TREK METALS LIMITED — Capital/Financing Update 2011

Nov 30, 2011

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

1 December 2011

EMAIL: INFO@ZAMBEZIRESOURCES.COM PO BOX 1796, WEST PERTH WWW.ZAMBEZIRESOURCES.COM WESTERN AUSTRALIA, 6872

Fiona Murphy Adviser, Listings (Perth) ASX Limited

Dear Fiona

Zambezi Resources Limited Notice under section 708AA(2)(f) of the Corporations Act

This notice is given by Zambezi Resources Limited ACN 124 462 826 (ASX: ZRL) ( Zambezi ) under section 708AA(2)(f) of the Corporations Act 2001 (Cth) ( Act ) as modified by Australian Securities and Investments Commission Class Order [CO 08/35] ( CO 08/35 ).

Zambezi announced on 25 November 2011 a non-renounceable entitlement offer ( Rights Issue ) of 1 ordinary Zambezi share ( New Share ) for every 3 ordinary Zambezi shares held on 9 December 2011 by eligible shareholders with a registered address in Australia or New Zealand. Zambezi advises that:

• (a) the New Shares will be offered for issue without disclosure under Part 6D.2 of the Act as modified by CO 08/35;

• (b) this notice is being given under section 708AA(2)(f) of the Act as modified by CO 08/35;

• (c) as at the date of this notice, Zambezi has complied with:

• (1) the provisions of Chapter 2M of the Act as they apply to Zambezi; and

• (2) section 674 of the Act;

• (d) as at the date of this notice, there is no excluded information of the type referred to in sections 708AA(8) and 708AA(9) of the Act as modified by CO 08/35; and

• (e) LinQ Capital Limited as responsible entity for the LinQ Resources Fund ( LRF ) currently holds approximately 22.06% of Zambezi’s issued share capital (and, although this is not a potential effect of the Rights Issue, shareholders should be aware that LRF holds convertible notes which are convertible into further shares in Zambezi under the terms of a convertible note facility as announced on 25 July 2011 and 28 September 2011 – a notice of meeting seeking shareholder approval of the facility will be released shortly). In the event that LRF takes up its full entitlement but no other shareholder takes up its entitlement, then, because the Rights Issue is not underwritten, LRF’s holding would increase to approximately 27.39%. However, Zambezi has reserved the right to place any shortfall under the Rights Issue to eligible shareholders whose acceptance exceeds their entitlements and any other parties selected by the directors. In addition, if the Rights Issue does not raise AUD$4 million, Zambezi has undertaken to use best endeavours to raise any shortfall in that amount through further equity raisings before 30 June 2012. Zambezi does not expect the potential increase in LRF’s holding as a result of the Rights Issue to have any material effect on control of Zambezi.

Yours sincerely

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David Vilensky

Chairman

Zambezi Resources Limited