Final Results

Nyota Minerals Limited

('Nyota' or the 'Company')

Final Results for the Year Ended 30 June 2012

Nyota Minerals Limited (ASX/AIM: NYO), the gold exploration and development company in East Africa, is pleased to report its Final Results for the Year Ended 30 June 2012.

HIGHLIGHTS

Tulu Kapi

·; 42,087m drilling to support exploration, resource upgrades and geotechnical and metallurgical test work related to the Definitive Feasibility Study ("DFS");

·; Two updates to the JORC-compliant Mineral Resource during the Reporting Period to 17.97 million tonnes at 2.90 g/t gold containing 1.67 Moz of gold;

·; Geological modelling of UNDP Target, adjacent to the main resource, demonstrates good continuity and highlights opportunity for further extensions to mineralisation and scope for further increases;

·; Peak drill assay intercept in the Tulu Kapi Feeder Zone of 6.11 g/t Au over 17m reaffirms the Feeder Zone's potential to provide the significant high-grade component to future mine production;

·; Immediately after the Reporting Period, the technical elements of the on-going DFS were submitted to the Ethiopian Ministry of Mines ("MoM") to enable it to commence its technical review of the Tulu Kapi project ahead of granting a Large-Scale Mining Licence ("Mining Licence");

Proximal & Satellite Targets

·; The Guji gold-bearing saprolite was identified as a small portion of a larger, 2.8km long linear geochemical anomaly, extending from Komto in the south to Guji in the north;

·; The first phase Guji drill programme was completed, with 64 holes drilled for a total of 5,381m and demonstrated that potentially economic mineralisation exists;

·; In-fill soil sampling defined an anomaly covering an area of approximately 2.5km2 at Buneya North, coincidental rock chip samples of up to 7.2g/t and historical hard-rock mining;

Regional Exploration - the Northern Blocks

·; Initial drill programme at Bendokoro produced visible gold (associated with a peak intersection of 11.65g/t Au at 153m-154m depth) and a separate peak assay of 100 g/t over 0.64 m;

·; A detailed fieldwork schedule is being planned for October 2012 to June 2013 based on results to date and previous airborne geophysical and regional soil geochemical sampling, in order to comprehensively explore the whole of the Northern Blocks ahead of further drilling;

Financial

·; $14.4 million (£11 million) raised through a placing to new and existing shareholders and a subsequent, but related, subscription by International Finance Corporation with $2 million (£1.3 million) being received shortly after the end of the Reporting Period;

·; Cash on Balance Sheet of $14.5 million at 30 June 2012;

Corporate

·; Appointment of two independent non-executive directors to the Board - Neil Maclachlan as Chairman in March and Norman Ling, former Ambassador to Ethiopia, Djibouti and the African Union in June; and

·; Appointment of a Chief Operating Officer in Ethiopia, tasked with delivering the Tulu Kapi mine once a Mining Licence has been secured and DFS finalised.

The full audited report and accounts will be available on the Company's website at http://www.nyotaminerals.com later today and the Annual Report will be posted to shareholders, as applicable, together with the notice of Annual General Meeting shortly.

Enquires:

Richard Chase (CEO) / Anthony Rowland (Business Development)

Nyota Minerals Limited

+44 (0) 20 7400 5740

 [email protected]

NOMAD

Richard Morrison / Jen Boorer

RFC Ambrian Limited

+44 (0)20 3440 6800

BROKER

Guy Wilkes

Ocean Equities Limited

+44 (0) 20 7786 4370

BROKER

Rory Scott

Mirabaud Securities LLP

+44 (0)20 7878 3360

FINANCIAL PR

Jos Simson / Emily Fenton

Tavistock Communications

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CHAIRMAN'S STATEMENT

Firstly, I would like to introduce myself as your new Chairman, having joined the board and taken over from Melissa Sturgess in March 2012. As my first letter to shareholders, I am particularly pleased to be able to report that the year under review has been one of significant progress for your Company and brings us a step closer to the important transition phase from explorer to producer. Nyota has taken full advantage of the valuable discovery and development work undertaken over the past three years under the successful leadership of Melissa Sturgess and our CEO Richard Chase, who joined in the previous financial year.

Operations

The important milestones that have been achieved in 2012 include the completion of the infill drilling programme to update our Mineral Resource at Tulu Kapi which is expected to be announced in the next few weeks and which will provide the foundation to our Maiden Ore Reserve. Considerable progress has been made towards the completion of the Definitive Feasibility Study ("DFS"), the bulk of which has been submitted to the Ethiopian Government in support of our application for a large scale Mining Licence. Further work on optimising the mine plan, with the objective of improving the Project's economics, are needed before the DFS is finalised and released. Securing acceptable terms and conditions for the granting of the Mining Licence is a pre-requisite to the completion of the DFS.

We had hoped that the Mining Licence would have been granted by the end of September but the unfortunate death of the Prime Minister and party chief, the Hon Meles Zenawi with the resultant need for changes in the leadership of the Government has not unnaturally delayed this timetable. At the time of writing, the composition of the new Cabinet was not known. We have no reason to believe, however, that the leadership changes will adversely impact the Mining Licence process, other than to extend the application timetable. At this point in time, we are unable to provide any insight as to the extent of the anticipated delay but, based on the strong and open relationship which the Company has developed with the Ethiopian Government, your Board remains confident that the Mining Licence will be secured.

