BNC bond issue and Prescribed Asset status

21 November, 2014 Mwana Africa PLC ("Mwana", the "Group" or the "Company") BNC bond issue and Prescribed Asset status Mwana is pleased to announce that its 74.73% owned subsidiary, Bindura NickelCorporation Limited ("BNC") has been granted Prescribed Asset status ("PAstatus") by the Minister of Finance and Economic Development of Zimbabwe and asa result, will shortly be seeking funding through the marketing of a fixed-termdebt instrument (the "Bond") to help fund the restart of the Bindura smelter. The Bond has been accorded PA status meaning that Zimbabwean asset managers arerequired to invest a certain minimum percentage of their assets undermanagement into prescribed assets. We will provide further details on the Bondin due course. A 12-month accelerated restart plan was independently reviewed by Hatch Gobaearlier in 2014. Kalaa Mpinga, CEO of Mwana, commented: "I am pleased at the approval and support received from the government ofZimbabwe. Being awarded Prescribed Asset status not only provides additionalfinancial support but shows Mwana's continued contribution in Zimbabwe is beingrecognised. The rationale for restarting the smelter is the higher payability of nickel inleach alloy compared to nickel in concentrate. The restart is anticipated toincrease revenue per tonne of contained nickel by between 15% to 20%, as nickelin leach alloy is free from impurities such as magnesium oxide and thereforedoes not attract price penalties. Furthermore, leach alloy transport requires 70% fewer trucks compared totransporting nickel concentrate and, therefore, the smelter restart willsignificantly cut operating costs." For further information please visit www.mwanaafrica.com or contact: Mwana Africa PLCKalaa Mpinga, CEO Tel: +44 (0) 20 7654 5580Caroline Mathonsi, Investor Relations Tel: +44 (0) 20 7654 5580 Nominated Adviser and BrokerPeel Hunt LLP Tel: +44 (0) 20 7418 8900Matthew Armitt / Ross Allister Public RelationsRussell and Associates Tel: +27 (0) 11 880 3924Jim Jones/Leigh King