Mr. Nikolas Perrault reports

SHAREHOLDERS ELECT BOARD OF DIRECTORS AT ANNUAL GENERAL AND SPECIAL MEETING

Colt Resources Inc. has released the results of its annual general and special meeting held on Jan. 13, 2016. All motions presented at the annual general and special meeting were passed, including the ratification of investments into the company's associate, Colt Resources Middle East. Colt now owns approximately 16.14 per cent of CRME.

The following matters were considered at the annual general and special meeting.

Election of directors

Joe Tai, Sabri Karahan, Nikolas Perrault, Paul Yeou and Hans H. Hertell were re-elected, and John Gravelle was newly elected to the board of directors.

Mr. Gravelle has extensive experience developing diverse talent, providing senior management coaching and implementing leadership development and succession planning programs, providing oversight to a broad portfolio of client activities, including financing, tax strategies, acquisitions, resource nationalism and operational efficiencies. He has built a strong network of relationships with senior executives and board members of public and private mining companies, serving as relationship partner for many of PricewaterhouseCoopers's clients, and continues to drive sector innovation.

Nikolas Perrault, president and chief executive officer of the company, commented: "We are delighted to welcome John to the board. His depth of experience as a global mining business leader, combined with his knowledge of North American publicly listed companies, will be a tremendous asset to the company as we advance our projects in Portugal. The board also would like to thank James Ladner for his years of dedicated service to the company."

Appointment and remuneration of auditor

Raymond Chabot Grant Thornton LLP was the newly appointed auditor of the company for the ensuing year, and the directors were authorized to fix its remuneration.

We seek Safe Harbor.