Despite resource constraints with drill rigs diverted to the DFS, Nyota has been active in advancing many of its exploration targets during the year. At Tulu Kapi, the "Feeder Zone" has continued to provide exciting intercepts every time we have tested it. Although the current DFS does not take into account the possible underground development of Tulu Kapi, recent changes in the expected availability of power for the proposed mine and our improved understanding of the ore body at depth has led us to reconsider our strategy in respect of developing the Feeder Zone. As a result the Company has decided to allocate more resources to reviewing the underground option, which has the potential to significantly improve the overall economics of the Project.

Proximal to Tulu Kapi, the exploration team has identified a multitude of targets within a 20 km radius that have the potential to become significant discoveries and provide the Tulu Kapi processing plant with feed material that will allow it to continue far beyond the initial 10 year life of mine that the Tulu Kapi DFS will be based on. We now need to focus on the next stage of developing these targets by generating initial Inferred Resources in this area.

Further north, Nyota has one of the largest mineral exploration licence areas in Ethiopia (The Northern Blocks) covering almost 3,200 km2. Whilst our exploration activity in this region is still at an early stage, we believe that it offers considerable potential for the discovery of new mineral resources. During the year we undertook an initial drilling campaign at Bendokoro which confirmed that the systems we were targeting are gold bearing. These results have justified the further allocation of funds to continue the exploration programme. Our focus in the coming year will be to undertake a thorough fieldwork programme to cover the entire area which we can then use alongside the drilling results to identify targets for follow-up drilling in 2013/14. To the extent that our financial resources will allow, your Board will also consider other opportunities to expedite exploration on attractive prospects in this area.

Governance

In addition to the operational achievements described above and which are reported in more detail in the Operational and Financial Review, we have taken steps to broaden the experience and knowledge of your Board with the appointment earlier this year of Norman Ling, the former British Ambassador to Ethiopia, Djbouti and the African Union. He has joined the Board, as an additional independent Non- Executive Director and his deep knowledge and understanding of Ethiopia should prove invaluable, particularly at this time of leadership change in Ethiopia and as we engage with the Government in securing the Mining Licence.

Of further note I would like to highlight the fact that we have included a Corporate Social Responsibility report in the Annual Report to expand upon the work that we are doing in Ethiopia to support the community local to Tulu Kapi and as confirmation of our respect for the environment in which we operate. We have invested significant time and resource in this area - but time and resource which is essential to us maintaining our social licence to operate. The infrastructure and organisation that we have created in Ethiopia is a significant asset to the group but one that is not clearly evident on the Balance Sheet or fully recognised by the market.

Corporate

Nyota received firm support from its shareholders in the year raising approximately $16.4 million (£11 million) from a placing of shares to institutional and corporate investors and a subsequent subscription from International Finance Corporation ("IFC"). These funds were mainly applied in progressing the DFS and related infill drilling programme, to working capital and, to a lesser extent, on exploration in the Northern Blocks.

We welcomed several new shareholders on to the register during the year, notably Centamin plc and Resource Capital Funds ("RCF"), each of which demonstrated their faith in the Company by taking significant stakes in the placing. RCF has further demonstrated its confidence in Nyota by increasing its shareholding since the placing . We look forward to their and other shareholders continued support for the development of Tulu Kapi as we move into the construction phase.

During the year we have focussed on addressing our overhead costs and I am pleased to be able to report considerable success in reducing Nyota's administration expenses.

Finally, I would like to thank my fellow directors and all of our staff for the major contribution they have made to the progress achieved in the year and most notably for undertaking the considerable workload placed on them in preparing the DFS. We face a number of challenges as we look forward to the year ahead, notably in completing the DFS and in the development of Tulu Kapi. I am nevertheless confident that with the continued support of our staff, shareholders, the Ethiopian Government and all our other stakeholders that these can be successfully overcome and that in a year's time I will be able to report further progress with the construction and development of Tulu Kapi.

Neil Maclachlan

London, 28 September 2012

OPERATIONAL AND FINANCIAL REVIEW

1. Overview

The year to 30 June 2012 was a period of change for Nyota. The commencement of the Definitive Feasibility Study ("DFS") for our flagship asset, Tulu Kapi, signalled the start of our development from an exploration company to a mining company. Important changes to your Board were also made to reflect this new chapter and ensure that the Group is best placed to maximise shareholder value.

The focus of the Group's attention during the year has remained its strong portfolio of gold projects in Ethiopia for which its business strategy is three-fold:

·; The development of Ethiopia's next commercial gold mine at Tulu Kapi where Nyota is currently undertaking a DFS and which is currently the subject of a Large-Scale Mining Licence application and continued exploration;

·; Exploration of multiple targets within a 20 km radius of Tulu Kapi - Satellite & Proximal Targets - with the potential to provide for an extension of the 10-year mine life planned for Tulu Kapi; and

·; Exploration of the 3,200 km2 area within the Northern Blocks, located approximately 100 km north of Tulu Kapi which has the potential to provide shareholder value in the longer term.

2. Tulu Kapi

The year saw considerable progress made towards the development of the Tulu Kapi deposit into Ethiopia's next commercial gold mine. Nyota expects to be the first non-state-owned company to be granted a Large-Scale Mining Licence ("Mining Licence") for gold in Ethiopia and continues to progress the DFS and to engage with the MoM in relation to its mining licence application, originally submitted in May 2011.

