VOLT RESOURCES LIMITED — Interim / Quarterly Report 2012

Apr 29, 2012

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QUARTERLY REPORT – QUARTER ENDED 31 MARCH 2012

MOZAMBI COAL LTD

(ASX: “MOZ”, “Company” or “Mozambi”)

30 April 2012

Exploration Programme

The Company’s exploration was halted in late November 2011 due to the commencement of the wet season in the Tete Province in Mozambique. As is typically the case in Mozambique, the wet season continued for the duration of the first quarter of 2012.

There were no field activities during the quarter and the Company focused on preparations for the 2012 field season.

Songo Licence (2738L)

Work during the Quarter consisted of:

• Interpretation of aeromagnetic and radiometric data acquired over the Songo (2738L) Licence in conjunction with interpreted satellite imagery to assist in structural interpretation of the coal basin covered by the license.

• Review of all drill core and down hole geophysical logs generated during the 2011 season in preparation for drilling based on the above work.

Muturura (3246L)

Work during the Quarter consisted of:

• Interpretation of aeromagnetic data and radiometric data acquired over the Licence area in conjunction with satellite imagery to assist in structural interpretation and drill hole target generation.

Tete East (3245L)

• The final 17 assays from the 2011 diamond drilling campaign were received with no significant results to report.

• Statutory reporting was completed.

• No work is planned for this license during the June quarter.

Mozambi Coal Limited (ASX: MOZ) Level 2, 640 Murray Street ACN 106 353 253 PO Box 1571 West Perth WA 6005 Tel: +61 8 9321 0774 | Fax: +61 8 6314 1557 West Perth WA 6872 Australia www.mozambicoal.com Australia

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In addition, the Company has evaluated a number of potential acquisition opportunities in the region with due diligence of technical data and license security in progress.

Corporate

During the quarter, a US based investment company, Richmond Natural Resources LLC (“RNR”), became a substantial shareholder of Mozambi with 5% of the ordinary shares in the Company. RNR invests in mining and mining related properties throughout the world. .

As at 31 March, the Company had $2.727m of cash.

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

PO Box 1571 West Perth WA 6872 Australia

Level 2, 640 Murray Street West Perth WA 6005 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

Appendix 5B Mining exploration entity quarterly report

Rule 5.3

Appendix 5B

Mining exploration entity quarterly report

Introduced 01/07/96 Origin Appendix 8 Amended 01/07/97, 01/07/98, 30/09/01, 01/06/10, 17/12/10

Name of entity

MOZAMBI COAL LIMITED

ABN 28 106 353 253	Quarter ended (“current quarter”)
28 106 353 253	31 March 2012

Consolidated statement of cash flows
Cash flows related to operating activities 1.1 Receipts from product sales and related debtors 1.2 Payments for (a) exploration & evaluation (b) development (c) production (d) administration 1.3 Dividends received 1.4 Interest and other items of a similar nature received 1.5 Interest and other costs of finance paid 1.6 Income taxes paid 1.7 Other Net Operating Cash Flows	Current quarter $A’000	Year to date (9 months) $A’000
	- (394) - - (511) - 18 - - -	- (817) - - (1,633) - 115 - - -
	(887)	(2,335)
Cash flows related to investing activities 1.8 Payment for purchases of: (a) prospects (b) equity investments (c) other fixed assets 1.9 Proceeds from sale of: (a) prospects (b) equity investments (c) other fixed assets 1.10 Loans to other entities 1.11 Loans repaid by other entities 1.12 Other (provide details if material) Net investing cash flows 1.13 Total operating and investing cash flows (carried forward)	- - - - - 125 - - -	(144) - (30) - - 125 - - -
	125	(49)
	(762)	(2,384)

• See chapter 19 for defined terms.

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Appendix 5B Mining exploration entity quarterly report

1.13 Total operating and investing cash flows (brought forward)	(762)	(2,384)
Cash flows related to financing activities 1.14 Proceeds from issues of shares, options, etc. 1.15 Proceeds from sale of forfeited shares 1.16 Proceeds from borrowings 1.17 Repayment of borrowings 1.18 Dividends paid 1.19 Other (provide details if material) Issue Costs Net financing cash flows	- - - - - -	1,875 - - - - -
	-	1,875
Net increase (decrease) in cash held 1.20 Cash at beginning of quarter/year to date 1.21 Exchange rate adjustments to item 1.20 1.22 Cash at end ofquarter	(762) 3,489 -	(509) 3,236 -
	2,727	2,727

Payments to directors of the entity and associates of the directors Payments to related entities of the entity and associates of the related entities

1.23 1.24	Aggregate amount of payments to the parties included in item 1.2 Aggregate amount of loans to the parties included in item 1.10	Current quarter $A'000
		116
		Nil
1.25	Explanation necessaryfor an understandingof the transactions
	Director’s fees and consulting fees. Includes payments to director-related entities for provision of company secretarial, financial management, accounting and administrative support services.

