Interim Results

16 March 2015

Nyota Minerals Limited

("Nyota" or the "Company")

INTERIM RESULTS

Nyota Minerals Limited ('Nyota' or the 'Company') is pleased to announce its interim results for the six month period ended 31 December 2014.

CHIEF EXECUTIVE OFFICER'S STATEMENT

During the period, the Company completed the sale of its remaining interest in the Tulu Kapi gold project ("Tulu Kapi") to KEFI Minerals Limited ("KEFI"). On 3 September shareholders gave their approval to the disposal and to the subsequent in-specie distribution of 144,823,917 KEFI shares to Nyota shareholders on a pro-rata basis.

The Board also completed the implementation of cost cutting measures, including the closure of the London office and the retrenchment of the last UK employees. Further tidying-up of the corporate structure is on-going in order to reduce the number of subsidiaries and remove their administrative burden.

Nyota's exploration portfolio now consists of the 100% owned Northern Blocks in Ethiopia, for which licences were renewed in December 2014, and, as of February 2015, a 70% interest in the Ivrea Nickel-Copper project in Italy.

We had anticipated that the first few months of 2015 would see positive developments towards initial - albeit modest - gold production from the mining and processing of alluvial deposits within the Northern Blocks. However, at the end of January 2015 the Company was informed that the alluvial mining licence application had been unexpectedly rejected along with all other applications for mining activities along those parts of the Abay River and its tributaries that will be flooded by the Grand Ethiopian Renaissance Dam.

This disappointing decision by the Ethiopian government means that it is no longer possible to expect the Company to become self-sustaining in terms of cash flow in the short term based on existing assets.

Whilst exploration for hard rock gold mineralisation has continued on the Northern Block licences, a strategic review of the Company's activities and opportunities in Ethiopia is being undertaken.

The acquisition of a majority interest in the Ivrea nickel-copper project extends Nyota's recent exploration focus, both in commodity and geography, and illustrates the flexibility with which the Board is approaching the challenge of delivering shareholder value now and in the future. In addition the Company's efforts to raise sufficient fresh equity to properly fund on-going activities will remain a challenge given continued poor equity market conditions.

Richard Chase

16 March 2015

REVIEW AND RESULTS OF OPERATIONS

NORTHERN BLOCKS

Exploration Licence Renewal

The Brantham and Towchester exploration licences (collectively "the Northern Blocks") were renewed in early December in respect of the twelve month period commencing from their respective expiry dates in July 2014. These licences are 100% owned by Nyota.

The imposition by the Ministry of Mines of an exclusion zone resulted in substantial further reductions in area over and above that which the Company proposed by way of relinquishment. The Towchester exploration licence area has therefore been reduced from 1,002 square kilometres to 48 square kilometres and the Brantham licence area from 1,346 square kilometres to 717 square kilometres.

The renewed Northern Block exploration licences keep intact the NW-SE lineament of anomalies within the Brantham area and preserve for Nyota the extension of that lineament in the Towchetser licence; which is particularly important as this is immediately adjacent to the Boka West target. However the remainder of the Towchester licence has either been relinquished or was not renewed by the Ministry of Mines.

Details of the exclusion zone, which comprises the area to be flooded or otherwise affected by the Grand Ethiopian Renaissance Dam that is being built downstream on the Abay River, or Blue Nile, have not been published and the Ministry of Mines gave no indication in December that it would affect their support for the mining licence application or for alluvial mining in general within it.

Exploration Activities

No material field work was conducted on the Northern Blocks during the six month period covered by this report. This was due initially to the annual rains and subsequently to the licence renewals not being issued until December.

The Northern Blocks exploration camp was re-opened and annual land rent fees paid to the Regional Government immediately following the licence renewals, enabling exploration to re-commence in January 2015. The initial focus has been on the possible extension to the Bendokoro mineralisation to the north and south west. However drill testing of the Boka West anomaly remains an objective subject to the strategic review and to funding.

Alluvial Mining Licence Application

Nyota submitted an application for a mining licence within the Towchester licence area in April 2014 having received a positive response from the Ministry of Mines to the concept.

