The document summarizes a presentation by Louis Coetzee, CEO of Kibo Mining, about Kibo's exploration activities in Tanzania. Kibo has acquired several projects in Tanzania prospective for gold, nickel, coal, and uranium. These include the Lake Victoria gold project, Morogoro project, Haneti project, and the Rukwa coal project. Kibo is also in the process of acquiring Mzuri Energy and Mayborn Investments, which would give it ownership of additional coal and uranium projects in southern Tanzania. The presentation compares Kibo's projects to other major mines and deposits in Tanzania and other countries to demonstrate the potential of its properties.
1. COMMONWEALTH RESOURCES
INVESTMENT FORUM
Exploration in Tanzania
Louis Coetzee – CEO, Kibo Mining
IRONMONGERS’ HALL, CITY OF LONDON TUESDAY, 22 MAY 2012
www.ObjectiveCapitalConferences.com
3. Disclaimer
These presentation slides (the “Slides”) do not constitute an offer to the public or an offer for sale or solicitation to purchase or subscribe for any securities
of Kibo Mining plc (the “Company”) and they should not be relied on in connection with a decision to purchase or subscribe for any such securities. The
Slides and the accompanying verbal presentation do not constitute a recommendation regarding any decision to sell or buy securities in the Company. If
any person is in doubt as to the contents of this presentation, or wishes to obtain advice as to the investment merits of the Company’s securities, he should
seek independent advice from a person who is an authorised financial services provider.
No reliance may be placed for any purpose whatsoever on the information contained in the Slides and the accompanying verbal presentation or the
completeness or accuracy of such information. The information contained in these Slides and the accompanying verbal presentation is in the public domain,
however no representation or warranty, express or implied, is given by or on behalf of the Company, its advisors, shareholders, directors, officers or
employees or any other person as to the accuracy or completeness of the information or opinions contained in the Slides and the accompanying verbal
presentation, and no liability is accepted for any such information or opinions (save that nothing in this disclaimer is intended to limit the liability of any
party for its own fraud).
The Slides and their contents are directed only at persons who fall within the exemptions contained in Articles 19 and 49 of the Financial Services and
Markets Act 2000 (Financial Promotion) Order 2005 (such as persons who are authorised or exempt persons within the meaning of the Financial Services
and Markets Act 2000 and certain other persons having professional experience relating to investments, high net worth companies, unincorporated
associations or partnerships, and the trustees of high value trusts) and persons to whom distribution may otherwise lawfully be made. Any investment,
investment activity or controlled activity to which the Slides relates is available only to such persons and will be engaged in only with such persons.
Any individual who is in any doubt about the investment to which these Slides relate should consult an authorised person specialising in advising on
investments of the kind referred to in these Slides.
Persons of any other description, including those that do not have professional experience in matters relating to investments, should not rely or act upon
the Slides.
The Slides are not for distribution in, nor do they constitute an offer of securities for sale in, any jurisdiction where such distribution or offer is unlawful,
including the United States of America, Australia, the Republic of South Africa, the Republic of Ireland, Japan or Canada. The distribution of the Slides in
some jurisdictions may be restricted by law and persons into whose possession this document comes should inform themselves about and observe any such
restrictions.
Statements made in the Slides and accompanying verbal presentation may include forward-looking statements that necessarily involve risks and
uncertainties. Forward-looking statements may generally be identified by the use of terminology such as “may”, “will”, ”expect”, ”intend”, “plan”,
“estimate”, “anticipate”, “believe”, or similar phrases. Other than statements of historical facts, all statements, including, among others, statements
regarding the future financial position of the Company, business strategy, projected levels of growth in its market, projected costs, estimates of capital
expenditures and plans and objectives of management for future operation, are forward-looking statements. The actual future performance of the
company could differ materially from these forward-looking statements. Important factors that could cause actual results to differ materially from these
expectations including known and unknown risks. Undue reliance should not be placed on these forward-looking statements. 3
5. Corporate History
Corporate Event Date # Shares Issued £ Price £ Cash raised
Private Placings & Corporate January 2008 – 170,270,896 0.025 -0.034 £1.35M
Structuring March 2010
Pre-IPO Placing March 2010 83,654,978 1.5p £1.25M
AIM Admission April 2010 (No cash raised on Admission)
Broker Placing October 2010 12,500,000 2.0p £0.25M
Placing – Mzuri Gold March 2011 16,666,667 3.0p £0.5M
Morogoro Gold Acquisition March 2011 56,666,667 3.0p N/A
Exercise of Broker Option March 2011 1,500,000 1.5p £0.022M
JSE Admission June 2011 (No cash raised on Admission)
Placing in South Africa June 2011 36,370,303 R 0.33 (~3.0p) £1.1M
Placing with Mzuri Gold February 2012 37,500,000 2.0p £0.75M
Total 415,129,511 £5.22M
Options & Warrants 17,103,517
Fully Diluted 432,233,028
5
6. Strategic Changes 2011
Transformation deal signed with the Mzuri Group in December 2010 and completed in
March 2011 gave the Company access to one of the largest gold exploration ground
holdings in Tanzania in both traditional and newly emerging gold areas.
