TEMPEST MINERALS LIMITED — Capital/Financing Update 2017

Mar 26, 2017

ASX Listing Conditions – Annexure 4A (iv)

Lithium Consolidated Mineral Exploration Limited ACN 612 008 358

Updated Historical and Pro-forma Historical Consolidated Statement of Financial Position

$ 30 June 2016 Actual	Subsequent Events IPO Adjustments ACTUAL Pro-forma ACTUAL	Pro-forma Minimum $5 million Variance
CURRENT ASSETS Cash and cash equivalents 262,518 Trade and other receivables 3,757	(99,437) 4,411,648 4,574,729 - - 3,757	4,277,452 297,277 3,757 -
Total Current Assets 266,275 NON-CURRENT ASSETS Exploration and evaluation assets 353,788 Plant and equipment 2,029	(99,437) 4,411,648 4,578,486 500,000 2,500,000 3,353,788 - - 2,029	4,281,209 297,277 3,353,788 - 2,029 -
Total Non-Current Assets 355,817	500,000 2,500,000 3,355,817	3,355,817 -
TOTAL ASSETS 622,092	400,563 6,911,648 7,934,303	7,637,026 297,277
CURRENT LIABILITIES Trade and other payables 14,504	- - 14,504	14,504 -
Total Current Liabilities 14,504	- - 14,504	14,504 -
TOTAL LIABILITIES 14,504	- - 14,504	14,504 -
NET ASSETS 607,588	400,563 6,911,648 7,919,799	7,622,522 297,277
EQUITY Issued capital 930,001 Reserves 141,510 Accumulated losses (457,218)	1,370,063 7,163,189 9,463,253 93,420 - 234,930 (1,069,625) (251,541) (1,778,384)	9,169,451 293,802 234,930 - (1,781,859) 3,475
Equity attributable to owners of the parent company 614,293 Non-controlling interests (6,705)	393,858 6,911,648 7,919,799 6,705 - -	7,622,522 297,277 - -
TOTAL EQUITY 607,588	400,563 6,911,648 7,919,799	7,622,522 297,277

1609262 - Annexure 4A(iv) - pro forma statement of financial position13545921v1

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ASX Listing Conditions – Annexure 4A (iv)

Lithium Consolidated Mineral Exploration Limited ACN 612 008 358

The Updated Historical and Pro-forma Historical Consolidated Statement of Financial Position has been updated above to reflect the actual IPO capital raising of the subscription of 26,606,494 Shares at a subscription price of $0.20 each to raise $5,321,298.80.

Also shown above are the variances compared to the Pro-forma Historical Consolidated Statement of Financial Position (for the minimum subscription of $5 million) as shown in the Refresh Prospectus, noting:

• (a) The (gross) amount raised from the Offer increased by $321,299. This resulted in additional (cash) costs of the Offer of $24,022. The net increase in cash is therefore $297,277.

• (b) The costs of the Offer increased due to additional Lead Manager Fees ($22,491) and increased ASX Listing Fees ($1,531).

• (c) As noted above, total (cash) costs of the Offer increased by $24,022. Depending on the nature of the cost, the costs were split, with $3,475 reducing the expense (through the Profit & Loss) and an additional $27,497 charged to Issued Capital (within Equity account). This resulted in a net increase in Issued Capital of $293,802 (ie. $321,299 less $27,497).

• (d) No other changes to the IPO adjustment assumptions in the Refresh Prospectus.

1609262 - Annexure 4A(iv) - pro forma statement of financial position13545921v1

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