Final Results

Nyota Minerals Limited ("Nyota" or the "Company")

Final Results for the Year Ended 30 June 2011

Nyota Minerals (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 2011.

HIGHLIGHTS

Operational:

·; New JORC Mineral Resource of 15.96 million tonnes @ 2.84g/t gold, containing 1,459,000 ounces of gold, at flagship Tulu Kapi project;

·; SRK Preliminary Economic Assessment completed March 2011;

·; Application submitted for a Large Scale Mining Licence for the Tulu Kapi gold project;

·; Infill drilling and the drilling of the extensions of the existing Tulu Kapi resource have substantially improved the understanding of the geology and gold mineralisation;

·; Over 20 Proximal and Satellite Targets identified, with initial drilling and soil sampling allowing the selection of key targets for development;

·; Finalised acquisition of the Northern Blocks in December 2010, with circa 3,200 Km2 of exploration permits and have already prioritised two drill ready targets;

Corporate:

·; Appointment of Richard Chase as CEO, in May 2011;

Financial:

·; Exploration spend of A$12.8m during the year (2010: A$14.4m);

·; Cash of A$25.6m as at 30 June 2011 (2010: A$11.86m).

Post-period End

·; Tulu Kapi infill drilling and feeder zone drilling update announced 23 August 2011, with a future resource estimate update provisionally scheduled for Q1 2012;

·; Consultants (SENET Limited, Golder Associates, and Wardell Armstrong International) appointed for the DFS. Studies started in September 2011 with planned completion by in Q3 2012;

Melissa Sturgess, Nyota's Chairman, commented, "We have a high volume of activity in the coming quarters to progress Tulu Kapi and our additional prospects. 2012 will see the definitive feasibility study completed for Tulu Kapi and resources progressed and established across targets proximal and those further afield. I look forward to updating you all on moving Tulu Kapi into production."

For further information please contact:

Melissa Sturgess (Chairman)

Richard Chase (CEO)

Nyota Minerals Limited

+44 (0) 20 7400 5740

[email protected]

NOMAD

Anthony Rowland / Jen Boorer

Ambrian Partners Limited

+44 (0)20 7634 4858

BROKER

Guy Wilkes

Ocean Equities Limited

(+44) (0) 20 7786 4370

BROKER

Rory Scott

Mirabaud Securities LLP

(+44) (0)20 7878 3360

FINANCIAL PR

Paul Youens / Jos Simson

Tavistock Communications

(+44) (0)20 7920 3150

Or visit: http://www.nyotaminerals.com

NYOTA MINERALS LIMITED

CHAIRMAN'S STATEMENT

The past twelve months has seen considerable operational and corporate progress for Nyota, at a time where the appreciation for gold is at a high with investors and treasuries alike. Our established presence in Ethiopia looks to benefit shareholders as the already high level of industry interest in the region continues to build.

During the period, our technical team has worked alongside international experts SRK and Wardell Armstrong in gaining a much deeper understanding of our assets, to assist in creating a clear path for the development of our Ethiopian gold tenements. We have developed a three tier strategic focus: first, Tulu Kapi itself; then the numerous proximal & satellite targets surrounding the main resource, and finally the Northern Blocks. Together these provide clear long-term upside for Nyota.

The Tulu Kapi resource was updated in July, to a JORC Compliant Mineral Resource of 1.46 million ounces of gold at an average grade of 2.84 grams per tonne. Work continues apace on both the continued expansion and conversion of the resource to a reserve as well as mine design, planning and scheduling for Tulu Kapi.

Open-pit mining combined with underground access to the high-grade feeder zone (discovered during this period and containing gold grades of up to 26 grams per tonne) will make for a robust project. We have been operating four diamond drilling rigs and a reverse circulation rig to complete infill drilling. Objectives have been to improve the JORC classification of the resource for the forthcoming definitive feasibility work, and also to drill extension areas in order to further build the overall resource.

On the current resource numbers alone, Tulu Kapi has a provisional life of mine of 10 years generating 100,000 to 115,000 ounces of gold per annum and is economic at gold prices far below todays. We look forward to receiving the definitive feasibility study before the end of the first half of 2012. .

In addition to the main resource, preliminary exploration has shown that there are a number of other potential deposits situated proximal (within a 5 km radius) to Tulu Kapi. These could be developed at relatively low cost with ore being processed through the main plant. This would improve the overall project resource as well as the longevity and the economics of our mining activities.

Over 20 proximal targets have been identified based upon various combinations of airborne magnetic and EM surveys, ground geophysics, close-spaced soil sampling, trenching, geological mapping and drilling. Target prioritisation is ongoing and the objective remains to drill targets during the next 12 months to define resources, within this timeframe, that can serve as future feed to the centralised Tulu Kapi processing plant.

