Changes to The Board of Directors of The Company and The Board of a major subsidiary Oakbay Resources and Energy Limited (Incorporated in the Republic of South Africa) Registration number: 2009/021537/06 Share code: ORL ISIN: ZAE000196085 (“Company” or “Oakbay Resources”) CHANGES TO THE BOARD OF DIRECTORS OF THE COMPANY AND THE BOARD OF A MAJOR SUBSIDIARY Oakbay Resources regrets to announce the resignation, from all group companies, of both its Non-Executive Chairman, Mr. Atul Gupta, and its Chief Executive Officer, Mr. Varun Gupta, with immediate effect. Additionally, Mr. Duduzane Zuma, has resigned as a Non-Executive Director of Shiva Uranium, a major subsidiary of the Company. This decision follows a sustained political attack on the Company, and the concern that the jobs and livelihoods of nearly one thousand employees would be at immediate risk as a result of the outgoing director’s association with the Company. Accordingly, the outgoing directors are of the view that it would be in the best interests of the Company, its shareholders and employees for them to step down with immediate effect. In line with the company’s succession plan, Mr. Terence Rensen, the existing Lead Independent Non-Executive Director, will take up the role of acting Independent Non- Executive Chairman, and Mr. Trevor Scott, the Company’s Financial Director, will take up the role of acting Chief Executive Officer until such time that the board and the nominations committee have identified and appointed the appropriate candidates to fill the vacant positions. The Company’s operations, projects and strategic initiatives will remain unaffected by the changes to the board, and will continue as planned. The board wishes to thank both Mr. Atul Gupta, Mr. Varun Gupta and Mr. Duduzane Zuma for their efforts over the years and wish them the best for the future. An update regarding the Company’s banking relationships will be provided shortly. 08 April 2016 Sponsor Sasfin Capital (a division of Sasfin Bank Limited) Date: 08/04/2016 01:24:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.