Mzuri transaction accompanied by dual listing and placing on the JSE in June 2011
which gave Kibo access to African investors and raised its profile as an ambitious African
explorer with a Tanzanian focus and positioned it to attract and complete deals on
attractive early stage and advanced mineral projects.
Re-structuring of the Board in March and November 2011 with the appointment of
experienced Mzuri executives who have a successful record of operation and mineral
discovery success in Tanzania. Louis Coetzee appointed as CEO.
Relinquishment of the Company’s legacy projects at Itetemia and Luhala in December
2011 to focus resources on exploration over newly acquired ground and on the
acquisition of more economically robust and lower risk development projects.
Commencement of a £5.3M exploration programme in Q4 2011 of which Stage 1
expenditure of £0.8M has been completed. This was supported by a capital raising in
February 2011 of £0.75M fully subscribed to by Mzuri Capital Group.
Major acquisition underway which includes a NI 43-101 Compliant 109 Mt thermal coal
resource in southern Tanzania.
6
7. Kibo – The Strategy
• Leveraging off Kibo experience
• Looking across commodities
• Looking across Tanzania
• Defining targets
• Focusing portfolio
• De-risking licences
Acquisition Exploration
Develop
• Realising capital Joint
or
• Taking to production Venture
or spinning-off
Divest
• Building strategic relationships
• Bringing in expertise
• Fast-tracking projects
7
8. Kibo – A Country Play
Lake Victoria Project
Licences & Applications covering 2,700 km2 within the Lake
Victoria Goldfield.
Prospective for Gold.
Morogoro
Licences & Applications covering 8,900 km2 in Eastern
Exploration Tanzania.
Prospective for Gold .
Haneti
Licences & Applications covering 7,100 km2 in Eastern
Tanzania.
Prospective for Gold, Nickel & PGMs.
Mzuri Energy Ltd
Owns 100% of Rukwa coal Project & 50% of Pinewood coal
& uranium project.
Acquisition 109 Mt thermal coal resource at Rukwa.
Mayborn Investments Ltd
Owns remaining 50% of Pinewood coal & uranium project.
Licences & Applications covering 18,088 km2 in Southern
Tanzania. Prospective for Uranium and Coal.
Joint Votarantim & Asian Conglomerate MOUs
Strategic joint venture with Brazilian & Asian industrial
Venture conglomerates on Haneti and Rukwa projects.
8
9. Why Tanzania?
Politically stable and peaceful country with strong
Government support for mining investment.
Globally competitive tax and regulatory regime
for mining investors.
Accelerated and simplified handling of investment
proposals.
Technical staff trained in various disciplines
associated with mining.
Abundant supply of labour.
Peaceful working environment free of
confrontations, ethnic strife and labour disputes.
Well-established mining services industry.
9
11. Lake Victoria Goldfields
100 Km
African Barrick
Xtrata/Barrick Gold 5.1 M oz/ ~ 2.4 g/t
52 M t / ~ 2.6 % Ni
African Barrick
16 M oz/ ~ 12 g/t
AngloGold Ashanti
23 M oz/ ~ 4 g/t
3
African Barrick
4 2 4.1 M oz/ ~ 1.3 g/t
Dutwa
1
Kabanga Nyanzaga
5 African Eagle Resources
Lake 92 Mt/ ~ 0.88% Ni
Victoria 6
ARCHEAN GREENSTONE
Buswagi
MAJOR GOLD DEPOSIT
African Barrick
NICKEL DEPOSIT 4.1 M oz/ ~ 1.4 g/t Resolute Mining Haneti
2.7 M oz/ ~ 2.6 g/t
KIBONickel Deposit -PROJECT
LAKE VIC. SUB
BLOCK OUTLINES 1 to 6
Note: Mineral endowments shown are estimated pre-mining mineral resources
11
12. Lake Victoria Goldfields
Lake Victoria
Large portfolio of early stage mineral tenements covering 2,700 km2 scattered throughout
the central most gold prolific areas within the Lake Victoria Goldfield.
