27th June 2016

Update on FCC Approval

Peak Resources Limited ("Peak") (ASX:PEK) or the ("Company") wishes to advise it has received notice of a delay in approval from the Fair Competition Commission ("FCC") in Tanzania for the Closing of Stage 2 of the previously announced Appian Natural Resources Fund and International Finance Corporation investment into Peak's majority owned associated company, Peak African Minerals. This delays the availability of ~A$3.1M of funding towards the completion of the Bankable Feasibility Study ("BFS").

The Company understands the reason for the delay from the defined 120 day approval process, which was expected to be completed this month, is administrative in nature. The FCC requires three commissioners to be fully constituted and our understanding is the third and final commissioner has only been appointed this week.

The Company continues to liaise with its in country advisors to obtain further information on when the Stage 2 application will be processed and is hopeful that the situation will soon be remedied. However, the Company wishes to advise that an extended regulatory delay may impact on the timing and subsequently the total cost for completion of the BFS (currently scheduled for completion in the first quarter of 2017).

For and on behalf of Peak Resources Limited.

Darren Townsend

Managing Director

Peak Resources Limited Ground Floor, 5 Ord Street, West Perth, Western Australia 6005. PO Box 603, West Perth 6872. ASX: PEK ACN 112 546 700 Telephone: +61 8 9200 5360 info@peakresources.com.au www.peakresources.com.au Company Secretary: Graeme Scott

Non-executive Chairman: Peter Harold Managing Director: Darren Townsend Technical Director: Dave Hammond Non-Executive Directors: Jonathan Murray, John Jetter & Robin Mills