Holding(s) in Company

TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARESi

1. Identity of the issuer or the underlying issuerof existing shares to which voting rights areattached:ii

GCM RESOURCES PLC

2 Reason for the notification (please tick the appropriate box or boxes):

An acquisition or disposal of voting rights

X

An acquisition or disposal of qualifying financial instruments which may result in theacquisition of shares already issued to which voting rights are attached

An acquisition or disposal of instruments with similar economic effect to qualifying financial instruments

An event changing the breakdown of voting rights

Other (please specify):

3. Full name of person(s) subject to thenotification obligation:iii

CHRISTIAN LEONE LUXOR MANAGEMENT, LLC; LUXOR CAPITAL GROUP, LP; AND LCG HOLDINGS, LLC

4. Full name of shareholder(s) (if different from 3.):iv

LUXOR CAPITAL PARTNERS LP, LUXOR CAPITAL PARTNERS OFFSHORE MASTER FUND, LP, LUXOR SPECTRUM, LLC, LUXOR SPECTRUM OFFSHORE MASTER FUND, LP, LUXOR WAVEFRONT, LP, OC MASTER FUND LP, LP-LCG, GAM EQUITY SIX, INC

5. Date of the transaction and date onwhich the threshold is crossed orreached:v

1 MARCH 2012

6. Date on which issuer notified:

2 MARCH 2012

7. Threshold(s) that is/are crossed orreached:vi, vii

GOING UNDER 11% IN RESPECT OF EACH OF CHRISTIAN LEONE, LUXOR MANAGEMENT, LLC, LUXOR CAPITAL GROUP, LP AND LCG HOLDINGS LLC

8. Notified details:

A: Voting rights attached to sharesviii, ix

Class/type ofshares

if possible usingthe ISIN CODE

Situation previousto the triggeringtransaction

Resulting situation after the triggering transaction

NumberofShares

NumberofVotingRights

Numberof shares

Number of votingrights

% of voting rightsx

Direct

Directxi

Indirectxii

Direct

Indirect

CHRISTIAN LEONE

4,892,484

4,892,484

4,855,582

4,855,582

9.51%

COMMON STOCK

GB00B00KV284

LUXOR MANAGEMENT LLC

4,892,484

4,892,484

4,855,582

4,855,582

9.51%

COMMON STOCK

GB00B00KV284

LUXOR CAPITAL GROUP, LP

4,892,484

4,892,484

4,855,582

4,855,582

9.51%

COMMON STOCK

GB00B00KV284

LCG HOLDINGS, LLC

4,532,700

4,532,700

4,509,657

4,509,657

8.83%

COMMON STOCK

GB00B00KV284

B: Qualifying Financial Instruments

Resulting situation after the triggering transaction

Type of financialinstrument

Expirationdatexiii

Exercise/Conversion Periodxiv

Number of votingrights that may beacquired if theinstrument isexercised/ converted.

% of votingrights

C: Financial Instruments with similar economic effect to Qualifying Financial Instrumentsxv, xvi

Resulting situation after the triggering transaction

Type of financialinstrument

Exercise price

Expiration datexvii

Exercise/Conversion periodxviii

Number of voting rights instrument refers to

% of voting rightsxix, xx

CHRISTIAN LEONE: TOTAL RETURN SWAP ON COMMON STOCK

Market Price

21 MAR 2012

N/A

666,533

Nominal

Delta

1.31%

LUXOR MANAGEMENT, LLC: TOTAL RETURN SWAP ON COMMON STOCK

Market Price

21 MAR 2012

N/A

666,533

Nominal

Delta

1.31%

LUXOR CAPITAL GROUP, LP: TOTAL RETURN SWAP ON COMMON STOCK

Market Price

21 MAR 2012

N/A

666,533

Nominal

Delta

1.31%

LCG HOLDINGS, LLC: TOTAL RETURN SWAP ON COMMON STOCK

Market Price

21 MAR 2012

N/A

666,533

Nominal

Delta

1.31%

Total (A+B+C)

Number of voting rights

Percentage of voting rights

IN RESPECT OF EACH OF CHRISTIAN LEONE, LUXOR MANAGEMENT, LLC AND LUXOR CAPITAL GROUP, LP

10.81%

IN RESPECT OF LCG HOLDINGS, LLC

10.14%

AGGREGATE VOTING RIGHTS IN RESPECT OF CHRISTIAN LEONE, LUXOR MANAGEMENT LLC, LUXOR CAPITAL GROUP, LP, AND LCG HOLDINGS, LLC

10.81%

9. Chain of controlled undertakings through which the voting rights and/or thefinancial instruments are effectively held, if applicable:xxi

The Shares in which Christian Leone is interested are managed by the following entities each of which is controlled by Christian Leone.

Luxor Management, LLC;

Luxor Capital Group, LP; and

LCG Holdings, LLC.

Proxy Voting:

10. Name of the proxy holder:

11. Number of voting rights proxy holder will ceaseto hold:

12. Date on which proxy holder will cease to holdvoting rights:

13. Additional information:

14. Contact name:

Graham Taggart

15. Contact telephone number:

020 7290 1630