AGM Statement

11.00 a.m. 14 November 2012

Weatherly International Plc

("Weatherly" or the "Company")

Chairman's statement for AGM 2012

At the Annual General Meeting ("AGM") of Weatherly (AIM WTI) to be held at 11.00 a.m. today, 14 November 2012, John Bryant, Non-Executive Chairman of the Company, will make the following statement:

"It has been another interesting and profitable year in the development of the Company.

We have reported a profit after tax of US$21.4 million (Profit before tax was US$14.2 million) as well as pursuing our two strategic corporate objectives for the year:

·; The consolidation of production from our Central Operations; and

·; The progression of the Tschudi feasibility study.

In Central Operations we produced 5208 tonnes of contained Cu which was below our production target but this still yielded an operating profit of US$10.3 million. The production shortfall was due to a series of problems described in detail in our annual report which we have addressed and we believe that the changes that we have made are having a positive impact on production and costs. Our next detailed quarterly production update will be issued in mid-January 2013 and will cover the last three months of this calendar year. As we have reported previously, we have been reviewing options for expanding production at our central operations and, we have now taken a decision to re-open the Old Matchless mine. Currently we produce in excess of 2500tpa of copper from Matchless and we expect to double this production after two years once Old Matchless production has commenced. We will publish full details about this project in due course.

As you will have seen on Monday 12 November 2012, we released a detailed statement updating the market on the Tschudi feasibility study and the project optimisation work that is being undertaken in relation to the same. The continued refinement of the Tschudi project is producing even better results that should make the financing of the project and its construction easier. The main highlights of our recent announcement are that there is:

·; an increase in the grade of Copper 0.87% to 0.95%;

·; an increase in Copper recovery from 83% to 85%;

·; a decrease in strip ratio from a 7.61:1 to 7.45:1; and

·; an increase in production output to almost 17,000tpa of Cu cathode.

Now we are in negotiations with suppliers of consumables and to see whether some capital items can be provided as part of an operating contract. The outcome of these talks will affect the balance between capital and operating costs and should be concluded before the end of the year. We are also well advanced with our financing discussions and are considering a number of indicative proposals for financing the project. We are hoping to complete both the study and the financing by the end of the year although as previously noted, whilst it is the Company's intention to announce the results of the study before the end of the year, the actual date of release will be dictated to a large extent by the satisfactory conclusion of the negotiations referred to above.

In the coming year our objectives remain the same; to have another profitable year from our mining operations and to implement the Tschudi project.

I am grateful to all our shareholders for their continued support and to our staff for their hard work and loyalty and we will continue to work to produce shareholder value."

For further information please contact:

Weatherly International Plc +44 (0) 20 7917 2989

Rod Webster, Chief Executive Officer

Dean Friday, Investor Relations

Canaccord Genuity Limited +44 (0) 20 7523 8000

Andrew Chubb, Sebastian Jones

About Weatherly

 Weatherly is an AIM listed, copper focused mining company, the principal assets of which are located in Namibia. It currently has two producing copper mines (Otjihase and Matchless), and is progressing feasibility studies on projects which will enable Weatherly to achieve its medium term strategy of establishing a copper mining business capable of sustaining approximately 20,000tpa of copper at an average industry cost of production for at least ten years.

The Company also has a 25% stake in an AIM listed company, China Africa Resources Plc (CAF), which is currently focused on the development of the lead/zinc project at Berg Aukas in Northern Namibia.