The existence of multiple targets is consistent with the Company's view that the Tulu Kapi region represents a new mineral district. Depending on future evaluation results, there could be scope for additional large-scale mining operations and an expansion of the centralised Tulu Kapi processing plant, leading to a significant extension to the overall life of mine.

The third tier of the Development Strategy is focused on longer term growth potential offered by the highly prospective Northern Block licences which cover an area of approximately 3,150sq km. These licences place the Company on a strong footing as possibly the largest holder of prospective gold licences in Ethiopia.

The Northern Blocks are located approximately 100km north of Tulu Kapi and therefore any project to be developed must be treated as a stand alone operation. Exploration drilling has been scheduled for the December 2011 quarter following delineation of numerous exciting targets during the past 12 months. We aim to establish an initial Inferred Resource on one of the Northern Block targets during 2012.

The appointment of Richard Chase - previously Managing Director of Ambrian Partners - as Chief Executive Officer has brought additional experience to the Company in finance, mining and management. He has quickly made his mark on both the day to day running of the Company and at a high strategic level. His fellow Directors are delighted to have him on board.

Nyota is in the privileged position of being well funded for the current work programme, with a cash balance of over A25 million as at the end of the reporting period. Scope for operational expenditure is well defined and we retain the bulk of the proceeds of the fundraising conducted at the end of 2010, which was well supported by UK, Australian, and international shareholders; including International Finance Corporation, JP Morgan Chase and other key institutions.

The International Finance Corporation's involvement with the Company has had a positive influence on the Tulu Kapi project, particularly with respect to environmental and social considerations. Nyota's approach to the wider aspects of undertaking a modern resources project has seen a range of measures implemented at Tulu Kapi to ensure that the project meets internationally recognised standards in health, safety, environment and community engagement.

During the period, we implemented detailed health and safety policies and procedures for the project and finalised an in-depth environmental and social impact assessment. We continue to work with the local community on a number of community initiatives while the Nyota constructed Worke Gudju Secondary School has started its second academic year.

We believe that Nyota Minerals is extremely well placed in Ethiopia; from a geological perspective and in terms of our strong relationships with national and regional Government and the local communities.

Nyota has a high volume of exploration and study activity planned for the coming quarters. We look forward to keeping the market informed of the progress of Tulu Kapi as well as numerous and exciting additional prospects. Next year should see the definitive feasibility study completed for Tulu Kapi with an updated an expanded JORC Compliant Resource. Additionally we expect preliminary JORC compliant resources on targets proximal to Tulu Kapi and further afield.

I look forward to updating you on moving Tulu Kapi into production and the ongoing development of our exciting regional portfolio.

Melissa Sturgess

London, 30 September 2011

NYOTA MINERALS LIMITED

OPERATIONS AND FINANCIAL REVIEW

Summary

Having established a significant strategic and operational presence and first-mover advantage in Ethiopia, the 12 months to 30 June 2011 ("Reporting Period") saw Nyota focussing heavily on the development of its Ethiopian gold projects; most notably its flagship Tulu Kapi project, located approximately 375 km west of the capital, Addis Ababa.

The Tulu Kapi deposit, combined with surrounding Nyota license areas Yubdo, Billa Gulliso and Ankore and a further portfolio of regional exploration tenements located some 100km to the north, constitutes a landholding package of in excess of 3,400 sq km representing what the Company is confident is a new gold province and an extension of the Arabian-Nubian Shield. The Arabian-Nubian Shield hosts numerous production or development-stage gold deposits including Centamin's 14.5 million ounces Sukari project in Egypt and Nevsun's 1.85 million ounces Bisha project in Eritrea.

Nyota has developed a threefold strategy for the development of its Ethiopian operations:

·; continued exploration and concurrent development of Tulu Kapi, which currently has a JORC - Compliant gold resource of 1.46 million ounces (refer to the below table for details);

·; exploration of the numerous targets proximal to Tulu Kapi, which are intended to provide future feed to a centralised Tulu Kapi gold plant; and

·; exploration of gold targets within Nyota's highly prospective 3,150 sq km northern tenement portfolio, for potential future standalone projects.

Throughout the Reporting Period, Nyota's focus has been to increase its detailed understanding of the Tulu Kapi orebody and the surrounding geology, with a view to progress the project into a producing gold mine. Achievements within the period include increases both to the overall size and grade of the Tulu Kapi resource and the generation of sufficient data to enable indicative, "optimised" open pit and financial modelling (to pre-feasibility standard) to be conducted in relation to the project. Current project economics show positive returns for a combined open pit and underground mining operation to feed a 2 Mtpa (million tons per annum) processing plant.

