VOLT RESOURCES LIMITED — Investor Presentation 2012

Aug 28, 2012

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Mozambi Coal Limited

2012 Africa Down Under Perth, Australia

Company Presentation August 2012

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Company Snapshot
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Company Overview

• First level

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

• � The ZambezeSecondCoal Basinlevelin Mozambique is one of the world’s largest undeveloped coal basins – to date 23.3 billion tonnes of •

• coal deposits have been identified within the Zambeze coal basinThird level

• The Company has 3 coal exploration projects in Mozambique spanning 609 km[2] with a combined Target Mineralisation of between 4.87 – 6.14 billion tonnes*^ (with a thermal coal range of CV from 5,000 � 5,600kcal/kg for Songo and Mutarara and 2,700 � 3,100kcal/kg for Tete West) with thermal and coking coal fractions

• The Company commenced exploration on its third licence 2738L (“Songo” Project) in October 2011. The project area has the potential for 58 km[2] of Lower and Upper Karoo and a Target Mineralisation of between 1.86 – 2.23 billion tonnes*^ of coking and thermal coal

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Figure 1: Location Map of Mozambique in Africa

Corporate Strategy

• Aggressive exploration programme

• Acquisition of additional licences

• �

• Strong in country 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.

• ^ Based on the initial exploration work, target mineralisation for Songo and Mutarara is under review.

Mozambi Coal Limited

Company Presentation – August 2012

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Capital Structure
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CapitalStructure		17August2012	17August2012
~~•~~ Firstlevel TotalSharesonIssue		114,941,987
~~• Secondlevel~~ TotalOptionsonIssue		23,725,000
SharePrice�17August2012		0.06
• Third level MarketCapitalisation		6.90
Debt		Nil
CashBalance�17August2012		1.81
EnterpriseValue		5.09
Top5Shareholders		17August2012
PoloResourcesLtd		18.08%
Varuna PtyLtd		9.04%
RichmondNaturalResourcesLLC		5.00%
SinoPortfolioInternationalLimited		2.89%
HSBCCustodyNominees		2.89%

Source: Australian Securities Exchange

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

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Image: Chairman Michael Griffiths and General Manager �� Exploration Chala Kondragunta discuss exploration programme at the northern point of 3245L

Mozambi Coal Limited

Company Presentation – August 2012

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Mozambique
A Fast Growing Success Story in Africa
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Mozambique Overview

• First level Economic progress:

• One of Africa’s fastest growing economies, with GDP growth expected •

• 8% forecast from 2012 onwardsSecond level

• � High inflow of Foreign Direct Investment particularly from China, India and Brazil – including significant infrastructure and resources projects• Third level

• Sound economic policies supported by the World Bank and IMF

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

Political stability:

• Stable multi � party constitutional democracy

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

Natural resources endowment:

• Presence of high value commodities such as coal, natural gas, gold minerals sands, graphite and iron ore

• Massive coal (Tete) and natural gas (Cabo Delgado) deposits

• Multi � billion $ investments by Vale, Rio Tinto, Anardarko and ENI

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

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Figure 2: Location Map of Mozambique

Mozambi Coal Limited

Company Presentation – August 2012

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Coal in Mozambique
One of the World’s Largest Undeveloped Coal Basins
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Strategic Strengths of the Zambeze Coal Basin

Coal Quality

• The Tete Province in Northern Mozambique is believed to contain one of the largest undeveloped coal fields in the world

• Strategically positioned with economically feasible access to Asian and European seaborne coking and thermal coal demand centres

• High quality coking coal – approximately CSR 68, Ro Max 1.37, BENGA Vol:23%, 10.5% ash

• Cumulative coal seam thicknesses up to 100m

• ZAMBEZE � Compares favourable to Bowen Basin coking coal MOATIZE

• � High grade thermal coal fraction (>5,700kcal)

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SignificantProjects
Vale	1.4 billiontonne Mininglicensegranted Productioncommenced1H2012 22Mtpafrom2H2014
RioTinto	13billiontonneJORCResource 20Mtpamininglicensegranted
Jindal Steel&Power	700milliontonneresource Mininglicensegranted 10Mtpaproductionfrom2012
ENRC	1.3billiontonneGTISResources
MinasdeRevuboe (AngloAmerican�led)	1.4billiontonneJORCResource
Ncondezi Coal	1.8billiontonneJORCResource
ETAStar	1.92billiontonneresource

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

Mozambi Coal Limited

Company Presentation – August 2012

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Projects Overview
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The Projects

• The Company has three 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 4.75 – 5.94 billion tonnes*^ with a thermal coal range of CV �

• from 5,000 5,600kcal/kg for Songo and Mutarara and 2,700 � 3,100kcal/kg for Tete West

• 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.

