Operations and Financing Update

24 June 2013

Mwana Africa PLC

("Mwana" or the "Company")

Operations and Financing Update

The Board of Mwana today announces that, despite making significant progress at Bindura Nickel Corporation ("BNC") over the past year, including the completion of the financial restructuring in September 2012 and delivering first nickel in concentrate in April 2013, BNC has so far been unable to raise additional funding through debt to finance phase two of the restart of Trojan Mine as had been anticipated at the time of the September 2012 rights offer and private placement by BNC. The difficulties are attributable to the negative market sentiment associated with the falling nickel price, coupled with the challenging capital markets, and this has created a funding shortfall at BNC. Additionally, whilst Freda Rebecca remains cash generative, its cash contribution to the group in recent months has fallen in light of lower gold prices.

The Mwana board has therefore embarked on a significant cost cutting exercise targeting annualised savings from budgeted corporate costs of around $5m, and is considering its strategic options in relation to its assets and projects including BNC and Zani Kodo.

Operationally Freda Rebecca continues to perform well and the pilot plant project to test the viability of treating Freda Rebecca's tailings dumps continues. The pre-feasibility study that has commenced at Zani Kodo is planned to continue, and exploration on our Katanga copper licences in joint venture with Zhejiang Hailiang also continues.

Further updates on progress and developments will be announced in due course.

For further information contact:

Mwana Africa PLC Tel: +44 (0)20 7654 5580

Donald McAlister / Lorenz Werndle

Nominated Adviser and Broker

Liberum Capital Limited Tel: +44 (0)20 3100 2000

Michael Rawlinson / Tom Fyson / Christopher Kololian

Joint Broker

Peel Hunt Tel: +44 (0)20 7418 8900

Matthew Armitt / Andy Crossley

Public & Investor Relations

Tavistock Communications Tel: +44 (0)20 7920 3150

Ed Portman / Mike Bartlett / Simon Hudson

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 February 2013, Mwana announced that the gold mineral resource at its Zani Kodo project in Democratic Republic of Congo had increased to 2.6 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.