Exploration fieldwork done within the Reporting Period included substantial and ongoing diamond and reverse circulation drilling, detailed structural mapping, and geotechnical evaluation. Additionally, a comprehensive (44,700 line kilometre) airborne geophysical survey was conducted over Nyota's entire tenement portfolio in December 2010 by UTS Aeroquest.

A significant amount of pre-feasibility evaluation work was also conducted during the Reporting Period, including a Preliminary Economic Assessment on the viability of the Tulu Kapi project delivered by SRK Consulting in early 2011, as well as substantial environmental, financial, geological and geotechnical work. On the basis of this work, Nyota applied for a Large-Scale Mining License at Tulu Kapi. This application, the first of its kind in Ethiopia under new mining legislation introduced in August 2010, was lodged on 13 May 2011 and is currently being processed through the appropriate government departments. Upon the granting of a Large-Scale Mining License, Nyota will become the first public company to proceed to the mining phase with a gold project in Ethiopia. In the meantime, development of the Tulu Kapi project and the Company's other project areas is ongoing.

A more detailed operational report in relation to Nyota's projects follows.

Tulu Kapi Gold project - (100%)

Resource information

The Tulu Kapi resource was updated in July 2011, utilising all drilling results obtained up to the third of June 2011. The gold resource currently comprises a JORC-Compliant Mineral Resource of 1.46 million ounces of gold at a grade of 2.84 g/t as per the below table:

The resource update underpinning these figures was conducted by Wardell Armstrong International and was announced on 29 July 2011. A Large-Scale Mining License has been applied for over the 8.44 sq km area previously comprising the Tulu Kapi-Ankore exploration license and, pending its grant, Nyota retains its rights over that underlying tenement.

Key information in relation to the Tulu Kapi deposit is as follows:

·; the project appears robust at a gold price of US$1,600 per ounce;

·; metallurgical test work conducted by Nyota during the Reporting Period shows that the ore is free milling (i.e. the gold is recoverable by simple processes such as grinding and CIL or CIP cyanidation) and indicates the potential for gold recoveries of 95% or better;

·; Wardell Armstrong has developed an initial conceptual design for an open pit operation that indicates a mineable resource, diluted in respect of a mine plan envisaging 3m benches, of 1.25 Moz at 1.98 g/t. This conceptual pit outline excludes the resource contained in the Feeder Zone and Northern Extension as discussed below;

·; the current resource remains open along strike to the north and south west, with the new high grade Feeder Zone discovery also open at depth; and

·; studies undertaken during the Reporting Period in relation to the project indicate the viability of a combined open pit and underground mine at Tulu Kapi.

Technical update

A substantial amount of drilling was conducted at Tulu Kapi throughout the Reporting Period, with a total of 113 diamond drill ("DD") and 152 reverse circulation ("RC") holes now having been drilled at the deposit as at the date of this Annual Report, for a combined total meterage of in excess of 58,500m of drilling. Up to four DD rigs and one RC rig, each operated by Geosearch International, have continued with infill and extension drilling in relation to the main Tulu Kapi deposit. An additional DD rig supplied by the Geological Survey of Ethiopia was also utilised during the Reporting Period for additional preliminary scout drilling work on targets located nearby to the main orebody.

A significant proportion of this year's drilling at Tulu Kapi was undertaken to support the pre-feasibility work completed by SRK, Wardell Armstrong International and others during the Reporting Period, with the aim being to increase both the size of the resource and confidence in the geological model. In addition, however, resource extension and deep drilling undertaken has resulted in the following significant developments:

Tulu Kapi main orebody

·; Drilling to the west of the Tulu Kapi main orebody resulted in the discovery of a new mineralised structure (Lode 0) sitting above and to the west of previously known mineralisation.

·; Further drilling of the Lode 3 structure included intersections of 5m at 5.59g/t in TKBH-042, 25.42m at 1.98g/t and 7.00m at 3.94g/t (TKBH-055) and 28.95m at 1.79g/t and 4.25m at 5.81g/t (TKBH-074).

·; Infill drilling aimed at upgrading the main Tulu Kapi resource returned peak grades of 26.02g/t Au over 2.85m, 15.63gt Au over 3.0m, 13.81g/t Au over 15.67m and 13.66g/t Au over 8.35m. Importantly, the presence of mineralisation through infill drilling improves continuity of the individual mineralised lode structures and has improved the level of confidence in the robustness of the deposit.

High-Grade "Feeder Zone"

·; In December 2010, drilling intersected high-grade feeder zone style mineralisation, characterised by abundant visible gold and associated high gold grades, below the extent of previously-discovered mineralisation. Initial intersections in December 2010 included 25.76m at 23.05g/t, 15.7m at 37.04 g/t and 4.65m at 89.70g/t gold. A number of additional holes have since been drilled into this feeder zone with additional gold intersections including 23.30g/t over 1.20m, 14.50g/t over 8.00m, 7.30g/t over 14.40m and 5.42g/t over 26.55m.