^ Based on the initial exploration work to date, the Company is likely to revise its target mineralisation for Songo (1.86 – 2.32 billion tonnes) and Mutarara (2.88 – 3.6 billion tonnes) downwards

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

Project	MOZOwnership	TotalArea	KarooArea	TargetMineralisation*
Songo– 2738L	Righttoearn80%	224km2	58.3km2ofL&U Karoo	1.86– 2.32billiontonnes*^
Muturara– 3246L	70%	203km2	40.0km2 ofUpper Karoo	2.88– 3.60billiontonnes*^
TeteWest – 3245L	70%	182km2	3.0km2 ofL&U Karoo	13.5– 22.5milliontonnes*

Mozambi Coal Limited

Company Presentation – August 2012

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License 2738L – Songo
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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

• Airborne data interpretation reveals potential for 32km[2] of Target Karoo Formations in the NE corner in addition to potential 26km[2] Target Karoo Formations in the SE corner.

Local Geology

• Target strategic units: Lower Karoo Matinde (Sandstone � Marl) Formation, Lower/Upper Karoo Cádzi (Sandstone) Formation.

TARGET MINERALISATION: 1.86 to 2.32 Bt*^

The 58km[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. (Target Mineralisation under review)

• 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. ^ Based on the initial exploration work to date, the Company is likely to revise its target mineralisation for Songo (1.86 – 2.32 billion tonnes) downwards.

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Figure 5: Geological Map of 2738L

Mozambi Coal Limited

Company Presentation – August 2012

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Exploration Programme Songo
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Project 1: 2738L – Songo

• Area: Focus on 26 km[2] area in the southeast and 32 km² in the northeast sections of the license

• License Status: In good standing

• Drilling permits: Environmental approval granted for drilling in September 2011 by Department of the Environment

Status:

• Work Completed

• A 2,321 line km, 100m line spaced Airborne magnetic and radiometric survey was completed in 2011.

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Image: Exploration crew on location at Songo

• A scout diamond drilling programme of 3 holes for a total of 1,310 metres completed in 2011 in the SE Target area but it failed to reach the target mineralisation. The structural complexity identified in the Airborne survey sited as a possible reason for the lack of success.

• Airborne data recently processing in preparation for targeted ground based geophysical surveys.

Current Activity:

• Ground based geophysical surveys planned to assist drill target delineation.

• Geophysics expected to be completed before the end of October 2012.

Mozambi Coal Limited

Company Presentation – August 2012

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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 on 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 SW 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 to 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. (Target Mineralisation to be reviewed.)

• 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.

• ^ Based on the initial exploration work to date, the Company is likely to revise its target mineralisation for Mutarara (2.88 – 3.6 billion tonnes) downwards.

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Figure 6: Landsat Image of License 3246L

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Figure 7: Geological Map of 3246L

Mozambi Coal Limited

Company Presentation – August 2012

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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)

Initial Exploration Programme

• First past stratigraphic diamond drilling of the northeast corner of the Tete West licence has been completed with the successful intersection of some coal seams. The coal seams encountered in the licence area are generally thin and the quality is average for the Tete Province. The Company has incorporated the drilling results into its geological model for the licence area.

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BENGA
MOATIZE
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Figure 8: Landsat Image of License 3245L

TARGET MINERALISATION: 13.5 to 22.5 Mt*

The 3km[2] area could be underlain by Productive Series coal bearing strata with potential to host 1.5Mt per km[2] per 1.0m thickness of coal with a thermal coal range of CV from 2,700 � 3,100kcal/kg . This Target Mineralisation is represented if the main lower 3 � 5m 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 9: Geological Map of 3245L

Mozambi Coal Limited

Company Presentation – August 2012

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Exploration Programme Muturara and Tete West
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Project 2: 3246L – Muturara

• Area: Focus on 40 km[2] area (Figure 7)

• � Start date: Expected 2H 2012 � Permits: Drilling approval received � Programme: Drill Target generation subsequent to ground based geophysical surveys

• � Status: Airborne geophysical survey completed. A total of 1,246 line km were completed with lines 100m apart. Interpretation of the airborne geophysical survey has identified significant “block faulting” in the target area situated on the northern portion of the licence. Block faulting of the target zone may have lifted some blocks nearer to the surface than originally interpreted.

Project 3: 3245L – Tete West

� Area: Focus on 3 km[2] area in the northeast corner of the license (Figure 10) � Programme: First pass drilling programme of 1,365m comprising 5 boreholes completed. Results indicated narrow high ash coal seams with some coking coal potential � Status: Undergoing review of local geological model to assess potential for additional exploration.

