Royalco Resources : Fitzroy River Announcement re Sale of the Weeks Royalty Interest

ABN 75 075 760 655

9 April 2019

Company Announcements Office

ASX Limited

Sale of Royalco's Weeks Royalty Interest ("Royalty Interest")

Royalco Resources Limited (ASX: RCO) (Royalco), in which Fitzroy River Corporation Limited (ASX: FZR) (Fitzroy) has a 47.76% shareholding and voting interest, has announced today that it has signed a sale agreement with Royal Energy Pty Ltd (Royal Energy), whereby the whole Royalty Interest held by Royalco will be acquired by Royal Energy for a cash price of $5.8 million.

The Royalty Interest is a 1% interest in the Weeks Petroleum Royalty, a royalty which dates back to 1960 representing a 2.5% over-riding royalty on hydrocarbon production from the Bass Strait region of Australia.

The sale is subject to the following conditions:

•Royal Energy completing its funding arrangements for the acquisition; and

•Royalco shareholders approving the sale at an extraordinary general meeting (EGM).

Fitzroy has advised Royalco that, in the absence of a superior proposal, it currently intends to vote in favour of the various resolutions at the EGM.

Yours faithfully,

MALCOLM McCOMAS

Non-Executive Chairman

Registered Office: Suite 6.02, Level 6, 28 O'Connell Street Sydney NSW 2000

Mail to: GPO Box 4626, Sydney NSW 2001

Tel: [phone] Website: www.fitzroyriver.net.au