Quarterly Activities and Cashflow Report

30th April 2018

Ferrum Crescent Limited

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

Quarterly Activities and Cashflow Report

For the period ended 31 March 2018

Highlights:

Operational - 100% owned Toral lead-zinc-silver project (the "Toral Project")

· Declared maiden independent JORC (2012) Mineral Resource Estimate in respect of the Toral Project, located in the Province of Leόn, northern Spain:

o 16Mt @ 6.9% Zn Equivalent (including Pb credits) and 25g/t Ag

o 670,000 tonnes of Zinc, 540,000 tonnes of Lead and 13 million ounces of Silver

o First JORC (2012) standard developed block model created

o Deposit open along strike to the east and down dip

· Following the completion of the maiden resource estimate for the Toral Project, the Board believes that the asset has the potential scale and grade to be progressed into a full mining project

· On completion of the conditional fundraise announced on 21 March 2018, the Company will utilise the net funds to, inter alia, further define the asset and future economics of a mine, with the work programme including:

o 8 hole drilling programme along Eastern extension to potentially identify further resource

o Preparation of a Preliminary Economic Assessment ("PEA") to define initial economics on the Toral Project as a developed mine

o Metallurgical test work programme to inform the PEA and define saleable concentrate types

Corporate

· Mr Colin Bird appointed to the board as Non-Executive Chairman and Mr Daniel Smith as Company Secretary and a Non-Executive Director

· On 21 March 2018, the Company announced that it had conditionally raised, in aggregate, approximately £1 million (before expenses), which is subject to passing certain resolutions at the Company's forthcoming general meeting on 21 May 2018 (the "General Meeting")

· A Change of name from Ferrum Crescent Limited to 'Europa Metals Ltd' has also been proposed, subject to passing resolution 17 at the General Meeting

Post Quarter End

· Mining Sense Consulting ("Mining Sense") team, headed by Mr Jesús Montero, appointed to work on the Toral Project:

o Mining Sense will work alongside existing team under Technical Director, Myles Campion, on operational progression of the Toral asset

o Desktop study on local area and industrial operations already commenced, with full scope of work scheduled to begin following completion of the Fundraise

Commenting today, Laurence Read, Executive Director, said:

"The cornerstone of the quarter, and indeed the new drive forward for the Company has been the successful completion of the JORC 2012 resource under the direction of Myles Campion, working with independent resource consultants, Addison Mining Services. Toral now has a significant resource defined and, subject to shareholder approval, we shall move the newly named 'Europa Metals' forward with a campaign of work during 2018 to potentially identify further resource and begin to define mining economics and concentrate types.

I think that at this point it is appropriate to thank our shareholders, operations team, the Province of Leon, our Board and advisers for their support through this major point of transition and we look forward to delivering meaningful project development work at Toral during the course of 2018. The Toral Project is located in a first world country, near established infrastructure and we believe that it has the potential to be economically viable mining project."

Additional Information

Maiden JORC (2012) Resource Estimate

On 30 January 2018, the Company announced a maiden independent Mineral Resource estimate completed in accordance with JORC (2012) in respect of the Toral Project. FCR commissioned the maiden mineral resource estimate in late 2017 from Addison Mining Services Limited ("AMS") based on all the available historical data from three drill campaigns conducted on the 15.199 licence area (the 1972 - 1984 Peñarroya-Adaro campaign, the 2006 - 2008 Lundin Mining campaign and the 2016 - 2017 FCR campaign), along with underground channel sampling results from the numerous adits. The Inferred resource for the Toral Pb-Zn-Ag mineralisation located on the Toral Project, was estimated at various cut-offs (as set out in Table 1 below).

The Company reviewed a new block model along with its appointed geological consultants, AMS, and concluded that a 4% cut-off was appropriate utilising estimated mining parameters typical for similar types of projects and mineralogy, and an historical three-year trailing average for metal prices, which, although conservative, was deemed appropriate at this stage in the project's development.

The maiden resource identified potentially economic mineralisation ranging from surface to approximately 1,100m below surface. The block model currently extends for a strike length of 3,300m and is still open to the east along strike and also at depth where it has not yet been closed off.

Table 1: Summary of Inferred mineral resources for the Toral property reported at a 4.0% Zn equivalent cut-off grade and estimated grade and tonnages at the various cut-off grades, as extracted from the AMS Resource Statement released by the Company on 30 January 2018.

http://www.rns-pdf.londonstockexchange.com/rns/4755M_-2018-4-29.pdf

Figure 1: AMS' resource block model for Toral as a 3D view looking north

Exploration Interests

The following listing of tenements held is provided in accordance with ASX Listing Rule 5.3 for the quarter ended 31 March 2018:

No tenements were acquired or relinquished during the quarter.