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Image: Drilling activity on Tete West licence
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Figure 10: Target Area for Initial Drill Programme on License 3245L

Mozambi Coal Limited

Company Presentation – August 2012

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Infrastructure
Three Possible Options for Transportation to Seaborne Markets
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Coal Infrastructure Plan

• Target 55 Mtpa to be exported by 2025

• Proposed construction of 5,000km of new rail

• Major port developments in Beira, Savane and Nacala

Option 1: Sena Rail to Port of Beira

• 570km railway line with capacity of 6 Mt

• Recent upgrade by Indian consortium, 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 Cape Size vessels

• $1.6 billion upgrade announced by Vale & Government in Nov 2009

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Figure 11: Infrastructure Map of Northern Mozambique

Option 3: Port of Savane

• Additional rail close to current Sena rail line under consideration

• � New dedicated coal terminal

• 25Mtpa design capacity (off shore jetty)

Mozambi Coal Limited

Company Presentation – August 2012

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Board & Management
Focused & Experienced Team
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Michael Griffiths – Non Executive Chairman

Michael is a highly experienced Australian geologist and listed � company executive with 30 years in the mineral exploration and energy sectors in Africa and Australia. The highlights of his career include the discovery and development of the following projects: Kevin’s Corner Coal Project, Queensland (1982 � 83), Tanami Gold Project (800,00ozs) Australia (1989 � 93, final stages of feasibility of the Obotan Gold deposit in Ghana (1993), discovery of the Tusker Gold deposit (6.0 million ounce) in Tanzania � (1998 2007) and the high grade gold Koka Deposit (860,000ozs) in Eritrea (2005 � 2012). Since joining Mozambi Coal in 2010, Michael has acted as Chairman and chief technical advisor on all of the Company’s exploration matters, including the development and oversight of the Company’s exploration programme. Michael is also a Director of TSX � V company Currie Rose Resources. Michael holds a B.Sc Dip. Ed. from Macquarie University in Sydney, Australia, and is a Fellow of AusIMM and a Graduate of the Australian Institute of Company Directors.

Shiv Madan – Managing Director

� Shiv has a 15 year background as a listed company executive, investment banker and management consultant. Most recently he was a Director of Dugal Pty Ltd, an Australian private company that was 100% acquired by Mozambi Coal, after having acquired the Company's coal exploration licences in Mozambique. As an investment banker Shiv held senior roles in Europe and Asia Pacific spanning commodities and fixed income trading, and equity and debt capital raising. He was most recently a commodities trader at Dresdner Kleinwort and earlier worked in various roles with Lehman Brothers and Daiwa Securities. He commenced his career as a Strategy Consultant with Andersen Consulting. At Mozambi Coal, Shiv holds operational and managerial responsibility for the company and also leads the Company’s efforts on acquisitions and local partner relations. Shiv holds an MBA from the Australian Graduate School of Management and a BCOM from Curtin University.

Alex Neuling – Non Executive Director

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.

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.

Ryan Broom – Chief Financial Officer & Company Secretary

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.

Chala Kondragunta – General Manager � Exploration, Mozambique

Chala is an experienced geologist with an 19 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.

Mozambi Coal Limited

Company Presentation – August 2012

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Investment Case
Becoming a Player in Mozambique Coal
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WHYINVEST?	INVESTMENTRATIONALE
HighPotentialLicences	MOZhasthreeprojectswith4.75to5.94billion tonne TargetMineralisation*^
Exposure toMozambique	Oneoftwoonlypure�playMozambican coalexplorersonASX
StablePoliticalEnvironment	Mozambiqueisastablemultipartydemocracywithastrongfocusonresources sectordevelopment
PremiumCoal inBasin	HardcokingcoalidentifiedinnearbyRio Tintoproject,comparingfavourably tothe BowenBasininAustralia
StrongExpectedDemand	Annualglobalcoaldemandforecasttoincreasebyasmuchas53%before2030
LargeDiscoveriesinBasin	Over23billiontonnes ofcoalidentifiedinZambeze CoalBasin
ExistingInfrastructure	Threerail�to�portoptionsfrom570�800km
Explorationprogrammeunderway	Groundbasedgeophysicalsurveysunderway andgroundtruthing underway.

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.

^ Based on the initial exploration work to date, the Company is likely to revise its target mineralisation for Songo (1.86 – 2.32 billion tonnes) and Mutarara (2.88 – 3.6 billion tonnes) downwards.

Mozambi Coal Limited

Company Presentation – August 2012

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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

• Exploration programme underway – ground based geophysics in preparation

• Actively seeking additional high quality southern African projects

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

Mozambi Coal Limited

Company Presentation – August 2012

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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 (who is a consultant of the company), a geologist with more than 40 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: Core tray from 3245L drilling campaign

Mozambi Coal Limited

Company Presentation – August 2012

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