21^st October 2019

Satisfaction of the Share Purchase Agreement Conditions

and

Kuaka Operations Commence

Capitalised terms used but not defined in this announcement shall have the meanings given to them in the circular posted by the Company on 8 July 2019.

The directors of EME are pleased to announce that the acquisition of Eastinco Ltd. by Equatorial Mining & Exploration plc, as detailed in the share purchase agreement (the "SPA") announced on 03 June 2019, has completed.  The completion follows Kuaka Cooperative and Eastinco Ltd agreeing the terms of an Operating Agreement which allows for the implementation of mining operations on the same commercial terms as the joint-venture.

Kuaka Operations Commencement

The company is pleased to announce that the heavy mining equipment, including the wash plant, has been acquired and is in transit to the Kuaka site while mining operations commenced this past week. The land preparation, as well as site clearance and road widening and improvement are well advanced for the arrival of the equipment. New accommodation blocks and sanitisation facilities have been installed for the incoming specialist workers. All of this work is to speed up the shift from the current artisanal structure to a large scale mechanised approach. Geological work and survey work have been taken and are being analysed and we will update the market on receipt of the results.

Local & Environmental update

As part of the management's commitment to work with and support the local community we are pleased to announce that we have drilled 3 additional water wells and provided water purification and water sanitisation processing to the local community, as well as major work on the roads allowing easier access for the local community to the main highways to the major cities and towns.

Satisfaction of the Share Purchase Agreement

As per the terms of the SPA, the Initial Consideration due upon closing of the transaction is £900,000 (nine hundred thousand pounds sterling) to be paid to the Sellers. Thus, 6,000,000,000 ordinary shares of £0.0001 each in the capital of the Buyer are to be allotted and issued to the Sellers, along with £300,000 of nil coupon loan notes maturing 30 June 2025.

Mike Staten (Executive Director) commented "We are pleased to complete the SPA with Eastinco who have been working tirelessly to prepare the site and the surrounding area to accommodate a large scale mining operation, which we expect to complete in the coming months. It is pleasing to welcome the Eastinco stake holders as shareholders into the PLC so that all parties are aligned in driving shareholder value. On the ground operations have started and we expect to see cashflow generation begin this month, we await the results of the geological survey and will update the market accordingly. We believe from the initial findings of the analysis, there is potentially material upside in the existing tailings. We look forward to updating the market regularly with updates as things progress on the ground"

The 6,000,000,000 new Ordinary Shares will be admitted to trading on NEX Exchange Growth Market under the ticker symbol EM.P on the 25^th of October.

Following the issuance, the issued share capital will increase to 36,124,849,507. This figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the Disclosure and Transparency Rules.

The Directors of the Company accept responsibility for the announcement. 

Equatorial Mining & Exploration Plc:                                    charles.bray@eme-plc.com

Charles Bray, Executive Chairman

NEX EXCHANGE CORPORATE ADVISER:

Alexander David Securities Limited

David Scott -Corporate Finance

James Dewhurst - Corporate Broking 

Telephone: +44 (0) 20 7448 9820

http://www.ad-securities.com

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