Tulu Kapi Resource

During the year, Nyota announced two updates to its JORC-compliant Mineral Resource. The latest, in March 2012, estimated 17.97 million tonnes @ 2.90g/t gold for 1,672,000 ounces of contained gold. This estimate represented an overall increase in the total Mineral Resource of 15 per cent and an upgrade and increase in the Indicated category of 82 per cent to 831,000 ounces of gold @ a grade of 3.01g/t gold.

The Tulu Kapi deposit is bounded by a series of faults with various orientations dominated by the Bedele Shear, which defines the southern boundary of the known deposit.

Drilling during the year focused on these individual faults, with the result that it has been possible to model these structures in more detail and in the process establish fault bound blocks of mineralisation which have been individually modelled by WAI. The mineralisation within individual fault bound blocks shows subtle variations in dip and strike of the mineralised structures. These can now be identified and modelled, overcoming previous difficulties in demonstrating continuity between fault boundaries.

With the containment of mineralisation within fault blocks it is possible to clearly demonstrate continuity which is reflected in the significant increase in the Indicated Resource. The new geological model also reflects the major input from the Group's exploration team based at Tulu Kapi and informed the 130 drill hole, 14,650m infill drilling programme initiated with WAI, aimed at converting a further 260,000 ounces of Inferred Resources to Indicated status by the end of Q4 2012 for the purposes of the ongoing DFS.

Opportunities for the delineation of additional resources immediately adjacent to the Tulu Kapi deposit include the Feeder zone, Northern Extension, UNDP and SW Extension. These targets are defined by a combination of airborne and ground geophysics, soil geochemical survey, trenching and initial drilling and are summarised below.

Feeder Zone

As part of the DFS, the diamond drill hole TKMT-001 was drilled to a final depth of 468.57m to provide core for metallurgical testing, and at depth to test the continuity of the deep high grade mineralisation which has not previously been defined in this part of the deposit. The drilling and assay results confirm the strike continuity of the deep high grade mineralisation by 60m to the SW and 40m (up dip) SE of previously intersected deep high grade mineralisation.

Only mineralisation in the Feeder Zone was processed at Tulu Kapi and dispatched for gold assay as the balance of the drill core was sent directly to independent laboratory for metallurgical test work. Two mineralised intercepts were identified, the first returning a peak grade of 6.11 g/t Au over 17m and the second deeper zone returning a peak grade of 1.38 g/t Au over 8.54 m.

The evidence of further extensions of mineralisation over substantial widths and at grades exceeding 6g/t Au reaffirm the Company's view that ultimately the Feeder Zone has the potential to provide a significant high-grade component to future mine production.

Shareholders are aware that drill rigs were reallocated to DFS drilling in order to support the application for the conversion of the current Exploration Licence to a Mining Licence but this recent high-grade drill result supports the Company's intent to assign at least one diamond drill rig to further Feeder Zone drilling in Q4.

Northern Extension

The Northern Extension is one of the areas expected to result in further increases in the resource and step‐out drilling is continuing based on the positive results from the most recent holes drilled.

The original Northern Extension mineralisation intersected was assumed to occur beyond the limits of the open pit and was to be mined via a cross‐cut from the decline designed to access the Feeder Zone. However, the tenor and extent of recent intersections indicate that the Northern Extension could be incorporated into the Tulu Kapi open pit profile or established as a separate secondary open pit.

UNDP

The UNDP target is located north of and adjacent to the main Tulu Kapi resource. Mineralisation is contained in a NE-SW trending corridor dipping at 25-30 degrees to the northwest and similar in morphology to the shallow Tulu Kapi lodes.

An updated geological model demonstrates good continuity and provides the evidence necessary to warrant further drilling to test the strike extensions to the deposit and at the same time to complete infill drilling to upgrade the resource from an Inferred to an Indicated status.

This drilling is scheduled to commence after the main Tulu Kapi infill drilling and will also determine whether the UNDP deposit is exploited as a separate pit development or be incorporated into the Tulu Kapi open pit.

SW Extension

Drilling has proven the presence of economic mineralisation beyond the previous limits of the ore body and the interim pit outline has been extended to accommodate this mineralisation. Additional drilling is required to test for further extensions.

Definitive Feasibility Study

In September 2011, Nyota announced the appointment of the lead engineer and other key consultants for the DFS for Tulu Kapi, based on an open pit mine and a 2 million tonnes per annum Carbon in Leach ("CIL") processing plant. Metallurgical test work shows approximately 93 per cent recovery and challenging logistics are offset by cheap grid power and simple gold recovery.

Following extensive work during the year, Nyota announced on 6 July 2012 that it had submitted the technical elements of the on-going DFS to the Ethiopian Ministry of Mines to enable it to commence its technical review of the Tulu Kapi project, which is a pre-requisite for the terms of the Mining Licence to be agreed, while the economic parameters for the DFS, which should support the issue of a Mining Licence, are finalised.

Mining Licence Application

The application for a Large‐Scale Mining Licence for Tulu Kapi was lodged with the MoM in May 2011. The Board believes that negotiations with the MoM progressed well during the Financial Year and remains expectant of securing a Mining Licence for Tulu Kapi.

