Volantary delisting of securities 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") VOLUNTARY DELISTING OF SECURITIES General Shareholders are referred to the SENS announcements made by the Company on 12 May 2017, 2 June 2017, 13 June 2017; whereby shareholders were informed of the resignations of an Independent Non-Executive Director (who was also the Audit Committee Chairman), its Sponsor and its Transfer secretaries. Shareholders are further referred to the SENS announcements made by the Company on 22 June 2017 and 23 June 2017; whereby shareholders were informed of the material uncertainty surrounding the Company's future ability to meet its obligations in terms of the JSE Listings Requirements as a result of these resignations, as well as a subsequent decision made by the JSE to grant the Company's request for a voluntary suspension of the listing of its securities under the prevailing circumstances. Subsequent to these announcements, the Company has approached several JSE accredited Sponsors and Transfer Secretaries, but has been unsuccessful in its efforts to fill the aforementioned vacancies. Accordingly, Oakbay Resources is of the view that it is unlikely that it will be able to fill the vacant positions; which are mandatory in terms of the JSE Listings Requirements and the Companies Act (No. 71 of 2008), on a timely basis. Shareholders are advised that the JSE has, on 10 July 2017, granted a request made by Oakbay Resources for the voluntary delisting of its securities pursuant to Section 12(5)(a) of the Financial Markets Act 19, of 2012. This decision by the JSE follows a careful consideration by them of all relevant facts and information at their disposal, and is based on the Company's inability to comply with the peremptory and material provisions of the JSE Listings Requirements, coupled with the fact that Oakbay Resources has indicated to the JSE that it is unable to continue to comply with these requirements, as a result of the circumstances set out above. Salient dates and times in respect of the Delisting Shareholders are advised of the following important dates in relation to the delisting of the Company's securities: July 2017 Last Day to Trade ("LDT") Tuesday 18 Record Date Friday 21 Termination date of listing of Oakbay shares on the main board of the JSE at the commencement of trade on Monday 24 Notes: 1. All of the dates and times set out in this announcement are subject to change, with the approval of the JSE, if required. Any change in the dates and times will be published on SENS and in the South African press. 2. All times given in this announcement are local times in South Africa. 3. No dematerialisation or rematerialisation of Oakbay Shares may take place after the LDT Johannesburg 11 July 2017 River Group Sponsors and Corporate Advisors Date: 11/07/2017 04:20:00 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.