GB00B63R0322

30^th September 2019

EQUATORIAL MINING AND EXPLORATION PLC

("EME" OR THE "COMPANY")

CHAIRMAN'S STATEMENT

Interim Results for the six months ended 30th June 2019

I am pleased to announce the Interim Results of the Company for the half-year ending 30th June 2019.

These accounts relate to the Company for the first half of 2019 and reflect a loss of £322,000 from administrative costs. This financial statement reflects the Company's increased expenditure on overheads and legal and professional expenses primarily related to the acquisition of Eastinco Limited. EME did not consolidate any results from our Nigerian company, EME Mine Nigeria Limited into the Group accounts as we reduced our holding to less than a 50% stake in 2018 and subsequently put the operations on care and maintenance. We continue to review the available strategic options for the Nigerian investment to maximise the value to the Company and will make a final determination by year-end 2019 as to how best to proceed. Critically, the Company continues to work on the acquisition of Eastinco and the development of the mine site in Rwanda. Unfortunately this has meant that the financial results for the half year period display a continuing loss as the Company had no revenue and invested heavily in the necessary corporate, legal and professional costs to fund further development of the Kuaka mining joint venture operation of Eastinco.

Half-Year Subsequent Events

The financial statements do not reflect the subsequent successful equity capital fund-raise of £1.804 million pounds sterling of gross equity capital, which occurred immediately following the end of first half-year period. The Company announced on the 1^st of July 2019 that EME in respect of the acquisition of Eastinco Limited ("Eastinco", a Rwandan mining and trading company announced on 3 June 2019), it received binding commitments totalling, in aggregate, £1,304,000, before expenses, in respect of a fundraising comprising a placing of 4,000,000,000 new ordinary shares of 0.01p at a price of 0.01p per share and the issue of £904,000 new loan notes mandatorily convertible into new Ordinary Shares at a conversion price of 0.01p per share. Further, the Company on the 8^th of August confirmed that the Noteholders of the Convertible Loan Notes converted the whole of, the principal amount outstanding under the Notes into 9,040,000,000 new ordinary shares of 0.01p par value in the capital of the Company. Finally on the 7^th of September EME announced gross equity capital fundraising of approximately £500,000 (before expenses) via a placing of 5,000,000,000 new ordinary shares of 0.01p each in the Company. Following the placings, the issued share capital as of 10 September 2019 increased to 30,124,849,507. 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.

Eastinco Update

Over the period, EME has supported Eastinco in its preparations to launch its joint-venture operations with the Kuaka Cooperative. Eastinco has secured a coltan wash plant from a Chinese supplier capable of processing 20 metric tonnes of material per hour. A significant portion of the wash plant has arrived in port and is en route to the Rwandan mine site, while the balance is being transported from China to Rwanda. The plant is anticipated to be fully operational and operating at full capacity by year-end 2019. Eastinco also secured heavy mining equipment (including a digger, excavator, compactor, trucks and other equipment) required to execute surface mining at the Kuaka site.  Most importantly, Eastinco has made the necessary critical addition to its human resources to enable it to fully execute on the plans to improve productivity and safety.

To this end, Eastinco has established an joint venture subsidiary entity called Musasa Mining Limited ("Musasa") which will be jointly owned with Kuaka Cooperative ("Kuaka"). As reported on 29 July 2019, the mining license due to be transferred from Kuaka to Musasa was delayed due to technical reasons and the Long-Stop date was extended to 30 September 2019.  Given Kuaka has applied for a more technically onerous but more valuable large scale mining license, we have extended the SPA Long Stop Date to 31 December 2019. In the meantime, the Company is pleased to announce that Kuaka and Eastinco have agreed the terms of an Operating Agreement which will allow for the immediate implementation of operations on the same commercial terms as the joint-venture. Thus, the development program at the Kuaka mine site has progressed at pace with roads improved and geological site surveys, mapping and testing executed. Importantly, from 01 October, Eastinco is able to generate revenue from operations.  We look forward to updating shareholders as to our progress over the next few months.

Charles Bray

Executive Chairman

The directors of Equatorial Mining and Exploration Plc accept responsibility for this 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

49 Queen Victoria Street, London EC4N 4SA

  EQUATORIAL MINING AND EXPLORATION PLC

  UNAUDITED INCOME STATEMENT FOR THE SIX MONTHS ENDED 30 JUNE 2019

    EQUATORIAL MINING AND EXPLORATION PLC

    UNAUDITED STATEMENT OF COMPREHENSIVE INCOME FOR THE PERIOD ENDED 30 JUNE 2019

    EQUATORIAL MINING AND EXPLORATION PLC

    UNAUDITED STATEMENT OF CHANGES IN EQUITY FOR THE SIX MONTHS ENDED 30 JUNE 2019