	2,045	2.0	2,916	2.1	201
Davyhurst Total	138	3.5	12,441	2.5	8,187	2.4	20,728	2.4	1,641
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	0	0.0	0
METEOR	0	0.0	0	0.0	143	9.3	143	9.3	43
WHINNEN	0	0.0	0	0.0	39	13.3	39	13.3	17
Mount Ida Total	0	0.0	136	18.6	182	10.2	318	13.8	141
Combined Total	138	3.5	12,577	2.7	8,369	2.6	21,046	2.6	1,782

1. All Resources listed above with the exception of the Missouri and Sand King Resources 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 has been updated and complies with all relevant aspects of the JORC code 2012.

3. The above table contains rounding errors

Table 3: EGS Mineral Reserve Statement

Reserve	Proven	Proven	Probable	Probable	Total	Total	Total
	('000t)	(g/t Au)	('000t)	(g/t Au)	('000t)	(g/t Au)	('000oz.)
Missouri - Dec 2016	-	-	1,205	2.2	1,205	2.2	85
Sand King – Feb 217	-	-	8,20	2.5	820	2.5	65
Combined Total	-	-	2,025	2.3	2,025	2.3	150

Appendix 1: Tenement Listing and Movements During the Quarter

Tenement	Status	Mineral Field	Beginning %	End %	Note
E16/0337	Granted	16 - Coolgardie	100	100
E16/0344	Granted	16 - Coolgardie	75	75	1
E16/0347	Dead	16 - Coolgardie	100	0
E16/0456	Granted	16 – Coolgardie	100	100
E16/0473	Granted	16 – Coolgardie	100	100
E16/0474	Granted	16 – Coolgardie	100	100
E16/0475	Granted	16 – Coolgardie	100	100
E16/0480	Granted	16 – Coolgardie	100	100
E16/0482	Granted	16 – Coolgardie	100	100
E16/0483	Granted	16 – Coolgardie	100	100
E16/0484	Granted	16 – Coolgardie	100	100
E16/0486	Granted	16 – Coolgardie	100	100
E16/0487	Granted	16 – Coolgardie	100	100
E24/0203	Granted	24 - Broad Arrow	100	100
E29/0419	Dead	29 – North Coolgardie	100	0	7
E29/0640	Granted	29 – North Coolgardie	100	100	2
E29/0641	Granted	29 – North Coolgardie	100	100	2
E29/0889	Granted	29 – North Coolgardie	100	100	4
E29/0895	Granted	29 – North Coolgardie	100	100
E29/0922	Dead	29 – North Coolgardie	100	0	7
E29/0955	Granted	29 – North Coolgardie	100	100
E29/0964	Granted	29 – North Coolgardie	100	100
E29/0966	Granted	29 – North Coolgardie	100	100	7
E29/0984	Granted	29 – North Coolgardie	100	100	7
E30/0333	Granted	30 – North Coolgardie	100	100	4
E30/0334	Granted	30 – North Coolgardie	100	100
E30/0335	Granted	30 – North Coolgardie	100	100
E30/0336	Granted	30 – North Coolgardie	100	100
E30/0338	Granted	30 – North Coolgardie	100	100
E30/0449	Granted	30 – North Coolgardie	100	100
E30/0454	Granted	30 – North Coolgardie	100	100
E30/0468	Granted	30 – North Coolgardie	100	100
L15/0224	Granted	15 – Coolgardie	100	100
L16/0058	Granted	16 – Coolgardie	100	100
L16/0062	Granted	16 – Coolgardie	100	100
L16/0072	Granted	16 – Coolgardie	100	100
L16/0073	Granted	16 – Coolgardie	100	100
L16/0103	Granted	16 – Coolgardie	100	100
L24/0085	Granted	24 – Broad Arrow	100	100
L24/0101	Granted	24 – Broad Arrow	100	100
L24/0115	Granted	24 – Broad Arrow	100	100
L24/0123	Granted	24 – Broad Arrow	100	100
L24/0124	Granted	24 – Broad Arrow	100	100

