TREK METALS LIMITED — Capital/Financing Update 2013

Apr 22, 2013

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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

ASX Announcement Tuesday, 23 April 2013

O tionholder Letters p

Please find enclosed copy of letter sent to Optionholders in relation to Zambezi’s recently announced entitlement offer.

For further information:

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Zambezi Resources Limited Frank Vanspeybroeck CEO Tel: +61 8 6555 1879

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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

23 April 2013

Dear Option Holder

Notice to option holder – Participation in Zambezi’s pro rata renounceable entitlement offer

Overview of Entitlement Offer

As announced on 16 April 2013, Zambezi Resources Limited ( Zambezi ) is undertaking a pro rata renounceable entitlement offer of new ordinary shares in Zambezi ( New Shares ) and attaching options to raise up to approximately $15.4 million (before expenses) ( Entitlement Offer ). The Entitlement Offer is being made on the basis of 7 New Shares for every 1 Zambezi fully paid ordinary share held at 5.00pm (AWST) on 2 May 2013 ( Record Date ) at an issue price of $0.001 per New Share, with 1 attaching new option for every 3 New Shares subscribed for.

Your participation

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

The purpose of this letter is to give you notice of the Entitlement Offer before the Record Date to allow you to exercise your options (if capable of exercise) should you wish to participate in the Entitlement Offer.

If you wish to participate in the Entitlement Offer (in respect of shares that would be issued to you on exercise of any of your options), please deliver your notice of exercise of options together with a cheque for the relevant exercise price to Computershare at GPO Box D182 Perth WA 6840 so that it is received prior to 5.00pm on the Record Date.

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

Further details

Details of the Entitlement Offer are contained in a prospectus lodged with the ASX on 22 April 2013 and available at www.asx.com.au. It is important that you read the prospectus carefully before deciding whether to exercise your options.

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

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

Yours sincerely

Frank Vanspeybroeck Chief Executive Offer Zambezi Resources Limited

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