Tawana Resources NL : Merger Update

ASX RELEASE

7 November 2018

ASX:TAWCORPORATE DIRECTORY

Non-Executive Chairman Robert Benussi

Managing Director Mark Calderwood

Non-Executive Directors Robert Vassie

Mark Turner Wei (Vicki) Xie

Chief Financial Officer Craig Hasson

Joint Company Secretaries Alexei Fedotov

Joanna Kiernan

Media contact: Nathan Ryan NWR Communications +61 (0) 420 582 887

CONTACT DETAILS

Level 3

20 Parkland Rd Osborne Park WA 6017

Email |admin@tawana.com.auWebsite |www.tawana.com.auPhone | +61 8 9489 2600

Merger Update

Tawana Resources NL (ASX: TAW) (Tawana) is pleased to provide the following update in relation to the merger between Alliance Mineral Assets Limited (Alliance) (SGX:40F) and Tawana to be implemented by way of a scheme of arrangement under the Corporations Act 2001 (Cth) (Corporations Act)(Merger).

As announced by Tawana on 31 October 2018, the $40 million secured funding package is expected to assist with facilitating the ASX listing of Alliance in connection with the Merger. Tawana and Alliance have also previously confirmed their commitment to pursue the ASX listing of Alliance following the Merger (see ASX announcement on 27 September 2018; SGX announcement on 28 September 2018).

Accordingly, Tawana and Alliance have agreed to reinstate the condition precedent to the Merger that Alliance be admitted to the Official List of the ASX (ASX Listing Condition).

The reinstatement of the ASX Listing Condition means that the Merger will only proceed if Alliance is admitted to the Official List of the ASX. Consequently, if the Merger is approved by the Federal Court and by the requisite majorities of Tawana shareholders, then the merged Alliance and Tawana group will be listed on ASX and Tawana shareholders will receive ASX-listed Alliance shares (unless otherwise elected to receive SGX-ST listed shares) in exchange for their Tawana shares under the Merger.

The updated indicative timetable for the Merger is as follows: