REDCASTLE RESOURCES LIMITED — Capital/Financing Update 2016

Jun 7, 2016

3 June 2016

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STATEMENT OF COMMITMENTS

The amount of $3,600,000 was raised under the Public Offer pursuant to the Company’s prospectus dated 11 December 2015, supplementary prospectus dated 11 March 2016 and second supplementary prospectus dated 16 March 2016 ( Prospectus ).

The Company intends to apply funds raised from the Public Offer, together with existing cash reserves, in the next two years following re-admission to the Official List of the ASX (for the purpose of satisfying ASX’s requirements for re-listing following a significant change to the nature and scale of the Company’s activities) as follows:

Funds available	Full Subscription($3,600,000	Percentage ofFunds (%)
**Existing cash reserves of the Company1 **	$12,807	.35%
Funds raised from the Public Offer	$3,600,000	99.65%
Total	$3,612,807	100%
Allocation of funds	Full Subscription($3,600,000	Percentage ofFunds (%)
Marketing ActivitiesGraphic and DesignOnline MarketingHard copy advertisingBusiness Developing Manager	$820,000$40,000$180,000$300,000$300,000	22.70%
Technology and DevelopmentDatabase System DevelopmentApp User InterfaceBolt on Modules	$1,300,000$580,000$340,000$380,000	35.98%
Technology AcquisitionsOCR ModuleVoice to Text ConversionOther	$900,000$210,000$70,000$620,000	24.91%
Expenses associated with the Acquisition	$400,000	11.07%
**Working Capital2 **	$192,807	5.34%
TOTAL	$3,612,807	100%

945 Wellington Street, West Perth WA 6008 | ABN 57 096 781 716 T: +61 (0)8 9322 7600 | F: +61 (0)8 9322 7602 | W: www.tt‐limited.com | E info@tt‐limited.com

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Notes :

1. These funds represent existing cash held by the Company as at 2 June 2016.

2. Working capital includes the general costs associated with the management and operation of the business including salaries and wages (approximately 60%), payroll and other administration expenses (approximately 20%), occupancy costs (approximately 20%) and other costs.

The above table is a statement of current intentions as of the date of this announcement. As with any budget, intervening events (including exploration success or failure) and new circumstances have the potential to affect the manner in which the funds are ultimately applied. The Board reserves the right to alter the way funds are applied on this basis.

945 Wellington Street, West Perth WA 6008 | ABN 57 096 781 716 T: +61 (0)8 9322 7600 | F: +61 (0)8 9322 7602 | W: www.tt‐limited.com | E info@tt‐limited.com