Ann: Extension of Closing Date of Share Purchase Plan, page-13

Obviously someone has confidence in the company.

On 7 May 2018, Beadell announced that it has received commitments from institutional and sophisticated investors to raise
approximately US$23 million through a placement of equity (shares and warrants) and convertible debentures. Proceeds
from the capital raising and from the SPP will be used to fund the completion of the Tucano plant upgrade, working capital
and general corporate purposes. The capital raising is being undertaking in two tranches, with the first tranche completed on
or about 18 May 2018 and the second tranche subject to shareholder approval at a meeting expected to be held in the
second half of June 2018. The SPP is not conditional on completion of the second tranche of the placement