L24/0170	Granted	24 – Broad Arrow	100	100
L24/0174	Granted	24 – Broad Arrow	100	100
L24/0188	Granted	24 – Broad Arrow	100	100
L24/0189	Granted	24 – Broad Arrow	100	100
L24/0224	Granted	24 – Broad Arrow	100	100
L24/0232	Granted	24 – Broad Arrow	100	100
L24/0233	Granted	24 – Broad Arrow	100	100
L29/0042	Granted	29 – North Coolgardie	100	100	7
L29/0043	Granted	29 – North Coolgardie	100	100	7
L29/0044	Granted	29 – North Coolgardie	100	100	7
L29/0074	Granted	29 – North Coolgardie	100	100
L29/0109	Granted	29 – North Coolgardie	100	100	7
L30/0035	Granted	30 – North Coolgardie	100	100
L30/0037	Granted	30 – North Coolgardie	100	100
L30/0066	Granted	30 – North Coolgardie	0	100
M16/0262	Granted	16 - Coolgardie	100	100
M16/0263	Granted	16 - Coolgardie	100	100
M16/0264	Granted	16 - Coolgardie	100	100
M16/0268	Granted	16 - Coolgardie	100	100
M16/0470	Granted	16 - Coolgardie	100	100
M24/0039	Granted	24 - Broad Arrow	100	100	5
M24/0115	Granted	24 - Broad Arrow	100	100
M24/0159	Granted	24 - Broad Arrow	100	100
M24/0208	Granted	24 - Broad Arrow	100	100
M24/0376	Granted	24 - Broad Arrow	100	100
M24/0634	Granted	24 - Broad Arrow	100	100	4
M24/0660	Granted	24 - Broad Arrow	100	100	4
M24/0663	Granted	24 - Broad Arrow	100	100	4
M24/0664	Granted	24 - Broad Arrow	100	100	4
M24/0665	Granted	24 - Broad Arrow	100	100	6
M24/0683	Granted	24 - Broad Arrow	100	100	4
M24/0686	Granted	24 - Broad Arrow	100	100	4
M24/0757	Granted	24 - Broad Arrow	100	100	4
M24/0772	Granted	24 - Broad Arrow	100	100	4
M24/0797	Granted	24 - Broad Arrow	100	100	4
M24/0845	Granted	24 - Broad Arrow	100	100	4
M24/0846	Granted	24 - Broad Arrow	100	100	4
M24/0847	Granted	24 - Broad Arrow	100	100	4
M24/0848	Granted	24 - Broad Arrow	100	100	4
M24/0915	Granted	24 - Broad Arrow	100	100	4
M24/0916	Granted	24 - Broad Arrow	100	100	4
M24/0960	Granted	24 - Broad Arrow	100	100
M29/0002	Granted	29 - North Coolgardie	100	100	2
M29/0014	Granted	29 - North Coolgardie	100	100	7
M29/0088	Granted	29 - North Coolgardie	100	100	7
M29/0153	Granted	29 - North Coolgardie	100	100	7

