AVIRA RESOURCES LTD — Capital/Financing Update 2014

Dec 18, 2014

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MGT RESOURCES LIMITED ANNOUNCES THE SIGNING OF AN AGREEMENT FOR UP TO $4.2M IN NEW FUNDING

ASX Release

19 December 2014

ASX CODE

MGS

MGT Resources Limited is pleased to announce that it has entered into an Investments and Implementation Agreement with Auskong International Mining Investment Co., Limited for the following funding arrangements, which are subject to shareholder approval for the purposes of the ASX Listing Rules and Corporations Act 2001 ( Cth):

• Auskong International Mining Investment Co., Limited has agreed to subscribe to 30,000,000 shares in MGT Resources Limited at an issue price of $0.05 per share, raising $1,500,000.

• Auskong International Mining Investment Co., Limited has agreed to invest $1,500,000 by subscribing for 50,000,000 unsecured convertible notes in MGT Resources Limited with a term of 12 months, interest free at an exercise price of $0.03 per note.

• Auskong International Mining Investment Co., Limited will be issued with 24,000,000 options in MGT Resources Limited with an exercise price of $0.05 per option and a term of 12 months, raising $1,200,000.

REGISTRY

Computershare

SHARES ON ISSUE

288,157,040

Tin Price: US$19,431/t

• The previously announced $250,000 unsecured line of credit on 11 November 2014 between MGT Mining Limited and Mr Jonathan Back has been extended to the earlier of 28 February 2015 and when funds are received from Auskong International Mining Investment Co., Limited following shareholder approval for the purposes of the ASX Listing Rules and Corporations Act 2001 ( Cth).

• Upon the shareholder approval of transactions involving Auskong International Mining Investment Co., Limited described above, Auskong International Mining Investment Co., Limited will appoint two Non-Executive Directors to the Board of MGT Resources Limited. One current Non-Executive Director will retire from the board of MGT Resources Limited upon the appointment of the two new Auskong International Mining Investment Co., Limited Non-Executive Directors.

• MGT Resources Limited has signed addendums to the existing Unsecured Convertible Note Deeds with Armstrong Industries HK Limited, Marvel Network Limited and Cloud Adventurer Limited to allow MGT Resources Limited an option of redeeming all or part of the Notes prior to the Maturity Date.

Jonathan Back, Executive Chairman of MGT Resources Limited, said:

"We are delighted to enter into a strategic investment relationship with Auskong International Mining Investment Co., Limited, which is committed to the long term development of MGT as we develop our gold assets and continue progress in bringing our tin assets into production. We believe this relationship will serve as a cornerstone for the future development of MGT, given the alignment between Auskong International Mining Investment Co., Limited and MGT on our future goals."

MGT

Resources Limited 2.05/68 York Street Sydney NSW 2000 Australia T: 61 2 9262 1122 F: 61 2 9299 5175 www.mgt.net.au info@mgt.net.au

ABN: 38 131 715 645

A notice of meeting to shareholders setting out full details of the proposed investments by Auskong International Mining Investment Co., Limited will be sent out in due course.

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