VOLT RESOURCES LIMITED — Investor Presentation 2011

Jul 18, 2011

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Mozambi Coal Limited A Mozambique Focused Coal Exploration & Development Company

Investor Presentation July 2011

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Company Snapshot
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Company Overview

•  Mozambi Coal Limited (ASX:MOZ) is an ASX-listed coal exploration First level and development company focused on Mozambique

• Second level The Zambeze Coal Basin in Mozambique is one of the world’s largest undeveloped coal basins

  • Third level

• The Company has 3 coal exploration projects in Mozambique spanning 609 km[2] with a combined Target Mineralisation of between 4.96 – 6.19 billion tonnes* of coking and thermal coal

• In July 2011, the Company announced an agreement to acquire a third exploration license, 2738L (“Songo” project). The project area has the potential for 25.8 km[2] of Lower Karoo and a Target Mineralisation of between 1.86 – 2.32 billion tonnes* of coking and thermal coal

• A A$1,875,000 private placement was announced with Polo Resources in July 2011 to finance the Songo acquisition. This follows on from a successful A$4,000,000 capital raising in January

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Figure 1: Location Map of Mozambique in Africa

Corporate Strategy

• Aggressive exploration programme

• Acquisition of additional licences

• On the ground presence

• This Target Mineralisation estimate is conceptual in nature as there has been insufficient exploration to define a mineral resource under JORC Code guidelines and it is uncertain whether further exploration will result in the determination of a mineral resource. This conceptual target may or may not be outlined with future work, either in whole or in part.

Mozambi Coal Limited

Investor Presentation – July 2011

2

Capital Structure

Share Price History – AUD (01 Mar to 08 Jul 2011)

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•
0.45First level
0.40 •
Second level
0.35
•
Third level
0.30
0.25
0.20
0.15
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Trading Volume History – 000’s (01 Mar to 08 Jul 2011)

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10,000
8,000
6,000
4,000
2,000
-
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Capital Structure	8 July 2011	8 July 2011	Post July *Raising **	Post July *Raising **
Total Shares on Issue	106,707,732		114,207,732
Total Options on Issue**	30,450,000		32,950,000
Performance Shares	5,000,000		5,000,000
Share Price - 8 July 2011	A$0.265		A$0.265
Market Capitalisation	A$28.27m		A$30.27m
Debt	Nil		Nil
Cash Balance - 8 Jul 2011	A$3.24m		A$5.12m
Enterprise Value	A$25.03m		A$25.15m
Top 5 Shareholders		8 July 2011		Post July *Raising **
Polo Resources Ltd		12.32%		18.08%
Varuna Pty Ltd		9.67%		9.04%
CS Fourth Nominees		4.39%		4.10%
Cityside Investments		3.00%		2.80%
EZR Systems		3.00%		2.80%

• Numbers not adjusted for acquisition costs associated with 2738L or working capital.

Source: Australian Securities Exchange

• ** Excludes contingent performance options and rights

Mozambi Coal Limited

Investor Presentation – July 2011

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Investment Case

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WHY INVEST?	INVESTMENT RATIONALE
High Potential Licences	MOZ has three high value projects with 4.96- 6.19 Bt Target Mineralisation*
Exposure to Mozambique	Only pure-play Mozambican coal explorer on ASX
Stable Political Environment	Mozambique is a stable multiparty democracy with a strong focus on resources sector development
Premium Coal in Basin	Hard coking coal identified in nearby RIO licences of equal quality to Bowen Basin in Australia
Strong Expected Demand	Annual global coal demand forecast to increase by as much as 53% before 2030
Large Discoveries in Basin	Over 22 billion tonnes of coal identified in Zambeze Coal Basin
Existing Infrastructure	Two rail-to-port options from 570-800 km
Exploration programme underway	Drilling underway on Tete West project, to be followed by drilling on Songo and Muturara projects

Source: Company websites and publications, Central Intelligence Agency Factbook

• This Target Mineralisation estimate is conceptual in nature as there has been insufficient exploration to define a mineral resource under JORC Code guidelines and it is uncertain whether further exploration will result in the determination of a mineral resource. This conceptual target may or may not be outlined with future work, either in whole or in part.

