AVIRA RESOURCES LTD — Capital/Financing Update 2015

Feb 5, 2015

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MGT MINING LIMITED ANNOUNCES $1.5M SECURED LOAN AND MGT RESOURCES LIMITED ANNOUNCES DEED OF TERMINATION OF OFF-TAKE AGREEMENT

MGT Mining Limited is pleased to announce the signing of the following funding arrangement with Taimetco International Co., Limited (“Taimetco”):

• Taimetco agrees to enter into a $1,500,000 secured loan agreement with MGT Mining Limited, with a term of 2 years at an interest rate of 6.5% per annum. Interest accrues and is payable on the earlier of the day on which the principal outstanding is paid in full and the termination date.

• MGT Mining Limited has agreed to grant to Taimetco security over all of MGT Mining Limited's present and after-acquired tin assets, rights, interests and undertaking.

• The secured loan will be available for drawdown, following:

ASX ReleaseASX Announcement 6 February 2015 6 February 2015

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REGISTRY

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SHARES ON ISSUE

SHARES ON ISSUE 288,157,040 288,157,040

• the approval of shareholders of MGT Resources Limited that is being sought for the Auskong International Mining Investment Co., Limited transactions (as announced to the market on 19 December 2014); and

• other conditions precedent being satisfied (including an agreement for the off-market transfer of 10,000,000 MGT Resources Limited shares held by Taimetco to Auskong International Mining Investment Co., Limited, having been executed and as described in the notice of meeting announced to the market on 15 January 2015).

Tin Price: US$20,389/t Tin Price: US$18,931/t Gold Price: US$1,265/oz

• MGT Resources Limited has entered into a deed of termination with Taimetco of its current off-take agreement between MGT Resources Limited and Taimetco. MGT Resources Limited has agreed to pay a settlement sum to Taimetco of $750,000 (“Settlement Sum”).

• Taimetco has agreed that MGT Resources Limited pay the settlement sum amount of $750,000 to MGT Mining Limited as an advance under the $1,500,000 secured loan agreement between Taimetco and MGT Mining Limited.

• Following satisfaction or waiver of all conditions precedent, Taimetco will advance monies of $750,000 to MGT Mining Limited under the $1,500,000 secured loan agreement. Subsequently, MGT Resources Limited will pay the settlement sum of $750,000 to MGT Mining Limited to terminate the off-take agreement between MGT Resources Limited and Taimetco and the total amount owing by MGT Mining Limited to Taimetco under the secured loan agreement will be $1,500,000.

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

"MGT is very pleased to continue our relationship with Taimetco by accessing further funding from Taimetco. We recognised that the existing offtake arrangement was a constraint on flexibility and so we are also very pleased that we have been able to reach agreement with Taimetco on ending that arrangement. On top of the recently announced investment by Auskong International Mining Investment Co., Limited, MGT is now in a much stronger position to develop its projects."

MGT

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

ABN: 38 131 715 645 www.mgt.net.au info@mgt.net.au

ABN: 38 131 715 645