Extension of Timetable

14 January 2016

Ferrum Crescent Limited

("Ferrum Crescent", the "Company" or the "Group")(ASX: FCR, AIM: FCR, JSE: FCR)

Extension of Timetable for Completion of Moonlight Project's BFS Phase 1

Ferrum Crescent, the ASX, AIM and JSE quoted mining developer announces that further to the previously announced farm-in and joint venture agreement (the "Agreement"), it has agreed with Business Venture Investments No. 1709 (Proprietary) Limited ("BVI") to extend the timetable for completion of Phase I of the bankable feasibility study ("BFS") for the Moonlight Iron Project in Limpopo Province, northern South Africa (the "Project") by three months to 12 January 2017. This extension, in order to finalise the appointment of an internationally reputable engineering firm to manage the BFS, follows a request from BVI, which remains committed and responsible for fully funding and completing the requisite BFS workstreams, across two phases, to earn up to a 43% equity interest in the Project's holding company in accordance with the terms of the Agreement, details of which were announced by the Company on 14 October 2015.

The Company has also sought and received, via its Managing Director, Mr Tom Revy, assurances from Ovation Capital, BVI's investment management house backer and sister company, that BVI will be proceeding with the BFS for the Project as soon as practicable.

The Company will keep the market informed of material developments going forward as appropriate.

For further information on the Company, please visit www.ferrumcrescent.com or contact:

Notes to Editors:

Ferrum Crescent's principal project is the Moonlight Iron Project located in Limpopo Province in the north of South Africa. The Moonlight Deposit (upon which the Project is based) is a magnetite deposit located on the Moonlight, Gouda Fontein and Julietta farms and is the main operational focus for the Company. Iscor Limited ("Iscor"), which explored the Project in the 1980s and '90s, reported mineralisation capable of producing a concentrate grading at 68.7% iron. At that time, Iscor concluded that the deposit, which was described as being comparable to the world's best, was easily mineable due to its low waste-to-ore ratio. The beneficiation attributes of Moonlight ore are extremely impressive, with low-intensity magnetic separation considered suitable for optimum concentration.

Metallurgical tests on Moonlight material, undertaken since then by Ferrum Crescent, suggest that Iscor's historical results are conservative, that good metal recoveries can be achieved, and that the resulting concentrates have a high iron content and only negligible impurities, at grind sizes considered to be industry standard (P80 of 75 - 125 microns).

Key features of the Project to date are:

Ø JORC (2012) compliant Mineral Resource;

Ø Historical drilling, drilling by the Group, geological modelling and a high density geophysical survey conducted by the Company in 2012 confirm tonnage upside potential;

Ø 30 year Mining Right granted;

Ø Environmental licence (EIA) in place for the Moonlight mining area (approved 4 April 2013);

Ø Metallurgical test work indicates the potential for high quality concentrate and/or pellets in excess of 69% iron with low deleterious elements (DR grade pellets for use in direct reduction iron/electric arc steel-making processes);

Ø The quality of product that can potentially be produced at Moonlight is a clear differentiator against its industry peers, as is the access to infrastructure (port, power and rail);

Ø Duferco offtake partner (4.5 Mtpa plus first right over a further 1.5 Mtpa if not sold domestically);

Ø South Africa currently has a growing demand for high grade iron concentrate and/or pellets for its steel industry;

Ø Independent valuation by The Mineral Corporation completed in June 2014;

Ø BEE compliant South African investment company (BVI) will provide a completed BFS to the Group by 2018/19 at no expense to the Group in return for a 39-43% equity position in the Project;

Ø Located near Kumba railhead at Thabazimbi (Kumba operation depleting in grade), Limpopo Province, northern South Africa;

Ø New Eskom power plant (4,800MW) commissioning first 800MW module;

Ø Richards Bay port expansion for potential export of future iron ore products; and

Ø Local community, Ga-Seleka, has an effective 3% carried interest in the Project.