Mozambi Coal Limited

Investor Presentation – July 2011

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Mozambique

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Mozambique • First level

• One of Africa’s fastest growing economies, with GDP growth at • 8.3% in 2010 and 4.5% in 2009 Second level •

• Stable multi-party constitutional democracy Third level

• President Guebuza was re-elected in October 2009, winning 75% of popular vote after successful 5 year term

• Portuguese remains the official language

• Excellent relationship and strong commercial links with South Africa, its main trading partner

• High inflows of Foreign Direct Investment, particularly from China, India and Brazil – including significant infrastructure and resources projects

Source: Central Intelligence Agency Factbook, US Department of State, World Bank

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Figure 2: Location Map of Mozambique

Mozambi Coal Limited

Investor Presentation – July 2011

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Zambeze Coal Basin One of the World’s Largest Undeveloped Coal Basins

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RIO TINTO (LON:RIO)

• 13 billion tonnes of coal identified

• 100% acquisition of Riversdale Mining (ASX:RIV)

 ZAMBEZE project:

• 9.0 billion tonnes of coal identified

• 22 coal seams identified over 14 km length

 BENGA project:

• 4.0 billion tonnes of coal identified

• Approvals for a 20MT/year operation

OTHER SIGNIFICANT PROJECTS

ETA Star

• 1.92 billion tonne resource

Ncondezi Coal (AIM:NCCI)

• 1.8 billion tonne JORC resource

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BENGA
ZAMBEZE
MOATIZE
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Figure 3: Location Map of Mozambi Coal Tenements in Zambeze Coal Basin

Talbot - Minas de Ruvuboe

• 1.4 billion tonne JORC resource

Eurasian Natural Resources Corp (LON:ENRC)

• 1.0 billion tonne JORC resource

Jindal (BOM:532286)

• 700 million tonne Resource

VALE (NYSE/BOVESPA:VALE)

 MOATIZE project:

• 1.4bn resource

• Full commercial production expected as of 2012

• Capacity for 11Mtpa production, 8.5Mpta coking, 2.5Mpta thermal

Source: Company websites and publications

Mozambi Coal Limited

Investor Presentation – July 2011

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Projects Overview

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The Projects

• The Company has three high value mineral exploration projects spanning 609 km[2] in the Zambeze Coal Basin in the Tete Province of Mozambique

• The licences have a Target Mineralisation of 4.96 – 6.19 billion tonnes* with a thermal coal range of CV from 5,000-5,600kcal/kg

• All three licences cover target Karoo sediments that hosts most of the coal reserves within the Zambeze Basin (Productive Series)

• This Target Mineralisation estimate is conceptual in nature as there has been insufficient exploration to define a mineral resource under JORC Code guidelines and it is uncertain whether further exploration will result in the determination of a mineral resource. This conceptual target may or may not be outlined with future work, either in whole or in part.

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BENGA
ZAMBEZE
MOATIZE
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Figure 4: Location Map of Tete Province, Mozambique

Project	MOZ Ownership	Total Area	Karoo Area	Target Mineralisation*
Songo – 2738L	Right to earn 80%	224 km2	25.8 km2of Lower Karoo	1.86 – 2.32 billion tonnes*
Muturara – 3246L	70%	203 km2	40.0 km2of Upper Karoo	2.88 – 3.60 billion tonnes*
Tete West – 3245L	70%	182 km2	3.0 km2of Lower Karoo	216 – 270 million tonnes*

Mozambi Coal Limited

Investor Presentation – July 2011

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License 2738L – Songo

Location

• 115km west of the city of Tete in the Songo district, and 40km southwest of Jindal license 1218L where a 700 million tonne coal reserve has been identified

