Half Yearly Report

Leed Resources PLC

("Leed" or "the Company")

Half-yearly report for the six months ended 31 December 2013

Chairman's statement

For the period under review, the Directors undertook a comprehensive review of the business. The objective was to address three core issues: revisit the operating budget in detail; define a process to screen and execute on potential transactions; and evaluate whether the composition of the Directors was best suited to take the Company forward.

With regards to cost control, the interim results show a 40% reduction in G&A, year on year. Changes made subsequent to the reporting period will ensure this trend will continue into the second half, with a target to reduce the annualized spend by over 50%. Beyond the focus on cost control, the Directors have also chosen to cancel all previously-granted performance options.

In order to progress any investments / transactions, the Board has evaluated the best way to take this forward. In short, the Directors believe that the focus should be on assets that leverage the know-how and experience of the Board. To that end, the focus of the Company will shift to sourcing compelling opportunities in the mining space with a preference for gold and copper. The Company's revised investing policy is set out below.

It is imperative, however, that any prospective opportunity is evaluated on a number of measures (with adequate funding being the most critical) to ensure maximum value for shareholders. Whilst the Board is conscious of timing, shareholders will derive more benefit from the right transaction than one that may be borne out of expediency.

The Company also remains focused on crystallizing any value from the investment in Manas Coal. At the recent annual general meeting of Manas, we voted to remove the previous director in charge of the company in favour of a candidate supported by the other main shareholders. We can now expect far better information flow and ongoing discussions with these shareholders lead the Board to believe that some progress is being made to take the project forward. Further updates will be provided as and when applicable.

And lastly, on the issue of Board composition, the Directors feel the changes made post the AGM better position the Company to take it forward. We thank Peter Redmond for his contributions and welcome Charles Zorab to the Board. Collectively, the Board is now better positioned to source, structure and execute on any opportunity that presents itself.

Given the various changes over the past few months, the Directors feel positive about the future for Leed Resources PLC.

Jinesh Patel

Chairman

26 March 2014

Investing Policy

Leed Resources PLC is an investing company listed on AIM, focused on opportunities in the natural resources sector, with an emphasis mainly but not exclusively on the gold and copper sector.

In line with this policy, the proposed investments to be made by the Company may be either quoted or unquoted; made by direct acquisition or through farm-ins; may be in companies, partnerships, joint ventures; or direct interests in projects. Target investments will generally be involved in projects in the exploration and/or development stage. The Company's equity interest in a proposed investment may range from a minority position to 100 per cent. ownership. The Directors will initially focus on projects located in Asia but will also consider investments in other geographical regions. It is likely that the Company's financial resources will be invested in a small number of projects or potentially in just one investment which may be deemed to be a reverse takeover under the AIM Rules. The Directors have not, however, excluded the possibility of building a broader portfolio of investment assets. The Company intends to deliver shareholder returns principally through capital growth rather than capital distribution via dividends.

Unaudited statement of comprehensive incomefor the six months ended 31 December 2013

Unaudited statement of changes in equityfor the six months ended 31 December 2013

Statement of financial positionas at 31 December 2013

Unaudited statement of Cash Flowsfor the six months ended 31 December 2013

Notes to the interim accounts

for the six months ended 31 December 2013

1. General information

Leed Resources PLC is a company incorporated in the United Kingdom.

These unaudited condensed interim financial statements for the six months ended 31 December 2013 have been prepared in accordance with IAS 34 "Interim Financial Reporting" as adopted by the European Union and do not constitute statutory accounts as defined in Section 434 of the Companies Act 2006. This condensed set of financial statements has been prepared applying the accounting policies that were applied in the preparation of the Company's published consolidated financial statements for the year ended 30 June 2013.

The comparative statement of financial position at the financial year ended 30 June 2013 has been extracted from the Company's statutory accounts which have been reported on by the Company's auditor and delivered to the Registrar of Companies. The report of the auditors was unqualified and did not contain a statement under the Companies Act 2006 regarding matters which are required to be noted by exception.

2. Issued capital

A recap of issued capital follows:

The restricted rights attaching to the deferred shares are such that the deferred shares have no economic value.

3. Loss per Ordinary Share

The loss per share has been calculated based on the following results and weighted average number of shares:

4. Fixed asset investments

The Company operates as an investment company in the natural resources industry.

LEVEL 1 - Where financial instruments are traded in active financial markets, fair value is determined by reference to the appropriate quoted market price at the reporting date. Active markets are those in which transactions occur in significant frequency and volume to provide pricing information on an on-going basis.

LEVEL 3 - Valuations in this level are those with inputs that are not based on observable market data.