Solid progress was made during the period in advancing the application and in developing the implementation plan for the exploitation of the Abay River gravel terraces through the development of mechanised mining and processing operation. Nyota's objective throughout had been the rapid development of a cost-effective operation for the maximum recovery of gold before the area is flooded by the Grand Ethiopian Renaissance Dam.

Although there were longer than expected delays, at a meeting with the Ministry of Mines in September revisions were agreed and formally submitted in the first week of October to meet the government's then stated requirements for the issue of a licence; including a tenure period of "5 years or until flooding prevents mining" and a reduced mining licence area of approximately 48km2. A team from the Company, including a potential project manager and the likely earth moving contractor from Addis Ababa, subsequently conducted a site visit to review the proposed development and to address the key issues of access and accommodation.

After the period end, in January 2015, Nyota was informed by the Ministry of Mines that it had decided against issuing any mining licences for alluvial mining within the area to be flooded by the Grand Ethiopian Renaissance Dam. The rationale being that the success of the new dam and its intended transformation of the Ethiopian economy is so much in the Ethiopian national interest that the risk of any negative impacts arising from any mining activities outweigh the potential economic gains from gold royalties and taxes during the period that those activities might take place before flooding.

Nyota's mining licence application has therefore been rejected by the Ministry of Mines and the project has been dropped.

DISPOSAL OF REMAINING INTEREST IN TULU KAPI AND IN-SPECIE DISTRBUTION OF KEFI SHARES

On 3 September 2014 shareholders gave their approval for Nyota:

i) to dispose of its remaining 25% interest in the Tulu Kapi project, held via a 25% shareholding in KEFI Minerals (Ethiopia), to KEFI Minerals Limited ('KEFI') for £750,000 in cash and 50 million new ordinary KEFI shares; and

ii) to subsequently complete the in-specie distribution of 144,823,917 KEFI shares to Nyota shareholders on a pro-rata basis ('Capital Reduction').

The Capital Reduction was completed and announced on 24 September 2014 and resulted in a corresponding reduction in Nyota's capital of AUS$3,688,287 based on the market value of the KEFI shares on the completion date (being GBP £0.0140 or 1.40 pence per share and an exchange rate of AUS$1.792 to GBP £1.00). Shareholders at the register date received 1 KEFI share for every 6 Nyota shares held, with fractional entitlements being rounded-down to the nearest whole number.

Having completed the transaction, Nyota no longer has any interest in KME or its 100% owned Tulu Kapi gold project in Ethiopia. Nyota shareholders that received shares in KEFI should refer to its website and press releases for further updates.

CORPORATE AND FINANCE

Following completion of the sale of its remaining interest in Tulu Kapi, Nyota had cash of $708,655 as at 31 December 2014.

SUBSEQUENT EVENTS

Two events subsequent to 31 December 2014 have had a significant impact on the affairs of the Company:

1) The rejection of the Company's alluvial mining licence application - as described above.

2) The acquisition of 70% of KEC Exploration Pty Ltd.

There are no other matters or circumstances that have arisen since 31 December 2014 that may significantly affect operations, results or the state of affairs of the group in future financial years.

KEC EXPLORATION - THE IVREA NICKEL-COPPER PROJECT

Acquisition

As announced in January 2015, Nyota agreed to pay a consideration of 75 million new ordinary shares in Nyota and cash of A$100,000 (of which A$75,000 is for licence-related costs) to acquire 70% of the issued share capital of KEC.

Nyota will fund 100% of KEC's expenses and continue to do so until such time as either it decides not to continue with the Ivrea Project, or a JORC-Compliant Mineral Resource of 50,000 tonnes of contained nickel at an average grade of not less than 0.75% (or a metal equivalent) is defined anywhere within the Ivrea Project area (the "Project Hurdle Rate"). Nyota and KEC have therefore agreed an initial and non-binding exploration work program and budget for the next 12 months with a target spend of at least A$150,000. Should Nyota decide to spend less than this amount the vendors would be entitled to a payment of A$50,000 (equivalent to approximately £26,000), payable in cash or shares at Nyota's discretion.