Region contains world class gold mines at Bulyanhulu (13 M oz.) and Geita (23 Moz.) and
other multi-million ounce mines at North Mara, Buswagi and Golden Pride (resources in
the range 1 to 5 Moz.).
Pipeline of more recent and some historic discoveries undergoing advanced exploration
and feasibility, including African Barrick’s 4 Moz. Nyanzaga deposit and Tanzanian Royalty’s
0.8 Moz. Buck Reef deposit.
Kibo’s tenements are distributed within six large geographical blocks which cover the
composite Sukumaland Greenstone Belt, Tanzania’s most richly gold endowed terrain.
Stage 1 field exploration targeted regional gold soil geochemical anomalies on four
licences by in-fill soil sampling. Results have indicated areas for follow-up trenching and
RAB/aircore drilling during Stage 2 exploration.
12
13. Central & Eastern Projects
Ruvu Nappe
Area
Morogoro Project Morogoro Project Haneti
(Morogoro South) (Morogoro North) Project 13
14. Morogoro (North & South) Projects
Morogoro
Large portfolio of mineral tenements covering 8,900 km2 within the newly emerging
goldfield in the Morogoro-Dodoma-Handeni areas of Tanzania.
Kibo tenement blocks are adjacent to recent artisanal mining discoveries.
Discovery of high grade Magambazi gold deposit (30 km northeast of the Dodoma licence
block) by Canaco Resources in 2009 supports the potential of the region for the discovery
of significant gold mineralisation.
Significant gold bearing structure (Ruvu Nappe) identified on Morogoro South block along
which Stage 1 field exploration results have identified a number of gold-in-soil anomalies
extending South from an active small scale gold mining operation (Udovelo) over 28 km.
Stage 2 follow-up exploration will comprise detailed infill soil sampling, prospecting and
geological mapping of these areas with the objective of establishing near term drill targets.
Examples of target type gold discoveries & mines
Name Location Company Type Resource
Magambazi Tanzania Canaco Resources Quartz sulphide Resource not
veins in granulite yet available
Navachab Namibia AngloGold Ashanti Skarn/quartz 4.5 Moz/1.17
Stockwork g/t
Tropicana Australia Anglogold Shear hosted in 5 Moz/2 g/t
Ashanti/Independence Grp. high grade gneiss
15. Comparison with Western Australia
Tanzania Western Australia
Archean Rocks
Proterozoic Rocks
Kibo Gold & Nickel Projects
Indian Ocean
Tropicana Deposit:
Magambazi Gold 5 M oz ~ 2 g/t
Discovery 2009 Discovery 2006
(Canaco Resources - (Tropicana Gold Project
Handeni Gold District) AngloGold Ashanti -
15
Independence Group JV)
16. Haneti Project
Haneti
Early stage nickel-platinum-gold project covering area of ~7,000 km2
Straddles major geological boundary along sheared thrust front.
Key target: 80 km long ultramafic belt from which grades up to 13% nickel and 2.33 grams
per tonne platinum & palladium were obtained.
Full results from recent ground EM & magnetic geophysical surveying on two target areas
pending but preliminary results indicate presence of EM conductors that will provide early
nickel sulphide targets for drilling in 2012.
Extensive artisanal gold mining in northwest of project block on continuation of Londoni
Greenstone Belt (Shanta Mining’s 1 Moz. Singida project is located just outside the
northwest corner of the project).
