Rights Issue Completion and Appointment of New CFO

million ordinary shares (representing $10,000,000 in issue proceeds), making up the remaining shortfall as advised to ASX on 30 May 2016

• Mr David Wrigley, chartered accountant and experienced mining industry executive, named new CFO

  Queensland copper producer CuDeco Limited (ASX:CDU) announced today that the sub- underwriters to the Company's recent Rights Issue have subscribed for the 12,500,000 ordinary shares at 80c per share (representing $10,000,000 in issue proceeds before costs) pursuant to the Underwriting Agreement, which is the remaining shortfall as advised to the market on 30 May 2016.

  As a result, the Rights Issue is now complete, having raised in total approximately $63 million (before costs).

  The New Shares will be allotted by the Company on 15 August 2016. Attached please find an Appendix 3B dated 15 August 2016 for the allotment of the above shares.

  New CFO

  CuDeco is also pleased to advise that Mr David Wrigley has agreed to join CuDeco as the Company's new Chief Financial Officer (CFO) effective 22 August 2016.

  Mr Wrigley is a chartered accountant and an accomplished senior finance executive with over 18 years' experience, having worked in private practice with PricewaterhouseCoopers and in listed and private entities across multiple industry sectors. He has held senior finance executive roles with Consolidated Metals, Alacer Gold Corporation, Singapore Power's Australian subsidiary Jemena and Alinta Limited.

  Unit 33, Brickworks Annex, 19 Brolga Avenue, SOUTHPORT 4215

  Phone: +617 5503 1955 Facsimile: +617 5503 0288 Email: [email protected]

  Welcoming the appointment, CuDeco's Managing Director, Dr. Dianmin Chen said: "David is an important addition to our key management team as we progress into a production company, based on the commissioning of our flagship Rocklands Operations. David's resources industry background and experience in corporate governance, business transformation and strategy implementation should help deliver further successful growth in shareholder value for CuDeco."

  Mr Bruno Bamonte, who has been the acting CFO, remains with the Company in his role as Company Secretary.

  ENDS

  Page 2 of 2

  Appendix 3B New issue announcement

  Appendix 3B

  Rule 2.7, 3.10.3, 3.10.4, 3.10.5

  New issue announcement, application for quotation of additional securities

  and agreement

  Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX's property and may be made public.

  Introduced 01/07/96 Origin: Appendix 5 Amended 01/07/98, 01/09/99, 01/07/00, 30/09/01, 11/03/02, 01/01/03, 24/10/05, 01/08/12, 04/03/13

  Name of entity

  CUDECO LIMITED

  ABN

  14 000 317 251

  We (the entity) give ASX the following information.

  Part 1 - All issues

  You must complete the relevant sections (attach sheets if there is not enough space).

  Ordinary Shares

  1 +Class of +securities issued or to be issued

  12,500,000 ordinary shares

• Number of +securities issued or to be issued (if known) or maximum number which may be issued

  Ordinary fully paid shares issued pursuant to the Underwriting Agreement for the Rights Issue

• Principal terms of the

  +securities (e.g. if options, exercise price and expiry date; if partly paid +securities, the amount outstanding and due dates for payment; if

  +convertible securities, the conversion price and dates for conversion)

  + See chapter 19 for defined terms.

  04/03/2013 Appendix 3B Page 1

  Appendix 3B

  New issue announcement

  Yes.

• Do the +securities rank equally in all respects from the +issue date with an existing +class of quoted +securities?

  If the additional +securities do not rank equally, please state:

  • the date from which they do

  • the extent to which they participate for the next dividend, (in the case of a trust, distribution) or interest payment

  • the extent to which they do not rank equally, other than in relation to the next dividend, distribution or interest payment

    $10 Million (price of $0.80 per share)

• Issue price or consideration

  Rights issue - funds raised to be used to complete the construction and commissioning of the Company's Rocklands Project, to repay shareholder loans and for working capital.

• Purpose of the issue

(If issued as consideration for the acquisition of assets, clearly identify those assets)

No

6aIs the entity an +eligible entity that has obtained security holder approval under rule 7.1A?

If Yes, complete sections 6b - 6h in relation to the +securities the subject of this Appendix 3B, and comply with section 6i

6b The date the security holder resolution under rule 7.1A was passed

6c Number of +securities issued without security holder approval under rule 7.1

6d Number of +securities issued with security holder approval under rule 7.1A

+ See chapter 19 for defined terms.

Appendix 3B Page 2 04/03/2013