·; This new mineralisation type is characterised by pressure dissolution styolite and fracture veins with biotite and magnetite alteration, plus sulphides consisting of pyrrhotite, pyrite and abundant visible gold. This style of mineralisation has improved Nyota's understanding of the ore genesis process and is a clear indication that this could be one of the original conduits controlling gold bearing fluids for the deposit. Notably, the combination of mineralogy and geophysical signature specific to this style of mineralisation has also been observed elsewhere within the Tulu Kapi area, implying the possible presence of other high-grade feeder zones with the current gold resource largely reflecting distal mineralisation.

Resource extension drilling

·; Extension drilling conducted during the Reporting Period yielded a number of positive results, with mineralisation being intersected in late 2010 some 80m from previous drilling to the north-west of the Tulu Kapi deposit Grades included 44m at 2.09g/t and 18m at 3.94g/t (TKRC-111) and 8m at 1.20g/t and 8m at 1.9g/t gold.

·; In the first half of 2011 the Company drill tested the target to the north of Tulu Kapi previously discovered by the United Nations Development Program and consequently called the "UNDP" target, as well as the northern and south-eastern extensions of the deposit, with excellent results including:

o UNDP target: further evidence of mineralisation on the periphery of this target was uncovered, with peak grades including 5.75g/t Au over 1.0m, 2.69g/t Au over 7.0m and 0.47g/t Au over 20.0m;

o Northern extension: high grades and substantial widths of mineralisation were encountered, with peak grades including 22.50g/t Au over 2.0m, 21.81g/t Au over 5.45m and 3.50g/t Au over 10.8m; and

o South-eastern extension: notable shallow high-grade intersections were observed, with peak grades including 4.71g/t Au over 4.0m, 4.32g/t Au over 18.0m, 4.14g/t Au over 6.0m and 2.02g/t Au over 27.0m.

Preliminary Economic Assessment and further pre-feasibility work

During the Reporting Period, SRK Consulting was engaged to deliver a Preliminary Economic Assessment ("PEA") level feasibility study in relation to the Tulu Kapi project. The primary purpose of the PEA was to give an independent assessment of the future potential viability of mining at Tulu Kapi to give the Board the confidence to proceed with feasibility studies and also to provide the data required to make an application for a Large-Scale Mining License. The PEA, headline figures from which were announced on 3 March 2011, involved the following key tasks:

·; review and revision of the gold resource estimates using current gold prices and a range of cut-offs;

·; production of a study taking into consideration geology, resource and exploration potential, mining, processing, engineering, infrastructure, capital and operating costs and scheduling;

·; pre-tax and post-tax economic modelling and analysis, including royalties;

·; all related considerations concerning the construction and operation of a gold mine at Tulu Kapi; and

·; a separate environment, social and community report covering all relevant aspects of the project.

The PEA supported the indicative viability of a combined open pit and underground mine at Tulu Kapi and contemplated a provisional capital cost of US$200 million for the mining and processing operation and a life of mine in excess of nine years. Operating cost estimates were generated by SRK based on the consultant's internal database and comparison with similar-sized gold projects in Africa

Subsequent to the delivery of the PEA, further pre-feasibility work has been undertaken by Wardell Armstrong International ("WAI") and Nyota to refine and update the conclusions derived from the PEA. Production optimisation and estimated mining and processing costs continue to be developed. This work has taken into account additional drill results and other technical information together with an increased understanding of the geological structure of the orebody. In this regard, a detailed feasibility document for the purposes of the Ethiopian mining legislation was submitted to the Ethiopian government as part of the May 2011 application for a Large-Scale Mining License.

Health, safety, environment and community ("HSEC")

During the Reporting Period, Nyota undertook a significant amount of work in the areas of health, safety, environment and community in relation to its Tulu Kapi project. As well as meeting key International Finance Corporation ("IFC") deliverables (a requirement of IFC's investment in the Company and designed to ensure that the project meets internationally recognised standards in the relevant areas), Nyota commissioned and finalised a comprehensive Environmental and Social Impact Assessment ("ESIA") in relation to the project, put in place a detailed Occupational Health and Safety Program, and implemented a number of community projects, most notably the construction of the Worke Gudji Secondary School located in the vicinity of Tulu Kapi.

The ESIA was prepared by local Ethiopian consultant JEMA International Consulting Plc, working in conjunction with SRK to deliver the overall report. Including baseline field work, socioeconomic studies and long term monitoring programs such as water and air quality, the ESIA was a key document in the application for the Tulu Kapi Large-Scale Mining License and will underpin and inform the further definitive feasibility work at Tulu Kapi as it develops towards a mine.

