OAKBAY RESOURCES AND ENERGY LIMITED - Clarification regarding recent Media reports

Clarification regarding recent Media reports

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


CLARIFICATION REGARDING RECENT MEDIA REPORTS


Further to some recent media reports, the Company wishes to reaffirm the terms of
the recent acquisition by the Company of the business of Tegeta Exploration and
Resources Proprietary Limited (“Tegeta”) (“the Acquisition”), details of which were
published on 11 December 2015 (“the Announcement”).

In terms of the Acquisition, Oakbay Resources, through its 74% owned subsidiary
Shiva Uranium Proprietary Limited, acquired the business carried out by Tegeta,
consisting of the business assets and business liabilities detailed in paragraph 5.1 of
the Announcement. The Acquisition was concluded during the course of February
2016.

Independently Tegeta, pursuant to the agreement between Tegeta, Glencore
International AG and Optimum Coal Holdings Proprietary Limited, is in the process of
acquiring the assets and liabilities attributable to Optimum Coal Holdings Proprietary
Limited. Oakbay Resources is not party to this agreement and these assets and
liabilities were not included in the Acquisition.

Accordingly, Oakbay Resources confirms that it is not a party to the acquisition of the
Optimum Coal group of companies as reported by the media.

Although this has been communicated previously, the Company draws attention to the
fact that the Company is Oakbay Resources and Energy Limited and must not be
confused with Oakbay Investments Proprietary Limited (“Oakbay Investments”).
Oakbay Investments is a shareholder in Oakbay Resources. Tegeta is a subsidiary of
Oakbay Investments.

Johannesburg
13 April 2016

Sponsor
Sasfin Capital (a division of Sasfin Bank Limited)

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