Coal Potential

• Ground verification confirms the potential for 25.8km[2 ] Lower Karoo

Local Geology

• Visible sandstone belonging to the following main units: Lower Karoo Matinde (Sandstone-Marl) Formation, Lower/Upper Karoo Cádzi (Sandstone) Formation, Upper Karoo Rio Mazoe (Basalt) Formation, Upper Karoo Bangomateta (Rhyolite)

Source: Company websites and publications

TARGET MINERALISATION: 1.86 – 2.32 Bt*

The 25.8km[2] area could be underlain by Productive Series coal bearing strata with potential to host from 1.8Mt to 2.3Mt per km[2 ] per 1m thickness of coal with a thermal coal range of CV from 5,000-5,600kcal/kg . The Target Mineralisation is represented if the main lower 40-50m thickness of coal measures is present.

• This Target Mineralisation estimate is conceptual in nature as there has been insufficient exploration to define a mineral resource under JORC Code guidelines and it is uncertain whether further exploration will result in the determination of a mineral resource. This conceptual target may or may not be outlined with future work, either in whole or in part.

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Figure 8: Geological Map of 2738L
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Figure 5: Geological Map of 2738L

Mozambi Coal Limited

Investor Presentation – July 2011

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License 3245L – Tete West
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Location

• 12km west of the city of Tete, and immediately southwest of Rio Tinto license 946L (“Zambeze” project)

Coal Potential

• Ground verification confirms potential for 3km[2] of Lower Karoo

Local Geology

• Lower Karoo is represented by the Matinde Formation occurring to the north of the license, striking west-northwest to east-southeast with dips ranging from 12-30 ⁰ to the southwest

• Large outcrops of coarse grained white sandstone and inter-bedded carbonaceous mudstone outcrop on the banks of the Atinde River to the north of license

• Overlying the Matinde Formation are rocks of the lower portions of the Upper Karoo series

TARGET MINERALISATION: 216 – 270 Mt*

The 3km[2] area could be underlain by Productive Series coal bearing strata with potential to host from 1.8Mt to 2.3Mt per km[2 ] per 1m thickness of coal with a thermal coal range of CV from 5,000-5,600kcal/kg . This Target Mineralisation is represented if the main lower 40-50m thickness of coal measures is present.

• This Target Mineralisation estimate is conceptual in nature as there has been insufficient exploration to define a mineral resource under JORC Code guidelines and it is uncertain whether further exploration will result in the determination of a mineral resource. This conceptual target may or may not be outlined with future work, either in whole or in part.

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BENGA
MOATIZE
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Figure 6: Landsat Image of License 3245L

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Figure 7: Geological Map of 3245L

Mozambi Coal Limited

Investor Presentation – July 2011

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License 3246L – Muturara
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Location

• 45km southeast of the Moatize Coal Mining Camp (Vale). The refurbished Moatize-Beira railway line passes 12km to the east

Coal Potential

• 40km[2 ] of Upper Karoo formation sediments and volcanics that potentially overlie the Matinde Formation and Productive Coal Series of the Lower Karoo

Local Geology

• Measured dips near the railway line and dips on the road approaching the northern boundary indicate that coal measures may extend to as deep as 1,000 metres beneath the surface

• The thickness of these units is unknown. Field observations indicated a horizontal to very gentle southwesterly dip of massive outcropping coarse grained sandstone. The depth of the Productive Coal Series is estimated to be approximately 400-600m

TARGET MINERALISATION: 2.88 – 3.60 Bt*

The 40km[2] area could be underlain by Productive Series coal bearing strata with potential to host from 1.8Mt to 2.3Mt per km[2 ] per 1m thickness of coal with a thermal coal range of CV from 5,000-5,600kcal/kg. The Target Mineralisation is represented if the main lower 40-50m thickness of coal measures is present.

• This Target Mineralisation estimate is conceptual in nature as there has been insufficient exploration to define a mineral resource under JORC Code guidelines and it is uncertain whether further exploration will result in the determination of a mineral resource. This conceptual target may or may not be outlined with future work, either in whole or in part.

