ASX Announcement

Date: 1 December 2014 ASX Code: COY CHANGES TO REACQUISITION AGREEMENT AND EXTENSION TO BRIDGING LOAN

Coppermoly Limited (Coppermoly or the Company) advises that it has reached agreement with Barrick (PNG Exploration) Limited (Barrick) to amend the most recent deed of variation to the re- acquisition agreement between Coppermoly and Barrick (Re-Acquisition Agreement) (Variation) to extend:
(a) the timeframe for satisfying the conditions precedent to the Variation, being the raising of additional funds and the repayment of the bridging finance loan between Coppermoly and its largest Shareholder, Jelsh Holdings Pty Ltd (Jelsh), until 31 December 2014 (the Conditions Precedent); and
(b) the timeframe for the issue of Shares to Barrick, or its nominee, in satisfaction of the
'Deferred Payment' amount of $1,317,836, by amending the definition of the term 'Deferred
Payment Date' to be 9 January 2015,
Barrick has also agreed to amend the Conditions Precedent to the Variation, by reducing the amount of funds Coppermoly has to raise in order to satisfy the Variation, reducing it from
$1,500,000 to $1,200,000.
Following the Variation, the Re-Acquisition Agreement provides that:
(a) Coppermoly may satisfy the second payment due to Barrick on 9 January 2015, being
$1,317,836, through the issue of securities, subject to Coppermoly satisfying the Conditions
Precedent; and
(b) the final purchase price for Barrick's residual 28% interest in the West New Britain Project shall be payable no later than the date that is 6 months after the commencement of commercial production at the West New Britain Project.

Extension to Bridging Loan with Major Shareholder

Coppermoly has also reached agreement with Jelsh to extend the term of the bridging loan provided in July 2014, until 9 January 2015. The extension has not resulted in Coppermoly being required to pay or incur any additional fees or penalties.

"Obtaining Barrick's agreement to extend the date for satisfying the conditions precedent to the Variation and satisfaction of the second payment due to Barrick is significant given the difficulties for junior exploration companies raising capital in the current market.

Both Barrick and Jelsh's appreciation for the current state of the market for junior exploration companies, remains greatly appreciated", said Director Ben Faulkner.

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Coppermoly continues to consider several opportunities to raise additional funds and remains confident that it will be able to raise the necessary capital required to satisfy the Conditions Precedent to the Variation and ensure that Coppermoly is fully funded for its future exploration and operational requirements.
On behalf of the Board.
Paul Schultz Company Secretary Coppermoly Ltd
Suite 1B, 91 Upton Street
Bundall, Queensland 4217
Email: [email protected]
Telephone: +61 7 5592 1001

About Coppermoly

Coppermoly's mineral exploration activities are focused entirely on the island of New Britain in Papua New Guinea where it holds six exploration licences. These licences cover copper, gold, silver, zinc, molybdenum and iron mineralisation. The tenements are Nakru, Simuku, Talelumas, Makmak, Powell and Wowonga.

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