Examples of target type nickel discoveries & mines
Name Location Company Type Resource
Kabanga Tanzania X-strata/Barrick Sulphide 52 Mt/2.6% Ni
Dutwa Tanzania African Eagle Laterite 92 Mt/0.88% Ni
Nachingwea Tanzania Continental Nickel Sulphide 40 Kt/1.31% Ni
Jinchuan China Various Sulphide 515 Mt/1.06% Ni
Deposits 16
17. MEL& Mayborne Acquisition 2012
No. of shares in issue Asset Kibo share price for No. of new Kibo
prior to transaction Valuation transaction shares to be issued
Kibo Mining plc 415.1M
Total new Kibo shares to be issued for pre-transaction capital raising of £2M price of £0.03
66.6M
Mzuri Energy Ltd. (MEL)
54.6M *£20.4M £0.03 680.3M
**Mayborn Resources
Investments Ltd. (Mayborn) 25.6M *£0.8M £0.03 26.6M
Kibo Shares to be issued for MEL and Mayborn assuming 100% acquisition 706.9M
Summary Pre Transaction Post Transaction Comments
Kibo Shares in issue 415.1M 1,188.6M
Shareholding ( >5%)
Mzuri Capital Group 25.69% 25.69% to 30% Mzuri to stay < 30% by
share distribution to it’s
Directors 12.71% <5%
investors
Sunvest Corporation 7.41% <5%
Public Float 54.46% ~63%
* Contingent on independent fair value opinion, acceptance by 100% MEL shareholders and by Kibo shareholders at GM
17
** Mayborn holds 50% interest in the Pinewood uranium & coal project under JV with MEL who hold the other 50% 17
18. Southern Projects
Recent Major Investments
Rukwa Coal Resource (109 Mt ) Mchuchuma coal mine – Sichuan Hongda
NOTE: See Appendices for CP-Statement
invested $3 bn in mine, thermal coal plant
and nearby iron ore deposit in September
Locations of Pinewood 2011
uranium & coal tenement Mantra Resource’s Nyota uranium
discovery sold for $1.16 bn in June 2011
licence blocks to Atomredmetzoloto 18
19. Rukwa Coal & Pinewood
Rukwa is a NI 43-101 compliant resource of 109 Mt (71.33 Mt Inferred/38.05 Mt Indicated)
thermal coal resource located in the Gaula coal field in southern Tanzania discovered and
drilled by the Mzuri Group in the period 2008 to 2011.
The project comprises two Prospecting Licences (PLs) and two contiguous PL applications
covering a total area of 1,557 km2 that provide excellent potential to expand the current
coal resource by continued exploration.
The project is owned and operated by Rukwa Coal Ltd. a Tanzanian company which is
100% owned by Mzuri Energy Holdings Ltd (MEL) for which Kibo has recently signed an
agreement to acquire at least 51%.
The Pinewood project comprises just over 18,000km2 of uranium and coal PLs and PL
applications over a large area of southern Tanzania which has seen significant discovery
success and investment in recent years.
Both projects are located within the “Mtwara Corridor”, an area for which that the
Tanzanian Government has committed to significant infrastructural development and
which has seen recent multi-million dollar foreign investments in coal and coal fired
power stations and uranium.
19
20. Recent Announcements - Haneti & Rukwa
Kibo announced on 8 May 2012 that it had signed a Memo of Understanding (MOU) with
a subsidiary of Brazilian industrial conglomerate Votorantim Group (Votorantim) to pursue
negotiations with a view to entering a definitive joint venture agreement on the Haneti
project.
The terms of the MOU provide for Votorantim to contribute £2.7 M to exploration
expenditure over a three year earn-in period to acquire a 50% interest in the project. An
expenditure of £0.5 M by Votorantim would be required by 31 December 2013.
On the 15th May 2012, Kibo further announced that Mzuri Energy Holdings Ltd had signed
an MOU with an Asian global conglomerate to pursue negotiations on the development of
the Rukwa coal resource and a 250-350 MW mine mouth coal fired power station.
These MOUs represent an independent affirmation of the prospectivity and development
potential of the Haneti and Rukwa projects and should enable the Company to accelerate
exploration and development of these assets.
The announcements are in line with the Company strategy of entering strategic
relationships with major industry players to fast track projects while divesting risk.
20
21. Exploration Time Line & Budget
Exploration Budget
• Q3 Field programme activated Project £ Budget £ Total Spend
• Q4 Funding to complete STAGE 1 BUDGET £ 1.3M *£0.8M
2011 Stage 1 in place
LakeVictoria/Haneti/
Morogoro
• Q1 Stage 1 completed
• Q2 Initial Stage 2 funding in STAGE 2 BUDGET
place and additional assets
Lake Victoria £0.5M
acquired
Haneti £1M
Budget ExpenditureDrilling programmes
2012 • Q3
underway Morogoro North £0.84M
• Q4 Independent technical Morogoro South £0.81M
reports on projects completed
Rukwa Coal £3.35M
Mayborn £0.9M
• Establish preliminary resource
for priority projects TOTAL STAGE 2 £7.4M
2013-2014 • Budget spend during Stage 1 was less than planned as delays in
conversion of licence applications to active licences for Lake
Victoria and reassessment of exploration strategy has required
deferral of most of stage 1 expenditure for this project to Stage 2.