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Figure 8: Landsat Image of License 3246L

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Figure 9: Geological Map of 3246L

Mozambi Coal Limited

Investor Presentation – July 2011

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Exploration Programme – Tete West

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Project 1: 3245L – Tete West

• Area: Focus on 3 km[2 ] area in the North East corner of the license

• Start date: May 2011

• Contractor: Aquaterra Lda, Mozambican subsidiary of Geosearch Inc (South Africa)

• Permits: Environmental approval granted for drilling in April 2011 by Department of the Environment

• Programme: Preliminary drilling programme of 2000m HQ diamond core drilling comprising 5 holes. Geophysical logging where appropriate

• Time Frame: Completion by late 3Q or early 4Q

• Status: 4 boreholes completed with a total depth of 1168m. 35 samples from three boreholes submitted for analysis at ALS Witlabs Laboratories in South Africa

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Figure 10: Target Area for Initial Drill Programme on License 3245L

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Image: Drilling underway on Tete West project

Mozambi Coal Limited

Investor Presentation – July 2011

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Exploration Programme – Muturara & Songo

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Project 2: 3246L – Muturara

Project 3: 2738L – Songo

• Area: Focus on 40 km[2] area in the Northern part of the license

• Area:

Focus on 25.8 km[2] area in the South East of the license

• Start date: Expected late 3Q or 4Q 2011

• Start date: Expected 3Q 2011

 Permits: Environmental approval granted for drilling in April 2011 from the Department of the Environment

• Contractor: Additional drill rig expected to be secured in 3Q 2011

 Programme: Preliminary drilling programme of 1000m HQ diamond core drilling programme comprising 2 drill holes

• Time Frame: Completion by late 4Q or early 2Q 2012 depending on weather conditions (wet season runs from Dec through to end of March)

• Permits: Permitting approval process underway. Drilling approvals from Department of the Environment expected during 3Q 2011

• Contractor: Aquaterra, Mozambican subsidiary of Geosearch Inc (South Africa)

Preliminary drilling programme 3000m HQ diamond core drilling programme comprising 5 drill holes

• Programme:

• Time Frame: Completion by late 4Q or early 2Q 2012 depending on weather conditions (wet season runs from Dec through to end of March)

Mozambi Coal Limited

Investor Presentation – July 2011

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Exploration Timetable

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2011 – 2012 Exploration Timetable

Activity	Particulars			Quarter II	Quarter II	Quarter II	Quarter II	Quarter III	Quarter III	Quarter III	Quarter III	Quarter IV	Quarter IV	Quarter IV	Quarter IV	Quarter I(2012)	Quarter I(2012)	Quarter I(2012)	Quarter II(2012)	Quarter II(2012)	Quarter II(2012)	Quarter II(2012)
		March'11		April'11	May'11		June'11	July'11		Aug'11	Sept'11	Oct'11		Nov'11	Dec'11	Jan'12	Feb'12	Mar'12	April'12	May'12	June'12
3245L
Approvals	Env and Drilling permits
Preparatorywork	Roads and Drillpads etc
Geological Mapping
Core Drilling	2000m HQcore drilling
CR Logging& Testing
Geophysical logging
Geological Report
3246L
Approvals	Env and Drilling permits
Preparatorywork	Roads and Drillpads etc
Geological Mapping
Core Drilling	1000m HQcore drilling
CR Logging& Testing
Geophysical logging
Geological Report
2738L
Approvals	Env and Drilling permits
Preparatorywork	Roads and Drillpads etc
Geological Mapping
Core Drilling	3000m HQcore drilling														RAINY SEASON - NO DRILLING
CR Logging& Testing
Geophysical logging

Mozambi Coal Limited

Investor Presentation – July 2011

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Infrastructure Three Options for Transportation to Seaborne Markets

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Option 1: Sena Rail to Port of Beira

