VOLT RESOURCES LIMITED — Capital/Financing Update 2011

Dec 13, 2011

MOZAMBI COAL LTD

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(ASX: “MOZ”, “Company” or “Mozambi”)

ASX RELEASE

14 DECEMBER 2011

EXPLORATION PROGRAMME UPDATE

Mozambi Coal Limited is pleased to provide the following update on exploration activities at the Company’s mineral exploration licences situated in the emerging and highly prospective Zambeze Coal Basin, Mozambique (see Fig.2).

Highlights

• Drilling commenced on Songo Project with a total of 1,310 metres completed prior to onset of wet season

• Export approval granted for remaining 17 assays from Tete West drilling programme

• Airborne geophysical survey completed over all concessions

Exploration Update: 2738L “Songo” Project, Zambeze Coal Basin

Scout diamond drilling commenced on 17 October 2011 and 1,310 metres were completed successfully prior to the onset of the wet season which normally runs from December to March. The first 2 drill holes (BH-1 & BH-2) reached depths of 474.65m and 527.49m respectively, and a third drill hole (BH-3) was drilled to 308.44m before drilling activities had to cease.

All 3 drill holes intersected Upper Karoo sediments, which overly the targeted Lower Karoo sediment package that hosts the main Productive Series of the Zambeze Basin coal deposits. Down hole geophysics was conducted to acquire stratigraphic information, after which all holes were suspended pending a review with the intention to “re-enter” these holes next field season. No coal samples have been collected in relation to the drilling completed to date.

The Company is still in the early stages of the Songo exploration programme and results to date indicate that the Licence appears to be structurally complex. Over the wet season the airborne magnetic and radiometric geophysical survey data along with drilling data (including down hole logs) will be reviewed and interpreted. A revised model for the area will be produced and used to determine additional target areas for drilling in 2012.

Mozambi Coal Limited ACN 106 353 253 Level 2, 640 Murray Street, West Perth, Western Australia 6005 Tel: (+618) 9321 0774 Fax: (+618) 6314 1557

Exploration Update: 3245L “Tete West” Project

In addition to the review and interpretation of data at Songo, assay results are also expected in the coming months for Tete West, as reported in the most recent Quarterly Report.

The remaining 17 samples from the Tete West drilling programme have been delivered to ALS Witlab (Pty) Ltd in South Africa, and the Company expects to be able to report back to shareholders in 1Q 2012.

2012 Exploration Programme and First Pass drilling at 3246L “Muturara” Project.

In addition to resuming drilling at its Songo Project following the end of the wet season in the second quarter 2012, the Company also expects to commence first pass drilling on its Muturara Project during the first half of 2012.

Depending on the results of recent airborne geophysical surveys and assays, the Company may also conduct further drilling on Tete West in the first half of 2012.

Mozambi Coal managing director Shiv Madan said that 1H 2012 was going to be a busy period for the Company.

“With the review and interpretation of data underway, and ongoing drill programmes scheduled to commence after the wet season, we intend reporting back to shareholders on a wide range of activities during the first quarters in 2012. Whilst it is still early in our exploration program, we are confident that the work programme we have underway will allow us to get a better understanding of the prospectivity of our holdings in the Zambeze Coal Basin”.

Mr Madan said that the wider Tete region in Mozambique continues to attract major mining companies, with a number including Rio Tinto (LON: RIO) and Vale having already committed significantly to developing the region.

Mozambi Coal Limited ACN 106 353 253 Level 2, 640 Murray Street, West Perth, Western Australia 6005 Tel: (+618) 9321 0774 Fax: (+618) 6314 1557

About Mozambi

Mozambi Coal Ltd is a coal exploration company listed on the Australian Securities Exchange under ASX code MOZ. The Company intends to develop as an Africa-focused coal mining company through the exploration and development of its’ existing exploration licences in Mozambique, East Africa, and the acquisition of further assets in the region.

The Company has a 70% interest in two mineral exploration licences situated in the Zambeze Coal Basin in Mozambique and in July 2011 announced an agreement to acquire an 80% interest in a third exploration licence, 2738L (“Songo” Project), also within the Zambeze Coal Basin. The Zambeze Coal Basin is an emerging and highly prospective coal region that is within economic reach of the East African coast. Globally significant resources companies including Rio Tinto (LON: RIO), Vale, Jindal Steel and ENRC have undertaken coal exploration and development projects in the basin.

The combined tenement size held by the Company is approximately 609km[2] , spanning three tenements, 2738L (“Songo” project) 3245L (“Tete West” project) and 3246L (“Muturara” project). 2738L is located 115km west of the city of Tete and 40km southwest of Jindal licence 1218L where a 700 million tonne coal reserve has been identified. 3245L is located 12km West of the city of Tete and extends over 182km[2] , and lies immediately southwest of Rio Tinto tenement 946L. 3246L is located 58km[2] southeast of the city of Tete and covers approximately 202 km[2] . The tenement is located 45km southeast of the Moatize Coal Mining Camp owned by Vale.

Figure 1: Map of Mozambique within Figure 2: Map of Mozambi Coal’s Tenements within Zambeze Africa Basin

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Mozambi Coal Limited ACN 106 353 253 Level 2, 640 Murray Street, West Perth, Western Australia 6005 Tel: (+618) 9321 0774 Fax: (+618) 6314 1557

Competent Person’s Statement

The information in this report which relates to Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by Mr Brian Varndell, who is a Fellow member of the Australasian Institute of Mining and Metallurgy and independent consultant to the Company. Mr Varndell is an associate of Al Maynard & Associates and has over 35 years of exploration and mining experience in a variety of mineral deposit styles including iron ore mineralisation. Mr Varndell has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking 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 inclusion in the report of the matters based on his information in the form and context in which is appears.

Mozambi Coal Limited ACN 106 353 253 Level 2, 640 Murray Street, West Perth, Western Australia 6005 Tel: (+618) 9321 0774 Fax: (+618) 6314 1557