Half Yearly Report

Mentum Inc.

("Mentum" or "the Company")

Interim Results for the Six Months ended 30 June 2011

Mentum (AIM: MEN) the international commodities trading and asset management group announces its interim results for the six months ended 30 June 2011.

Summary

·; Proposed disposal of Mentum's underlying business agreed

·; Net comprehensive loss for the period of US$4.4 million (2010: net loss US$3.9 million);

·; Cash at bank of US$1.3 million (31 December 2010: US$ 1.7 million).

Commenting, Graham Porter, Non-executive Chairman and interim CEO, said: "We have written to shareholders today setting out the details of the Board's proposals. We would like to thank our shareholders for their patience and continued support whilst the Company undergoes a major transformation and change of investment strategy to one which focuses on the Oil & Gas sector."

Disposal of underlying business

Mentum has announced today that it has agreed to sell the LME trading activities and related subsidiaries (together referred to as the "Group"), assets and liabilities. This disposal will allow the Company to focus on an alternative investment proposition that the Directors believe can deliver enhanced value to shareholders.

This disposal constitutes a fundamental disposal pursuant to Rule 15 of the AIM Rules for Companies ("AIM Rules") and requires the approval of shareholders. Following this disposal, Mentum will be classed as an investing company under Rule 15 of the AIM Rules and the proposed investing strategy is set out in a circular to be sent to shareholders today. Having reviewed a number of business sectors and potential opportunities it is the opinion of the Board that the Company's investing strategy should be to seek business opportunities in the Oil & Gas sector and the Board is confident that a suitable business will be identified over the coming year.

Background to the disposal

Throughout 2009 and 2010 Mentum expanded the management team with a remit to expand the Group's operations into new but related activities in an attempt to mitigate the risk of relying on a single source of income. Unfortunately, this approach was not successful and the related activities have been terminated and the management team reduced. During 2011 the Board undertook a thorough review of the business and concluded that the continued challenging market conditions for commodities based funds and products taken together with the Group's reduced financial resources made the Group's current activities unsuitable for a small AIM listed company such as Mentum, particularly as the focus of the business reverted back to the single core revenue stream derived from trading on the London Metal Exchange. Throughout the year to date, the Group has taken significant steps to reduce costs in the business, as part of cost reduction exercise previously announced.

Mentum Inc.

("Mentum" or "the Company")

Interim Results for the Six Months ended 30 June 2011

Operating Review

Results

Operating profit for the period was US$1.0 million (2010: US$3.4 million), reflecting a reduction in net revenues from metal trading activities to US$59,000 from US$3,319,000 for the comparative period.

Administrative expenses of US$4.5 million include US$2.4 million of charges relating to the write-down of assets and recognition of liabilities following the decision to dispose of the underlying business (six months ended 30 June 2011: US$3.4 million).

Non-cash charges associated with the issue of share options totalled US$Nil (2010: US$2.6 million). The net comprehensive loss for the period was US$4.4 million (2010: US$3.9 million).

No dividend is proposed.

As at 30 June 2011 the Group had no debt and its cash balances stood at US$1.3 million compared to US$1.7 million as at 31 December 2010.

Graham Porter

Non-executive Chairman

21 November 2011

MENTUM INC.

Notes

For the six months ended 30 June 2011

1. general information

The information for the period ended 30 June 2011 does not constitute statutory accounts as defined in the Companies Act 2006. The figures for the year ended 31 December 2010 have been extracted from the 2010 statutory financial statements. The auditors' report on those accounts was unqualified and did not contain a statement under section 498 of the Companies Act 2006.

2. accounting policies

Basis of preparation

The Company was incorporated as a Corporation in the Cayman Islands which does not prescribe the adoption of any particular accounting framework. The Board has resolved that the Group will follow International Financial Reporting Standards (IFRS) and apply the Companies Act 2006 when preparing its annual financial statements.

The accounting policies have been applied consistently throughout the Group for the purposes of preparation of these condensed consolidated interim financial statements.

The principal accounting policies of the Group remain unchanged from those set out in the Group's 2010 financial statements, except for the adoption of the following new and revised accounting standard as of 1 January 2011:

·; IAS 24 Related Party Disclosures (Revised)

The Company applied revised IAS 24, Related Party Disclosures, which became effective for annual periods beginning on or after 1 January 2011. The revised standard simplified the definition of a related party, clarifying its intended meaning and eliminated inconsistencies from the definition. It also provides a partial exemption from the disclosure requirements for government-related entities. The adoption of this new and revised standard did not have a significant impact on the Group's financial statements. The adoption of this standard did not result in any changes in the measurement of amounts reported for the current financial period.

Critical judgments and key sources of estimation uncertainty

The key sources of estimation uncertainty the Directors have made in preparing this interim report are as follows:

§ the fair value of the available-for-sale financial assets; and

§ the level of provisions required for onerous lease contracts.

The Directors consider that the critical judgments in applying the accounting policies, as detailed above, in preparing this interim report are as follows:

§ the accounting for the Tambelan Interest as an associated business on the basis the Group has significant influence, but not control; and

§ the categorisation of certain financial assets as available-for-sale.

3. segmental reporting

IFRS 8 requires an entity to report financial and descriptive information about its reportable segments. Reportable segments are operating segments or aggregations of operating segments that meet specified criteria. Operating segments are components of an entity about which separate financial information is available that is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and in assessing performance. Generally, financial information is required to be reported on the same basis as is used internally for evaluating operating segment performance and deciding how to allocate resources to operating segments.

The chief operating decision maker of the Group is the CEO. Financial information used internally by the CEO for evaluating performance and deciding how to allocate resources does not identify separable geographical or operating segments but rather presents information for the Group as a whole. For this reason, the Group reports financial information in its financial statements on the basis of the Group as a whole and does not report by operating or geographic segment.

4. Tax

There is no tax charge for any period.

The relationship between the expected tax expense at 28% and the tax expense/income actually recognised in the statement of comprehensive income can be reconciled as follows:

5. LOSS per share

The calculation of the basic loss per share is based on the net loss for the period of US$4,099,000 (period ended 30 June 2010: loss US$3,988,000 and year ended 31 December 2010: loss US$5,474,000) divided by the weighted average number of shares in issue during the period of 349,268,114 (period ended 30 June 2010: 349,268,114 and year ended 31 December 2010: 349,268,114). The share options and warrants are anti-dilutive for all periods, therefore no diluted loss per share figure is presented.

6. share capital

The share capital of the Group is denominated in GBP. Following a change in reporting currency in 2009, the share capital was translated into US$ at the historic rate.

7. Events after the reporting date

The Board has identified a purchaser for the Group's LME trading activities and has agreed to dispose of this business activity together with its related subsidiaries, assets and liabilities. This disposal will allow the Company to focus on an alternative investment proposition that the Directors believe can deliver enhanced value to shareholders.

The disposal constitutes a fundamental disposal pursuant to Rule 15 of the AIM Rules and requires the approval of shareholders. Following this disposal, Mentum will be classed as an investing company under Rule 15 of the AIM Rules and the proposed investing strategy is set out in a circular to be sent to shareholders today. Having reviewed a number of potential business sectors and potential opportunities it is the opinion of the Board that the Company's investing strategy should be to seek business opportunities in the Oil & Gas sector and the Board is confident that a suitable business will be identified over the coming year.

There were no other significant material events after the reporting date which necessitate revision or adjustment of the figures in these interim results.