3. Exploration Overview

During the year, the DFS required the allocation of the bulk of the Group's drilling capacity and technical personnel. Although rig capacity for exploration was therefore limited, Nyota achieved the following significant milestones:

The current status of each of the exploration programmes is detailed below:

Satellite & Proximal Targets

The exploration emphasis in respect of Satellite & Proximal Targets remains the completion of sufficient exploration and preliminary evaluation to demonstrate to shareholders that there is obvious potential to provide for an extension of mine life well beyond the 10 year initial programme planned for Tulu Kapi.

The tenor of targets within the immediate vicinity of Tulu Kapi and their significance as possible future ore sources has not fully been appreciated as there are multiple targets identified to date within a 20km radius of Tulu Kapi that still require investigation.

The selection of targets for follow-up during the year was driven by the need to plan the final locations of key elements of infrastructure for the Tulu Kapi mine, including the processing plant, tailings storage facility and access roads. As a result, additional close-spaced gold in soil sampling has been completed and some limited sterilisation drilling undertaken where targets are located "under" preferred infrastructure sites.

The Tulu Kapi Trend

The Tulu Kapi trend comprises a chain of topographic highs formed by a series of granitoids (mainly sericitised syenite), many of which are anomalous in gold. In addition to the Tulu Kapi and UNDP resources, these targets include Keley and Chalti. 830 soil samples and 119 grab samples have been taken during the year and, combined with historical data, have highlighted seven target areas warranting detailed follow-up.

Keley Syenite

Comprises a mafic-rich syenite with pervasive alteration of albite with quartz veinlets and pyrite, which is similar to Tulu Kapi gold bearing alteration. A campaign of rock chip sampling and trenching was undertaken and samples were analysed for Au.

·; Grid soil tests returned a number of anomalous values (0.05 to 0.19 ppm) spatially associated with the albitised and pyrite plus quartz veinlet bearing part of the Keley Syenite.

·; 27 rock chip samples were collected from the albitized part of the syenite and laboratory results are pending.

·; Three trenches with a total length of 132m were excavated at Keley towards the end of the year, but assay results have been disappointing. A maximum of 0.61 g/ton over a meter was obtained from albitised syenite with quartz veinlets and sulphide.

Chalti Syenite

A geophysical survey and reappraisal of the available data, including drill core, was undertaken during the year. Based on this work, which showed strong chargebility and resistivity anomalies over the weathered ground southeast of the main Chalti massif, about 110 grid soil samples were collected and analysed for Au. Out of the samples, 47 of them show anomalous values between 0.01 to 0.68 ppm.

Some additional fences of vertical reverse circulation drillholes are planned to test the target further.

The Ankori Trend

The Ankori Trend is defined based on the regional geophysical surveys of a northwest trending series of magnetic highs and lows running parallel to the Tulu Kapi trend of granitoids.

Buneya North and Extension

In-fill soil sampling has defined an anomaly of greater than 45ppb gold-in-soil covering an area of approximately 2.5km2 (peaking at 9.3g/t gold in soil) underlain by diorite, granite and meta-sediment, subject to shear-type deformation and intense alteration.

Rock chip samples containing a peak of 7.2g/t gold plus anomalous zinc and copper were collected proximal to a site of historical small scale exploratory hard-rock mining over an area of 200 meters by 400 meters. Gold is associated with quartz veining and pyrite mineralization in sericitised and silicified sheared host rocks. Mechanical trenching and an initial drill programme are planned. An initial diamond drilling programme is planned for late 2012 or early 2013.

The Guji-Komto Trend

As reported in the quarterly report to 31 March 2012, the Guji gold-bearing saprolite is a small portion of a larger, 2.5km - 2.8km long linear geochemical anomaly, extending from Komto in the south to Guji in the north coincidental with a meta-sedimentary / meta-volcanic belt including mineralized ferruginous schists and limonitic quartz breccia. The gossan bodies are lenticular, typically 100m wide and several hundred meters long.

Guji Saprolite

The first phase Guji drill programme is complete, with 64 holes drilled for a total of 5,381m. Sample assays from nine of the 64 holes were pending at the end of the Reporting Period, with peak assays from those received detailed in Table 4, below. Drilling thus far covers only a 600m portion of the Guji gold-in-soil anomaly, with the anomaly open for 700m to the north, and 800m to the south.

This initial drill programme was designed specifically to test the scope for the quick and low-cost development of additional easily accessible resources to feed into the future Tulu Kapi plant from mineralisation found in near-surface saprolitic mineralisation. The programme has concluded the following:

·; economic intersections of mineralised saprolite exist (as previously announced on 11 June 2012);

·; mineralisation is found where gold in soil geochemical anomalies are coincident with ground geophysical targets generated by the resistivity geophysical survey completed in late 2011; and

·; anomalous gold in soil geochemistry occurs for a further approximate 800m south and 700m north of the current drill zone which is expected to return further mineralised gold intersections once drilled.

 A second phase of shallow reverse circulation drilling is being planned for late 2012, after the rainy season, aimed specifically at the extensions to mineralisation defined by the geophysical and geochemical surveys.

Komto

A road has been constructed to the Komto meta-sediment target, the southernmost extension of the prospective Guji-Komto Trend. Subject to trenching, reverse circulation drilling to confirm the depth extent of mineralization is planned and the drill pads prepared. Drilling expected to be undertaken in before the end of 2012.

