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UCL Resources Ltd, Interim Consolidated Financial Report for the half-year ended 31 December 2012

Review of operations

UCL Resources Limited (“UCL” or “the Company”) is focused on:

1. exploration and development of the offshore Namibian Sandpiper Marine Phosphate Project (“Sandpiper Project”) with joint venture partners Mawarid Mining LLC (“MML”)and Tungeni Investments cc (“Tungeni”); and

2. the development of the Mehdiabad Base Metal Project (“the Mehdiabad Project”) located in Central Iran.

A. Offshore Namibian Phosphate Project

During the 6 months ended 31 December 2012 the finalisation of the sale in December 2012 of Minemakers Limited’s 42.5% interest in the Namibian registered (joint venture company) Namibian Marine Phosphate (Pty) Limited (“NMP”) to the Omani based Mawarid Mining LLC (“MML”) subsidiary of MB Holdings LLC, paved the way for the project to progress to development.

UCL and Namibian registered Tungeni Investments (Pty) Limited (“Tungeni”), the Joint Venture partners of MML, embraced the change of ownership, underpinning the development of the Sandpiper Marine Phosphate Project (“Sandpiper Project”).

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