In the event that the Project Hurdle Rate is met (and Nyota has not withdrawn from the Ivrea Project) a deferred consideration will become payable to the vendors comprising a further cash payment of A$250,000 and 150 million new Ordinary Shares (subject to shareholder approval at the time of issuance); in aggregate amounting to approximately A$367,000 (equivalent to approximately £188,000) based on the Closing Price ("Deferred Consideration"). Following payment of the deferred consideration KEC's shareholders will be required to contribute to KEC's funding pro-rata to their respective shareholding.

KEC was incorporated in 2007 and other than its interests in the Ivrea Project licence applications has not traded. The KEC board consists of Nyota's three current board members plus the project vendors Chris Reindler and Marcello de Angelis.

Mr. de Angelis is an Italian national, a geologist with over 40 years' experience in uranium, base and precious metal exploration and development and a former Executive Vice President of Agip Resources Ltd in which capacity he was responsible for the discovery and fast-track development of the Radio Hill nickel-copper deposit in Western Australia. He recently introduced Energia Minerals Ltd to the Gorno zinc project in northern Italy.

Mr. de Angelis will have a consultancy agreement with Nyota to provide exploration management services in Italy.

Mr. Reindler has been active in the exploration industry for over 40 years, primarily in Australia. He has been involved in several new concept projects and has completed joint ventures with a significant number of major exploration and mining companies.

Project Details

KEC has so far applied for four exploration permits. At the date of this report one licence has been issued and Nyota believes that the others will be issued in due course.

The licence applications cover a total of 117 km2 at the northern end of the Ivrea Gabbroic Complex that is the host to known nickel mineralisation, with nine historic mines identified so far on the application area. The mines operated primarily between the mid-1800s and early 1900s, with some being brought back into operation between 1937 and 1949. A combination of factors means that limited systematic modern exploration has taken place since the mines closed.

The objectives for the Ivrea project for the six months to July are the assimilation of all available historic mine and exploration data and conducting an airborne elector-magnetic ('EM') geophysical survey to identify extensions to the sulphide mineralisation that can be examined in the old mine workings.

OUTLOOK

Nyota started the period with the expectation of being awarded a mining licence to enable it to commence initial mining activities on the Abay River alluvial deposits. The licence application was subsequently rejected and hence the immediate financial outlook has changed as it is not possible for the Company to become self-sustaining in terms of cash flow in the short term based on its existing assets. The Company is now an exploration company which owns two projects and will continue to seek new opportunities.

Exploration activities planned for the Northern Blocks have been going on since January, however the next significant milestone would be the proposed drilling of the Boka West target. Nyota is conducting a strategic review of activities and opportunities in Ethiopia and it will make future decisions in the light of the Minister's comments on resettlement, the competitiveness of the investment climate in Ethiopia (both in terms of mining jurisdictions and for junior exploration companies in general) and the timing and manner in which applications are being dealt with.

In the meantime, the acquisition of a 70% interest in the Ivrea nickel-copper project in Italy demonstrates the Board's open-minded approach to identifying and, where possible and thought beneficial, to transacting on new opportunities.

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE HALF-YEAR ENDED 31 DECEMBER 2014

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 2014

The above consolidated statement of financial position should be read in conjunction with the accompanying notes.

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR HALF-YEAR ENDED 31 DECEMBER 2014

* Restated

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

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR HALF-YEAR ENDED 31 DECEMBER 2014

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

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

31 DECEMBER 2014

2. Available-for-sale assets

During the half year there was a significant decrease in the carrying value of available-for-sale assets held by the Group from $5,450,794 to $103,896. The main reasons for this reduction relate to the disposal of the Group's remaining 25% interest in the Tulu Kapi project (The initial December 2013 sale of the group's 75% interest in the Tulu Kapi project is referred to as a 'Discontinued Operation' in this report.) and the subsequent in-specie distribution of KEFI shares as follows::

Sale of Associate

In September 2014 the Company completed the sale of its 25% interest in Kefi Minerals Ethiopia ('KME') to KEFI Minerals Limited ('KEFI') for £750,000 in cash and 50 million KEFI shares. As at 30 June 2014 the Group had carried a book value of $2,615,654 for its 25% interest in KME. The difference between the book value and sales proceeds of this asset has been included in the calculation of net loss on sale of available-for-sale assets in the Statement of Comprehensive Income.