Non-cash financing and investing activities

• 2.1 Details of financing and investing transactions which have had a material effect on consolidated assets and liabilities but did not involve cash flows

N/A

• 2.2 Details of outlays made by other entities to establish or increase their share in projects in which the reporting entity has an interest

N/A

Financing facilities available

Add notes as necessary for an understanding of the position.

3.1 Loan facilities	Amount available $A’000	Amount used $A’000
	-	-

• See chapter 19 for defined terms.

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Appendix 5B Mining exploration entity quarterly report

3.2 Credit standby arrangements - -

Estimated cash outflows for next quarter

Estimated cash outflows for next quarter
4.1 Exploration and evaluation 4.2 Development 4.3 Production 4.4 Administration	$A’000
	401
	-
	-
	386
Total	787

Reconciliation of cash

Total Reconciliation of cash		787
Reconciliation of cash at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts is as follows.	Current quarter $A’000	Previous quarter $A’000
5.1 Cash on hand and at bank 5.2 Deposits at call 5.3 Bank overdraft 5.4 Other (provide details)	648	916
	2,079	2,573
	-	-
	-	-
Total: cash at end of quarter(item 1.22)	2,727	3,489

Changes in interests in mining tenements

6.1 Interests in mining tenements relinquished, reduced or lapsed 6.2 Interests in mining tenements acquired or increased	Tenement reference	Nature of interest (note (2))	Interest at beginning ofquarter	Interest at end of quarter
	-	-	-	-
	-	-	-	-

• See chapter 19 for defined terms.

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Appendix 5B Mining exploration entity quarterly report

Issued and quoted securities at end of current quarter

Description includes rate of interest and any redemption or conversion rights together with prices and dates.

	Total number	Number quoted	Issue price per security (see note 3) (cents)	Amount paid up per security (see note 3) (cents)
7.1 Preference +securities (description) 7.2 Changes during quarter (a) Increases through issues (b) Decreases through returns of capital, buy- backs, redemptions	-	-	-	-
	-	-	-	-
7.3 +Ordinary securities 7.4 Changes during quarter (a) Increases through issues (b) Decreases through returns of capital, buy- backs	114,941,982	93,207,732	Various	Fully paid
	734,250 -	734,250 -	Nil – exercise of performance rights -	Fully Paid -
7.5 +Convertible debt securities (description) 7.6 Changes during quarter (a) Increases through issues (b) Decreases through securities matured, converted	-	-	-	-
	-	-	-	-
7.7 Options (description and conversion factor) 7.8 Issued during quarter 7.9 Exercised during quarter 7.10 Expired during quarter	20,000,000 250,000 250,000 250,000 2,500,000	- - - - -	Exercise price $0.25 $0.35 $0.45 $0.55 $0.30	Expiry date 21/02/2014 30/06/2014 30/06/2014 30/06/2014 22/07/2013
	-	-	-	-
	-	-	-	-
	-	-	-	-
7.11 Debentures (totals only)	-	-

• See chapter 19 for defined terms.

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Appendix 5B Mining exploration entity quarterly report

7.12 Unsecured notes(totals only)	-	-

Compliance statement

• 1 This statement has been prepared under accounting policies which comply with accounting standards as defined in the Corporations Act or other standards acceptable to ASX (see note 5).

• 2 This statement does / ~~does not~~ * (delete one) give a true and fair view of the matters disclosed.

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Sign here: ............................................................ Date: 30 April 2012 ~~(Director/~~ Company secretary)

Print name: RYAN BROOM

Notes

• 1 The quarterly report provides a basis for informing the market how the entity’s activities have been financed for the past quarter and the effect on its cash position. An entity wanting to disclose additional information is encouraged to do so, in a note or notes attached to this report.

• 2 The “Nature of interest” (items 6.1 and 6.2) includes options in respect of interests in mining tenements acquired, exercised or lapsed during the reporting period. If the entity is involved in a joint venture agreement and there are conditions precedent which will change its percentage interest in a mining tenement, it should disclose the change of percentage interest and conditions precedent in the list required for items 6.1 and 6.2.

• 3 Issued and quoted securities The issue price and amount paid up is not required in items 7.1 and 7.3 for fully paid securities .

• 4 The definitions in, and provisions of, AASB 6: Exploration for and Evaluation of Mineral Resources and AASB 107: Statement of Cash Flows apply to this report.

• 5 Accounting Standards ASX will accept, for example, the use of International Financial Reporting Standards for foreign entities. If the standards used do not address a topic, the Australian standard on that topic (if any) must be complied with.

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• See chapter 19 for defined terms.

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