Half Yearly Report -4-

Kibo Mining Plc ("the Company") is a public limited company incorporated in Ireland. The Group financial statements consolidate those of the Company and its subsidiaries (together referred to as the "Group"). The Company's shares are listed on the Alternative Investment Market ("AIM") of the London Stock Exchange and from the 30 May 2011 the Alternative Exchange of the Johannesburg Stock Exchange Limited (ALTX). The principal activities of the Company and its subsidiaries are related to the exploration for and development of gold and other minerals in Tanzania.

2. Statement of Compliance and basis of preparation

The Financial Statements are for the six months ended 31 March 2012. They do not include all the information required for full annual financial statements and should be read in conjunction with the audited consolidated financial statements of the Group for the year ended 30 September 2011, which were prepared under International Financial Reporting Standards ("IFRS") as adopted by the European Union ("EU").

The financial information is prepared under the historical cost convention and in accordance with the recognition and measurement principles contained within IFRS as endorsed by the EU.

The comparative amounts in the Financial Statements include extracts from the Company's consolidated financial statements for the year ended 30 September 2011. These extracts do not constitute statutory accounts in accordance with the Irish Companies Acts 1963 to 2009.

3. Loss per share

Basic earnings per share

The basic and weighted average number of ordinary shares used in the calculation of basic earnings per share are as follows:

 
                                       6 months       6 months       12 months 
                                             to             to              to 
--------------------------------  -------------  -------------  -------------- 
                                       31 March       31 March    30 September 
--------------------------------  -------------  -------------  -------------- 
                                           2012           2011            2011 
--------------------------------  -------------  -------------  -------------- 
                                            GBP            GBP             GBP 
--------------------------------  -------------  -------------  -------------- 
 Loss for the year attributable 
  to 
--------------------------------  -------------  -------------  -------------- 
 equity holders of the parent         (243,038)      (421,132)     (3,691,561) 
--------------------------------  -------------  -------------  -------------- 
 Weighted average number of 
--------------------------------  -------------  -------------  -------------- 
 ordinary shares for the 
--------------------------------  -------------  -------------  -------------- 
 purposes of basic earnings 
--------------------------------  -------------  -------------  -------------- 
 per share                          388,490,167    279,596,711     331,040,217 
--------------------------------  -------------  -------------  -------------- 
 Basic loss per ordinary share 
  (pence)                                  0.06           0.15            1.12 
--------------------------------  -------------  -------------  -------------- 
 

4. Called up share capital and share premium

Authorised share capital of the company is 800,000,000 ordinary shares of 0.01 euro each.

Details of issued capital are as follows:

 
 
                                                  Number 
                                                      of 
---------------------------------------  ---------------  ------------  ----------- 
                                                  Shares 
---------------------------------------  ---------------  ------------  ----------- 
                                                Ordinary       Nominal        Share 
---------------------------------------  ---------------  ------------  ----------- 
                                                  shares         Value      Premium 
                                                      of 
---------------------------------------  ---------------  ------------  ----------- 
                                                 EUR0.01           GBP          GBP 
                                                    each 
---------------------------------------  ---------------  ------------  ----------- 
 
 At 1 October 2010                           253,925,874     2,132,295    3,533,115 
---------------------------------------  ---------------  ------------  ----------- 
 Shares issued in period (net of 
---------------------------------------  ---------------  ------------  ----------- 
 expenses) for cash                           30,666,667       269,491      480,466 
---------------------------------------  ---------------  ------------  ----------- 
 Shares issued in the period (net 
  of 
---------------------------------------  ---------------  ------------  ----------- 
 expenses) for acquisition of Morogoro 
---------------------------------------  ---------------  ------------  ----------- 
 Gold Limited                                 56,666,667       501,653    1,198,348 
---------------------------------------  ---------------  ------------  ----------- 
 Balance at 31 March 2011                    341,259,208     2,903,439    5,211,929 
---------------------------------------  ---------------  ------------  ----------- 
 Shares issued in period (net of 
---------------------------------------  ---------------  ------------  ----------- 
 expenses) for cash                           36,370,303       328,459      675,398 
---------------------------------------  ---------------  ------------  ----------- 
 Balance at 30 September 2011                377,629,511     3,231,898    5,887,327 
---------------------------------------  ---------------  ------------  ----------- 
 Shares issued in period (net of 
---------------------------------------  ---------------  ------------  ----------- 
 expenses) for cash                           37,500,000       314,017      398,482 
---------------------------------------  ---------------  ------------  ----------- 
 Balance at 31 March 2012                    415,129,511     3,545,915    6,285,809 
---------------------------------------  ---------------  ------------  ----------- 
 

Enquiries

 
 
 Louis Coetzee      [phone]     Kibo Mining    Chief Executive 
                                           plc            Officer 
----------------  --------------------  -------------  --------------------- 
 
 Stuart Laing       [phone]       RFC Ambrian    Nominated Adviser 
----------------  --------------------  -------------  --------------------- 
                                          Limited 
----------------  --------------------  -------------  --------------------- 
 
 Andreas Lianos     [phone]     River Group    Corporate Adviser 
                                                          and 
----------------  --------------------  -------------  --------------------- 
                                                         Designated Adviser 
----------------  --------------------  -------------  --------------------- 
                                                         (AltX) 
----------------  --------------------  -------------  --------------------- 
 
 Nick Bealer        [phone]    Cornhill       Broker (Corporate 
----------------  --------------------  -------------  --------------------- 
                                          Capital Ltd    Broking) 
----------------  --------------------  -------------  --------------------- 
 
 Matthew Johnson   [phone]     Northland      Broker (Assistant 
----------------  --------------------  -------------  --------------------- 
                                          Capital        Director, Corporate 
----------------  --------------------  -------------  --------------------- 
                                                         Finance) 
----------------  --------------------  -------------  --------------------- 
 
 Matt Beale         [phone]    Fortbridge     Public Relations 
----------------  --------------------  -------------  --------------------- 
 

Review by Qualified Person

The information in this announcement that relates to mineral resources is based on information from a NI 43-101 compliant technical report with an effective date of 19 April 2012 authored by CD van Niekerk, Pr.Sci.Nat. of Gemecs (Pty) Limited in South Africa. CD van Niekerk has at least five years experience within the sector which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a qualified person under the AIM Rules. CD van Niekerk consents to the inclusion in this announcement of the matters based on his information in the form and context in which it appears.

General Background & Strategy

Kibo is a public company registered in Ireland (company number 451931). Its registered office is Kibo Mining plc, Suite 3, One Earlsfort Centre, Lower Hatch Street, Dublin 2, Ireland. Kibo was established in early 2008 to explore and develop mineral deposits in Tanzania, East Africa and was admitted to AIM on 27 April 2010 and AltX in South Africa on 30 May 2011.

The Board of Kibo is composed of experienced professionals spanning mineral exploration, mine development, mining finance and financial control of public companies. It is supported by well trained and motivated Tanzanian staff that operates from Kibo's exploration offices in Dar es Salaam and Mwanza.