Board and corporate changes

On 12 January 2018, the Company announced the appointment of Mr Colin Bird as a Non-Executive Director and Chairman of the Company. Mr Bird is a chartered mining engineer with extensive multi-commodity mine management experience in Africa, Europe, Latin America and the Middle East. Mr Bird's operational and corporate experience, includes the development of the Jubilee Metals Group production portfolio, concentrating on Platinum Group Metals in South Africa, in addition to the successful sale of Kiwara plc. Kiwara plc was sold to First Quantum Minerals (TSX: FM) for US$260 million in November 2009, whilst its project was undertaking infill drilling at the Kalumbila copper-nickel deposit in north-western Zambia.

On 16 January 2018, the Company announced the resignation of Mr Grant Button as Company Secretary and the appointment of Mr Daniel Smith as a Non-Executive Director and Company Secretary. Mr Smith is a member of the Australian Institute of Company Directors and the Governance Institute of Australia and has over 10 years' primary and secondary capital markets expertise. As a director of Minerva Corporate, he has advised on, and been involved in, over a dozen IPOs, RTOs and capital raisings on both the ASX and NSX. His key focus is on corporate governance and compliance, commercial due diligence and transaction structuring, as well as ongoing investor and stakeholder engagement. Mr Smith is also currently Company Secretary for Taruga Gold Limited and Love Group Global Limited, both listed on the ASX. He holds a BA in International Relations from Curtin University, Western Australia.

On 23 January 2018, the Company announced that its Australian Principal and Registered office address had changed, as well as its mailing and contact details.

On 1 February 2018 the Company announced the resignation of Mr Grant Button as a Non-Executive Director.

On 21 March 2018, the Company announced the appointment of Turner Pope Investments (TPI) Limited ("Turner Pope") as the Company's joint broker. Turner Pope replaced Beaufort Securities who were previously the Company's joint broker.

Fundraising

On 21 March 2018, the Company announced that it had conditionally raised, in aggregate, approximately £1 million (before expenses), through a proposed subscription and placing of, in aggregate, 1,739,130,435 new ordinary shares of no par value each in the capital of the Company ("Ordinary Shares") at a price of 0.0575 pence per share (the "Issue Price") (the "Fundraising"). The Fundraising comprises a placing of 1,608,695,652 new Ordinary Shares via Turner Pope, as agent of the Company, and a subscription for a further 130,434,783 new Ordinary Shares, both at the Issue Price, with certain new and existing investors.

The Fundraising is subject to the requisite shareholder approval and, accordingly, the issue of the abovementioned new Ordinary Shares is conditional on, inter alia, the passing of certain resolutions by the Company's shareholders at the General Meeting convened at 11.00 a.m. (Perth time) on 21 May 2018, at Unit 5, Ground Floor, 1 Centro Avenue, Subiaco, Western Australia 6008.

The Fundraising will provide general working capital and sufficient financing for the Company's operational team to:

· Enhance the operational team at Toral (Appointment of Mining Sense, April 2018)

· an 8 hole drilling programme along Eastern extension to potentially identify further resource;

· the preparation of a PEA to define the initial economics on the Toral Project as a developed mine; and

· Metallurgical test work programme to inform the PEA and define saleable concentrate types.

Appendix 5B can be viewed here:

http://www.rns-pdf.londonstockexchange.com/rns/4755M_1-2018-4-29.pdf

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

Ferrum Crescent Limited

Dan Smith, Non-Executive Director and Company Secretary (Australia)

T: +61 417 978 955

Laurence Read, Executive Director (UK)

T: + 44 (0)20 3289 9923

Strand Hanson Limited (Nominated Adviser)

Rory Murphy / Matthew Chandler / James Dance

T: +44 (0)20 7409 3494

Turner Pope Investments Limited (Joint Broker)

Andy Thacker / Guy Peters

T: +44(0)0203 621 4120

Peterhouse Corporate Finance Limited (Joint Broker)

Lucy Williams / Duncan Vasey / Heena Karani

T: +44 (0)20 7469 0930

Bravura Capital (Pty) Ltd (JSE Sponsor)

Melanie De Nysschen

T (direct): +27 11 459 5052

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014.

Competent person's statements

The Toral maiden resource estimate was prepared by Mr. J.N. Hogg, MSc. MAIG Principal Geologist for AMS, who is an independent Competent Person within the meaning of the JORC (2012) code. The maiden resource estimate was aided by Mr R. J. Siddle, MSc, MAIG under the guidance of the competent person. Mr. Hogg has reviewed and verified the technical information that forms the basis of and has been used in the preparation of the current mineral resource estimate and this news release, including all analytical data, diamond drill hole logs, QA/QC data, density measurements, and sampling, diamond drilling and analytical techniques. Mr Hogg consents to the inclusion in the report of the matters based on the information, in the form and context in which it appears.