MOD.L Regulatory News (MOD)

26 November 2018

This announcement does not constitute an offer to sell or the solicitation of an offer to buy securities in any jurisdiction, including where such offer would be unlawful. This announcement is not for distribution or release, directly or indirectly, in or into the United States, Ireland, the Republic of South Africa, Canada or Japan or any other jurisdiction in which its publication or distribution would be unlawful.

MOD Resources Limited

Admission to Trading on the London Stock Exchange

MOD Resources Limited (the 'Company' or 'MOD') (ASX/LSE: MOD) is pleased to announce that following the publication of its Prospectus on 19 November 2018, the Company's 248,572,620 ordinary shares will be admitted to the Standard Segment of the Official List of the Financial Conduct Authority ('Admission') and to trading on the London Stock Exchange's Main Market at 8.00am GMT today under the ticker "MOD".

Julian Hanna, Managing Director of MOD, commented:

"We are delighted to be joining a peer group of quality copper companies listed on the Main Market of the London Stock Exchange. The listing allows us to introduce MOD Resources to European and UK investors as we look to develop into a substantial copper producer. The LSE has a strong track record as a leading destination for companies with African mining assets, making it a natural dual listing destination for a company like ours with an exciting copper portfolio in Botswana's Kalahari Copper Belt."

MOD is a copper exploration and development company focused on the central and western Kalahari Copper Belt in Botswana. The Company's primary focus is the development of its wholly owned T3 Copper Project, for which a Feasibility Study (FS) is targeted for completion in Q1 2019.

Highlights:

· T3 Copper Project Mineral Resource estimate comprises 60 million tonnes (Mt) at 0.98% copper (Cu) and 13.9 grams per tonne (g/t) silver (Ag), containing 590Kt of copper and 27 million ounces (Moz) of silver at 0.4% Cu cut-off grade

· Pre-feasibility Study (PFS) for the T3 Copper Project completed in January 2018 confirmed a robust, long-life open-pit copper mine based on a base case process plant throughput of 2.5 million tonnes per annum (Mtpa)

· Feasibility Study targeted for completion in Q1 2019, based on an expanded process plant throughput of 3 Mtpa, with allowance for a possible future staged expansion

· Encouraging exploration drilling results from A4 and A1 Domes support T3 expansion strategy to define additional sources of ore within the T3 Expansion Project that could enable future increases in production through the proposed T3 process plant

· On 15 November 2018, MOD completed the acquisition of AIM-listed Metal Tiger Plc's ('Metal Tiger') 30 percent interest in the T3 Copper Project, giving MOD a 100 percent interest in this project

· The majority of MOD's Prospecting Licences outside the T3 Copper Project in Botswana are held as part of a 70/30 joint venture with Metal Tiger and are subject to options to purchase Metal Tiger's interest in the joint venture exploration assets at MOD's election over a 3 year period until November 2021.

The T3 Copper Project forms part of the Company's wider prospecting licences covering approximately 11,500km2 which are prospective for copper and silver and are at various stages of exploration.

In addition to the T3 Copper Project, and potential satellite deposits within the T3 Expansion Project, priorities include the c.60km long anomalous soil zone within the T20 Exploration Project (located 100km from the T3 Copper Project). Diamond drilling in the first two widely spaced holes at the T23 Dome, the first drilling target within the T20 Exploration Project recently intersected shallow visible copper mineralisation with assay results pending.

The Company's London Investor Presentation is now available on its website.

Tamesis Partners LLP is acting as financial advisor and Memery Crystal LLP as UK legal adviser to MOD in relation to the Admission.

- ENDS -

For more information, please contact:

Subscribe at: www.modresources.com.au

About MOD Resources

MOD Resources Ltd (ASX: MOD) is an Australian-listed copper company with a goal of becoming a substantial copper producer. After discovering copper in the first drill hole in March 2016, MOD is now approximately four months away from completion of a Feasibility Study for its 100% owned 60Mt T3 Copper Project in the central Kalahari Copper Belt, Botswana. The in-country operating company for the T3 Copper Project is Tshukudu Metals Botswana (Pty) Ltd (MOD 100%).

Total cost of discovery of T3 and delineation of the maiden resource was an exceptionally low US$1.7 million, equivalent to only US$0.22 cents/lb copper contained within the resource. After a number of resource upgrades, the total resource now comprises 60Mt @ 0.98% Cu and 13.9 g/t Ag containing ~590.3 Kt copper and 26.9 Moz silver. Results of the Pre-feasibility Study, announced on 31 January 2018 suggest a robust, long life, open pit mining and processing operation at T3 with 9 year Base Case for 2.5Mtpa production, pre-tax NPV A$370m, IRR of 39% and payback within 2.7 years. Since the announcement of the PFS, there has been a 20% increase to the Base Case process plant throughput to 3Mtpa, with allowance for staged future expansion.

