Annual Report for the year ended 31 December 2013

30 June 2014

African Minerals Limited

("African Minerals", "AML", or "the Company")

Annual Report and Accounts for the year ended 31 December 2013

African Minerals Limited is a mineral exploration, development and mining company, and is the developer and operator of the Tonkolili iron ore mine in Sierra Leone. The Company today publishes its Annual Report and Accounts for the year ended 31 December 2013.

Summary

- The Company today publishes its Annual Report and Accounts for the year ended 31 December 2013 on the Company's website.

- Printed versions will be distributed to shareholders on 2 July 2014.

- The 2013 audited accounts are consistent with the unaudited preliminary announcement released on 3 April 2014, except for an adjustment to reflect the recently announced outcome of the Renaissance Capital litigation claim.

- Following the announcement on 27 June 2014 regarding the outcome of this litigation, an additional expense of $37 million has been recognised in the consolidated income statement for the year ended 31 December 2013.

- This charge has been treated as a special item as it is non-recurring and unrelated to underlying trading performance.

- Our financial KPIs by which we judge our business performance (EBITDA, Free Cash Flow, C1 and "All-in" cash costs, net debt) remain unchanged.

- Operating loss (after special items) has increased from $32.5 million to $69.5 million.

- Loss after taxation for the year has increased from $52.6 million to $89.6 million.

- Net assets attributable to AML shareholders have decreased from $881.5 million to $844.5 million.

Contacts:

African Minerals Limited

+44 20 3435 7600

Mike Jones

Tavistock Communications

+44 20 7920 3150

John West / Jos Simson / Nuala Gallagher

Jefferies

+44 20 7029 8000

Nick Adams / Alex Collins

About African Minerals

African Minerals operates the Tonkolili Iron Ore Project (the "Project") in Sierra Leone, with a JORC compliant resource of 12.8Bnt. The Project, which currently has a 60+ year mine-life, is being developed in a number of staged expansions. In 2013, African Minerals completed sales of 12.1Mt to its customers. The current year sales guidance is for 16-18Mt of exports as the operations focus on operating at the 20Mtpa run rate design capacity.

Phase II expansion contemplates the production of an expanded tonnage including the establishment of a high grade concentrate product with the project ramping up to 25Mtpa.

The Company has also developed significant port and rail infrastructure to support the operation of the Project, via its subsidiary African Rail and Port Services (SL) Limited ("ARPS"), in which the Government of Sierra Leone ("GoSL") has a 10% free carried interest.

The Project companies are currently owned 75% by AML, and 25% by Shandong Iron and Steel Group ("SISG"), except for ARPS, which is currently owned 75% by AML and 25% by SISG, with the GoSL having the right to a 10% free carried interest from AML.

www.african-minerals.com