• 570km railway line with capacity of 6 Mt

• Recent upgrade co-funded by World Bank

• New coal terminal with 18 – 24 Mtpa capacity by 2014 under investigation

• Port unable to handle Panamax vessels

Option 2: Nacala Rail to Port of Nacala

• 730km by rail with 1Mtpa current capacity

• Connects Blantyre (Malawi) to Port. Rail connection to Moatize under investigation

• Upgrade to 20Mtpa coal capacity

• Further potential capacity to +40Mtpa

• Port capable of handling Panamax vessels

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Figure 11: Infrastructure Map of Northern Mozambique

Figure 11: Infrastructure Map of Northern Mozambique

Option 3: River Barge to Chinde

• 525km from Tete area to Chinde

• Approvals expected Sep/Oct 2011

• Construction commencement target 1H 2012

• Will require trans-shipment facility at sea

• Large capacity potential to +20Mtpa

Image: Sena Railway Line

Mozambi Coal Limited

Investor Presentation – July 2011

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Focused & Experienced Team

Michael Griffiths – Non Executive Chairman

Mike is an experienced geologist and senior company executive with over 25 years in the mineral exploration and energy sectors in Africa and Australia. He is currently an Executive Director of ASX-listed African gold mining company Chalice Gold (ASX:CHN) and a Director of TSX-listed African gold exploration company Currie Rose Resources (TSX:CUI). He has overseen the discovery and exploration of significant gold deposits in Tanzania, Eritrea and the Northern Territory. Prior to moving into the minerals sector he spent the first 2 years of his career as a coal geologist in central Queensland. Mike holds a Bachelor of Science (Geology) from Macquarie University in Sydney and is a member of AusIMM.

Shiv Madan – Managing Director

Shiv has 14 years experience in investment banking and management consulting. As an investment banker he held senior roles in Europe and Asia Pacific spanning commodities and bond trading, capital markets advisory and syndication. He was previously head base metals trader at Dresdner Kleinwort and earlier worked in capital markets with Lehman Brothers and Daiwa Securities. He commenced his career as a Strategy Consultant with Andersen Consulting. Most recently he was a Director of Dugal Pty Ltd (100% acquired by Mozambi Coal) and was responsible for acquiring the Company's exploration licences in Mozambique. Shiv holds an MBA from the Australian Graduate School of Management and a BCOM from Curtin University.

Ryan Broom – Chief Financial Officer & Joint Company Secretary

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Alex Neuling – Executive Director & Joint Company Secretary

Alex is a Chartered Accountant and Chartered Secretary with over 10 years corporate and financial experience. This experience includes 5 years as director, chief financial officer and/or secretary of various ASX-listed companies in the energy, mineral exploration, biotechnology and mining services sectors. He previously worked at Deloitte in London and Perth. Alex holds an Honours degree in Chemistry from the University of Leeds in the United Kingdom.

Robert Hemphill – Non-Executive Director

Robert has more than 13 years experience in financial accounting, taxation and business advisory services both domestically and internationally. He is a director/company secretary of a number of public and private companies. Robert completed a Bachelor of Business at Charles Sturt University and is a member of the Institute of Chartered Accountants in Australia.

Chala Kondragunta – Exploration Manager, Mozambique

Chala is an experienced geologist with an 18 year background in the exploration of coal, industrial minerals and metals. He has extensive experience in Mozambique – he was previously Deputy General Manager for Essar Minerals based in Mozambique, where he managed their coal exploration programme in the Tete province. He also worked with Essar in Indonesia in a similar capacity. Previously, he worked in Russia, Armenia, Saudi Arabia and India for a number of companies including Vedanta Resources. Chala holds a Masters of Science in Geology from AMU in India and a Bachelor of Science from Nagarjuna University, India.

Ryan has over 10 years experience as an auditor and accountant and has previously held senior finance roles with BDO Chartered Accountants and Byrnecut Mining as well as Africa-focused explorers Indago Resources Limited (IDG) and Tusker Gold Limited (TKA). Ryan holds a Bachelor of Commerce from Curtin University and is a member of the Institute of Chartered Accountants in Australia.

