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 accordance with paragraph 3.59 of the Listings Requirements, shareholders are hereby informed that Mr. Jacques Roux has resigned as the Chief Executive Officer of the Company with effect from 31 March 2017. The Board wishes to thank Mr. Roux for his valuable contribution to the Company and wishes him well in his future endeavours. Oakbay Resources is pleased to announce the appointment of Mr. George van der Merwe as the acting Chief Executive Officer of the Company with effect from 1 April 2017. Mr. van der Merwe previously held this position until August 2015 and has returned to the Company as its Chief Executive Officer once more. Mr. van der Merwe brings a wealth of experience to the Company and the Board looks forward to his valuable contribution. In line with the Company’s succession plan for the Chief Executive Officer, both Mr. Roux and Mr. van der Merwe shall utilise the March notice period to ensure a seamless transition and handover of responsibilities. Further to the above, shareholders are advised that Ms. Melanie Chong, the interim Financial Director of the Company, has now been appointed in this position in a permanent capacity. Johannesburg 15 March 2017 Sponsors and Corporate Advisors: River Group Date: 15/03/2017 12:45:00 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.