Europa Metals Regulatory News (EUZ)

11 February 2014

Ferrum Crescent Limited

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

Quarterly Activities and Cashflow Report (Amended)

For the period ended 31 December 2013

Further to the announcement on 31 January 2014 in respect of the Company's Quarterly Activities and Cashflow Report, the Company wishes to advise that it did not previously disclose its exploration tenement interests under Listing Rule 5.3.3. An amended Quarterly Activities and Cashflow Report may be found below that reflects the Company's position as at 31 December 2013.

Ferrum Crescent Limited, the ASX, AIM and JSE quoted iron ore developer in northern South Africa, today announces its quarterly results for the three month period ending 31 December 2013.

HIGHLIGHTS:

Moonlight Iron Ore Project:

Ø Ferrum Crescent signs conditional, legally binding letter of intent with Anvwar Asian Investment ("AAI") to progress the bankable feasibility study ("BFS") on the development of the Moonlight Iron Ore Project

o US$10m to acquire 35% shareholding in Ferrum Iron Ore (Pty) Ltd, which holds the mining right over the three farms that contain the Moonlight Deposit

o US$3.5m additional funds to contribute to BFS costs

o Initial payment of US$10m expected 28 February 2014

o AAI internal due diligence process complete and the Company has been informed all key conditions have been met or waived

o Structuring and shareholders' agreements now underway between Company and AAI

o AAI representative Anvwar Al Balushi will be invited to join the Ferrum Iron Ore Board and Moonlight Iron Ore Project steering committee

Corporate:

Ø Ferrum Crescent successfully raises GBP 873,600 (AU$1.5m) before costs

o 48 million shares (3,386,844 of which were subject to shareholder approval) issued at GBP 0.0182 (AU$0.0315) per share ("Placement Shares")

o Proceeds to be used by the Company to fund corporate activities and to carry out the BFS and mining right activities pending the AAI investment

o Funds from the private placement received in two tranches, with the second tranche representing subscriptions by two directors of the Company which required shareholder approval

Ø Cash as at 31 December 2013 was approximately AU$1.35m

Commenting today Ed Nealon, Chairman, said: "The last quarter of 2013 saw Ferrum Crescent sign the AAI agreement to allow for completion of the Bankable Feasibility Study at the Moonlight Iron Ore Project. The BFS is investigating the feasibility of developing an open pit mine and related processing facilities to produce 6Mtpa of high grade (DRI and BF) iron ore pellets mainly for the export market from the magnetite ore at the Moonlight Deposit. AAI represents a strategic partner with the depth to support the creation of a new high-grade iron ore production hub, located near existing infrastructure."

For more information, please visit www.ferrumcrescent.com or contact:

During the September 2013 quarter, Ferrum Crescent, the ASX, AIM and JSE quoted iron ore developer, announced it had signed a legally binding letter of intent ("Agreement") with Anvwar Asian Investment ("AAI") to facilitate the completion of the Company's bankable feasibility study ("BFS") at the Moonlight Iron Ore Project in northern South Africa. Under the Agreement, AAI will pay US$10m to Ferrum Crescent in return for a 35% shareholding in Ferrum Iron Ore Pty Ltd., which holds the mining right over the three farms that contain the Moonlight Deposit. AAI will also contribute US$3.5m to the on-going costs of the BFS.

The Ferrum Crescent interest in the Moonlight Iron Ore Project is held through the Group's direct and indirect shareholding in Ferrum Iron Ore (formerly named Turquoise Moon Trading), the shares of which are currently held as to 74% by Ferrum South Africa (Pty) Ltd (formerly named Nelesco) and as to 26% by Mkhombi Investments (Pty) Ltd. Subject to the conditions precedent and following the investment, the shares of Ferrum Iron Ore will be held 39% by Ferrum South Africa (Pty) Ltd, 26% by Mkhombi Investments (Pty) Ltd and 35% by AAI.

On 29 November 2013, the Company announced that the confirmation due diligence undertaken by AAI had concluded and both parties were working towards finalising the structure of the transaction and conclude the relevant shareholders' agreement. The parties are obliged to carry out certain administrative procedures with the Reserve Bank of South Africa, with regard to the issue of shares by a South African company to a non-resident, in order to finalise the structure and in so doing, the Company and AAI agreed to extend the completion of the transaction to 28 February 2014.

AAI is an Oman based investment company chaired by Mr Anvwar Al Balushi, who will be invited to join the Ferrum Iron Ore board and Moonlight Project steering committee upon completion of the Agreement. The Moonlight Project provides AAI with potential exposure to an iron ore project capable of producing high-grade pellet product, located within 200km of established rail hubs. Ferrum Crescent has already undertaken extensive metallurgical test work as part of the Moonlight BFS and earlier this year appointed DANIELI C. Officine MeccanicheS. p.A. ("Danieli"), a global leader in engineering services and equipment supply, as the process engineer for the BFS.

Corporate

During the quarter, the Company announced that it had received applications to subscribe for 48 million fully paid ordinary shares to raise up to GBP 873,600. The placement shares rank equally with existing fully paid ordinary shares from allotment.

The placement was conducted in two tranches. The first tranche comprised 44,613,156 shares to raise approximately GBP 811,959. The second tranche, comprising 3,386,844 shares to raise approximately GBP 61,641, was subject to shareholder approval at the Company's Annual General Meeting of shareholders, as these subscribers were Mr Ed Nealon (as to 2,906,075 shares) and Mr Robert Hair (as to 480,769 shares) who are Directors and hence related parties under the provisions of the Corporations Act 2001.

The first tranche of the Placement Shares were admitted to trading on the Australian Securities Exchange Limited, the AIM market of the London Stock Exchange and on the JSE Limited on 8 October 2013 and the second tranche were admitted on 19 December 2013 following shareholder approval at the Company's Annual General Meeting of shareholders.

Funds received under the share placements will be used as working capital, including for the funding of corporate costs and for feasibility and mining right activities.

Receipt of the proceeds of the issue means that the Company remains fully funded, pending completion of the agreement with Anvwar Asian Investment, to facilitate completion of the Company's BFS for the Moonlight Iron Ore Project.

Following the placement, the number of ordinary shares on issue is 376,201,385 shares.

It should be noted that various board members and members of staff elected in the September quarter to reduce or cancel their remuneration packages whilst the Company secured funding for the Moonlight BFS. Administration costs during the December quarter were higher than normal as some expenses previously incurred by board members and staff were reimbursed and staff received previously accrued remuneration.

Exploration Interests

As at 31 December 2013, the Company held an interest in the following mining tenements:

No licences were acquired or disposed of during the quarter.