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 Option Holder

Participation in non-renounceable rights issue

Overview of rights issue

As announced to the ASX on 25 November 2011, Zambezi Resources Limited advises that it intends to conduct 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.

Your participation

The terms and conditions of the options you currently hold do not entitle you to participate in the Rights Issue unless you exercise some or all of your options into shares and are entered onto Zambezi’s share register before the Record Date.

The purpose of this letter is to give you notice of the Rights Issue before the Record Date to allow you to exercise your options should you wish to participate in the Rights Issue.

If you wish to participate in the Rights Issue (in respect of shares that would be issued to you on exercise of any of your options), then your notice of exercise together with a cheque for the relevant exercise price must be received by Computershare no later than 5:00pm (Perth time) on Tuesday 6 December 2011 in order to ensure that your shares are allotted prior to the Record Date. Please contact Tyson Bennett of Computershare if you wish to exercise your options. Any shares to be issued under a notice of exercise received after this date cannot be assured of being allotted before the Record Date.

If you do not wish to participate in the Rights Issue (in respect of your options), you do not need to take any action.

This letter is not an offer or an invitation to acquire shares in Zambezi or to participate in the Rights Issue. If you are in doubt as to the action you should take in relation to this notice, you should consult your professional advisers.

Further details

Details of the Rights Issue are contained in an offer booklet lodged with the ASX today.

If you have any questions, please contact Tyson Bennett +61 3 9415 5150.

Yours faithfully

Frank Vanspeybroeck Chief Executive Officer Zambezi Resources Limited