Half-year Report

For immediate release

15 February 2017

Nyota Minerals Limited

("Nyota" or the "Company")

Interim Results

Nyota Minerals Limited (ASX/AIM: NYO) announces its reviewed half yearly report (the "Report") for the six months ended 31 December 2016.

The full Report is set out below and is available from the Company's website at www.nyotaminerals.com.

In line with Nyota Minerals Limited's commitment to reducing costs and our impact on the environment we are asking all shareholders to help by agreeing to receive all correspondence electronically. To do this, please update your communications elections via:

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This announcement contains inside information for the purposes of Article 7 of EU Regulation 956/2014.

Enquiries:

For further information please visit www.nyotaminerals.com or contact:

Jonathan Morley-Kirk Nyota Minerals Limited + 44 7797 859986

 [email protected]

Michael Cornish Beaumont Cornish Limited +44 (0) 207 628 3396

James Biddle Nominated Advisor

Jeremy Woodgate Smaller Company Capital +44 (0) 20 3651 2912

Forward-Looking Statements

This press release contains forward-looking statements in relation to the Company and its subsidiaries (the "Group"), including, but not limited to, the Group's proposed strategy, plans and objectives, future commercial production, sales and financial results, development, construction and production targets and timetables, mining costs and economic viability and profitability. Such statements are generally identifiable by the terminology used, such as "may", "will", "could", "should", "would", "anticipate'', "believe'', "intend", "expect", "plan", "estimate", "budget'', "outlook'' or other similar wording. By its very nature, such forward-looking information requires the Company to make assumptions that may not materialise or that may not be accurate. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors beyond the control of the Group that could cause the actual performance or achievements of the Group to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Furthermore, the forward-looking information contained in the press release is made as of the date of the press release and accordingly, you should not rely on any forward-looking statements and the Group accepts no obligation to disseminate any updates or revisions to such forward-looking statements. The forward-looking information contained in this press release is expressly qualified by this cautionary statement.

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

DIRECTORS' REPORT

The Directors present their report on the Group consisting of Nyota Minerals Limited ("Nyota" or the "Company") and the entities it controlled at the end of, or during the half year ended 31 December 2016 (the "Group").

Directors

The names of the Directors of the Company in office during the whole of the half year and until the date of this report are:

Jonathan CR Morley-Kirk

Sergii Budkin

Andrew DL Wright

Review and results of operations

The Board continued to rationalise the Group's activities with a view to acquiring Bigdish Ventures Limited as announced to the market on 15 November 2016.

The Group incurred a loss of $521,798 in the half year to 31 December 2016 (2015: $501,265). This was largely as a result of writing down the Group's interest in the Ivrea Project in Italy by $288,626 in the half year.

Bigdish Ventures Limited

The Company continues to progress its due diligence activities on Bigdish Ventures Limited and the preparation of the documentation that is required for the Company's shareholders to assess the acquisition of Bigdish Ventures Limited.

Bigdish Ventures Limited has recently announced formal launches in Hong Kong and Indonesia.

Corporate

At the end of the half year the Group had cash of $187,044.

During the half year the Group did not have any capital raisings and did not issue any stocks or options. The Company received GBP200,000 (AUD $341,000) in unsecured loans in the half year.

The Board continues to reduce costs as much as possible.

Ivrea Nickel Project

Nyota acquired 70% of the Ivrea Nickel Project in northwest Italy in February 2015.

The Alpe di Laghetto survey block comprises a 6km long anomaly that encompasses the Alpe di Laghetto and La Balma historic mines workings.

Given the Group's planned acquisition of Bigdish Ventures Limited and the continued difficult market conditions for greenfield exploration, the Group has conditionally disposed of its interest in the Ivrea Nickel Project, subject to shareholder approval. The details of the disposal were released to the market on 3 January 2017.

The consideration for the sale will be up to Euro 20,000 (AUD $29,000) with a 3% Net Smelter Royalty (the "NSR"). The NSR can be bought back for $200,000 within 2 years and $400,000 with 4 years.

Auditors Independence Declaration

Section 307C of the Corporations Act 2001 requires our auditors to provide the Directors of the Company with an Independence Declaration in relation to the review of the half-year financial report. A copy of this Independence Declaration is set out on page 6.

Dated at Sydney this 10th day of February 2017.

Signed in accordance with a resolution of the Directors.

ADL Wright

Director

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE HALF-YEAR ENDED 31 DECEMBER 2016

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

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2016

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

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE HALF-YEAR ENDED 31 DECEMBER 2016

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

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE HALF-YEAR ENDED 31 DECEMBER 2016

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

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

31 DECEMBER 2016

1. Summary of significant accounting policies

Basis of preparation

This consolidated interim financial report for the half year reporting period ended 31 December 2016 is a general purpose financial statement prepared in accordance with applicable accounting standards and other authoritative pronouncements including Accounting Standard AASB 134 Interim Financial reporting and the Corporations Act 2001. Compliance with AASB134 ensures compliance with IAS34 'Interim Financial Reporting'.

The interim financial report has been prepared in a historical cost basis. The Company is domiciled in Australia and all accounts are presented in Australian dollars, unless otherwise stated.

