31 March 2016

Ferrum Crescent Limited

("Ferrum Crescent", the "Company" or the "Group")(ASX: FCR, AIM: FCR, JSE: FCR)

Strategic Update and Directorate Changes

Highlights:

• Company restructured to focus on generating value from the Group's principal iron ore project in northern South Africa and the development of its value-accretive business model, progressing initially with its option over the Spanish lead-zinc projects (via the potential acquisition of GoldQuest Iberia S.L. ("GoldQuest"))

• Justin Tooth assumes the position of Executive Chairman from his previous non- executive role

• Evan Kirby joins the Board as a non-executive director, bringing significant metallurgical experience to the Company

• Merlin Marr-Johnson, who has recently acted as geological consultant to the Company, appointed as adviser to the Board to assist primarily with the progression of the potential Spanish lead-zinc projects

• Tom Revy, who as Managing Director was appointed to oversee management of the Moonlight Project to its current stage, has resigned having substantially completed his mandate

• Bob Hair has resigned as Company Secretary with Grant Button, an existing non- executive director, assuming his duties

Ferrum Crescent, the ASX, AIM and JSE quoted metals project developer, today announces a strategic re-focusing of the Company and the resignations of both Tom Revy, as a board director and Managing Director, and Bob Hair, Company Secretary, both with immediate effect. As previously announced, the Board has taken the strategic decision to seek to enhance shareholder value from the Company's Moonlight Project by identifying and securing an investment partner whilst pursuing an efficient operating model in order to target and progress additional high-opportunity projects, initially comprising two potential lead-zinc assets in Spain.

ACN 097 532 137 Suite 6, Ground Floor, 9 Bowman Street Share code FCR on the ASX, AIM and the JSE SOUTH PERTH WA 6151, AUSTRALIA www.ferrumcrescent.com PO Box 189, South Perth, WA 6951

[email protected] Tel: +61 8 9474 2995 Fax: +61 9474 2937

As part of the refocused strategy, Mr Justin Tooth has assumed the role of Executive Chairman, based in London, with immediate effect. This will significantly reduce management costs and locate the executive management function in the same country as the majority of the Group's principal advisers and shareholder base with more closely aligned time zones for our project teams in South Africa and Spain.

Dr Evan Kirby joins the board as Non-Executive Director with immediate effect. Dr Kirby is a metallurgist with over 30 years of international experience in the mining sector. He has held senior management positions with Impala Platinum, Rand Mines and Rustenburg Platinum Mines and worked as a director and technical consultant for a number of mining companies. He is currently a director of Bezant Resources plc (AIM) and Nyota Minerals Limited (ASX & AIM).

Mining projects in Iberia have recently benefited from new technologies that have led to improved margins and the potential for historic mines to restart operations. The Board believes that both of the Spanish assets held by GoldQuest have potentially robust economics but the key to unlocking maximum value will be in the detail of the project development plans. Dr Kirby will provide the Company with significant expertise and insight into metallurgy and development options for, inter alia, the Spanish lead-zinc assets.

Mr Merlin Marr-Johnson will advise the Board on all aspects of the Spanish projects on which he has previously worked. Mr Marr-Johnson completed a course at the University of Granada as part of his geology degree and has undertaken exploration campaigns in a number of Spanish-speaking countries. He has previously worked for over 22 years in the minerals industry at Rio Tinto plc, HSBC plc, various mining juniors and most recently as a resources fund manager at Blakeney Management. In the event that the Company elects to exercise its option over GoldQuest, Mr Marr-Johnson will advise, in particular, on the structure of the Spanish project team and an optimised exploration campaign.

As a seasoned mining project manager, Mr Tom Revy has been instrumental in overseeing the initial Bankable Feasibility Study ("BFS") work on the Company's Moonlight magnetite Project and secured a farm-in and joint venture agreement with Business Venture Investments No. 1709 (Proprietary) Limited, a sister company of Ovation Capital, last year in order to progress the BFS and development work. The Board would like to thank Tom for his valuable work and contribution in executing the mandate given to him just over two years ago. Further to the strategic review process, the Group is being transitioned to achieve optimum efficiency in order to progress the Moonlight Project with its investment partners, whilst pursuing additional attractive projects to add to its portfolio including the current option over GoldQuest and its two Spanish lead-zinc assets, with a view to progressing a rapid low-cost resource delineation and metallurgical testing campaign. Consequently, Mr Revy is resigning from the Company with immediate effect to pursue his other business interests.

Mr Bob Hair, Company Secretary, is also leaving the Company. His duties will be performed going forward by long-standing Non-Executive Director, Grant Button. Mr Button has 26 years' experience both as a Company Secretary and as a Director of various Australian companies, particularly in the resources sector.

Justin Tooth, Executive Chairman of Ferrum Crescent, today commented:

"The Company is now moving into a new phase as we continue to seek to reduce costs and create a more streamlined company capable of generating value from both our existing project and carefully selected additional portfolio assets. I believe Moonlight can swiftly deliver absolute returns for shareholders; my recent visit to South Africa, meeting key local stakeholders, has informed that opinion. I would like to thank Tom for all his hard work over the past two years. He has successfully steered Moonlight to the stage where it can progress with its major investment partners. Accordingly, the Board has now decided to refocus the Group and cut costs to enable Ferrum to create shareholder value from the right assets in the most efficient manner.

"Our option over GoldQuest affords us the opportunity to take ownership of a significant and exciting project data set. With the team's new geological and metallurgical expertise, we can now efficiently grow viable JORC-defined resources and establish pathways to future economic production. For my part, I am delighted to assume the role of Executive Chairman. I have had a long involvement with the Company as an adviser before joining the Board last year and strongly believe that the Company has an exciting and promising future as we seek to deliver on the goals set by the strategic review process. The revised management structure gives us the right expertise in the right locations and at the right cost.

"As previously announced, the Company has convened a General Meeting of shareholders for Wednesday 6 April 2016 to, inter alia, request approval for an increase in it's ability to issue shares so that we can progress our new strategy. I encourage any shareholders with questions regarding the General Meeting or indeed any aspect of the new strategy to contact us on the numbers below."

For further information on the Company, please visit www.ferrumcrescent.com or contact:

Note for ASX disclosure rule purposes:

1. The key terms of Mr Tooth's agreement to assume the role of Executive Chairman are as follows: (i) a salary of £75,000 per annum and (ii) contract renewable quarterly.

Additional information on Dr Evan Kirby:

The following additional information is provided in accordance with the AIM Rules for Companies:

Full name and age

Evan Kirby, aged 65.

Current Directorships/Partnerships Past Directorships/Partnerships (last 5 years)

Bezant Resources Plc

Metallurgical Management Services Pty. Ltd Nyota Minerals Limited

Nyota Minerals (UK) Limited

Luiri Gold Limited

Luiri Gold Mines Limited

Kefi Minerals (Ethiopia) Limited (formerly named Nyota Minerals (Ethiopia) Limited)

Dr Kirby is currently interested in 10,900 ordinary shares of no par value each in the capital of Ferrum Crescent representing approximately 0.001 per cent. of the Company's existing issued share capital.

There is no other information that is required to be disclosed pursuant to paragraph (g) of Schedule Two to the AIM Rules for Companies.