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COMMONWEALTH RESOURCES
INVESTMENT FORUM
       Exploration in Tanzania
       Louis Coetzee – CEO, Kibo Mining




 IRONMONGERS’ HALL, CITY OF LONDON     TUESDAY,   22 MAY 2012
 www.ObjectiveCapitalConferences.com
Exploration in Tanzania




               May 2012




      www.kibomining.com
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
Corporate Information




                  4
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
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
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
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
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
Project Locations




Current Projects
                   Rukwa
                   (coal)


Projects under              Pinewood
                            (uranium & coal)
acquisition




                                               10
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
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
Central & Eastern Projects




                           Ruvu Nappe
                              Area




Morogoro Project   Morogoro Project         Haneti
(Morogoro South)   (Morogoro North)         Project    13
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
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)
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
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
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
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
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
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.
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
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
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
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
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
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
Appendices




         May 2012




www.kibomining.com
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
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
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
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

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Exploration in Tanzania

  • 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
  • 2. Exploration in Tanzania May 2012 www.kibomining.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
  • 10. Project Locations Current Projects Rukwa (coal) Projects under Pinewood (uranium & coal) acquisition 10
  • 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
  • 28. Appendices May 2012 www.kibomining.com
  • 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