The Occupational Health and Safety Program created by Nyota for Tulu Kapi was prepared in conjunction with 1984 Enterprises Inc. and will serve as a template for any future regional discovery projects with which Nyota may become involved.

Construction of the Worke Gudju Secondary School (see Figure 3) was finalised in September 2010 and the school was formally opened by Her Excellency, Madame Sinkinesh Ejigu, the Federal Ethiopian Minister of Mines, at an official ceremony on 7 December 2010. The school, which comprises four school blocks with 12 classrooms (including desks and blackboards) and toilet facilities, has given over 450 students registered in grade 9 the opportunity to pursue a secondary school education. Previously, there was no such education facility within 14 km of Tulu Kapi, rendering education difficult or impossible for local families. Nyota is currently building a science laboratory and library to complement its initial investment and hopes that the facility will eventually provide qualified employees for the Tulu Kapi mining operation.

Other proximal and regional gold targets - (100%)

In addition to the Tulu Kapi license, Nyota is the holder of three exploration licenses which surround or otherwise lie in the vicinity of Tulu Kapi. The Yubdo, Billa Gulliso and Ankore Exploration Licenses, having a total collective area of 272.56 sq km, are host to more than 20 prospective targets identified through the comprehensive UTS-Aeroquest airborne geophysical survey completed during the Reporting Period and through other ground-based activities undertaken by the Company (such as trenching and close-spaced soil geochemistry, stream sediment sampling and drilling).

The Yubdo and Billa Gulliso licenses in particular are home to four clearly defined individual gold trends, each of which incorporate a number of targets of merit and reflect the promising combination of receptive host rocks (syenite, diorite, granodiorites and marble) and both regional and local structures providing the potential focus for mineralising fluids. The four trends, which host prospects at different stages of development and together make up a gold district, are as follows:

·; Gulliso Trend - hosts a number of gold shows (the most significant of which is the Chago target) with significant gold in soil geochemical results, which appear to relate to regional scale shear systems with high concentrations of quartz-carbonate-tourmaline-pyrite veins and possible volcanic massive sulphide style mineralisation;

·; Guji Trend - includes the Guji prospect, located 3km from Tulu Kapi, where exploration has returned drill intersections of 2.77g/t Au over 17.4m and a trench intersection of 9.6g/t Au over 68m. Ground geophysics completed in 2010 indicated that the Guji prospect remains open along strike, warranting further exploration. Evidence of supergene enrichment provides a target for shallow vertical RC drilling;

·; Tulu Kapi Trend (including the Tulu Kapi deposit) - includes the Chalti and UNDP targets. The Chalti target is a 1.2km syenite body with similar airborne geophysical and soil geochemical signatures to the Tulu Kapi syenite and is located immediately south of Tulu Kapi. The aeromagnetic survey defined a very strong discrete magnetic low - diagnostically similar to Tulu Kapi-style mineralisation - over the Chalti target and, in addition to anecdotal evidence of local farmers recovering coarse gold from rainfall gullies, geological reconnaissance has recorded the presence of both albitisation and quartz veins at surface. A summary of recent drilling in relation to UNDP is set out above in this Annual Report. Additional aeromagnetic targets beyond the UNDP target have also been identified which possess similar characteristics to Chalti, Tulu Kapi and UNDP; and

·; Ankore Trend - includes two major areas of interest; first, on the northern end of the trend at the site of the old Ankore gold mine which was mined on a small scale by the Italians in the 1930s (but never subject to detailed exploration) and secondly, between Tulu Kapi and the old Ankore mine site, where a number of gold in soil anomalies returning peak grades of 1,000ppb have been identified. These are thought to be coincident with the presumed trace of the Bedele shear zone which defines both the southern limit of the Tulu Kapi deposit and the eastern limit of the Western Ethiopian Gold Belt that incorporates the above trends.

During the Reporting Period, Nyota commenced a detailed programme of close-spaced multi-element soil geochemistry across the Yubdo and Billa Gulliso Exploration Licenses. Whereas at the beginning of 2011 the area covered by those licenses and the Tulu Kapi license had wide-spaced discontinuous gold in soil geochemical soil coverage only, in the subsequent months Nyota implemented activities to provide blanket multi-element soil coverage over the Tulu Kapi and part of the Yubdo license. The bulk of the soil traverses were designed to coincide with known structure and airborne magnetic anomalies generated by the airborne survey. Approximately 85% of this programme was completed prior to the commencement of the wet season, with the balance intending to be completed during the December 2011 quarter. Analysis and interpretation is ongoing.

