Trading Statement Oakbay Resources and Energy Limited (Incorporated in the Republic of South Africa) Registration number: 2009/021537/06 Share code: ORL ISIN: ZAE000196085 (“the Company”) TRADING STATEMENT In accordance with paragraph 3.4(b) of the JSE Limited (“JSE”) Listings Requirements, companies are required to inform shareholders as soon as there is a reasonable degree of certainty that the results to be reported on next, are likely to vary by at least 20% in comparison to those of the previous corresponding period. Further to the above, it is expected that the Company will report: - A loss for the year ended 28 February 2017 of R936.549 million being a deterioration of more than 100% in comparison to the previously reported loss for the year ended 29 February 2016 of R16.913 million; - a loss attributable to the owners of the company for the year ended 28 February 2017 of R570.345 million being a deterioration of more than 100% in comparison to the loss attributable to the owners of the company of R5.092 million as reported for the year ended 29 February 2016; - a headline loss attributable to the owners of the company for the year ended 28 February 2017 of R47.106 million being a deterioration of more than 100% in comparison to the headline loss attributable to the owners of the company of R5.450 million as reported for the year ended 29 February 2016; - a basic loss per share for the year ended 28 February 2017 of 71.29 cents being a deterioration of more than 100% in comparison to the basic loss per share as reported of 0.64 cents as reported for the year ended 29 February 2016; and - a headline loss per share for the year ended 28 February 2017 of 5.89 cents being a deterioration of more than 100% in comparison to the headline loss per share of 0.68 cents as reported for the year ended 29 February 2016. The Company’s overall financial performance for the year deteriorated compared to the prior year, primarily due to the effect of an after tax impairment charge of R879.837m that was recognised during the financial year in relation to the Company’s uranium mineral resource asset, as well as due to weaker year-on-year gold production. The impairment charge resulted due to the continued decline in global uranium commodity prices. The above information has not been reviewed or reported on by the Company’s auditors. The Company expects to release its audited results for the year ended 28 February 2017 on SENS on or about 02 June 2017. Johannesburg 01 June 2017 Sponsor and Corporate Advisors River Group Date: 01/06/2017 12:46:00 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.