Mr. Nikolas Perrault reports

CONVERTIBLE LOAN TO COLT RESOURCES MIDDLE EAST

Colt Resources Inc. has entered into an unsecured convertible loan arrangement to loan $800,000 (U.S.) to its affiliated company, Colt Resources Middle East.

The loan is at 5-per-cent interest per annum compounded semi-annually, has a maturity of up to 18 months term and is convertible into ordinary shares at any time, prior to maturity. The conversion terms are as follows:

• The principal amount of the loan with accrued interest can be converted into ordinary shares of CRME at a price of 30 U.S. cents per share provided that no additional mining licences are obtained by CRME in the Chagai region in Balochistan, Pakistan.
• If CRME obtains additional mining licences in the Chagai region in Balochistan, Pakistan, the conversion price at which the company will be able to convert the loan into ordinary shares of CRME will be $1 (U.S.) per share.

Assuming that conversion occurs at 30 U.S. cents per share, and based on CRME's currently outstanding shares, the company's shareholding in CRME will increase to 18.49 per cent.

The loan has been conditionally approved by the TSX Venture Exchange. The conversion terms are subject to disinterested shareholder approval in accordance with the policies of TSX-V at the company's next annual general and special meeting to be held in January, 2016. If disinterested shareholder approval is not received, no ordinary shares of CRME will be issued, and the loan, along with the accrued interest, will be paid back in cash by CRME. The company will also seek separate disinterested shareholder approval for the previously announced equity investment of $400,000 (Canadian) at a price of 20 Canadian cents by the company into CRME on May 14, 2015.

The proceeds of the loan will be applied by CRME to exploration-related activities on its previously announced earn-in agreement with respect to Lake Resources' licences in the Chagai region and for general corporate working capital purposes.

The company also wishes to issue a correction such that the final amount for the total finders' fees related to its latest private placement, the final closing of which was announced on July 13, 2015, was $266,174 and not $257,774 as previously stated.

We seek Safe Harbor.