This condensed consolidated interim financial report does not include all the notes of the type normally included in an annual financial report. Accordingly, this report is to be read in conjunction with the annual report for the year ended 30 June 2016 and any public announcements made by Nyota Minerals Limited during the interim reporting period in accordance with the continuous disclosure requirements of the Corporations Act 2001 and the ASX listing rules.

The accounting policies adopted are consistent with those of the previous financial year and corresponding interim reporting period unless otherwise stated.

Going concern

The Directors have prepared cash projections showing the need to raise additional funds to finance the group's working capital requirements and the funding for the proposed acquisition of Bigdish Ventures Limited.

The Group's ability to continue as a going concern is dependent upon the Group being successful in completing a capital raising and completing the proposed acquisition of Bigdish Ventures Limited in the next 12 months.

There can be no guarantee that sufficient funds can be raised or that the funds raised will meet the Group's requirements. Failure to raise the required funds will result in the Group failing to meet its working capital requirements and investment plans.

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 Group will be successful in the above matters and, accordingly, have prepared the financial report on a going concern basis. The financial statements do not include the adjustments that would result if the group was unable to continue as a going concern.

Significant judgements and estimates

In preparing this half year financial report the significant judgements made by management in applying the Group's accounting policies and the key sources of estimation uncertainty were the same as those applied to the consolidated financial report for the year ended 30 June 2016.

Adoption of new and revised accounting standards

In the half year ended 31 December 2016 the Directors have reviewed all of the new and revised Standards and Interpretations issued by the AASB that are relevant to the Group's operations and effective for annual reporting periods beginning on or after 1 July 2016.

It has been determined by the Directors that there is no impact, material or otherwise, of the new Standards and Interpretations on the Group's business and therefore, no change is necessary to Group accounting policies.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

31 DECEMBER 2016

1. Summary of significant accounting policies (cont'd)

Basis of preparation (cont'd)

The Directors have also reviewed all new Standards and Interpretations that have been issued but are not yet effective for the half year ended 31 December 2016. The Directors have determined that there is no impact, material or otherwise, of the new and revised Standards and Interpretations on the Group's business and, therefore, no change is necessary to the Group's accounting policies.

2. Available-for-sale assets

3. Exploration and evaluation expenditure

(i) The impairment charge was required to write down the value of the Ivrea Nickel Project to its expected sale value.

4. Segment information

The Group has adopted AASB 8 Operating Segments which requires operating segments to be identified on the basis of internal reports about components of the Group that are reviewed by the chief operating decision maker in order to allocate resources to the segment and to assess its performance.

The Board reviews internal reports prepared as consolidated financial statements and strategic decisions of the Group are determined upon analysis of these internal reports. During the period the Group operated predominantly in one business and geographical segment, being the resources sector in Italy. Accordingly under the management approach outlined only one operating sector has been identified and no further disclosures are required in the notes to the consolidated financial statements.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

31 DECEMBER 2016

5. Equity securities issued

Movements in equity securities during the half year period were:

Half year ended 31 December 2016

6. Contingencies and commitments

Contingent liabilities

In December 2013 Nyota completed the sale of 75% and then in September 2014 a further 25% of its Ethiopian subsidiary, KEFI Minerals Ethiopia Limited ("KEFI"). As part of this sale the Company provided warranties to the purchaser of KEFI, Kefi Minerals Limited, on the financial and commercial affairs of KEFI, customary for this type of transaction and a specific indemnification against claims that arise directly or indirectly as a result of any action by the Company or any of its subsidiaries before the date of completion. Tax warranties given expire 30 December 2019, while a warranty in connection with the liquidation of Yubdo Platinum and Gold Development PLC have no time restriction. The Directors are not aware of any existing liability in relation to these warranties.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

31 DECEMBER 2016

6. Contingencies and commitments (cont'd)

Contingent liabilities (cont'd)

Apart from the above the Group does not have any known contingent liabilities as at 31 December 2016.

Commitments

At the end of the half year the Group does not have any material commitments.

7. Borrowings

The company received GBP200,000 (AUD $341,000) in unsecured loans during the half year. Repayment is 12 months from the date of the first drawdown. Interest is payable at 8% per annum and $563 has been accrued to date.

8. Subsequent events

There are no matters of circumstances that have arisen since 31 December 2016 that may significantly affect operations, results or state of affairs of the Group in future financial years, other than the proposed acquisition of Bigdish Ventures Limited.

NYOTA MINERALS LIMITED

DIRECTORS' DECLARATION

In the Directors' opinion:

a) the financial statements and notes set out on pages 7 to 14 are in accordance with the Corporations Act 2001, including:

i) complying with Accounting Standards, the Corporations Regulations 2001 and other mandatory professional reporting requirements; and

ii) giving a true and fair view of the Group's financial position as at 31 December 2016 and of its performance for the half year ended on that date; and

b) there are reasonable grounds to believe that Nyota Minerals Limited will be able to pay its debts as and when they become due and payable.

This declaration is made in accordance with a resolution of the directors

ADL Wright

Director

Dated at Sydney, this 10th day of February 2017

ENDS