TREK METALS LIMITED — Capital/Financing Update 2012

Jan 3, 2012

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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

4 January 2012

Manager Company Announcements Company Announcements Office Australian Securities Exchange Limited Level 4, 20 Bridge Street SYDNEY NSW 2000

Via Electronic Lodgement

Dear Sir/Madam

Rights issue closes with solid support from shareholders

Zambezi Resources Limited has completed the non-renounceable rights issue (“Rights Issue”) on the basis of one fully paid ordinary share for every three fully paid ordinary shares as announced on 25 November 2011.

The Board is delighted to announce that the offer received solid support from shareholders, in light of the global equity markets experiencing volatile conditions. The Rights Issue will raise approximately $1.976 million (subject to final clearance of funds).

Existing shareholders applied for approximately 197.6 million shares of the shares on offer. The shortfall consists of approximately 221.9 million shares and the directors have reserved the right to place the shortfall to any parties selected by the directors, subject to the Corporations Act and the Listing Rules.

New holding statements as a result of the Rights Issue will be despatched to shareholders on Monday, 9 January 2012, and the new shares are expected to commence normal trading on the ASX on Tuesday, 10 January 2012.

For further information please contact the undersigned.

Frank Vanspeybroeck

CHIEF EXECUTIVE OFFICER

Telephone: +61 (8) 6555 1879