M29/0154	Granted	29 - North Coolgardie	100	100	7
M29/0165	Granted	29 - North Coolgardie	100	100	2
M29/0184	Granted	29 - North Coolgardie	100	100	7
M29/0212	Granted	29 - North Coolgardie	100	100	7
M29/0410	Granted	29 - North Coolgardie	100	100	7
M29/0420	Granted	29 - North Coolgardie	100	100	7
M29/0422	Granted	29 - North Coolgardie	100	100	2
M30/0102	Granted	30 - North Coolgardie	100	100
M30/0103	Granted	30 - North Coolgardie	100	100
M30/0111	Granted	30 - North Coolgardie	100	100
M30/0123	Granted	30 - North Coolgardie	100	100
M30/0126	Granted	30 - North Coolgardie	100	100
M30/0127	Granted	30 - North Coolgardie	100	100	4
M30/0133	Granted	30 - North Coolgardie	100	100	4
M30/0157	Granted	30 - North Coolgardie	100	100	4
M30/0182	Granted	30 - North Coolgardie	100	100	4
M30/0187	Granted	30 - North Coolgardie	100	100
M30/0253	Granted	30 - North Coolgardie	100	100
M30/0255	Granted	30 - North Coolgardie	100	100
M30/0256	Granted	30 - North Coolgardie	100	100
P16/2921	Granted	16 - Coolgardie	100	100
P16/2922	Granted	16 - Coolgardie	100	100
P24/4395	Granted	24 - Broad Arrow	100	100	4
P24/4396	Granted	24 - Broad Arrow	100	100	4
P24/4400	Granted	24 - Broad Arrow	100	100	4
P24/4401	Granted	24 - Broad Arrow	100	100	4
P24/4402	Granted	24 - Broad Arrow	100	100	4
P24/4403	Granted	24 - Broad Arrow	100	100	4
P24/4750	Granted	24 - Broad Arrow	100	100
P24/4751	Granted	24 - Broad Arrow	100	100
P24/4754	Granted	24 - Broad Arrow	100	100
P24/5073	Granted	24 - Broad Arrow	100	100
P24/5074	Granted	24 - Broad Arrow	100	100
P24/5075	Granted	24 - Broad Arrow	100	100
P29/2153	Granted	29 - North Coolgardie	100	100	7
P29/2154	Granted	29 - North Coolgardie	100	100	7
P29/2155	Granted	29 - North Coolgardie	100	100	7
P29/2156	Granted	29 - North Coolgardie	100	100	7
P29/2251	Granted	29 - North Coolgardie	100	100	7
P29/2252	Granted	29 - North Coolgardie	100	100	7
P29/2253	Granted	29 - North Coolgardie	100	100	7
P29/2254	Granted	29 - North Coolgardie	100	100	7
P29/2268	Dead	29 - North Coolgardie	100	0	7
P29/2269	Dead	29 - North Coolgardie	100	0	7
P29/2286	Dead	29 - North Coolgardie	100	0	7
P29/2287	Dead	29 - North Coolgardie	100	0	7

P29/2288	Dead	29 - North Coolgardie	100	0	7
P29/2289	Dead	29 - North Coolgardie	100	0	7
P29/2290	Dead	29 - North Coolgardie	100	0	7
P29/2307	Dead	29 - North Coolgardie	100	0	7
P29/2308	Dead	29 - North Coolgardie	100	0	7
P29/2310	Dead	29 - North Coolgardie	100	0	2
P29/2312	Dead	29 - North Coolgardie	100	0	2
P29/2313	Dead	29 - North Coolgardie	100	0	2
P29/2314	Dead	29 - North Coolgardie	100	0	2
P29/2319	Granted	29 - North Coolgardie	100	100	2
P29/2320	Granted	29 - North Coolgardie	100	100	2
P29/2321	Granted	29 - North Coolgardie	100	100	2
P29/2322	Granted	29 - North Coolgardie	100	100	2
P29/2323	Granted	29 - North Coolgardie	100	100	2
P29/2326	Granted	29 - North Coolgardie	100	100	2
P29/2328	Granted	29 - North Coolgardie	100	100	2
P29/2251	Granted	29 - North Coolgardie	100	100	7
P29/2344	Granted	29 - North Coolgardie	100	100	7
P29/2345	Granted	29 - North Coolgardie	100	100	7
P30/1074	Dead	30 - North Coolgardie	100	0	4
P30/1107	Granted	30 - North Coolgardie	100	100
P30/1108	Granted	30 - North Coolgardie	100	100
P30/1109	Granted	30 - North Coolgardie	100	100
P30/1110	Granted	30 - North Coolgardie	100	100	4
P30/1116	Granted	30 - North Coolgardie	100	100	4
P30/1117	Granted	30 - North Coolgardie	100	100	4
P30/1118	Granted	30 - North Coolgardie	100	100	4
P30/1122	Granted	30 - North Coolgardie	100	100	4

Notes

1 EGS holds a % interest in gold rights

2 100% interest in iron rights held by 3rd party

3 100% interest in iron and nickel rights held by 3rd party

4 100% interest in nickel rights held by 3rd party

• 5 100% interest in gold rights held by EGS

6 90% interest in all mineral rights barr nickel held by EGS

7 Interest being earned in

Appendix 5B Mining exploration entity and oil and gas exploration entity quarterly report

