Mindoro Resources Ltd.

Second Quarter Results and Board and Management Changes - Seite 2

Subsequent to the period, AMVI completed four shipments in July 2015, including three limonite ore shipments and one saprolite ore shipment representing the 15th through 18th shipments completed by AMVI since operations commenced in October 2014. Details of the shipments are as follows (expected gross revenue figures are pending final assay and price adjustments):

Shipment No.	Shipping Date	Quantity (WMT)	Ore Type	Contained Nickel (%)	Contained Iron (%)	Expected Gross Revenue (USD)
15	July 3, 2015	50,117	Limonite	0.89	48.19	485,000
16	July 12, 2015	56,911	Limonite	0.91	48.61	604,000
17	July 17, 2015	60,000	Limonite	0.93	48.23	584,000
18	July 20, 2015	56,826	Saprolite	1.45	21.01	1,620,000

AMVI's shipment plans continue to adapt to depressed and volatile prices in the Philippine nickel laterite ore market. Since operations commenced in October 2014, market prices for limonite ore containing 0.6% to 0.9% nickel and 49% iron content have fallen from an average of $22 per tonne in the earlier part of 2014 down to $11 per tonne since March 2015. For saprolite ore containing over 1.5% nickel and 15% to 20% iron, prices have fallen from over $100 per tonne in early 2014 to $26 per tonne in recent weeks. In response, AMVI continues to explore and implement opportunities in its operational plans, mining activities, and marketing strategies to increase cost efficiencies and to help ensure continual demand for its products. Currently, AMVI is planning to complete approximately three to five shipments of nickel laterite ore in each coming month, subject to weather conditions.