Ora Gold Limited (ASX: OAU) (Company) is pleased to announce that it is undertaking a nonrenounceable pro-rata Entitlement Offer to eligible shareholders to raise up to approximately $1.4 million before costs.

Eligible shareholders will be able to subscribe for 1 new share for every 6 existing shares they hold at the Record Date, at an issue price of $0.01 per share.

The issue price represents a discount of: 33.3% to the Company's last close of $0.016 on the ASX on 1 November 2021 and 36.9% to the Company's 30-day VWAP of $0.016.

Novus Capital Limited will act as the sponsoring broker to the Entitlement Offer. Each of the Directors of the Company have confirmed their intention to fully participate in the Entitlement Offer. Funds raised will be used to: progressthe flagship Garden Gully Gold Project, which is located about 15 kilometres northnorthwest of the town of Meekatharra in Western Australia; continue drilling of advanced prospects on the Abbotts Greenstone Belt to delineate resources and of prospects with high potential for the discovery of significant gold/base metal deposits and working capital and the costs of the offer.

ORA GOLD LIMITED

The Entitlement Offer is open to all eligible shareholders who have a registered address within Australia and New Zealand and who hold Shares at 5.00pm (Perth time) on Monday 8 November 2021 (Record Date). The Entitlement Offer will close on Friday, 26 November 2021, unless extended. All New Shares issued will rank equally with existing shares on issue and the Company will apply for quotation of the New Shares. An Offer Booklet for the Entitlement Offer and, together with a personalised entitlement acceptance form, will be sent2 to eligible shareholders on 11 November 2021.

The Entitlement Offer will close on Friday, 26 November 2021, unless extended. All New Shares issued will rank equally with existing shares on issue and the Company will apply for quotation of the New Shares. An Offer Booklet for the Entitlement Offer and, together with a personalised entitlement acceptance form, will be sent2 to eligible shareholders on 11 November 2021. To avoid current postal delays due to COVID-19, all shareholders are encouraged to update their communication preferences to receive documentation from the Company via email by visiting: www.computershare.com.au/easyupdate/oau Eligible shareholders should consider the Offer Booklet in deciding whether to acquire securities under the Entitlement Offer. The Offer Booklet will contain important information including key risks with respect to the Entitlement Offer. The Entitlement Offer is non-renounceable and rights are not transferable and will not trade on the ASX or otherwise

Ora Gold's Chairman, Rick Crabb said: 'I encourage shareholders to take up their entitlement under this Entitlement Offer, to enable the Company to pursue its objectives with the Garden Gully Gold Project and other highly prospective targets. The Directors are conscious of the frustration of shareholders over the delay in finalizing a native title agreement to enable both the Crown Prince and Lydia mining leases to be granted. Announcements in the past were honestly made based on information provided to us by representatives of the native title group.

The current status is that, at the request of the recently formed Wajarri Yamaji Aboriginal Corporation RNTBC ('WYAC'), the Company's subsidiary Zeus Mining Pty Ltd executed the Native Title and Heritage Agreement and delivered it to WYAC.

We are informed that a meeting of WYAC is set for 12 November 2021. As has been the case in the past, we may find that, despite assurances given, further delay occurs. However we are hopeful that the Agreement, the terms of which have been settled for some months, will finally be signed.'

Contact:

Mr Frank DeMarte

Tel: +61 8 9389 6927

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