ORA BANDA MINING LTD — Capital/Financing Update 2015

ASX ANNOUNCEMENT

1 DECEMBER 2015

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CAPITAL RAISING OF $1.6 MILLION COMPLETED AND COMPANY UPDATE

HIGHLIGHTS

• Placement completed raising $1.6 million

• Change of Company name

• Appointment of Director and Company Secretary

Eastern Goldfields Limited (formerly Swan Gold Mining Limited) ( Eastern Goldfields or the Company ) provides the following update on recent corporate activities.

Change of Company Name

The Company confirms that, further to shareholder approval at the 2013 Annual General Meeting held on 8 July 2014, the name of the Company has been changed from Swan Gold Mining Limited to Eastern Goldfields Limited.

The Australian Securities and Investments Commission recorded the change of name on 11 November 2015. The ASX ticker code will change to EGS on or around 3 December 2015.

Placement raises $1.6 million

Further to the Appendix 3B lodged on 27 November 2015, Eastern Goldfields is also pleased to announce it has completed a placement to sophisticated investors, issuing 10,666,667 fully paid ordinary shares at an issue price of $0.15 to raise $1.6 million.

The funds raised will be applied towards the development of the Davyhurst Gold Project, the funding of anticipated re-list costs and general working capital.

Corporate Activities

Eastern Goldfields will shortly lodge two key documents with the ASX, both of which are critical to an anticipated reinstatement of the Company’s securities on the ASX on or before the end of January 2016.

• An EGM Notice for a meeting to be held on Wednesday 30[th] December 2015; the Company is hereby seeking to obtain the shareholder approvals necessary for reinstatement; and

• The issuance of a Prospectus to raise a minimum of $6m and a maximum of $10m of new equity in Eastern Goldfields Limited. The Prospectus is expected to be lodged with ASIC on or before the EGM date.

The Company also advises that it has invested significant Board and management time in 2015 into securing a Project Loan sufficient to re-commission the Davyhurst mine and re-commence gold production at the Davyhurst Gold Project in 2016, and a successful conclusion to those discussions is anticipated in the coming weeks.

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Appointment of Director and Company Secretary

The Company advises that Mr Alan Still was appointed as a Non-executive Director on 31 March 2015. Mr Still is a metallurgist with over 40 years’ experience in a range of commodities, including a detailed knowledge of a number of African based rare metals projects. Mr Still is also a director of ASX listed Horseshoe Metals Limited, General Mining Corporation Limited and Pegasus Metals Limited, as well as the unlisted investment company, Investmet Limited.

Mr John Poynton resigned as a Director, effective 31 March 2015. An Appendix 3X for Mr Still and an Appendix 3Z for Mr Poynton will follow in due course.

The Board now comprises Mr Michael Fotios, Mr Craig Readhead and Mr Alan Still. The Directors collectively hold significant technical skills and experience in the resources sector, including gold.

The Company further advises that, effective 26 November 2015, Ms Shannon Coates has been appointed as Company Secretary. Ms Coates holds a Bachelor of Laws from Murdoch University and has over 20 years’ experience in corporate law and compliance. She is a Chartered Secretary and currently acts as company secretary to several ASX listed companies.

For further information please contact:

Michael Fotios Executive Chairman T: +61 8 6241 1888 E: [email protected]

Michael Jardine General Manager Corporate & Investor Relations T: +61 424 615047 E: [email protected]

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