BNC Rights Issue Update

13 August 2012

Mwana Africa PLC

("Mwana", the "Group" or the "Company")

Trojan Nickel Mine Funding Update

On 7 June 2012 Mwana announced the intention of Bindura Nickel Corporation ("BNC"), Mwana's 52.9% owned subsidiary, to carry out a rights issue to raise USD21 million. Mwana, through its subsidiary Zimnick Limited, is acting as underwriter for the BNC rights issue, proceeds of which will be used to fund the restart of BNC's Trojan Nickel Mine in Zimbabwe. Conclusion of the rights issue is conditional upon, inter alia, BNC shareholder approval and satisfactory resolution of legacy creditor, staff retrenchment and back pay liabilities at BNC.

BNC shareholders approved the rights issue at an EGM held in Harare on 29 June 2012. In parallel to the rights issue process, BNC management have engaged with creditors and staff on settlement proposals for the amounts owing to them. Creditors have largely accepted the proposals, and the BNC Board has extended the rights offer closing date to 31 August 2012 in order to allow additional time for staff to respond to the offer made to them.

For further information please visit www.mwanaafrica.com or contact:

About Mwana Africa PLC

Mwana Africa PLC is a pan-African, multi-commodity resources company. Mwana's principal operations and exploration activities cover gold, nickel and other base metals, and diamonds in Zimbabwe, the DRC and South Africa. Mwana was the first African owned and managed mining business to be listed on London's AIM market. Mwana's Freda Rebecca gold mine in Zimbabwe achieved its target production rate of 50,000 ounces gold per annum in 2011. In February, Mwana announced a gold mineral resource of 2.01 million ounces at its Zani Kodo project in Democratic Republic of Congo. Further information on the Company can be found at www.mwanaafrica.com.

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