TEMPEST MINERALS LIMITED — Capital/Financing Update 2017

Mar 26, 2017

ASX Listing Conditions – Annexure 4A (iii)

Lithium Consolidated Mineral Exploration Limited ACN 612 008 358

Updated Proposed Use of Funds

The Proposed Use of Funds table has been updated below 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.

The funds raised under the Offer, plus cash reserves, are expected to be allocated over the eighteen months following Listing as follows:

Uses of funds	ACTUAL Subscription $5,321,299	Percentage of Funds (%)		REFRESH Minimum Subscription $5 million	Variance
Existing cash reserves	$163,803	2.99		$163,803	-
Funds raised from the Offer	$5,321,299	97.01		$5,000,000	$321,299
Allocation of funds:
Big Smokey Acquisition	$100,000	1.82		$100,000	-
Nevada Projects	$2,370,353	43.22		$2,370,353	-
WA and SA Projects	$331,708	6.05		$331,708	-
Botswana	$150,000	2.73		$150,000	-
Corporate and administration	$1,232,100	22.46		$1,232,100	-
Working capital	$491,290	8.96		$194,013	($297,277)
Costs of the Offer	$809,651	14.76		$785,629	($24,022)
Total use of funds	$5,485,102	100.0%		$5,163,803	($321,299)

Also shown above are the variances compared to the minimum subscription ($5 million) as shown in the Refresh Prospectus, noting:

• (a) Other than the (gross) amount raised from the Offer increasing by $321,299, the other variances are:

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

• The additional net funds raised allocated to Working Capital,

• (b) No other changes to the Use of Funds assumptions in the Refresh Prospectus.

1609262 - Annexure 4A(iii) - statement of commitments (use of funds)

Page 1 of 1