Fe : Cardinal in partnership with Oulala and Acquisition Update

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ASX Announcement

26 July 2016

Australian Securities Exchange Code: FEL

Ordinary Shares: 255,669,629

Unlisted Options: 3,850,000

Board of Directors: Tony Sage

Non-Executive Chairman

Mark Gwynne

Executive Director

Paul Kelly

Non-Executive Director

Eloise von Puttkammer

Company Secretary

Fe Limited Contact: Mark Gwynne Executive Director Tel: +61 8 6181 9793

Corporate Office:

32 Harrogate St, West Leederville, Western Australia 6007 Australia Telephone +61 8 6181 9793

Facsimile +61 8 9380 9666

Australian Enquiries: Professional Public Relations David Tasker

Tel: +61 8 9388 0944

Mob: +61 433 112 936

Email: david.tasker@ppr.com.au

Fe Limited is an Australian domiciled mineral resources exploration and development company.

Fe Limited

ABN: 31 112 731 638

Cardinal House signs binding agreement with Daily Fantasy Sports group Oulala and Acquisition Update

Fe Limited (Company) (ASX: FEL) is pleased to advise that Cardinal House Group Pty Ltd (Cardinal House) has entered into a binding partnership agreement (Agreement) with skill-based Daily Fantasy Sports (DFS) platform provider and current English Premier League (EPL) Champions, Leicester City's, DFS partner of choice, OulalaGames Ltd (Oulala).

Under the Agreement Cardinal House will initially offer national and international customers the opportunity to play web-based soccer via the Oulala DFS platform, for free, or to compete in real money contests.

The Cardinal House games consist of a recognised DFS setup, allowing the customer to become a 'virtual manager' and pick from real life footballers, building their own fantasy soccer team each week. The fantasy team scores points based on how the chosen players perform in real life matches. The game also offers prizes each week to the best performing virtual managers.

The Cardinal House games will differ from other DFS games available in Australia, traditionally these tend to operate around one national league. The Cardinal House DFS platform offers an exclusive, enhanced scoring system and will be open to major European leagues and tournaments comprising of the: EPL, Spanish La Liga, German Bundesliga, French Ligue 1 and Italian Serie A, giving the consumer the opportunity to pick their own fantasy team from a mix of the finest footballers Europe has to offer.

The Cardinal House DFS platform will offer a unique 'live coaching' feature, something that is entirely new to Australia and a first in the world of DFS. This functionality allows users to make real time changes and substitutions to their fantasy line-ups, making Cardinal House's DFS platform arguably the most realistic fantasy soccer game.

Graham Martin, Chairman of Cardinal House, said "I have known the Oulala founders for some time and was a previous board member of the company. The team has developed the next stage in fantasy sports entertainment, so it was without hesitation for Cardinal House to partner with Oulala, particularly given their leadership quality and that they are experienced innovators in our sector. The operational and technical functionality of the Oulala gaming platform is without question exceptionally well developed".

Under the agreement Cardinal House will target to launch the new DFS platform in parallel with the EPL 2016/17 season.

Oulala's CEO, Valery Bollier, expressed his excitement towards this new venture: ''At Oulala, we are excited to offer our platform to football (soccer) lovers in Australia and other nearby countries. This is the next logical step for us in pursuing our mission to become the leading global daily fantasy network for football (soccer)''

felimited.com.au

Further to earlier updates (see FEL announcement dated 1 July 2016) FEL notes that it received a final stop order from the Australian Securities and Investment Commission (ASIC) in respect of its prospectus dated 23 March 2016, as supplemented by a supplementary prospectus dated 22 June 2016 (Prospectus).

The Company is assessing its options including an application for the review of the decision to the Administrative Appeals Tribunal.

On 12 November 2015, the Company entered into a Share Sale Agreement (SSA) for the acquisition of 100% of Cardinal House (Acquisition). Cardinal House and the Company are assessing the future of the Acquisition and advise that changes to the original SSA will trigger the need to seek shareholder approval for the Acquisition and will also require the Company to re-comply with the back-door listing requirements set out in Chapters 1 and 2 of the ASX Listing Rules under a new application.

The Company will update the market regarding the Acquisitions accordingly. Yours faithfully

FE LIMITED

Tony Sage

Non-Executive Chairman

ASX Announcement

26 July 2016 Page 2 of 2