Manas Resources : 2016 Annual Report to Shareholders

M a n a s R e s o u r c e s L i m i t e d

A C N 1 2 8 0 4 2 6 0 6

A n n u a l R e p o r t

3 1 D e c e m b e r 2 0 1 6

Manas Resources Limited Corporate Directory

Directors Mark Calderwood Non-Executive Chairman Justin Lewis Non-Executive Director

David Kelly Non-Executive Director

Chief Executive Officer Philip Reese

Company Secretary Susmit Shah

Registered and Administrative Office

Level 2, Suite 9, 389 Oxford Street Mt Hawthorn, Western Australia 6016

PO Box 281

Mt Hawthorn

Western Australia 6915

Telephone: [phone]

Facsimile: (61 8) 9380 6761

Website: www.manasresources.com

Email: [e-mail]

Auditors HLB Mann Judd

Level 4, 130 Stirling Street Perth, Western Australia 6000

Share Registry Security Transfer Registrars Pty Ltd 770 Canning Highway, Applecross

Western Australia 6153

Telephone: [phone]

Facsimile: (61 8) 9315 2233

Stock Exchange Listing Australian Securities Exchange (Code - MSR)

Manas Resources Limited Contents
Page Numbers
Annual Mineral Resources and Ore Reserves Statement	4
Review of Operations	5 - 6
Directors' Report	7 - 18
Auditor's Independence Declaration	19
Statement of Comprehensive Income	20
Statement of Financial Position	21
Statement of Changes in Equity	22
Statement of Cash Flows	23
Notes to the Financial Statements	24 - 50
Directors' Declaration	51
Independent Auditor's Report Statement of Corporate Governance Practices	52 - 55 56 - 68
Additional Shareholder Information	69 - 70

Manas Resources Limited

Annual Mineral Resources and Ore Reserve Statement

31 December 2016

ANNUAL MINERAL RESOURCES AND ORE RESERVES STATEMENT

Table A: Mineral Resources

Summary of Mineral Resource Estimates Reported according to JORC Category and Deposit
Category	Shambesai - 31 December 2015			Obdilla - 31 December 2015
	Tonnes	Grade	Ounces	Tonnes	Grade	Ounces
	(M)	g/t Au		(M)	g/t Au
Measured	1.2	3.0	111,000
Indicated	6.4	2.7	556,000	6.3	1.8	353,000
Inferred	0.5	1.9	29,000	2.9	1.4	132,000
Total	8.1	2.7	697,000	9.2	1.6	485,000

Table B: Ore Reserves

Shambesai Gold Project - Summary of Ore Reserves Estimates at 31 December 2015 Reported according to JORC Category
Category	Tonnes (M)	Grade g/t Au	Ounces
Proven	0.8	3.3	85,000
Probable	1.6	3.9	194,000
Total	2.4	3.7	279,000

SHAMBESAI GOLD DEPOSIT, TIEN SHAN GOLD BELT, SOUTH WEST KYRGYZ REPUBLIC,

CENTRAL ASIA (MANAS 100% at 31 December 2015, Nil interest at 31 December 2016)

Review of material changes

There was no change in Mineral Resources and Ore Reserves noted in the tables above during the reporting period, other than the fact that just prior to the end of the Reporting Period (31 December 2016), the Company had completed the disposal of its Kyrgyz mineral assets. Consequently, there were no Mineral Resources and Ore Reserves to report as at 31 December 2016.