During the Q4 period, additional 34 rock chip samples were collected and the area is covered by detailed geological mapping at a scale of 1:5,000. Rock chip samples show sulphide mineralization (pyrite, galena and malachite staining) and laboratory results are pending.

Regional Exploration

Nyota's regional exploration area of interest comprises the Northern Blocks, approximately 100 km north of Tulu Kapi. The area covered is approximately 3,200 km2 and is one of the largest exploration holdings in Ethiopia.

Interpretation of satellite imagery undertaken in the year, covering the Northern Blocks, is expected to reinforce the targets previously generated through airborne geophysics, soil geochemical survey, rock chip sampling and reconnaissance mapping and thereby provide better definition of targets leading to more reliable prioritisation for subsequent detailed exploration post the wet season.

The current key targets are summarised below.

Bendokoro

Twelve holes (for 2,244m) were drilled at the Bendokoro prospect in the first phase of drilling targeting rock chip and trench intersections coincidental with a complex but distinct NW-SE lineation evident from the airborne geophysical survey conducted by Nyota in late 2010.

Two distinct styles of gold mineralisation were observed: the first is associated with pyrite and rare chalcopyrite sulphide mineralisation and sericite alteration of the meta-volcanic and schist host rocks and is typically in the range of 0.1 - 1.0 g/t (for example BKBH008: 9.5m at 0.45g/t; BKBH009: 5.0m at 0.54g/t; BKBH10: 2.0m at 0.41g/t; BKBH001: 5.4m @ 0.44g/t); and the second is associated with silicification and quartz veining. The latter includes the visible gold noted in borehole BKBH-003 (Bendokoro West) (including a peak of 11.65g/t Au at 153m-154m depth) and borehole BKBH-005, drilled to intersect the depth extension of the Bendokoro East target, assayed at 100 g/t over 0.64 m.

In addition, elevated silver values have been noted in samples taken from boreholes on the eastern anomaly. The origins ("protolith") of the Bendokoro East gossan, which assayed up to 10.2g/t in rock chip, was not obvious in the boreholes drilled beneath it and therefore remains enigmatic.

It is clear from the 2011/12 fieldwork that the Bendokoro target is gold-bearing and that mineralisation is associated with epithermal alteration of preferential host rocks proximal to a regional shear zone. Drilling results from the central section are encouraging but narrow widths and poor continuity indicates low economic potential. However, as the target area is "pregnant" with gold the potential exists along shear extensions for more significant accumulations. Follow-up field work is therefore underway, comprising soil sampling to the north and south of the main Bendokoro gold-in-soil geochemical anomaly and outcrop, mapping and sampling focusing on the western fault zone and associated silica alteration and sulphide mineralisation; a strike extent over more than 1km. In addition, the Bendokoro model will be extended to similar volcano-sedimentary terrains and structures elsewhere in the Northern Block licenses.

Boka Sirba

Boka Sirba is a skarn target that extends over a strike length of approximately 15 km with other targets recently identified in its immediate vicinity.

Detailed reconciliation of geophysical survey data, geological mapping and anomalous samples has proven that the quartzite meta-sediments in the more distal epidote environment contain gold. This contradicts the initial model in which gold was thought to be restricted to the Boka Sirba marble unit of the endo-skarn.

Further work is therefore required before the intended initial drilling can commence; this is ongoing. In addition, soil sampling and mapping continues to target extensions to the mineralised assemblage of rocks which totals more than 15km of strike length.

Excellent grades have been received for grab samples taken over the original Boka Sirba skarn with peak grades of 10.85 g/t Au, 5.92 g/t Au, 5.85 g/t Au and 1.80 g/t Au. Two speculative trenches dug along strike from the main skarn outcrop returned low grades.

Approximately 3 km due west, a new Boka Sirba target has been identified returning peak grab sample grades of 16.05 g/t Au, 10.85 g/t Au, 8.84 g/t Au and 5.92 g/t Au. This new target area (Boka West) shows mineralisation of unknown strike extent that will be tested by trenching. Based on the high gold grades returned from grab sampling it is likely that additional metres will be added to the planned drilling at Boka Sirba to include this prospect.

Muremera Nickel Project

While the focus for the year has been Ethiopia, Nyota retains a 100% interest in the Muremera Nickel Project in Burundi which is located a short distance away along strike from Xstrata's Kabanga Nickel Project (which is on the Tanzanian side of the Burundi/Tanzania border), thought to be the single largest undeveloped nickel sulphide deposit in the world.

The Muremera Exploration Licence was renewed during the year and is valid until July 2013. However, no substantive work was done on this project during the reporting period due to Nyota's focus on its Ethiopian gold operations. The Company is presently considering available options in relation to a possible divestment of its interest in the Muremera Nickel Project.

4. Corporate

Nyota has undergone considerable change during the reporting period, as it commenced the transition from exploration to a development and mining company.

