TREK METALS LIMITED — Capital/Financing Update 2007

Jul 2, 2007

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Zambezi Resources Limited

Updated statement of commitments for ctual funds raised under the
Prospectus dates 6 June 2007

The majority of the funds raised from the Offer are for the purpose of funding the exploration activities on the Company's projects, as follows:

	AUD\$
Cash on hand	11,250,000
Actual Funds raised	15,000,000
Funds available:	26,250,000
Funds applied over a 2 year programme :
Expenses of the offer	890,000
Exploration	21,150,000
Administration	3,200,000
Working capital	1,010,000
TOTAL	26,250,000