Posting of Open Offer Circular

THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED IN IT IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO ANY JURISDICTION IN WHICH THE SAME WOULD BE UNLAWFUL.

THIS ANNOUNCEMENT DOES NOT CONSTITUTE A PROSPECTUS OR FORM PART OF, AND SHOULD NOT BE CONSTRUED AS, ANY OFFER FOR SALE OR SUBSCRIPTION OF, OR SOLICITATION OF ANY OFFER TO BUY OR SUBSCRIBE FOR, ANY SHARES IN OR SECURITIES IN ANY OTHER ENTITY, IN ANY JURISDICTION, INCLUDING THE UNITED STATES, NOR SHALL IT, OR ANY PART OF IT, OR THE FACT OF ITS DISTRIBUTION, FORM THE BASIS OF, OR BE RELIED ON IN CONNECTION WITH, ANY CONTRACT OR INVESTMENT DECISION WHATSOEVER, IN ANY JURISDICTION. THIS ANNOUNCEMENT DOES NOT CONSTITUTE A RECOMMENDATION REGARDING ANY SECURITIES.

ANY INVESTMENT DECISION MUST BE MADE EXCLUSIVELY ON THE BASIS OF THE CIRCULAR TO BE PUBLISHED BY THE COMPANY AND ANY SUPPLEMENT THERETO IN CONNECTION WITH ADMISSION.

Weatherly International Plc

("Weatherly" or "the Company")

 Posting of Open Offer Circular

Weatherly is pleased to announce that, further to its announcement of 10 November 2014, it has today posted a circular (the "Circular") to Qualifying Shareholders regarding an Open Offer of up to approximately £3.8 million. The Circular is also available on the Company's website at www.weatherlyplc.com.

All capitalised terms in this announcement have the same meanings as those given to them in the Circular, unless the context otherwise requires.

The Open Offer is being made to Qualifying Shareholders on the register as at the Record Date of 14 November 2014, for up to 129,811,609 Open Offer Shares at 2.925p per Open Offer Share (being the same price as the Issue Price for the Subscription, announced on 10 November 2014) on the basis of:

4 Open Offer Shares for every 19 Existing Ordinary Shares

The Issue Price represented a discount of approximately 22% to the then prevailing middle market closing price per Ordinary Share of 3.75p on 7 November 2014 and now represents a premium of approximately 2% to the middle market closing price per Existing Ordinary Share of 2.875p on 17 November 2014, being the business day before the posting of the Circular.

Qualifying Shareholders are also being given the opportunity, provided that they take up their Open Offer Entitlements in full, to apply for additional Open Offer Shares through an Excess Application Facility.

Applications up to each Qualifying Shareholder's Guaranteed Excess Entitlement which satisfy the relevant terms and conditions will be met in full. Applications under the Excess Application Facility for any Excess Shares beyond a Qualifying Shareholder's Guaranteed Excess Entitlement shall be determined by the Directors in their absolute discretion.

Full details of the Open Offer, including terms and conditions and details on how to accept the Open Offer are set out in the Circular posted to Qualifying Shareholders today and available on the Company's website.

For further information please contact:

Weatherly International Plc +44 (0) 20 7917 2989

Rod Webster, Chief Executive Officer

Kevin Ellis, CFO and Company Secretary

RFC Ambrian Limited +44 (0) 20 3440 6800

(Nominated Adviser & Broker)

Samantha Harrison / James Biddle

Finncap +44 (0) 20 7220 0514

(Joint Broker)

Joanna Weaving

Blytheweigh +44 (0) 20 7138 3204

(Financial PR)Tim Blythe / Halimah Hussain

Extracts from the Circular are set out below:

EXPECTED TIMETABLE OF PRINCIPAL EVENTS

Each of the dates in the above timetable is subject to change at the absolute discretion of the Company. If any of the details should change, where appropriate, the revised times and/or dates will be notified to Shareholders by means of an announcement through a Regulatory Information Service.

Background to and reasons for the Capital Raising

On 7 November 2014, the Company announcedthat it had commenced mining at its Tschudi copper mine in Namibia ("Tschudi"). The first copper production is expectedin Q4 of FY2015.

Constructionof the Tschudi project remainson schedule and budget with 85% of the works completed matchedwith the draw down of 79% of the projectfinance loan providedby Orion Mine Finance.