Placing

During the year Nyota raised $16.4 million (£11 million) through a placing to new and existing shareholders ("Placing") and a subsequent, but related, subscription by International Finance Corporation ("IFC"). The funds raised allowed the Group to maintain momentum with exploration drilling on its Northern Block exploration properties and provided corporate working capital to the Group beyond June 2012, allowing for steady progression to complete the DFS for Tulu Kapi and progress towards project finance. A total of 161,000,000 new ordinary shares were issued following the passing of certain resolutions by the Company's shareholders at a general meeting held on 7 March 2012. A further 21,727,650 new ordinary shares were issued in July 2012.

As a result of the Placing, Centamin plc ("Centamin") (LSE: CEY), which subscribed for 67,000,000 new ordinary shares, became the largest shareholder in Nyota. Centamin is a an Arabian-Nubian Shield focused gold mining company whose flagship project is the Sukari Gold Mine, located in the eastern desert of Egypt. Added to previous on-market share purchases, Centamin currently holds 90,000,000 ordinary shares in Nyota, representing 13.6% of the Company's issued share capital.

Board Changes

Advancing the vision set out in the Chairman's statement to the Annual General Meeting last year, several changes were made to the composition of the Board such that it is now more closely aligned with best practice in corporate governance.

On 21 March 2012, Neil Maclachlan was appointed as Non-Executive Chairman of Nyota. Neil has extensive experience in the mining sector and in the City and full details of his background can be found in the full audited report and accounts. Just before the year end, Norman Ling, the former British Ambassador to Ethiopia, Djibouti and the African Union, was also appointed as a Non-Executive Director of the Company. These two appointments provide strong independent input to the Board and its committees and the Board envisages that they will play a key role in representing shareholder interests in the future. Additional appointments of non-executive directors will be considered in the future.

The former Chairman and founding director of Nyota, Melissa Sturgess retired from the Board during the year. She has been fundamental to forming and developing the Group's opportunities and relationships in Ethiopia. We have retained her expertise and knowledge as she continues to provide consulting services to the Company during a 12 month termination arrangement. The Board would like to place on record its thanks for her contribution to the Company over many years.

Corporate Development

The start of the DFS resulted in a significant increase in activity in Ethiopia and the Tulu Kapi camp has regularly accommodated in excess of 100 people, with subsistence provided for twice that number on a daily basis. The existing camp has been expanded and improved to cater for these numbers, and longer term a full construction camp will be built. This will be one of the first priorities following the issuance of a Large-Scale Mining Licence, and as part of this the location of facilities will move from their current position sitting over the Tulu Kapi deposit.

Quarterly management meetings are held in Addis Ababa with members of the Board attending alongside the management teams from Tulu Kapi and Addis Ababa.

Competent Persons

The technical exploration and mining information contained in this Announcement has been reviewed and approved by Mr D Hage Pr.Sci.Nat, Chief Geologist for Nyota Minerals Limited. Mr Hage has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity to which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves and as a qualified person under the AIM Note for Mining and Oil & Gas Companies. Mr. Hage is an employee of Nyota Minerals Limited and is a Member of the South African Council for Natural Scientific Professions (SACNASP). Mr Hage consents to the inclusion in this Announcement of such information in the form and context in which it appears.

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 30 JUNE 2012

The above consolidated statement of comprehensive income should be read in conjunction with the full notes in the audited report and accounts available on the Company's website: www.nyotaminerals.com.

CONSOLIDATED BALANCE SHEET

AS AT 30 JUNE 2012

The above consolidated balance sheet should be read in conjunction with the full notes in the audited report and accounts available on the Company's website: www.nyotaminerals.com.

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 30 JUNE 2012

The above consolidated statement of changes in equity should be read in conjunction with the full notes in the audited report and accounts available on the Company's website: www.nyotaminerals.com.

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 30 JUNE 2012

The above consolidated statement of cash flows should be read in conjunction with the full notes in the audited report and accounts available on the Company's website: www.nyotaminerals.com.

NOTES TO THE AUDITED REPORT AND ACCOUNTS

The following notes have been extracted from the full notes to the audited report and accounts available on the Company's website: www.nyotaminerals.com.

1 Basis of preparation

These general purpose financial statements have been prepared in accordance with Australian Accounting Standards and interpretations issued by the Australian Accounting Standards Board and the Corporations Act 2001. Nyota Minerals Limited is a for-profit entity for the purposes of preparing the financial statements.

Compliance with IFRS

The consolidated financial statements of the Nyota Minerals Limited group also comply with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB).

Historical cost convention

These financial statements have been prepared under the historical cost convention, as modified by the revaluation of available-for-sale financial assets.

Critical accounting estimates

The preparation of financial statements requires the use of certain critical accounting estimates. It also requires management to exercise its judgment in the process of applying the Group's accounting policies. The areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the financial statements are disclosed in note 3.

Going concern

The directors have prepared cash flow projections showing the need to raise additional funds to finance the Group's proposed minimum exploration work programme and working capital requirements for the next 12 months. The Group itself does not generate sufficient cash flows from its operating activities to finance these requirements. The directors have a plan in place to mitigate such risk which includes reducing its corporate overheads and postponing expenditure on the Group's projects. The continuing viability of the Group and its ability to continue as a going concern and meet its debts and commitments as they fall due are dependent upon the Group being successful in completing a capital raising in the next 12 months.

As a result of these matters, there is a material uncertainty that may cast significant doubt on whether the Group will continue as a going concern and, therefore, whether it will realise its assets and settle its liabilities and commitments in the normal course of business and at the amounts stated in the financial report. However, the directors believe that the Groupwill be successful in the above matters and, accordingly, have prepared the financial report on a going concern basis.

