VOLT RESOURCES LIMITED — Interim / Quarterly Report 2014

Jan 26, 2015

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ASX ANNOUNCEMENT

By e-lodgement

27 January 2015

QUARTERLY REPORT – QUARTER ENDED 31 DECEMBER 2014

Mozambi Resources Limited (ASX: MOZ, Company or MOZ ) provides the following update on activities undertaken during and since the quarter ended 31 December 2014:

OPERATIONS

Activities in the December quarter remained primarily focussed on the Company’s Bowen River project (EPC 1768).

In light of challenging industry conditions and other factors, no on ground exploration work was conducted on the permits in the last quarter. As previously advised, the Company has also worked together with consultants to identify a potential reduced-scale phase 1 drilling program which could be conducted on existing road reserve areas, without any requirement for separate landholder compensation arrangements with pastoral leaseholders and is evaluating its options in this respect.

MOZ also continues to evaluate other potential new investment opportunities both within Australia and overseas.

CORPORATE & FINANCE

During November 2014, the Company held its 2014 AGM, whereby all resolutions were passed without amendment. Forming part of the 2014 AGM, shareholders approved the Company’s change of name from “Mozambi Coal Ltd” to “Mozambi Resources Ltd”.

In December 2014, the Company appointed Mr. Alan Armstrong as Executive Director.

Mr Armstrong was previously employed as a senior accountant with Shakespeare Partners in Perth. Having 8 years’ experience in taxation and business services, he joined Shakespeare Partners in 2012. Prior to this he was employed by Christies Accountants and Advisors in regional NSW. Operating in the mid-tier sector, he has gained experience in various client facing roles over his career to date. He is a member of the Institute of Chartered Accountants Australia and New Zealand.

The Company also appointed Mr Adrien Wing as Company Secretary.

Mozambi Resources Limited ACN 106 353 253 Level 17, 500 Collins Street, Melbourne, Victoria, 6005 Tel: (+613) 9614 0600 Fax: (+613) 9614 0550

Mr Adrien Wing is CPA qualified. He practised in the audit and corporate divisions of a chartered accounting firm before working with a number of public companies listed on the Australian Securities Exchange as a corporate/accounting consultant and company secretary.

Mr Alexander Neuling (Director and Company Secretary) and Ms Natalie Madden (Company Secretary) resigned during the quarter.

In December 2014, the Company undertook a placement to sophisticated and exempt investors of Alignment Capital Pty Ltd to raise $318,000 through a placement of 53,000,000 fully paid ordinary shares priced at 0.6 cents ($0.006) per share.

The shares were issued in accordance with the Company’s placement capacity under Chapter 7 of ASX Listing Rules. Participants in the placement will also receive one free option exercisable at 2 cents ($0.02) expiring on or before 31 December 2017 for every two new shares issued.

The issue of the attaching options will be subject to approval by shareholders at the shareholders meeting to be held on 20 February 2015.

The Company will hold the aforesaid general meeting of shareholders on 20[th] February 2015 at 2.00pm (AEDT) at the Institute of Chartered Accountants, level 3, 600 Bourke Street, Melbourne, Victoria.

Mozambi Resources Limited ACN 106 353 253 Level 17, 500 Collins Street, Melbourne, Victoria, 6005 Tel: (+613) 9614 0600 Fax: (+613) 9614 0550

Appendix

In accordance with Listing Rule 5.3.3. MOZ provides the following information in relation to its mining tenements.

Mining tenements held at the end of the quarter:

Project	Location	Tenement **Number **	Status	Beneficial interest
Bowen River	Queensland	EPC 1768	Exploration licence	100%
Carmilla	Queensland	EPC 2098	Exploration licence	100%
EPC 2702	Queensland	EPC 2702	Exploration licence	95%1

1. Blackall Capital Pty Ltd holds options to acquire these tenements.

Mining tenement interests acquired during the quarter:

Nil

Mining tenements disposed of during the quarter:

Project	Location	Tenement **Number **	Status	Beneficial interest
EPC 2861	Queensland	EPC 2861	Exploration licence	0%1

1. Blackall Capital Pty Ltd holds options to acquire these tenements.

EPC 2861 surrendered therefore Blackall Capital Pty Ltd holds 0% (nil) beneficial interest as at 31 December 2014 (95% interest at the start of the quarter)

