Changes to The Board of Directors of The Company and The Board of a major subsidiary

Oakbay Resources and Energy Limited

CHANGES TO THE BOARD OF DIRECTORS OF THE COMPANY AND THE BOARD OF A MAJOR SUBSIDIARY

Oakbay Resources regrets to announce the resignation, from all group companies, of both its Non-Executive Chairman, Mr. Atul Gupta, and its Chief Executive Officer, Mr. Varun Gupta, with immediate effect. Additionally, Mr. Duduzane Zuma, has resigned as a Non-Executive Director of Shiva Uranium, a major subsidiary of the Company.

This decision follows a sustained political attack on the Company, and the concern that the jobs and livelihoods of nearly one thousand employees would be at immediate risk as a result of the outgoing director’s association with the Company. Accordingly, the outgoing directors are of the view that it would be in the best interests of the Company, its shareholders and employees for them to step down with immediate effect.

In line with the company’s succession plan, Mr. Terence Rensen, the existing Lead Independent Non-Executive Director, will take up the role of acting Independent Non-Executive Chairman, and Mr. Trevor Scott, the Company’s Financial Director, will take up the role of acting Chief Executive Officer until such time that the board and the nominations committee have identified and appointed the appropriate candidates to fill the vacant positions. The Company’s operations, projects and strategic initiatives will remain unaffected by the changes to the board, and will continue as planned.

The board wishes to thank both Mr. Atul Gupta, Mr. Varun Gupta and Mr. Duduzane Zuma for their efforts over the years and wish them the best for the future.

An update regarding the Company’s banking relationships will be provided shortly.

08 April 2016

Sponsor

Sasfin Capital (a division of Sasfin Bank Limited)

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UPDATE REGARDING BANKING RELATIONSHIPS

It has been reported in the media that First National Bank, a division of FirstRand Bank Limited (“FNB”), has recently terminated its service offering to the Company’s holding company, Oakbay Investments Proprietary Limited (“Oakbay Investments”). Oakbay Resources wishes to confirm that FNB has not provided banking services to the Company and its subsidiaries (“the Group”) since its listing on the exchange operated by JSE Limited in November 2014 and that this change in banker has occurred at holding company level.

Further to this, the Company confirms that Absa Bank Limited terminated its banking services to the Group in December 2015, while as of yesterday, the Group’s remaining local banking service provider has given notice regarding the termination of their banking services on June 6, 2016.

Despite the cessation of the provision of services by the major local banks, the Group continues to be serviced by a major Asian bank with a presence in South Africa, which bank has requested that the Company not communicate their name in this update.

Consequently, the terminations will not impact the operations of the Group and the Company is confident that the remaining banking relationship is sufficient to fully service the operational requirements of the Group.

Johannesburg

8 April 2016

Sponsor

Sasfin Capital (a division of Sasfin Bank Limited)

Statements issued through the JSE SENS Service, 8 April 2016