VOLT RESOURCES LIMITED — Interim / Quarterly Report 2014

Jan 30, 2014

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ASX ANNOUNCEMENT

By e-lodgement

31 January 2014

QUARTERLY REPORT – QUARTER ENDED 31 DECEMBER 2013

Mozambi Coal Limited (ASX: MOZ, Company or MOZ ) provides the following update on activities undertaken during and since the quarter ended 31 December 2013.

• Acquisition of EPC 1768 and 2098 completed

• Conditional agreement to acquire (up to 3) further QLD tenements

• EPC 1768 Drilling program planning underway

NEW PROJECTS

Bowen River (EPC 1768) and Carmilla (EPC 2098)

In November 2013, Mozambi announced a 2-part transaction ( Transaction ) under which its wholly-owned subsidiary MNBB Pty Ltd had acquired 2 Queensland coal exploration licences from Rio Tinto Exploration Pty Ltd ( RTX ) and entered into negotiations to acquire up to a further 3-4 coal exploration licences and applications in Queensland from other project vendors. Part 1 of the Transaction involved the acquisition of a 100% interest in EPC 1768 ( Bowen River ) and EPC 2098 ( Carmilla ) for up-front cash consideration of $375,000 (plus costs and GST) with additional deferred consideration becoming payable to RTX upon reaching project milestones.

Bowen River

EPC 1768 is located in the Bowen Basin, 100km west of Mackay, Central Queensland and covering a total area of approximately 30km2. The licence is considered to be early stage, with untested potential (including for metallurgical grades of coal) and is located adjacent to existing infrastructure. The licence is considered by Mozambi to have potential for Permian coal from the Rangal, Fort Cooper and Moranbah Coal Measures. Adjacent EPC title holders include Aquila Coal, Bowen Central Coal, Dyart Coal Mine Management and Xstrata Coal.

The licence consists of 10 sub-blocks separated into two different areas separated by a distance of 11km. The EPC is located north of Hail Creek mine owned and operated by Rio Tinto and east of Xstrata’s Newlands mine. The Bowen River passes through both the northern and southern blocks of EPC 1768. Eungella Dam Catchment Area (restricted land) is located at a distance of 45km east of the southern block of the EPC.

Mozambi Coal Limited (ASX: MOZ) ABN 28 106 353 253 PO Box 1571 Tel: +61 8 9321 0774 | Fax: +61 8 6314 1557 West Perth WA 6872 www.mozambicoal.com Australia

Level 1, 44 Ord Street West Perth WA 6005 Australia

Carmilla

EPC 2098 is located adjacent to the Styx Basin, 117km south of Mackay (90km North of Gladstone), Central Queensland. The licence is considered by Mozambi to be greenfields. Adjacent / nearby EPC title holders include BHP, Anglo Coal and Waratah Coal.

Blackall Capital Acquisition

Part 2 of the Transaction consists of a conditional agreement between the Company and the shareholders of Blackall Capital Pty Ltd ( Blackall ) for acquisition by the Company of 100% of the issued capital of Blackall for share and equity consideration (subject to shareholder and regulatory approval). A shareholder meeting to seek approval for part 2 of the transaction has been convened for 27 February 2014.

The Company is also continuing to evaluate other possible new projects which have the potential to complement its existing asset portfolio.

OPERATIONS

Queensland

During the quarter activities were focussed on analysis of historical drilling information, in particular for EPC 1768. Subsequent to the end of the quarter, on 24 January 2014, the Company announced that it was intending to commence a 13-hole, 5,000m RC drilling program on EPC 1768 during 2014 with the objective of progressing project resource estimation to the JORC 2012 standard. The expected drill locations are show in Figure 1 below and cover both the Northern and Southern portions of the EPC.

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Figure 1 - Planned 2014 Drilling Locations

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The drilling campaign remains subject to funding as well as access arrangements, including landholder compensation, environmental clearances and cultural heritage.

Corporate & Finance

As at 31 January 2013, the Company had a cash balance of $195k. An ASX Appendix 5B for the quarter ended 31 December 2013 has been lodged together with this report.

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Appendix

In accordance with Listing Rule 5.3.3. MOZ provides the following information in relation to its mining tenements.

Mining tenements held at the end of the quarter:

Project	Location	Tenement Number	Status	Beneficial interest
Bowen River	Queensland	EPC1768	Exploration licence	100% 1
Carmilla	Queensland	EPC2098	Exploration licence	100% 1

1. Subject to transfer of titles from RTX.

Mining tenements acquired during the quarter:

Project	Location	Tenement **Number **	Status	Beneficial **interest **
Bowen River	Queensland	EPC 1768	Exploration licence	100%1
Carmilla	Queensland	EPC 2098	Exploration licence	100%1

1. Subject to transfer of titles from RTX.

In addition, the Company executed a conditional agreement to acquire an interest in the below licences through the proposed acquisition of Blackall Capital however the acquisitions have not yet been completed and remain subject to shareholder approval.

Project	Location	Tenement Number	Status	Beneficial interest
EPC 2702	Queensland	EPC 2702	Exploration licence	95%2
EPC 2861	Queensland	EPC 2861	Exploration licence	95%2
EPM 25113	Queensland	EPM 25113	Application (approvedforgrant)	100%2
EPC 2884	Queensland	EPC 2884	Notgranted	100%3

2. MOZ has entered into a conditional agreement with the shareholders of Blackall Capital Pty Ltd which on successful completion of the transaction will result in MOZ acquiring Blackall which holds options to acquire these tenements.

3. MOZ has entered into a conditional agreement with the shareholders of Blackall Capital Pty Ltd which on successful completion of the transaction will result in MOZ acquiring Blackall which holds a third-ranking application for this tenement.

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Mining tenements disposed of during the quarter:

Nil.

Beneficial interests held in farm-in or farm-out agreements at the end of the quarter

Farm-in agreements

The Company owns a 70% interest in Dugal Resources Lda, a Mozambican entity which holds a 100% interest in the following licences:

Licence	**Owner **	**Location **	Commodities	Area (ha)
3245L	Camal & CompanhiaLda	Tete province	Copper, Zinc, Lead	18,240
3246L	Camal & Companhia Lda	Tete province	Base Metals	20,240

Farm-out agreements

Nil

Beneficial interests in farm-in or farm-out agreements acquired or disposed of during the quarter

Nil

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