Beneficial interests held in farm-in or farm-out agreements at the end of the quarter

Farm-in agreements

The Company owns a 70% interest in Dugal Resources Lda, a Mozambican entity which holds a 100% interest in the following licences:

Licence	**Owner **	**Location **	Commodities	Area (ha)
3245L	Camal & Companhia Lda	Tete province	Copper, Zinc, Lead	18,240
3246L	Camal & CompanhiaLda	Tete province	Base Metals	20,240

Farm-out agreements

Nil

Mozambi Resources Limited ACN 106 353 253 Level 17, 500 Collins Street, Melbourne, Victoria, 6005

Tel: (+613) 9614 0600 Fax: (+613) 9614 0550

Beneficial interests in farm-in or farm-out agreements acquired or disposed of during the quarter

Nil

Mozambi Resources Limited ACN 106 353 253 Level 17, 500 Collins Street, Melbourne, Victoria, 6005 Tel: (+613) 9614 0600 Fax: (+613) 9614 0550

Appendix 5B Mining exploration entity and oil and gas exploration entity quarterly report

Rule 5.5

Appendix 5B Mining exploration entity and oil and gas 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, 01/05/2013

Name of entity

Mozambi Coal Limited

ABN 28 106 353 253

Quarter ended (“current quarter”) 31 December 2014

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 (6 months) $A’000
	- (14) - - (71) - 2 - - -	- (16) - - (161) - 2 - - -
	(83)	(175)
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 (carriedforward)	- - - - - - - - -	- - - - - - - - -
	-	-
	(83)	(175)

• See chapter 19 for defined terms.

01/05/2013

Appendix 5B Page 1

Appendix 5B Mining exploration entity and oil and gas exploration entity quarterly report

1.13 Total operating and investing cash flows (broughtforward)	(83)	(175)
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 – capital raising costs Net financing cash flows*	318 - - - - (21)	318 - - - - (21)
	297	297
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	214 417 15	122 511 13
	646	646

Payments to directors of the entity, associates of the directors, 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
		38
1.25	Explanation necessaryforanunderstanding ofthe transactions
	Payment of directors’ fees plus Company Secretary and other consulting fees for services provided by related entities.

• See chapter 19 for defined terms.

Appendix 5B Page 2

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Appendix 5B Mining exploration entity and oil and gas exploration entity quarterly report

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 3.2 Credit standby arrangements	Amount available $A’000	Amount used $A’000

Estimated cash outflows for next quarter

4.1 Exploration and evaluation 4.2 Development 4.3 Production 4.4 Administration	$A’000
	50
	-
	-
	130
Total	180

• See chapter 19 for defined terms.

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Appendix 5B Page 3

Appendix 5B Mining exploration entity and oil and gas exploration entity quarterly report

Reconciliation of cash

Reconciliation of cash
Reconciliation of cash at the end of the quarter (as shown in the consolidated statement of cash flows) to therelateditemsinthe accountsis asfollows.	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)	646	417
	-	-
	-	-
	-	-
Total: cash at end of quarter(item 1.22)	646	417

Changes in interests in mining tenements and petroleum tenements

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

• See chapter 19 for defined terms.

Appendix 5B Page 4

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Appendix 5B Mining exploration entity and oil and gas 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	265,541,985	265,541,985	Various	Fully paid
	52,999,998	52,999,998	0.6	0.6
7.5 +Convertible debt ecurities(description) 7.6 Changes during quarter (a) Increases through issues (b) Decreases through securities matured, converted
7.7 Options 7.8 Issued during quarter 7.9 Exercised during quarter 7.10 Expired during quarter	475,000 2,200,000 50,000,000 9,000,000	- - - -	Exercise price 25.0 25.0 2.0 2.0	Expiry date 02/08/16 30/11/16 31/12/17 31/12/17
7.11 Debentures (totals only)
7.12 Unsecured notes (totals only)

• See chapter 19 for defined terms.

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Appendix 5B Page 5

Appendix 5B Mining exploration entity and oil and gas exploration entity quarterly report

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.

Sign here: ............... ....................... Date: .27 January 2015....................... ( ~~Director/~~ Company secretary)

Print name: Adrien Wing

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 and petroleum 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 or petroleum 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.

== == == == ==

• See chapter 19 for defined terms.

Appendix 5B Page 6

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