• NOTE: The above budget figures covers a period over 24 -36
months and will be partly funded from future planned capital 21
raisings.
22. Stage 2 Programme Detail
STAGE 1 EXPLORATION BUDGET £0.8 M COMPLETE
STAGE 2 EXPLORATION BUDGET
Consolidation of Lake Victoria exploration
blocks and completion of deferred Stage 1
exploration spend for this project. £0.5 M
Drilling of targets generated during Stage 1 at
Haneti & follow up exploration. £1.0M
Follow up on areas of anomalous soil and stream
geochemistry at Morogoro and drilling where EE
targets sufficiently resolved. £1.65 M
Infill resource drilling, scoping study & regional
exploration drilling at Rukwa coal to upgrade to
measured resource and test strike extension of existing
109 Mt resource. £3.35 M
Initial geological assessment of Mayborne uranium
coal licences including aerial geophysical surveys. £0.9 M
Total Stage 2 Budget £7.4 M 22
23. Progress Report
Acquisiton of large pipe-line gold prospective ground area in Tanzania.
Commencement of 2011-2012 field exploration programmes.
Completion of Stage 1 Exploration: Ruvu Nappe, Morogoro North &
Haneti Hills.
Re-structuring & widening of strategic focus.
EE
Acquisition of Mzuri Energy and Mayborn Resources.
Commencement of Stage 2 exploration with increased budget of
£7.4M to cover work on newly acquired projects.
Follow up drilling to define JORC-compliant resources on priority
target(s).
Target and acquire further portfolio-enhancing opportunities. 23
24. Objective & Strategy
OBJECTIVE
To build a world class, multi-commodity mineral exploration company with:
Large and active global shareholder bases on multiple exchanges.
Maximum Liquidity across multiple markets.
Strong capital raising ability across multiple markets.
STRATEGY
Grow swiftly to critical mass with an aggressive acquisition program.
Share the risk of exploration with industry leaders by negotiating blue chip joint
ventures.
Unlock value with commodity focused spin outs, mergers and disposals. 24
25. Why Kibo?
Landholding
Over 18,000 km2 of licences across Tanzania in present licences alone
Kibo licences ‘grandfathered’ from present government limit of 2,000 km2
Experience
Directors have been active in Tanzania since the mid-nineties
Relationships built from governmental to local levels including strong CSR focus.
Leverage
Country rather than commodity focus makes maximum use of Directors’ experience in
Tanzania.
Strategy
Clear company strategy realises near and long-term value.
25
26. Board of Directors
Christian Schaffalitzky (Non-Executive Chairman)
● Geologist with over 35 years experience in mineral exploration and mining finance.
● Managing Director of AIM-listed Eurasia Mining plc.
● Technical Director of Ivernia West plc and central to the discovery and development of the Lisheen
zinc deposit in Ireland in the mid nineties.
Louis Coetzee (Managing Director & CEO)
● Business entrepreneur with 25 years experience in business development promotion and financing.
● Vice-president of business development with Canadian listed, Great Basin Gold Limited 2007-2009.
● Currently COO of Mzuri Capital Group Limited, an energy group with coal, oil & gas interests in
Tanzania and Russia, and Chairman of Australian listed East African Resources Limited.
Noel O’Keeffe (Exploration Director)
● Geologist with over 20 years experience in mineral exploration.
● Former Exploration Manager of AIM-listed Ormonde Mining plc in Tanzania.
● Exploration management experience in Europe, Canada and Australia.
William Payne (Non-Executive Director & CF0)
● Chartered Accountant with over 20 years experience.
● Partner at London office of Wilkins Kennedy.
Des Burke (Non-Executive Director)
● Geologist with over 40 years experience in exploration promotion & financing.
● Founding director of AIM-listed Petroneft Resources plc and Executive Director with responsibility
for public relations from 2005 to 2009.
● Founding director of AIM-listed Ormonde Mining plc and CEO from 1995 to 2000.
Tinus Maree (Non-Executive Director)
● Lawyer with extensive public company directorship experience.
● Principal of the River Group and CEO of Mzuri Capital Group Limited.
● Successful record in development and sale of mineral projects in Tanzania.
Wenzel Kerremans (Non-Executive Director)
● Lawyer with over 25 years legal experience in mining, banking and project finance.
