Changes to the board of directors 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 In compliance with paragraph 3.59 of the Listings Requirements, Oakbay Resources is pleased to announce the appointment of Ms. M. Chong CA (SA) as the interim financial director of the Company, who shall the replace the outgoing financial director, Mr. T. Scott with effect from 19 February 2017. Ms. Chong is a South African chartered accountant with experience in the financial, technology and mining industries, and is currently the Chief Risk Officer of Oakbay Resources. In line with the Company's succession plan, Mr. Scott will continue to serve on the board of directors of Oakbay Resources as a non-executive director of the Company. Furthermore, the Company is also pleased to announce the appointment of Ms. R. Ragavan as a non-executive director of the Company with immediate effect. Ms. Ragavan currently holds the position of acting chief executive officer of Oakbay Investments Proprietary Limited, which is the holding company of Oakbay Resources. Johannesburg 23 January 2017 Sponsors and Corporate Advisors: River Group Date: 23/01/2017 05:15:00 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.