Issue of Equity

17 October 2013

Mwana Africa PLC

("Mwana" or the "Company")

Issue of Equity

Mwana announces that the Company has implemented previously accrued Bonus arrangements in relation to the year ending 31 March 2013 concerning a number of existing and previous employees. In total, 37,885,448 Ordinary Shares will be issued at a price of 1.57p per share (the "Bonus Shares") in lieu of cash bonuses. It should be noted that the Bonus Shares are not being issued to any Directors of the Company.

Application has been made for admission of the 37,885,448 Bonus Shares to trading on AIM ("Admission") and it is expected that Admission will take place and that trading will commence on AIM at 8.00 a.m. on or around 23 October 2013.

In accordance with the Financial Services Authority's Disclosure and Transparency Rules ("DTR"), the total issued share capital of the Company with voting rights on Admission will be 1,397,780,675 ordinary shares and none held in treasury.

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About Mwana Africa PLC

Mwana Africa PLC is a pan-African, multi-commodity mining and development company. Mwana's principal operations and exploration activities cover gold, nickel, copper and diamonds in Zimbabwe, the DRC and South Africa.

Mwana's Freda Rebecca gold mine in Zimbabwe, having restarted operations in 2009, produced 65,350 ozs of gold in the 12 months to March 2013.

In October 2013, Mwana announced that the gold mineral resource at its Zani Kodo project in Democratic Republic of Congo had increased to 2.975 million ounces.

In February 2013, Mwana announced it had signed a Joint Venture Agreement with Zhejiang Hailiang Company Limited to jointly explore some of its copper license areas in the Katanga Province of the DRC.

The restart of operations at The Trojan Nickel Mine (owned by Mwana's Zimbabwe subsidiary Bindura Nickel Corporation ("BNC")) followed four years during which all of the BNC assets were on care and maintenance. In September 2012, BNC carried out a restructuring and recapitalisation involving US$23m being invested into BNC which has allowed it to restart the Trojan mine. First sale of concentrate to Glencore took place in April 2013.