2 Financial risk management

The Group's activities expose it predominantly to credit risk, market risk (including foreign exchange risk, price risk and interest rate risk) and liquidity risk. The Group's overall risk management program focuses on the unpredictability of financial markets and seeks to minimise potential adverse effects on the financial performance of the Group.

Risk management is carried out by the Board of Directors. The Board provides principles for overall risk management, and is in the process of formalising and documenting these policies covering specific areas, such as mitigating foreign exchange, interest rate and credit risks. No derivative financial instruments have been used in the management of risk.

The Group holds the following financial instruments:

Credit risk exposures

The credit risk arises principally from cash and cash equivalents and deposits with banks and financial institutions.

The Group minimises credit risk in relation to cash and cash equivalent assets by only utilising the services of the Australian "Big 4" banks for Australian held cash assets and for international cash holdings recognised international financial institutions are used.

The Group does not have a significant credit risk in relation to trade receivables.

Market risk

(a) Foreign exchange risk

Foreign exchange risk arises when future commercial transactions and recognised assets and liabilities are denominated in a currency that is not the entity's functional currency. The Group operates internationally and is exposed to foreign exchange risk primarily arising from currency exposures to British pounds, the US dollar and the Ethiopian birr.

Sensitivity

Based on the financial instruments held at 30 June 2012, had the Australian dollar weakened/strengthened by 10% against the pound (£) with all other variables held constant, the Group and parent entity's post-tax loss for the year would have been $1,353,000 lower/higher (2011 profit: $2,508,000 lower/higher), mainly as a result of foreign exchange gains/losses on translation of GBP denominated cash equivalents. The Group's exposure to other foreign exchange movements is not material.

 (b) Price risk

As at 30 June 2012 the Group's exposure to equity securities price risk was not material. The exposure arises from various investments held by the Group.

The Group is not currently exposed to commodity price risk.

Sensitivity

Based on the financial instruments held at 30 June 2012, if the market value of its equity securities was plus/minus 10% at 30 June 2012 with all other variables held constant, the Group's total comprehensive loss for the year would have been $52,000 (2011 loss: $24,000) higher/lower.

(c) Interest rate risk

The Group is exposed to fluctuations in interest rates. Interest rate risk is managed by maintaining a mix of floating rate deposits. As at 30 June 2012 the Group had no interest bearing borrowings.

The Group holds no interest rate derivative financial instruments.

Sensitivity

At 30 June 2012, if interest rates had changed by +/- 50 basis points and all other variables were held constant, the Group's after tax loss and net equity would have been $145,000 (2011: $32,000) lower/higher as a result of higher/lower interest income on cash and cash equivalents.

Liquidity risk

Prudent liquidity risk management implies maintaining sufficient cash and marketable securities, the availability of funding through an adequate amount of committed credit facilities and the ability to close out market positions. The Group manages liquidity risk by continuously monitoring forecast and actual cash flows and matching the maturity profiles of financial assets and liabilities. Surplus funds are only invested in "AAA" rated financial institutions.

As at the reporting date the Group has no access to undrawn credit facilities.

Fair value measurement

The fair value of financial assets and financial liabilities must be estimated for recognition and measurement or for disclosure purposes.

The fair value of financial instruments traded in active markets (such as available‑for‑sale securities) is based on quoted market prices at the balance sheet date. The quoted market price used for financial assets held by the Group is the current bid price.

The carrying value less impairment provision of trade receivables and payables are assumed to approximate their fair values due to their short term nature. The fair value of non-current financial liabilities for disclosure purposes is estimated by discounting the future contractual cash flows at the current market interest rate that is available to the Group for similar financial instruments.

The following table provides an analysis of financial instruments that are measured subsequent to initial recognition at fair value, grouped into Levels 1 to 3 based on the degree to which their fair value is observable:

·; Level 1 fair value measurements are those derived from quoted prices (unadjusted) in active markets for identical assets or liabilities;

·; Level 2 fair value measurements are those derived from inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices); and

·; Level 3 fair value measurements are those derived from valuation techniques that included inputs for the assets or liability that are not based on observable market data (unobservable inputs).

3 Critical accounting estimates and judgments

Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that may have a financial impact on the Group and that are believed to be reasonable under the circumstances.

(a) Critical accounting estimates and assumptions

The Group makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.

(i) Income taxes

The Group is subject to income taxes in Australia and jurisdictions where it has foreign operations. Significant judgment is required in determining the worldwide provision for income taxes. There are transactions and calculations undertaken during the ordinary course of business for which the ultimate tax determination is uncertain. The Group recognises liabilities for anticipated tax audit issues based on estimates of whether additional taxes will be due. Where the final tax outcome of these matters is different from the amounts that were initially recorded, such differences will impact the current and deferred tax provisions in the period in which such determination is made.

(ii) Exploration and evaluation expenditure

The Group's main activity is exploration and evaluation for minerals. The nature of exploration activities are such that it requires interpretation of complex and difficult geological models in order to make an assessment of the size, shape, depth and quality of resources and their anticipated recoveries. The economic, geological and technical factors used to estimate mining viability may change from period to period. In addition exploration activities by their nature are inherently uncertain. Changes in all these factors can impact exploration and evaluation asset carrying values, provisions for rehabilitation and the recognition of deferred tax assets.

