ALL STAR MINERALS PLC

(“All Star” or the “Company”)

UNAUDITED FINANCIAL STATEMENTS FOR THE 12 MONTHS ENDED 31 DECEMBER 2014

CHAIRMAN'S STATEMENT

The past twelve months have continued to be a challenging arena for junior resource companies as valuations are still well below the peaks seen prior to 2008. That said, for a company like All Star, it allows us to appraise suitable projects quickly and to potentially negotiate favourable deals with vendors, who are seeking joint venture partners.

For a Company with a listing on the ISDX Growth Market, access to capital is mainly from UK investors, whether that be through private client brokers or sophisticated and high net worth individuals. However, the board is keen to explore new avenues of funding and to this end, numerous meetings have taken place with institutional investors and alternative finance providers to gauge appetite for supporting suitable projects.

The performance of All Star during the period under review has seen the Company enter into an option agreement in Queensland, Australia and the sale of certain tenements of our 55.24% owned subsidiary, Blue Doe Gold plc, for a 40m shareholding in NQ Minerals Pty Ltd. The Company also successfully raised capital over the past twelve months, both through the issue of new ordinary shares and issue of convertible loan notes.

Historically, the Company has focussed its activities in Australia. However, since the Queensland option was secured in early 2014, the board decided that All Star should consider expanding its geographical presence and therefore it has been appraising base and precious metal projects in North America, Europe and Africa.

I would like to take this opportunity to thank my fellow board members, shareholders and our advisers for their continued support and patience over the past twelve months.

FINANCIALS

The consolidated financial results for the 12 month period to 31 December 2014 showed a loss after taxation of GBP 430,826 (2013: GBP 643,773).

The basic loss per share from continuing operations was 0.08p (2013:0.16p). The loss is attributable to ongoing administrative costs associated with the running of the Group, and exploration expenses.

The Directors do not recommend the payment of a dividend.

In accordance with the ISDX Rules, if it becomes known to the Directors of the Company that the audit report will be qualified or modified in relation to going concern or otherwise, the terms of such qualification or modification will be announced immediately.

OUTLOOK

Having significantly reduced our losses for the financial year to GBP 430,826 from GBP 643,773 last year, we have concentrated on strengthening the Company's Balance Sheet.  As a resources business our future is dependent on having the funding at hand to meet our exploration commitments and to pay creditors as they fall due.

The financial position of All Star is much healthier that when I came to office. With the funding we have raised during the period the majority of creditors have been settled and we are now looking towards securing new projects that have the ability to complete value add propositions longer term.  The Company’s working capital position still requires careful management.

The board has been working to ensure that there is a clear strategy to advance the Group going forward. To this end, All Star has successfully raised £277,800 in the past 12 months.

Tomas Nugent

Executive Chairman

28 May 2015

REPORT ON GROUP PROJECTS AND CORPORATE DEVELOPMENTS

THE PETER CRAIGIE PROJECT

On 31 March 2014 All Star announced that it had entered into an option agreement over a copper-gold project in North-West Queensland called Peter Craigie Mine through its wholly-owned subsidiary, NQ Mines Pty Ltd.  The initial payment of the option agreement was As$15,000 with the remaining balance of As$145,000 payable should the Company wish to proceed with the acquisition.

In July 2014, NQ Mines executed a reverse circulation drilling program at the tenement.  The results of assays and drill samples were analysed at our chosen laboratory. However, in September 2014 we announced that following a review of the results the Company decided not to proceed with exercising the option to acquire the project.

The board of NQ Mines and All Star felt that there were more attractive opportunities than Peter Craigie Mine to pursue.

THE BIG ONE PROJECT

On 12 November 2013 the Company announced that it had entered into an option agreement on The Big One. The cost of the option agreement was As$10,000 with a remaining balance of As$140,000 being payable upon satisfaction of conditions precedent being met by the vendor.

In June 2014, All Star announced that its wholly-owned subsidiary, NQ Mines Pty Ltd had agreed to extend the completion date of the proposed acquisition to 31 December 2014. However, at 31 December 2014 the conditions precedent had not been met therefore the agreement automatically terminated.

BLUE DOE GOLD PLC

All Star has increased its shareholding in Blue Doe Gold plc (“Blue Doe”) to 55.24% through capitalising loans of £130,307 into 4,738,442 new ordinary shares.

In July 2014, All Star announced that Blue Doe had entered into a conditional agreement to dispose of the Blue Doe, Eagle Hawk and Edward tenements to NQ Minerals Pty Ltd for a 40,000,000 share consideration which represented 9.09% of the enlarged share capital of NQ Minerals Pty Ltd.

In August 2014, we further announced that the General Meeting held by Blue Doe Gold plc to approve the sale of the tenements was duly passed and the transaction was completed in September 2014.

PLAIN CREEK

The Company holds the Plain Creek project as a wholly-owned project of All Star. Consideration had been given to a separate corporate listing to develop the project, however we felt that in the longer term it would be in the best interests of the Company and its shareholders to maintain sole ownership of the two tenements prospective for phosphate and uranium.

Over the past year due to funding constraints, very little work was carried out on the Plain Creek project. It is our hope, funding permitting, a degree of work can be undertaken at Plain Creek to further our understanding of its potential.

CORPORATE

In 2013, the Company made a loan of £46,500 to an ISDX listed Company - U3O8 Holdings plc (“U308”). The rationale behind this loan was that at the time All Star had not reviewed any near term production opportunities and that the board of U3O8 were in discussions over projects that could be advanced quickly. However, since the loan was made, U3O8 was unsuccessful in securing projects due to further funding constraints.

U3O8’s listing to ISDX was withdrawn on 30 July 2014 as it had no means to raise further capital. Following this in September 2014, All Star received notification of a default under the terms of the Convertible Loan Note and U308 had no way of repaying the principal amount of £46,500 plus accrued interest or its other creditors. Subsequently U3O8 was placed into liquidation later in 2014.

On a more positive note during the period, All Star raised £257,800 - £180,800 in April 2014 and £77,000 in September 2014 through the issue of new shares.

A further £20,000 was raised in February 2015 through the issue of a Convertible Loan Note.

The funding enabled the board to undertake project appraisal, a drilling program and to pay down creditors to enable the business to move forward.

ALL STAR MINERALS PLC
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
YEAR ENDED 31 DECEMBER 2014

ALL STAR MINERALS PLC
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2014

Notes:

1. The financial information for the year ended 31 December 2014, and the six months ended 30 June 2013 has not been audited and does not constitute statutory accounts within the meaning of Section 434 of the Companies Act 2006.

2. Basic loss per share has been calculated using the weighted average number of shares of 532,442,019 (31.12.13: 335,668,046; 30.6.13: 400,581,745). Given the loss per share, there are no dilutive instruments in issue.

3. In the year ended 31 December 2013 there was a gain reported in other comprehensive income of £53,200 reducing the loss attributable to the parent to £525,095.

4. The Directors of the issuer accept full responsibility for this announcement.