Commencing in early December 2010, the Company also undertook some structural drilling on the Yubdo and Billa Gulliso Exploration Licenses. This programme, consisting of 10 DD holes, was concentrated in the north eastern portion of the Gulliso Trend and the south eastern portion of the Yubdo license and focussed on confirming the suite of rock types to be found in these areas which is markedly different from that found at Tulu Kapi.

Drilling was undertaken during the Reporting Period at both Chalti and Guji. Two holes were completed at Chalti for which preliminary assay results had only been received for one hole as at the date of this Annual Report. A third was abandoned due to adverse ground conditions and the fourth has been temporarily capped so that drilling may recommence in the fourth quarter of 2011 at the completion of the wet season when ground conditions improve.

The first hole clearly showed the presence of pervasive alteration and low-grade mineralisation throughout the drill depth which, in the opinion of Nyota's geologists, is indicative of the presence of a gold-bearing system in the vicinity. Sample analyses show anomalous gold mineralisation over approximately 30 per cent of the total hole depth with a peak grade of 0.7g/t Au over 1.0m. The aerial extent of the Chalti anomaly is almost twice that of Tulu Kapi and it is unrealistic to expect every hole to intersect economic mineralisation. Indeed, the first 7 holes originally drilled by Nyota's forebears over peak gold-in-soil grades at Tulu Kapi failed to intersect any mineralisation whatsoever. This first hole at Chalti can therefore be described as "extremely encouraging".

On the Guji Prospect future drilling planned requires the use of the RC rig to drill a grid of vertical short holes at 20m intervals and 20m to 30m depth to test for supergene mineralisation suspected to exist based on peak trench assays of up to 9.60g/t Au over 68.5m. The Company's original plans to drill targets at Soyoma, Kobera and Dina as part of the initial campaign have been reprioritised based on the more recent delineation of similar targets located closer to Tulu Kapi (and hence more strongly aligned with the Company's strategy of locating additional sources of mineralisation to provide future feed to a centralised Tulu Kapi gold plant). Nonetheless, Soyoma, which has returned previous trench results of up to 14.2m at 8.2g/t gold over a 200m strike length (supported by high chargeable and high resistive IP anomalies, which continue to the west-southwest on the other side of a north-northeast cross-cutting structure which also contains several historical gold workings) and Dina, which has returned trench results of up to 8.75m at 1.23g/t and test borehole results of up to 7.1m at 9.4g/t (and is supported by anomalous gold in soil, trench and IP Resistivity and Chargeability anomalies), remain important in the context of the proximal regional programme and will be drilled in the future.

Regional Ethiopian gold exploration - (100%)

Nyota's northern package of exploration tenements comprises two Exploration Licenses having a combined area of approximately 3,150 sq km. These licenses, which comprise the Mendi, Gombe, Dura and Bambasi claim blocks ("Northern Blocks"), are considered by Nyota to be highly prospective, with a number of encouraging gold mineralisation showings already delineated during preliminary reconnaissance. The area covered by the Northern Blocks is characterised by a suite of prospective host rocks, the required regional scale geological structures needed to control mineralisation and the presence of both active artisanal gold mining and known mineral deposits. In this regard, Midroc Gold Mine plc, the owner-operator of the Lege Dembi gold mine in Ethiopia (the country's only producing gold mine), has made a discovery of approximately 580 Koz of gold in a skarn-type deposit immediately to the north of the Gombe license area.

During the Reporting Period, the Northern Blocks were subject to a detailed airborne geophysical survey undertaken by UTS-Aeroquest, which generated a significant number of highly prospective targets. An exploration team was deployed to the Northern Blocks during the 2011 field season to undertake preliminary exploration activities to follow up identified targets and anomalies. Approximately 12% of the total area of the Northern Blocks was covered by a follow-up substantial reconnaissance fieldwork programme in the April-July field season, with excellent progress being made in the Gombe license area. Field season exploration included grab, stream sediment, heavy mineral concentrate, rock and soil sampling, geological mapping and trenching that was focussed on three of the highest priority targets. The Company currently intends to drill two of these, the Boka-Sirba and Tsole Mole targets, during the next field season. Details of those targets are as follows:

·; Boka-Sirba -this target is viewed as highly prospective and includes up to 15km of skarn mineralisation assemblages with abundant gossan development throughout. Three separate areas of outcrop have been identified and sampled; the peak grade from rock chip sampling is 10g/t gold.

·; Tsole Mole - comprises a quartz vein target over at least a 2km strike length of continuous quartz veins with sulphide mineralisation and pervasive rock wall alteration, and a 5.5km long gossan-rich breccia zone reminiscent of VMS style mineralisation (gossan representing the intensely oxidised upper part of a metallic vein or veins exposed at surface and being a very clear indicator of the presence of mineralisation).