Capital Distribution

In September 2014 the Company completed a capital reduction by way of an in-specie distribution of Kefi Minerals Ltd (Kefi) shares to shareholders. All Nyota shareholders received 1 Kefi share for every 6 Nyota shares held at the distribution record date; a total of 144,823,917 KEFI shares were distributed. This transaction resulted in a reduction in share capital of $3,688,287.

The amount of $3,688,287 represented the fair market value of the in-specie distribution. The adjustment in the carrying value of the Kefi shares to market value as at the date of distribution has been included as a loss on sale of available-for-sale assets in the Statement of Comprehensive Income.

Further details of the Discontinued Operation can be found in Note 30 to the Financial Report of the 2014 Annual Report for the period ended 30 June 2014; available at www.nyotaminerals.com.

3. Exploration and evaluation expenditure

(a) Change of accounting policy

In the year ended 30 June 2014 the Company adopted a new accounting policy in relation to accounting for exploration and evaluation expenditure. Refer note 1 for the effect of this change on exploration and evaluation assets. The comparatives in this financial report have been restated to comply with the new accounting policy.

(b) Impairment charge - Ethiopia

After considering recent exploration results, the opportunity to develop the tenements and the likely fair value that could be achieved upon a sale the Board has formed the view that the value of the Group's exploration assets should be further impaired as at 31 December 2014 and have reduced the carrying value to $250,000.

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 predominately in one business and geographical segment, being the resources sector in Ethiopia. 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.

5. Equity securities issued

(a) Movements in equity securities during the half-year period were:

(b) Options on issue

6. Contingencies / commitments

(a) Contingent liabilities

In October 2010 Nyota appointed Rockbury Services Inc. to provide advice and services in connection with the debt financing of the Tulu Kapi gold project. This engagement was terminated in May 2013 on the basis that both Rockbury and the Nyota Board decided that it was not going to be possible to finance the project in the current market. The Rockbury engagement included a contingent termination fee of 3% of the debt funding package agreed, subject to a minimum of US$ 3 million, in the event that financing for the Tulu Kapi gold project is committed in the 24 months following termination. Having taken advice from legal counsel, and based on the Company's current work programme, the Board do not believe that a fee will become payable under this contract.

On 30 December 2013 Nyota completed the Sale of 75% of Kefi Minerals Ethiopia Ltd (KME). As part of this Sale the Company provided warranties to Kefi on the financial and commercial affairs of KME normal 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 in connection with (i) the liquidation of Yubdo Platinum and Gold Development Plc, and (ii) the drilling contracts that gave rise to the VAT liability. These warranties expire on 30 June 2015 (30 December 2019 for tax warranties), unless a prior claim is made by Kefi.

During the previous financial year the Group leased offices which were either assigned to a third party or were in the name of KME. Nyota remains a guarantor to the landlord of its previous London office. As at 31 December 2014 this guarantee totalled £157,000 ($300,000) reducing to nil by August 2016.

Apart from the above the Group does not have any known contingent liabilities as at 31 December 2014 (30 June 2014: Nil).

6. Subsequent events

There are no matters or circumstances that have arisen since 31 December 2014 that may significantly affect operations, results or state of affairs of the group in future financial years except:

· In January 2015 the Company was informed that its application for an alluvial mining licence within its northern block tenements in Ethiopia had been unexpectedly rejected. A strategic review of the Company's activities and opportunities in Ethiopia is being undertaken as a result of this Ethiopian government decision.

· On 19 February 2015 the Company issued 37.5 million shares as the first instalment issue to acquire a 70% interest in KEC Exploration Pty Ltd (KEC). KEC holds exploration tenements in Northern Italy that are considered prospective for nickel, gold and platinum group metals; and

· A further 37.5 million shares as the final instalment share issue to complete the acquisition of a 70% interest in KEC Exploration Pty Ltd (KEC) will be issued upon the grant of a second licence to KEC. This share issue is expected to occur within the next few weeks.

7. Fair value measurement

The available-for-sale assets are recognised at fair value and have been classified as level 1 financial assets being based on quoted prices in active markets. There were no transfers between levels during the half-year.

The Directors consider the carrying value of the financial assets and liabilities recognised in the consolidated financial statements approximate their fair values.

**ENDS**

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

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.