● Extensive experience in advising clients on mining investment in Africa. 26
27. Company Advisors
• AUDITORS: LHM Casey McGrath (Dublin)
• SOLICITORS: Eversheds O’Donnell Sweeney (Dublin)
Ronaldsons LLP (London)
Rex Attorneys (Tanzania)
• NOMAD: RFC Ambrian (London, Sydney)
• DESIGNATED ADVISOR (JSE)
• & CORPORATE ADVISOR: River Group (South Africa)
• JOINT BROKERS: Cornhill Capital (London)
Northland Capital Partners (London)
• PUBLIC RELATIONS: Fortbridge Consulting (London, Sydney,
Hong Kong, Toronto, New York)
27
29. Financials to 31 March 2012
6 month pro-forma Accounts to 12 month Statutory Accounts to 30 Sept
31 Mar 2012 2011
£’000 £’000
Unaudited Audited
Assets
Non-current assets
Intangible assets 4,653 3,853
Total non-current assets 4,653 3,853
Current assets
Trade and other receivables 40 53
Cash and cash equivalents 700 937
Total current assets 740 990
Total assets 5,393 4,843
Equity
Called up share capital 3,545 3,232
Share premium 6,287 5,887
Reserves (4,596) (4,383)
Total equity 5,236 4,736
Liabilities
Current liabilities
Trade and other payables (157) (107)
Total current liabilities 157 107
Total equity and liabilities 5,393 4,843
29
30. Mzuri Group – a strategic partner
Mzuri Capital Public Shareholders
Group Ltd
Kibo Kibo
Acquisition Acquisition
March 2011 65% underway
100% 35% May 2012
100%
Mzuri Gold Mzuri Energy Holdings
Ltd Ltd (MEL)
Morogoro Gold Mzuri Coal Mbeya Uranium
Ltd Ltd Ltd.
Savannah Mining Jubilee Resources Rukwa Coal Pinewood Resources
Ltd Ltd Ltd. Ltd.
100% 100% 100% 50%
Lake Victoria Project Morogoro Project Rukwa Project Pinewood Project
GOLD GOLD COAL (109 Mt) URANIUM & COAL
30
31. Rukwa Coal NI 43-101 Resource
This resource statement was prepared by Gemecs (Pty) Limited of South Africa and
the Qualified Person Statement on the following slide applies
31
32. Qualified Person Statement (Rukwa Coal)
CERTIFICATES OF QUALIFICATIONS
To accompany the report dated 19th April 2012 and entitled “Independent Technical Report for the Rukwa Coal Project, Mbeya Region,
United Republic of Tanzania”.
1. I am responsible for preparing the aforementioned independent technical report (or“ITR”);
2. I am a Director and Principal Geologist with the firm GEMECS (Pty) Limited (“GEMECS”) with an office at Visiomed Office park, 269
Beyers Naude Drive Randburg Johannesburg, South Africa;
3. I am a graduate of the University of the Free State (former University of The Orange Free State) Bloemfontein, , Pietermaritzburg
with a BSc Degree in Geology (1972). I graduated with a Master of Science (MSc) at the University of the Free State (1976). I have
practised my profession continuously since 1975;
4. I am registered as a Professional Natural Scientist (Geological Science) with the South African Council for Natural Scientific
Professions (SACNASP), Registration No 400066/98.;
5. I am a Fellow Member of the Geological Society of South Africa (FGGSA);
6. I have not received, nor do I expect to receive, any interest, directly or indirectly, in the Rukwa Coal Project.
7. As of the date of this certificate, to the best of my knowledge, information and belief,this updated ITR contains all scientific and
technical information that is required to be disclosed such as to make this ITR complete and not be misleading in any way;
8. I have read National Instrument NI 43-101 and Form NI 43-101F1 and by reason of my education and past relevant work
experience, I fulfil the requirements to be a “Qualified Person” for the purposes of National Instrument 43-101. This ITR has been
prepared in compliance with National Instrument 43-101 and Form 43- 101F1;
9. I as a Qualified Person , am independent of Mzuri Energy Limited and Rukwa Coal Limited as defined in 1.4 of National Instrument
43-101
10. I have personally inspected the Rukwa prospecting areas located in Mbeya District,Tanzania during a site visit conducted in June
2010. I visited the property for a period of 2 days.
11. Until my site visit during June 2010 I had no previous involvment in the Rukwa Coal Project.
12. GEMECS was retained by Rukwa Coal to prepare an updated independent technical
report for this project in accordance with National Instrument 43-101. The preceding report is based on our review of project files and
information provided by Rukwa and discussions with personnel of Rukwa;
Dated the 19th day of April 2012
CD van Niekerk Pr.Sci.Nat.
Director and Principal Geologist
32