OAKBAY RESOURCES AND ENERGY LIMITED - Trading statement

Trading statement

Oakbay Resources and Energy Limited
(Incorporated in the Republic of South Africa)
Registration number: 2009/021537/06
Share code: ORL
ISIN: ZAE000196085
(“Company”)


TRADING STATEMENT


In accordance with paragraph 3.4(b) of the JSE Limited (“JSE”) Listings
Requirements, companies are required to inform shareholders as soon as there is a
reasonable degree of certainty that the results to be reported on next, are likely to
vary by at least 20% in comparison to those of the previous corresponding period.

The results for the year ended 28 February 2014 (“2014 Results”) are set out in
Annexure 3 of the pre-listing statement dated 21 November 2014 (“Pre-listing
Statement”) which is available on the Company’s website www.oakbay.co.za.

Further to the above, it is expected that the Company will report:

-    a loss attributable to equity holders of the parent and headline loss attributable
     to ordinary shareholders for the year ended 28 February 2015 of between
     R35 million and R40 million being an improvement of between 81.8 % and
     79.2% in comparison to the loss attributable to equity holders of the parent and
     the headline loss attributable to ordinary shareholders of R192.34 million as
     reported in the 2014 Results; and
-    a basic loss per share and headline loss per share for the year ended
     28 February 2015 of between 15 cents and 20 cents being an improvement of
     between 99.999922% and 99.999896% in comparison to the basic loss per
     share and headline loss per share of 19 233 600 cents per share as reported in
     the 2014 Results.

The main reasons for the above differences are:

-    the effects of the restructure of the Company’s share capital (“Restructure”) on
     basic loss per share and headline loss per share. The Restructure took place
     after the year ended 28 February 2014 in anticipation of the Company’s listing
     on the JSE on 28 November 2014. There were 1 000 ordinary shares in issue
     as at 28 February 2014 while following the Restructure, 800 000 000 ordinary
     shares were in issue as at 28 February 2015. Details of the Restructure are set
     out in the Pre-listing Statement;
-    the improvement in profitability resulting from increased operating capacity in
     the final quarter of the financial year under review; and
-    the improvement in achieved grades in the final quarter of the financial year
     under review.
The financial information on which this trading statement is based has not been
reviewed or reported on by the Company’s auditors.

The Company’s results for the year ended 28 February 2015 are expected to be
released on SENS on or about 28 May 2015.

26 May 2015

Sponsor
Sasfin Capital (a division of Sasfin Bank Limited)

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