TREK METALS LIMITED — Capital/Financing Update 2007

Jul 2, 2007

ZAMBEZI RESOURCES LIMITED

Terms and conditions of Warrants issued to WH Ireland Ltd.

• The Warrants shall expire at 5.00 pm Greenwich Mean Time ("GMT") on 26 July $(a)$ 2007.
• Each Warrant will entitle the holder to subscribe for one fully paid ordinary share $(b)$ in Zambezi.
• Shares will be allotted to Warrant holders at the exercise price being £0.12P. $(c)$
• Warrants may be exercised at any time on or before 5:00 pm GMT on 26 July $(d)$ 2007.
• Warrants not exercised on or before the expiry date will automatically lapse on $(e)$ such date.
• The exercise price of Shares the subject of Warrants shall be payable in full on $(f)$ exercise of the Warrants.
• The Company will not apply for the Warrants to be admitted to trading on AIM. $(g)$ Warrants shall be exercised by the delivery to the registered office of the Company of a notice in writing. The notice must specify the number of Warrants being exercised and must be accompanied by:
• payment of the exercise price for each Share to be issued on exercise of the $(i)$ Warrants specified in the notice; and
• the instrument for those Warrants, for cancellation by the Company. $(ii)$

The notice is only effective (and only becomes effective) when the Company has received value for the full amount of the exercise price (for example, if the exercise price is paid by cheque, by clearance of that cheque) by the expiry date. An exercise of only some Warrants will not affect the rights of the Warrant holder to the balance of the Warrants held by the Warrant holder.

• Within 10 Business Days after the notice referred to in paragraph (i) above $(h)$ becoming effective, the Company must:
• allot and issue the number of Shares specified in the notice to the holder; $(i)$
• cancel the instrument for the Warrants being exercised; and $(ii)$
• if applicable, issue a new instrument for any remaining Warrants covered $(iii)$ by the instrument accompanying the notice.

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• Subject to any restrictions on transfer agreed between the Company and the $(i)$ Warrant holder, the Warrant shall be freely transferable.
• $(j)$ Shares allotted pursuant to an exercise of Warrants shall rank, from the date of allotment, pari passu with existing ordinary fully paid ordinary shares of the Company in all respects.
• $(k)$ The Company shall, in accordance with the AIM Rules, make application to have Shares allotted pursuant to an exercise of Warrants admitted to trading on AIM.
• $(1)$ The Warrant will not give any right to participate in dividends, bonus issues or entitlement issues until Shares are allotted pursuant to the exercise of the relevant Warrants.