In addition to the above two targets, an eluvial/alluvial gold target has been broadly defined which extends over more than 17km of strike length. As at the date of this Annual Report, a high-level scoping study is under preparation in relation to this target, to establish the requirements for evaluation of this resource type prior to commitment to a programme of evaluation.

Muremera Nickel Project - (100%)

The Muremera Nickel Project in Burundi is located a short distance from Xstrata's Kabanga Nickel Project (situated 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 for a period of 2 years in August 2009, 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 project.

Corporate

November 2010 fundraising

In November 2010, Nyota completed a fundraising of £21.58 million by placing 131,250,000 shares at £0.16 each with clients of Ocean Equities Limited in the UK and 3,692,307 shares at A0.26 each with clients of Bell Potter Securities in Australia. Participants in the fundraising included a number of top-tier British, Swiss and African institutions, as well as Nyota's largest shareholders IFC and JP Morgan Chase.

The Company has since pursued an aggressive exploration and development program at its flagship Tulu Kapi project and on its regional portfolio of tenements and has completed a substantial amount of pre-feasibility work across all disciplines pertinent to the development of a mine at Tulu Kapi. Notwithstanding this, as at 30 June 2011 there was A25.6 million in cash remaining on the Company's balance sheet.

Acquisition of remaining 20% interest in regional exploration tenements

Following its initial acquisition in June 2010 of an 80% interest in the 3,150 sq km portfolio of regional exploration tenements located approximately 100km to the north of Tulu Kapi, during the Reporting Period Nyota moved to acquire the remaining 20% interest in those tenements (issuing a total of 2,325,685 shares as purchase consideration). A number of extremely promising targets have already been delineated by Nyota on these highly prospective tenements and drilling on two of them is planned.

Appointment of Rockbury Capital

In February 2011, Nyota appointed specialist advisers Rockbury Capital to provide ongoing advice in relation to key strategic and developmental decisions concerning the Tulu Kapi project and the Company's Ethiopian projects generally (including the lodgement of the Large-Scale Mining License application at Tulu Kapi and the selection of definitive feasibility contractors for that project). The principal focus of Rockbury's retainer is to advise on progressing the Tulu Kapi development plans with the aim of securing debt and equity financing for the construction and commissioning of gold mining and processing operations in relation to the project.

IFC exercises all Nyota options to become largest shareholder

In February 2011, IFC exercised all of its 22,311,995 Nyota options which had been granted to it as part of IFC's initial 10% equity investment in Nyota in June 2010. The exercise of these options at £0.174 raised £3.86 million in general working capital. As a result of the option exercise, IFC became the Company's single largest shareholder, holding 13.64% of its issued capital. During the Reporting Period Nyota implemented a wide range of HSEC initiatives to become fully compliant with the IFC's strict Performance Standards. This will ensure that the Tulu Kapi project satisfies international best practice in these areas as project development continues.

Appointment of Mr Richard Chase as Chief Executive Officer

On 16 May 2011, Mr Richard Chase was appointed to the role of Chief Executive Officer of the Company, bringing with him both substantial African geological/mining experience and eleven years subsequently spent in investment banking in the City of London (where he was most recently Managing Director of Ambrian Partners Limited, the investment banking subsidiary of Ambrian Capital plc). The Directors consider that he possesses the ideal skill-set to manage the Company through the next important phase in its development.

Appointment of DFS Consultants

Since year end the Company has appointed its key consultants to undertake a Definitive Feasibility Study ("DFS") for the Tulu Kapi project. SENET (Pty) Limited has been appointed as Lead Engineer, Golder Associates have been appointed to undertake the Environmental & Social Impact Assessment and to design the tailings storage facility, and Wardell Armstrong International has been appointed to manage resource estimation and mine design/planning. The Company believes it has secured the services of world class consultants that have ideal experience suited to mine development in Ethiopia.

The technical exploration and mining information contained in this Report has been reviewed and approved by Mr RN Chapman. Mr Chapman 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 Guidance Note for Mining, Oil and Gas Companies. Mr Chapman is an employee of Mineral Exploration Management Limited, an independent geological consultancy established in 2005 and is a member of the Australasian Institute of Mining and metallurgy (Aus.I.M.M). Mr Chapman consents to the inclusion in this Report of such information in the form and context in which it appears.

The information in this Report that relates to the consultant responsible for the latest resource estimation is based on work completed independently by Principal Geologist Mr Che Osmond, who is a full-time employee of Wardell Armstrong International, an independent consultancy, and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration, and to the type of activity 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 the June 2009 Edition of the AIM Note for Mining, Oil and Gas Companies. Mr. Osmond consents to the inclusion of that information in public documents in the form and context in which it appears in this Report and confirms that such information is accurate and not false or misleading.

