Quarterly Report

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29 October 2015

Nyota Minerals Limited

('Nyota' or 'the Company')

QUARTERLY REPORT

Nyota Minerals Limited (ASX/AIM: NYO) provides its Quarterly Report for the three months ended 30 September 2015.

HIGHLIGHTS

o Modelling of the data provided from an airborne Electromagnetic survey ('EM') continues

o Airborne survey has delineated a 5km long conductivity anomaly linking sites of previous mining activity at the Alpe di Laghetto prospect

o On-site inspection of major EM anomalies undertaken

· A capital raise of £300,000 (approximately A$600,000) was completed in July

· Management continues to evaluate new opportunities to diversify commodity and geographic spread

· A new website with an up to date photo gallery and corporate presentation was launched after the period end (www.nyotaminerals.com)

Richard Chase, Chief Executive Officer, said "After completion of the airborne EM survey late in the June quarter Directors visited the project area in July to follow-up the anomalies identified by the airborne EM survey. Data modelling and processing is continuing with a final report due shortly. Whilst the data is still being processed, the aim remains for the EM outcomes to inform the planning of an initial drill programme in 2016; permitting of which is expected to commence during the December quarter." 

IVREA NICKEL-COPPER PROJECT, ITALY

70% owned by Nyota 

Project Progress

The emphasis during the period was on the interpretation of the airborne survey data, including a field visit by the directors of KEC (the licensee of which Nyota owns 70%) to consider the preliminary results.

The highest priority target at the Ivrea Project is the Alpe di Laghetto target (Figure 1), which comprises of a 5km long conductivity anomaly that encompasses the old nickel mine workings at Alpe di Laghetto, La Balma and Campello Monti and is parallel with a positive magnetic anomaly that appears to define the host rock for mineralisation at the old workings.

The Directors' site visit had as a focus the assessment of this target for drilling in 2016. It is self-evident that the coincidence of geophysical anomalies and old mines is significant. However the identification of sulphide minerals and their indicators at localities away from the old mines but where the VTEM survey shows there to be an anomalous conductor is especially encouraging when considering the dimensions of a possible body of sulphides.

Three dimensional modelling of the VTEM geophysical anomaly will be of assistance alongside field observations in planning an initial drill programme to test the continuation of sulphide mineralisation away from the old mines. And systematic sampling will enable an initial estimation of the resource potential.

Applications made to modify existing license areas based on the results of the survey are pending. As these areas include the three main anomalies and the work completed to date has satisfied the work commitments for the first year, no unnecessary new expenditure will be committed to during the December quarter.

Plans are being made with the aim of drilling the Alpe di Laghetto target during the next twelve months subject to the necessary health, safety and environment plans being approved by the Italian authorities. No impediments to obtaining these approvals are expected.

Figure 1: Alpe di Laghetto Target of the Ivrea Project - see PDF attachment

CORPORATE AND FINANCE

Finance

During the quarter Nyota completed a placing of 545,454,545 new ordinary shares at a placing price of 0.055 pence to raise £300,000 ($593,000) before expenses. Shareholders approved the placing on 9 July and the placement was completed on 16 July 2015.

At the end of the quarter Nyota had cash of A$0.50m.

Corporate

The financing of junior exploration companies remains extremely challenging.

The Directors continue to evaluate projects and opportunities that become available to them.

Summary of Tenements (ASX Listing Rule 5.3.3)

As at 30 September 2015, the Group held the following interests in exploration tenements:

NOTES:

Ethiopia

The Brantham and Towchester licences were renewed for 12 months in early December 2014 with an effective date of 30 July 2014 (refer to announcement 11 December 2014). The licences are now in their fifth year and the current Brantham license area is 717km2 (reduced from 1,346km2 in the fourth year) and the current Towchester licence area is 48km2 (reduced from 1,002km2 in the fourth year). An application for renewal of both licences has been submitted to the Ministry of Mines.

The Brantham and Towchester subsidiaries have been deconsolidated from the Group for accounting purposes and Nyota has an option agreement with a third party for the potential transfer of ownership of the companies.

Italy

Two additional exploration permits applications are being processed: Gula and Fej. On 20 May KEC was notified that no additional environmental impact assessment is required for these. Subsequent to the airborne survey, KEC has requested alterations and extensions to the existing Galerno and Bec permits what would replace the need for the Gula and Fej permits.

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

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.

Rule 5.3

Appendix 5B

Mining exploration entity quarterly report

Introduced 01/07/96 Origin Appendix 8 Amended 01/07/97, 01/07/98, 30/09/01, 01/06/10, 17/12/10

Consolidated statement of cash flows

Payments to directors of the entity and associates of the directors

Payments to related entities of the entity and associates of the related entities

Non-cash financing and investing activities

Financing facilities available

Add notes as necessary for an understanding of the position.

Estimated cash outflows for next quarter

Reconciliation of cash

Changes in interests in mining tenements

Issued and quoted securities at end of current quarter

Description includes rate of interest and any redemption or conversion rights together with prices and dates.

Compliance statement

1 This statement has been prepared under accounting policies which comply with accounting standards as defined in the Corporations Act or other standards acceptable to ASX (see note 5).

2 This statement does /does not* (delete one) give a true and fair view of the matters disclosed.

Sign here: Date: 29 October 2015

Company Secretary

Print name: Michael Langoulant

Notes

1 The quarterly report provides a basis for informing the market how the entity's activities have been financed for the past quarter and the effect on its cash position. An entity wanting to disclose additional information is encouraged to do so, in a note or notes attached to this report.

2 The "Nature of interest" (items 6.1 and 6.2) includes options in respect of interests in mining tenements acquired, exercised or lapsed during the reporting period. If the entity is involved in a joint venture agreement and there are conditions precedent which will change its percentage interest in a mining tenement, it should disclose the change of percentage interest and conditions precedent in the list required for items 6.1 and 6.2.

3 Issued and quoted securities The issue price and amount paid up is not required in items 7.1 and 7.3 for fully paid securities.

4 The definitions in, and provisions of, AASB 6: Exploration for and Evaluation of Mineral Resources and AASB 107: Statement of Cash Flows apply to this report.

5 Accounting Standards ASX will accept, for example, the use of International Financial Reporting Standards for foreign entities. If the standards used do not address a topic, the Australian standard on that topic (if any) must be complied with.

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