+Rule 5.5

Appendix 5B

Mining exploration entity and oil and gas exploration entity quarterly report

Introduced 01/07/96 Origin Appendix 8 Amended 01/07/97, 01/07/98, 30/09/01, 01/06/10, 17/12/10, 01/05/13, 01/09/16

Name of entity

Eastern Goldfields Limited

ABN 69 100 038 266	Quarter ended (“current quarter”)
69 100 038 266	31 March 2018

Consolidated statement of cash flows	Current quarter $A’000	Year to date (9 months) $A’000
1. Cash flows from operating activities 1.1 Receipts from customers 1.2 Payments for (a) exploration & evaluation (b) development (c) production (incl. plant repair) (d) staff costs (incl. plant repair) (e) administration and corporate costs 1.3 Dividends received (see note 3) 1.4 Interest received 1.5 Interest and other costs of finance paid 1.6 Income taxes paid 1.7 Research and development refunds 1.8 GST refund received / Other 1.9 Net cash from / (used in) operating activities	2,169 (1,408) (2,394) (15,601) (1,629) (1,978) - - (535) - - 1,442	5,827 (3,909) (9,126) (18,260) (4,078) (3,343) - - (834) - - 4,303
	(19,933)	(29,417)
2. Cash flows from investing activities 2.1 Payments to acquire: (a) property, plant and equipment (b) tenements (see item 10) (c) investments (d) other non-current assets	- - - -	- - - -

• See chapter 19 for defined terms

1 September 2016

Page 1

Appendix 5B Mining exploration entity and oil and gas exploration entity quarterly report

Consolidated statement of cash flows	Current quarter $A’000	Year to date (9 months) $A’000
2.2 Proceeds from the disposal of: (a) property, plant and equipment (b) tenements (see item 10) (c) investments (d) other non-current assets 2.3 Cash flows from loans to other entities 2.4 Dividends received (see note 3) 2.5 Other (provide details if material) 2.6 Net cash from / (used in) investing activities	- - - - - - -	- - - - - - -
	-	-
3. Cash flows from financing activities 3.1 Proceeds from issues of shares 3.2 Proceeds from issue of convertible notes 3.3 Proceeds from exercise of share options 3.4 Transaction costs related to issues of shares, convertible notes or options 3.5 Proceeds from borrowings 3.6 Repayment of borrowings 3.7 Transaction costs related to loans and borrowings 3.8 Dividends paid 3.9 Other (provide details if material) 3.10 Net cash from / (used in) financing activities	29,952 - 210 1,630 3,025 (7,918) - - -	29,952 - 356 1,630 13,148 (8,636) - - -
	7,886	9,550
4. Net increase / (decrease) in cash and cash equivalents for the period 4.1 Cash and cash equivalents at beginning of period 4.2 Net cash from / (used in) operating activities (item 1.9 above) 4.3 Net cash from / (used in) investing activities (item 2.6 above) 4.4 Net cash from / (used in) financing activities (item 3.10 above)	80 (19,933) - 23,639	13 (29,417) - 33,190

• See chapter 19 for defined terms 1 September 2016

Page 2

Appendix 5B Mining exploration entity and oil and gas exploration entity quarterly report

Consolidated statement of cash flows	Current quarter $A’000	Year to date (9 months) $A’000
4.5 Effect of movement in exchange rates on cash held 4.6 Cash and cash equivalents at end of period Note: Cash and Cash Equivalents excludes gold in transit and held for refining of $540,728, estimated gold in circuit of $1,100,000and market value of available for sale financial assets of$5,008,517as at 31 March 2018.	-	-
	3,786	3,786

5. Reconciliation of cash and cash equivalents at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts	Current quarter $A’000	Previous quarter $A’000
5.1 Bank balances 5.2 Call deposits 5.3 Bank overdrafts 5.4 Other (provide details) 5.5 Cash and cash equivalents at end of quarter Note: Cash and Cash Equivalents excludes gold in transit and held for refining of $540,728, estimated gold in circuit of $1,100,000and market value of available for sale financial assets of$5,008,517as at 31 March 2018.	3,786 - - -	80 - - -
	3,786	80
6. Payments to directors of the entity and their associates Current quarter $A'000 6.1 Aggregate amount of payments to these parties included in item 1.2 266 6.2 Aggregate amount of cash flow from loans to these parties included in item 2.3 6.3 Include below any explanation necessary to understand the transactions included in items 6.1 and 6.2
		Current quarter $A'000
		266

• Directors fees

• • Payments to entities associated with director Mr Michael Fotios, which are on normal commercial terms and relate to management, staff, office and drilling expenses.