In parallel with the development of the T3 Copper Project, a major exploration program is underway across a combination of 100% owned and JV licenses covering more than 11,500km2 in this under-explored region, to explore for additional resources that could be processed through the planned T3 process plant and potentially add significant value to the expanded project. JV Exploration Assets are operated by Tshukudu Exploration (Pty) Ltd, which is a wholly owned subsidiary of UK incorporated joint venture company, Metal Capital Exploration Limited, owned 70% by MOD and 30% by AIM-listed Metal Tiger Plc (AIM: MTR).

MOD's state of the art exploration techniques have developed the Company's understanding of the unique 'dome' style geology in the region. Drilling at multiple high priority exploration targets, supported by airborne electromagnetics has already proved successful in discovering encouraging copper mineralisation within the 5km long A4 Dome and the ~12km long A1 Dome which lie only 8kms and 20kms from the T3 Copper Project respectively.

There are two styles of mineralisation being tested by drilling in the domes around the T3 Copper Project; shallower high-grade vein hosted mineralisation and deeper sediment contact hosted mineralisation known as the NPF contact. NPF contact mineralisation is an important target as this contact hosts most of the substantial copper deposits located east of MOD's licences, including the ~100Mt @ 2% Cu 'Zone 5' resource planned to be mined underground by Cupric Canyon Capital.

MOD has an option to acquire MTR's interests in any new JV resource which progresses to a scoping study within three years from 15 November 2018, as well as an option to acquire all the remaining JV assets at the end of the three year period.

Competent Person's Statement

The information in this announcement that relates to Geological Data and the T3 Mineral Resource described in this release is reviewed and approved by Mr Bradley Ackroyd, BSc (Hons), Manager Mine Geology for MOD Resources Ltd. Mr Ackroyd is a registered member of the Australian Institute of Geoscientists and has reviewed the technical information in this report. Mr Ackroyd has sufficient experience, which is relevant to the style of mineralisation and type of deposit under consideration and the activity, which it is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Ackroyd consents to the inclusion in this announcement of the matters based on information in the form and context in which it appears.

No New Information

To the extent that this announcement contains references to prior exploration results and Mineral Resource estimates, which have been cross referenced to previous market announcements made by the Company, unless explicitly stated, no new information is contained. The Company confirms that it is not aware of any new information or data that materially affects the information included in the relevant market announcements and, in the case of estimates of Mineral Resources that all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed.

Exploration Targets and Results

This announcement refers to Exploration Targets as defined under Sections 18 and 19 of the 2012 JORC Code. The Exploration Targets quantity and quality referred to in this announcement are conceptual in nature. There has been insufficient exploration at Exploration Targets, which include targets within the T3 Expansion Project and the T20 Exploration Project, and other EM targets and conductive domes mentioned in this announcement to define a Mineral Resource and it is uncertain if further exploration will result in the Exploration Targets being delineated as a Mineral Resource.

Forward Looking Statements and Disclaimers

This announcement includes forward-looking statements that are only predictions and are subject to risks, uncertainties and assumptions, which are outside the control of MOD Resources Limited.

Actual values, results, interpretations or events may be materially different to those expressed or implied in this announcement. Given these uncertainties, recipients are cautioned not to place reliance on forward-looking statements in the announcement as they speak only at the date of issue of this announcement. Subject to any continuing obligations under applicable law and ASX Listing Rules, MOD Resources not undertake any obligation to update or revise any information or any of the forward-looking statements in this announcement or any changes in events, conditions or circumstances on which any such forward-looking statement is based.

This announcement has been prepared by MOD Resources Limited. The document contains background information about MOD Resources Limited current at the date of this announcement. The announcement is in summary form and does not purport to be all-inclusive or complete. Recipients should conduct their own investigations and perform their own analysis in order to satisfy themselves as to the accuracy and completeness of the information, statements and opinions contained in this announcement.

The announcement is for information purposes only. Neither this announcement nor information contained in it constitutes an offer, invitation, solicitation or recommendation in relation to the purchase or sale of shares in any jurisdiction.

The announcement may not be distributed in any jurisdiction except in accordance with legal requirements applicable in such jurisdiction. Recipients should inform themselves of the restrictions that apply to their own jurisdiction as a failure to do so may result in a violation of securities laws in such jurisdiction.

This announcement does not constitute investment advice and has been prepared without taking into account the recipient's investment objectives, financial circumstances or particular needs and the opinions and recommendations in this announcement are not intended to represent recommendations of particular investments to particular persons.

Recipients should seek professional advice when deciding if an investment is appropriate. All securities transactions involve risks, which include (among others) the risk of adverse or unanticipated market, financial or political developments.

To the fullest extent of the law, MOD Resources Limited, its officers, employees, agents and advisers do not make any representation or warranty, express or implied, as to the currency, accuracy, reliability or completeness of any information, statements, opinion, estimates, forecasts or other representations contained in this announcement. No responsibility for any errors or omissions from the announcement arising out of negligence or otherwise is accepted.