ZENITH MINERALS LIMITED — Capital/Financing Update 2012

Oct 30, 2012

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1[st] November 2012

Dear Shareholder,

Re: Non ‐ renounceable Rights Issue – Notification to Ineligible Shareholders

‐ On 30 October 2012, Zenith Minerals Limited ( Company ) announced a non renounceable rights issue under which the Company proposes to raise up to approximately $2.04 million (before issue costs) by offering eligible shareholders the opportunity to acquire additional fully paid ordinary shares in the capital of the Company ( New Shares ) on the basis of one (1) New Share for every six (6) existing fully paid ordinary share held as at 5:00pm (WST) on 9 November 2012 ( Rights Issue ).

The Company has decided that it is unreasonable to make offers under the Rights Issue to shareholders with a registered address in the United States ( Ineligible Foreign Shareholders ), having regard to the number of such shareholders, their holdings and the compliance costs required to offer the Shares under the Rights Issue to those shareholders.

Unfortunately, since you are an Ineligible Foreign Shareholder, no offer is being made to you and the prospectus prepared by the Company in relation to the Rights Issue will not be sent to you.

This letter is not an offer to issue New Shares to you, nor an invitation for you to apply for New Shares.

You do not have to take any further action in relation to the Rights Issue.

Should you have any questions regarding the Rights Issue you may contact the Company Secretary on +61 8 9226 1110.

Yours sincerely,

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Rodney Michael Joyce DIRECTOR ZENITH MINERALS LIMITED

Level 3, 33 Ord Street, West Perth, Western Australia 6005 PO Box 1426, West Perth, Western Australia 6872 Tel: +61 8 9226 1110 Fax: +61 8 9321 0070 www.zenithminerals.com.au info@zenithminerals.com.au