Mozambi Coal Limited

Investor Presentation – July 2011

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Summary
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• Unique opportunity to participate in an underexplored and fast growing world class coal field

• Potentially large coal Target Mineralisation

• Attractive valuation entry point

• Focused management team creating shareholder value through aggressive exploration and acquisition of additional coal licences

• Acquisition of new (third) tenement to significantly increase potential Target Mineralisation

• Initial drilling programme underway – 4 boreholes completed on Tete West project

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Image: Local Village and Baobab Tree in the South of License 3245L

Mozambi Coal Limited

Investor Presentation – July 2011

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Important Notices
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This document has been prepared by Mozambi Coal Limited (“MOZ”) in connection with providing an overview to interested analysts and investors.

This presentation is being provided for the sole purpose of providing preliminary background financial and other information to enable recipients to review the business activities of MOZ. This presentation is thus by its nature limited in scope and is not intended to provide all available information regarding MOZ. This presentation is not intended as an offer, invitation, solicitation, or recommendation with respect to the purchase or sale of any securities. This presentation should not be relied upon as a representation of any matter that a potential investor should consider in evaluating MOZ. Prospective investors should make their own independent evaluation of an investment in MOZ.

Any statements, estimates, forecasts or projections with respect to the future performance of MOZ and/or its subsidiaries contained in this presentation are based on subjective assumptions made by MOZ's management and about circumstances and events that have not yet taken place. Such statements, estimates, forecasts and projections involve significant elements of subjective judgement and analysis which, whilst reasonably formulated, cannot be guaranteed to occur. Accordingly, no representations are made by MOZ or its affiliates, subsidiaries, directors, officers, agents, advisers or employees as to the accuracy of such information; such statements, estimates, forecasts and projections should not be relied upon as indicative of future value or as a guarantee of value or future results; and there can be no assurance that the projected results will be achieved.

MOZ and its affiliates, subsidiaries, directors, agents, officers, advisers or employees do not make any representation or warranty, express or implied, as to or endorsement of, the accuracy or completeness of any information, statements, representations, estimates or forecasts contained in this presentation, and they do not accept any liability or responsibility for any statement made in, or omitted from, this presentation. MOZ accepts no obligation to correct or update anything in this presentation.

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Image: Samora Machel Bridge crossing the Zambeze River from the City of Tete

Nothing in this presentation should be construed as financial product advice, whether personal or general, for the purposes of section 766B of the Corporations Act 2001 (Cth). This presentation consists purely of factual information and does not involve or imply a recommendation or a statement of opinion in respect of whether to buy, sell or hold a financial product. This presentation does not take into account the objectives, financial situation or needs of any person, and independent personal advice should be obtained.

Under Mozambican mining law, the licences confer on [the holder] an exclusive right to explore for copper, zinc and lead in the case of licence 3245L, base metals in the case of licence 3246L and base metals, gold and industrial minerals in the case of 2738L. If in the course of such exploration [the holder] identifies an associated mineral, including coal, and assuming all other conditions of the licences have been met, the holder is entitled exclusively to apply to further explore and eventually to mine the coal identified notwithstanding that the licences were not originally granted for coal.

All reference to dollars, cents or $ in this presentation are to Australian currency, unless otherwise stated.

This presentation and its contents have been made available in confidence and may not be reproduced or disclosed to third parties or made public in any way without the express written permission of MOZ.

The information in this report that relates to exploration target, tonnages and grades is based on data compiled by Mr Brian J. Varndell B.Sc.(Spec Hons Geol), FAusIMM, a geologist with more than 35 years experience in mineral exploration and mining and more than 25 years experience in mineral asset valuation. Mr Varndell has sufficient experience which is relevant to the style of mineralisation and the type of deposit under consideration to qualify as a Competent Person as defined in the 2004 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr. Varndell consents to the inclusion in this document of the matters based on his information in the form and contexts in which they appear.

Cover Image: Outcropping Lower Karoo discovered to the north of 3245L

Mozambi Coal Limited

Investor Presentation – July 2011

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