6 Expenses

Impairments

i) The Company realised a loss on loans made to Carlton Resources.

ii) The Company's investment in the Burundi exploration project was written down to zero.

8 Current assets - Cash and cash equivalents

Interest earned from cash accounts and deposits ranged from 0% to 3.5% per annum (2011: 0% - 4.75%).

Risk exposure

The Group's exposure to interest rate risk is discussed in Note 2. The maximum exposure to credit risk at the reporting date is the carrying amount of cash and cash equivalents noted above.

9 Current assets - Trade and other receivables

10 Non-current assets - Available-for-sale financial assets

Available-for-sale financial assets include the following classes of financial assets:

(a) Unlisted Securities

Unlisted securities are traded in inactive markets. Included in unlisted securities are Ethiopian Government Bonds held by the Group's subsidiary undertakings Nyota Minerals (Ethiopia) Limited, Brantham Investments Limited and Towchester Investment Company Limited.

11 Non-current assets - Property, plant and equipment

Consolidated

12 Non-current assets - Exploration and evaluation expenditure

Ultimate recoupment of costs carried forward for exploration and evaluation is dependent upon:

- continuance of the Group's rights to tenure of the areas of interest;

- results of future exploration; and

- recoupment of costs through successful development and commercial exploitation, or alternatively by sale of the respective areas.

14 Current liabilities - Trade and other payables

18 Key management personnel disclosures

Refer to the Remuneration Report in the audited report and accounts available at: www.nyotaminerals.com

for details of directors and key management personnel.

(a) Key management personnel compensation

(b) Equity instruments disclosure relating to key management personnel

(i) Shares and options provided as remuneration and shares issued on exercise of such options

Details of shares and options provided as remuneration, and of shares issued on the exercise of such options, together with the terms and conditions of the shares and options, can be found in section D of the remuneration report.

(ii) Option holdings

The numbers of options in the Company held during the current financial year by each director of Nyota Minerals Limited and other key management personnel of the Group, including their personally related parties, are set out below.

Directors

* No longer a director

Directors

(iii) Shareholdings

The numbers of shares in the Company held during the financial year by each director of Nyota Minerals Limited and other key management personnel of the Group, including their personally related parties, are set out below.

* Shareholding as at resignation as a director

** Shareholding as at resignation from the Group

(c) Loans to key management personnel

Details of loans made to directors of Nyota Minerals limited and other key personnel, including their personally related parties are set out below:

20 Contingencies/Commitments

(a) Contingent liabilities

The Group had no known contingent liabilities as at 30 June 2012 (2011: Nil).

(b) Contingent assets

Although the Group no longer has any legal interest in a Swaziland gold project it has retained a beneficial right to 50% of any sale proceeds should this project be on-sold to a third party. The Group is unable to place a potential value on this contingent asset. Apart from the above the Group does not have any known contingent assets as at 30 June 2012 (2011: Nil).

(c) Commitments

21 Related party transactions

(a) Parent entity

The ultimate parent entity in the wholly-owned group and the ultimate Australian parent entity is Nyota Minerals Limited.

(b) Key management personnel

Disclosures relating to key management personnel are set out in note 18.

22 Events occurring after the balance sheet date

On 12 July 2012 the Company completed a placement of 21,727,650 ordinary shares at an issue price of $0.089/£0.06 to raise $2 million (£1.3 million) before costs.

Other than the above no other matters or circumstances have arisen since 30 June 2012 that have significantly affected, or may significantly affect:

(a) the Group's operations in future financial years;

(b) the results of those operations in future financial years; or

(c) the Group's state of affairs in future financial years.

23 Reconciliation of loss after income tax to net cash outflow from operating activities

Non-cash financing activities

During the 2012 year a loan of $797,000 to Carlton resources plc was forgiven by Nyota. In exchange for the forgiveness of the loan Carlton Resources

·; transferred 5,312,362 Luiri Gold Ltd shares to Nyota; and

·; issued 3,000,000 Carlton Resources shares to Nyota.

Nyota realised a loss of $452,397 on the loan forgiven.

During the 2011 year the Company issued:

·; 2,325,685 ordinary shares at $0.425 as consideration for the acquisition of additional Ethiopian exploration tenements.

24 Loss per share

The following reflects the operating loss and share data used in the calculations of basic and diluted loss per share:

Information concerning the classification of securities:

Certain granted options have not been included in the determination of diluted loss per share as they are not dilutive. Details relating to all options are set out in the Directors' Report and note 25.

* The shares and options are not dilutive as the Group is in a loss position for the year ended 30 June 2012.

ENDS

This announcement contains certain judgments/assumptions and forward looking statements that are subject to the normal risks and uncertainties associated with the exploration, development and mining of mineral resources. Whilst the Directors believe that expectations reflected throughout this announcement are reasonable based on the information available at the time of approval of this announcement, actual outcomes and results may be materially different due to factors either beyond the Group's reasonable control or within the Group's control but, for example, following a change in project plans or corporate strategy. Accordingly, undue reliance should not be placed on forward-looking statements.

Neither the contents of the Company's website nor the contents of any website accessible from hyperlinks on the Company's website (or any other website) is incorporated into, or forms part of, this announcement.