Ann: Company Update, page-3

European Cobalt Projects

Berkut Minerals Limited (“Berkut” or “Company”) continues to advance due diligence with respect to the acquisition of the European Cobalt Projects as announced on 9 February 2017. As part of the 60 day diligence option period, the Company has now undertaken site visits and is well advanced with its legal due diligence. The potential acquisition of the European Cobalt Projects is an exciting opportunity for Berkut to enter the growing market for ethically sourced cobalt in politically stable jurisdictions close to major markets. The Company anticipates completion of the due diligence process in early April 2017.

Cairn Hill Gold Project

Further to the ASX announcement dated 27 February 2017, no significant results were returned from the small six hole drilling program at Cairn Hill. Several targets remain untested at Cairn Hill which will be subject to ongoing review.