NYOTA MINERALS LIMITED

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 30 JUNE 2011

The above consolidated statement of comprehensive income should be read in conjunction with the accompanying notes.

NYOTA MINERALS LIMITED

CONSOLIDATED BALANCE SHEET

AS AT 30 JUNE 2011

The above consolidated balance sheet should be read in conjunction with the accompanying notes.

NYOTA MINERALS LIMITED

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 30 JUNE 2011

The above consolidated statement of changes in equity should be read in conjunction with the accompanying notes.

NYOTA MINERALS LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 30 JUNE 2011

The above consolidated statement of cash flows should be read in conjunction with the accompanying notes.

NYOTA MINERALS LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

30 JUNE 2011

1 Summary of significant accounting policies

(a) Basis of preparation of financial report

This general purpose financial report has been prepared in accordance with Australian Accounting Standards, other authoritative pronouncements of the Australian Accounting Standards Board, Urgent Issues Group Interpretations and the Corporations Act 2001.

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.

2 Financial risk management

The Group's activities expose it predominantly to credit risk, interest rate risk and foreign exchange 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 arising from currency exposures to British pounds, the US dollar and the Ethiopian birr.

Sensitivity

Based on the financial instruments held at 30 June 2011, had the Australian dollar weakened/strengthened by 10% against the GBP with all other variables held constant, the Group and parent entity's post-tax loss for the year would have been $2,508,000 lower/higher (2010 profit: $550,000 lower/$605,000 higher), mainly as a result of foreign exchange gains/losses on translation of GBP denominated cash equivalents. The Group equity would have been $2,508,000 higher/lower (2010: $550,000 higher/$605,000 lower) had the Australian dollar weakened/strengthened by 10% against the GBP. The Group's exposure to other foreign exchange movements is not material.

Market risk

(b) Price risk

As at 30 June 2011 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 2011, if the market value of the non-current held for sale assets was plus/minus 10% higher at 30 June 2011 then all other variables held constant, the Group's total comprehensive loss for the year would have been $24,000 (2010 loss: $15,000) higher/lower. Equity for the Group would have been $24,000 (2010: $15,000) 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 2011 the Group had no interest bearing borrowings.

The Group holds no interest rate derivative financial instruments.

Sensitivity

At 30 June 2011, 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 $32,000 (2010: $33,000) lower/higher as a result of higher/lower interest income on cash and cash equivalents.

(d) 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.

3 Segment information

(a) Description of segments

Segment information is presented on the same basis as that used for internal reporting purposes. Operating segments are reported in a manner that is consistent with the internal reporting provided to the chief operating decision maker. The chief operating decision maker has been identified as the Chief Executive Officer.

The Group considers that it operates in distinct segments being different countries around the world.

* FOREX expense

4 Revenue

* In February 2010 the Company sold its 8% interest in the Philippines Daguma coal project for cash proceeds of $1,957,000. This asset had previously been impaired to zero thus giving rise to a write back to profit and loss of $1,957,000 in the 2010 financial year.

5 Expenses

Impairments

i) The Company's investment in Carlton Resources Plc was written down to zero.

ii) Sundry loans written down to zero.

iii) Plant at the Yubdo platinum operation written off to zero.

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

7 Current assets - Cash and cash equivalents

Interest earned from cash accounts and deposits ranged from 0% to 4.75% per annum (2010: 0% - 4.5%).

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.

8 Non-current assets - Property, plant and equipment

Consolidated

During the 30 June 2010 year the Company completed a takeover of 100% of the issued capital of Minerva, Resources Plc for a total consideration of $3,237,725. As part of this acquisition $422,519 was allocated to the plant and equipment. The remaining amount of consideration was allocated to other assets and liabilities assumed as part of the acquisition. This acquisition was considered to be an asset acquisition rather than a business combination.

The acquisition was not deemed to be a business combination under AASB 3 Business Combinations as the assets and liabilities acquired were not considered to represent a business.

9 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.

10 Key management personnel disclosures

(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

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.

 (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:

* The above loans were secured against Nyota shares and were advanced for a 2 year term attracting a 6% pa interest rate.

** Repaid in full since year end.

*** Sundry interest free advance repayable at call

11 Contingencies/Commitments

(a) Contingent liabilities

The Group had no known contingent liabilities as at 30 June 2011 (2010: 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 2011 (2010: Nil).

(c) Commitments

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

Non-cash financing activities

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.

During the 2010 year the Company issued:

·; 30,858,867 ordinary shares at a deemed issue price of between $0.10 and $0.14 as consideration for the acquisition of Minerva Resources Plc.

·; 20,000,000 ordinary shares at GBP0.16 as consideration for the acquisition of additional Ethiopian exploration tenements.

13 Loss per share