Boart Longyear Limited

ABN 49 123 052 728

26 Butler Boulevard, Burbridge Business Park Adelaide Airport

South Australia 5950, Australia

Tel: +61 8 8375 8375 • Fax: +61 8 8375 8498

www.boartlongyear.com

10 May 2017

Boart Longyear Recapitalisation: Court Approves Convening Meeting of Creditors

Boart Longyear Limited (ASX:BLY) (Boart Longyear) refers to the recapitalisation proposal announced to ASX on 3 April 2017 (the Recapitalisation).

As set out in the 3 April 2017 announcement, the Recapitalisation is to be implemented primarily by two Australian creditors' schemes of arrangement under Part 5.1 the Corporations Act 2001 (Cth) (together the Creditors' Schemes). Boart Longyear is pleased to announce that the Supreme Court of New South Wales has made orders to approve the distribution of explanatory statements in connection with the Creditors' Schemes and permit the convening of meetings of creditors to consider and, if thought fit, approve the Creditors' Schemes.

The creditors meetings for the Creditors' Schemes are expected to be held on 30 May 2017.

A copy of the explanatory statements for the Creditors' Scheme (including an independent expert's report) will be dispatched to creditors shortly and will be disclosed to ASX.

ENDS

Investor Relations: Media: Nate Stubbs Michael Weir

Director, Investor Relations Citadel-MAGNUS

Australia: +61 8 8375 8300 Australia: +61 8 6160 4903

USA: +1 801 952 8343 Mobile: +61 402 347 032

ir@boartlongyear.com mweir@citadelmagnus.com

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Boart Longyear Limited published this content on 10 May 2017 and is solely responsible for the information contained herein.
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