• See chapter 19 for defined terms 1 September 2016

Page 3

Appendix 5B

Mining exploration entity and oil and gas exploration entity quarterly report

7.	Payments to related entities of the entity and their	Current quarter
	associates	$A'000
7.1	Aggregate amount of payments to these parties included in item 1.2	257
7.2	Aggregate amount of cash flow from loans to these parties included	-
	in item 2.3
7.3	Include below any explanation necessary to understand the transactions included in
	items 7.1 and 7.2

All payments to related entities and associates are on normal commercial terms. The payments relate to management, staff, office and drilling expenses.

8. Financing facilities available Add notes as necessary for an understanding of the position 8.1 Loan facilities 8.2 Credit standby arrangements 8.3 Other (please specify)	Total facility amount at quarter end $A’000	Amount drawn at quarter end $A’000
	20,000	10,000
	15,000	6,188
	-	-

• 8.4 Include below a description of each facility above, including the lender, interest rate and whether it is secured or unsecured. If any additional facilities have been entered into or are proposed to be entered into after quarter end, include details of those facilities as well.

Loan facilities: Investec Australia Limited, secured

Credit standby facilities: Investmet and other related entities, unsecured. Interest rate 3% above BBR whilst secured, 19% whilst unsecured.

9. Estimated cash outflows for next quarter	$A’000
9.1 Exploration and evaluation 9.2 Development 9.3 Production 9.4 Staff costs 9.5 Administration and corporate costs 9.6 Other (provide details if material) 9.7 Total estimated cash outflows	1,000 4,500 9,000 1,000 700 100
	16,300

• See chapter 19 for defined terms 1 September 2016

Page 4

Appendix 5B

Mining exploration entity and oil and gas exploration entity quarterly report

10. Changes in tenements (items 2.1(b) and 2.2(b) above)	Tenement reference and location	Nature of interest	Interest at beginning of quarter	Interest at end of quarter
10.1 Interests in mining tenements and petroleum tenements lapsed, relinquished or reduced	E16/0347 E29/0419 E29/0922 P29/2268 P29/2269 P29/2286 P29/2287 P29/2288 P29/2289 P29/2290 P29/2307 P29/2308 P29/2310 P29/2312 P29/2313 P29/2314 P30/1074	Lapsed	100%	0%
10.2 Interests in mining tenements and petroleum tenements acquired or increased	L30/0066	Granted	0%	100%

Compliance statement

• 1 This statement has been prepared in accordance with accounting standards and policies which comply with Listing Rule 19.11A.

• 2 This statement gives a true and fair view of the matters disclosed.

==> picture [72 x 63] intentionally omitted <==

Sign here: ............................................................ (Director/ ~~Company secretary~~ ) MICHAEL FOTIOS Print name: .........................................................

30 April 2018 Date: .............................................

• See chapter 19 for defined terms 1 September 2016

Page 5

Appendix 5B

Mining exploration entity and oil and gas exploration entity quarterly report

Notes

1. The quarterly report provides a basis for informing the market how the entity’s activities have been financed for the past quarter and the effect on its cash position. An entity that wishes to disclose additional information is encouraged to do so, in a note or notes included in or attached to this report.

2. If this quarterly report has been prepared in accordance with Australian Accounting Standards, the definitions in, and provisions of, AASB 6: Exploration for and Evaluation of Mineral Resources and AASB 107: Statement of Cash Flows apply to this report. If this quarterly report has been prepared in accordance with other accounting standards agreed by ASX pursuant to Listing Rule 19.11A, the corresponding equivalent standards apply to this report.

3. Dividends received may be classified either as cash flows from operating activities or cash flows from investing activities, depending on the accounting policy of the entity.

4. See chapter 19 for defined terms 1 September 2016

Page 6