TREK METALS LIMITED — Major Shareholding Notification 2011

Jul 28, 2011

29 July 2011

The Manager Companies Section Australian Securities Exchange Limited Level 10, 20 Bond Street SYDNEY NSW 2000

By fax: 1300 135 638 (4 pages)

Dear Sir

ZAMBEZI RESOURCES LIMITED

Please find enclosed a notice of change of interest of substantial holder (Form 604) pursuant to Section 671B of the Corporations Act.

The notice has been served on Zambezi Resources Limited.

Yours faithfully

Simon F Durack

Company Secretary

LinQ Capital Limited ABN 66 098 197 258 Responsible Entity for the LinQ Resources Fund ARSN 108 168 190

Level 1 17 Ord St West Perth WA Australia 6005

PO Box 1134 West Perth WA Australia 6872 T: +61 8 9488 8888 F: +61 8 9481 0666 E:info@lingresources.com W: www.lingresources.com 29. Jul. 2011 9:37 LinQ Capital LTD

P. $\sqrt{2}$ No. 4018

604 page 1/2 15 July 2001

Form 604

Corporations Act 2001 Section 671B

Notice of change of interests of substantial holder

To Company Name/Scheme	ZAMBEZI RESOURCES LIMITED
ACN/ARSN	ARBN 124 462 826

1. Details of substantial holder(1)

Name		LINQ GROUP (LINQ RESOURCES FUND) - ASHDON NOMINEES PTY LTD
ACN/ARSN (if applicable)	ACN 107 455 667
There was a change in the interests of the substantial holder on		25/07/2011
The previous notice was given to the company on The previous notice was dated		10/12/2009 10/12/2009

2. Provious and present voling power

[3] The total number of votes attached to all the voting shares in the company or voting interests in the scheme that the substantial holder or an associate (2) had a relevant interest in when last required, and when now required, to give a substantial holding notice to the company or scheme, are as follows:

Class of securities (4)	Previous notice		Present notice
	Parson's votes	Votino power (5)	Person's votes	Voting power (5)
ORDINARY SHARES	[202, 969, 400]26, 248		271, 486, 33421.578

3. Changes In relevant interests

Particulars of each change in, or change in the nature of, a relevant interest of the substantial holder or an associate in voting securities of the company or scheme, since the substantial holder was last required to give a substantial holding notice to the company or scheme are as follows:

Date of change	Person whose relevant interest changed	Nature of change (6)	Consideration given in relation to change (7)	Class and number of securities affected	Person's votes affected
25/07/11	LinQ Capital Ltd Refer annex. A Refer annexure A 68, 516, 934 271, 486, 334

4. Present relevant interests

Particulars of each relevant interest of the substantial holder in voting securities after the change are as follows;

Holder of relevant interest	Registered holder of securities	Person entitled to be registered as holder (8)	Nature of relevant interest (6)	Class and number af securities	Person's votes
LinQ	Perpetual		Control voting		Ord shares 271, 486, 334
Capital	Corporate Trust		bower
Ltd	Ltd

29. Jul. 2011 9:38 LinQ Capital LTD

$\mathcal{E}$ No. 4018

page 2/2 15 July 2001 604

5. Changes in association

The persons who have become associates (2) of, ceased to be associates of, or have changed the nature of their association (9) with, the substantial holder in relation to voting interests in the company or scheme are as follows:

Name and ACN/ARSN (If applicable)	Nature of association
	-

6. Addresses

The addresses of persons named in this form are as follows:

Name		Address	--
$\overline{\phantom{0}}$	$\overline{\phantom{0}}$

Signature

print name SIMON DURACK	capacity COMPANY SECRETARY
sign here	297 07 date	/2011

DIRECTIONS

• If there are a number of substantial holders with similar or related refevant interests (eg. a corporation and its related corporations, or the manager and trustee of an $(1)$ equity trust), the names could be included in an annexure to the form. If the relevant interests of a group of persons are essentially similar, they may be referred to throughout the form as a specifically named group if the membership of each group, with the names and addresses of members is clearly set out in paragraph 6 of the form.
• See the definition of "associate" in section 9 of the Corporations Act 2001. $(2)$
• See the definition of "relevant interest" in sections 608 and 671B(7) of the Corporations Act 2001. $(3)$
• The voting shares of a company constitute one class unless divided into separate classes. $(4)$
• The person's votes divided by the total votes in the body corporate or scheme multiplied by 100. $(5)$
• $(6)$ Include details of:
• any relavant agreement or other circumstances because of which the change in relevant interest occurred. If subsection 671B(4) applies, a copy of any (a) document setting out the terms of any relevant agreement, and a statement by the person giving full and accurate details of any contract, scheme or arrangement, must accompany this form, together with a written statement certifying this contract, scheme or arrangement; and
• any qualification of the power of a person to exercise, control the exercise of, or influence the exercise of, the voting powers or disposal of the securities to $(b)$ which the relevant interest relates (indicating clearly the particular securities to which the qualification applies).

See the definition of "relevant agreement" in section 9 of the Corporations Act 2001.

• Details of the consideration must include any and all benefits, money and other, that any person from whom a relevant interest was acquired has, or may, becom e $(7)$ entitled to receive in relation to that acquisition. Details must be included even if the benefit is conditional on the happening or not of a contingency. Details must be included of any benefit paid on behalf of the substantial holder or its associate in relation to the acquisitions, even if they are not paid directly to the person from whom the relevant interest was acquired.
• If the substantial holder is unable to determine the identity of the person (eg. if the relevant interest arises because of an option) write "unknown". $(6)$
• Give details, if appropriate, of the present association and any change in that association since the last substantial holding notice. (9)

ANNEXURE A

This is annexure A of 1 page referred to in form 604 "Notice of change of interests of substantial
holder"

Simon F Durack Company Secretary

29 July 2011

Dates	Transaction	Number	Consideration
15/9/10	Placement	50,000,000	\$900,000
18/5/11	Buy	2,473,288	\$64,032
19/5/11	Buy	1,226,712	\$35,298
25/7/11	Buy	14,816,934	\$366,423

Details of transactions are set out below