TREK METALS LIMITED — Capital/Financing Update 2011

Nov 30, 2011

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ZAMBEZI RESOURCES LIMITED ARBN: 124 462 826 BERMUDA ZAMBIA AUSTRALIA CANON’S COURT PLOT 5697 LEVEL 1, 17 ORD STREET 22 VICTORIA STREET BEU CRESCENT WEST PERTH, WESTERN AUSTRALIA HAMILTON HM12 KALUNDU AUSTRALIA 6005 LUSAKA TEL: +61 8 6555 1879 TEL: +260 211 292101 FAX: +61 8 9398 4104 EMAIL: INFO@ZAMBEZIRESOURCES.COM PO BOX 1796, WEST PERTH WWW.ZAMBEZIRESOURCES.COM WESTERN AUSTRALIA, 6872

1 December 2011

Dear Shareholder

Zambezi's pro rata non-renounceable rights issue - Notice to ineligible shareholders

This letter is to inform you that, unfortunately, you are not eligible to participate in the Rights Issue (as defined below). You are not required to do anything in response to this letter.

As announced on 25 November 2011, Zambezi Resources Limited ( Zambezi or the Company ) is undertaking a pro rata non-renounceable rights issue ( Rights Issue ) to eligible shareholders on the basis of 1 new Zambezi ordinary share for every 3 Zambezi ordinary shares held as at 5:00pm (Perth time) on 9 December 2011 ( Record Date ) at an offer price of $0.01 per new share.

The Rights Issue is part of a funding package announced on 25 July 2011, which also includes a $10 million secured convertible note facility with LinQ Capital Limited as responsible entity of the LinQ Resources Fund.

An offer booklet and an investor presentation detailing the Rights Issue were released on ASX on 1 December 2011 ( Offer Documentation ). Copies are available on ASX’s website (www.asx.com.au).

Zambezi has determined, pursuant to Listing Rule 7.7.1(a) of the ASX Listing Rules, that it would be unreasonable to make offers under the Rights Issue to shareholders in all countries outside Australia and New Zealand. The securities laws of many countries require the use of offer documents specific to that country or compliance with local laws for the Rights Issue to be made in those countries. Having regard to the number of shareholders in particular countries and the cost of compliance with local laws to make the Rights Issue in those countries, Zambezi has limited the countries in which the Rights Issue will be made.

Unfortunately, in compliance with ASX Listing Rule 7.7.1(b), Zambezi wishes to advise you that it will therefore not be extending the Rights Issue to you and you will not be able to subscribe for shares under the Rights Issue.

As the Rights Issue is non-renounceable, you will not receive any payment or value for entitlements in respect of any shares that would have been offered to you if you were eligible to participate in the Rights Issue.

If you have any questions, please contact Zambezi on +61 8 6555 1879.

On behalf of the Board and Management of Zambezi, we regret that you are not eligible to participate in the Rights Issue and thank you for your continued support of the Company.

Yours sincerely

Frank Vanspeybroeck Chief Executive Officer Zambezi Resources Limited