VOLT RESOURCES LIMITED — Capital/Financing Update 2012

Jul 8, 2012

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AMENDED TERMS OF AGREEMENT FOR SONGO PROJECT

MOZAMBI COAL LTD

(ASX: “MOZ”, “Company” or “Mozambi”)

9 July 2012

Mozambi Coal is pleased to announce that it has agreed to revised terms of the Memorandum of Understanding (“MOU”) with Xiluva Minerals Resources Lda (“Xiluva”) regarding the acquisition of an 80% interest in its Songo project (“2738L” or the “License”).

The revised terms are as follows:

• US$100,000 payable on completion of the successful transfer of the License into the Joint Venture company, and upon the completion of related legal and technical due diligence

• US$650,000 payable on definition of a 100mt JORC compliant "measured" coal resource within in the Licence area

• An additional US$650,000 payable on definition of a further 100mt JORC compliant "measured" coal resource within in the Licence area

Previously agreed terms are as follows:

• Payment of US$25,000 to Xiluva upon signing MOU for surface tax and bonds (Paid)

• Payment of US$250,000 to Xiluva on submission of an application requesting the transfer of 2738L to the National Directorate of Mines in Mozambique (US$150,000 paid to date)

• A final payment of US$1,250,000 to Xiluva upon successful transfer of 2738L and the completion of legal and technical due diligence by Mozambi.

Mozambi Coal managing director Shiv Madan said “The revised terms represent a significant improvement for Mozambi and the Songo Project by linking further payments to exploration success. This will ensure that Mozambi can target further expenditure towards the exploration of the licence . Both Xiluva and Mozambi remain aligned towards the successful development of Exploration License 2738L”.

Mozambi Coal Limited (ASX: MOZ) ACN 106 353 253 Tel: +61 8 9321 0774 | Fax: +61 8 6314 1557 www.mozambicoal.com

Level 2, 640 Murray Street West Perth WA 6005 Australia

PO Box 1571 West Perth WA 6872 Australia

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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 Africa

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

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Mozambi Coal Limited (ASX: MOZ) ACN 106 353 253 Tel: +61 8 9321 0774 | Fax: +61 8 6314 1557 www.mozambicoal.com

Level 2, 640 Murray Street West Perth WA 6005 Australia

PO Box 1571 West Perth WA 6872 Australia