Administration and plant offices are operational at the Tschudimine, and senior staff members have been appointed within the processing group to ensure operational readinessby Q4 FY2015.

The first leach pad which will allow the copper to be dissolvedfrom ore using sulphuric acid is close to completion and mining for silica to provide the drainage layer for the heap leach pads from a nearby quarry has commenced. Commission of the crushing and agglomeration plant is scheduled for December 2014 followed by commissioning of the solvent extraction-electrowinning (SX/EW) plant in Q3 FY2015 which will recyclethe acid to be reused on the heap leach pads.

The mining contractor, Basil Read, commencedwaste stripping at the beginningof the quarter and by the end of the quarter the first ore was exposed in the initial pits. The bulk of the waste removed is being used to form the base of the heap leach pads and the ore stockpilearea above the primarycrusher. In total, 251,450bcm of waste and 1,920 bcm of mineralised material was mined at the Tschudi mine during the quarterto 30 September 2014.

The Board believe that there is a strong case for accelerating the waste stripping, in order to provide greater certaintythat the Tschudiproject will achieve its stated targets in the first year of production. This would require the Companyto provide additional working capitalto the Tschudi project during Q3 of FY2015. In order to do this, the Company will most likely need to draw down on the US$8m overrun facilityprovided by Orion Mine Finance, which requires the Companyto contribute on a dollar for dollar basis.

The Board originally anticipated that the Company'scontribution to the overrun would come from cash reservesbuilt from its existing underground mines. However, the weak copper price and re-organisation of the underground operations has meant that cash flows from these operations are not anticipated to allow for building of sufficientcash reserves by the time the expecteddraw down is required. Consequently, Subscription together with the minimum raisedunder the Placingand Open Offer, togetherwith the Company's cash reserveswill enable the Companyto utilise the overrunfacility in full and provideapproximately US$16m in cash reserves to deal with waste stripping into the next quarter in addition to any commissioning costs that may arise in connection.

Current trading and prospects

Production in Q1 of FY2015 remained strong and tonnes mined overall in the quarter increased by 14% compared with the previous quarter. However, lower grades from some of the development areas offsetthe increase in mining, resulting in copper producedfor the quarterbeing slightly less than the previousquarter at 1,462 tonnes produced at a rate of US$5,700/t. The Company delivered6,906 tonnes of concentrate (1,497 tonnes of contained copper) to metal trader Louis Dreyfus at a weighted average price of US$6,989/t copper (US$ 3.17/lb).

During the quarterended 30 September 2014, the Company paid off US$0.55million of theworking capital loan to Orion Mine Finance reducingthe outstanding loan in respectof Central Operations to US$830,000. This left the company with cash reserves, excluding drawdowns underthe Orion loan,of approximately US$5.4million.

Q1 of FY2015is the second quarter where production has continued at an annualised rate approaching 6,000 copper tonnes, and also the highesthalf year recordedsince the mines were reopenedin 2010.

The pillar retreatprogramme at Otjihasecontinues with higherore recovery than initially expected. As a result,development of the two new primarymining areas has slowed for the time being.

As part of the mobilefleet upgrade, two new Atlas Copco 1530 scoops were commissioned having an immediate effect on productivity. Similarly, a new Atlas Copco282 drill jumbowas mobilised to site for trialwith positive early results.A number of expatriate drill trainers have also arrivedon site as part of the programto upgrade the skills of operators using the new equipment.

The Tschudi projectremains on trackand the management team is focussedon driving efficiencies at Central Operations and bringing Tschudiinto production in Q4 of FY2015.

Use of proceeds

The Company considers the principal areas of focus, in relation to which it proposes to utilise the proceedsof the Capital Raising, to be:

• Acceleration of the waste stripping at Tschudi to mitigateagainst commissioning risks (as set out below) and ensure production targets are met. This will mostlikely involve provision of an additional working capitalto Tschudi.

• To ensure the Companyhas the financial resourcesavailable to meet its workingcapital needs duringthe commissioning and post commissioning period of the Tschudi mine. While the Companydoes not anticipate a requirement to utilise the Orion overrun facility on the basis of the current mine plan, there are also a number of risk factorsthat could effect the commissioning of the Tschudi,such as slower leach times, poorer metallurgical recoveries, inferior ore grade, grade dilution, power outages, mechanical breakdowns, copperprice and US$/randexchange rates.Any number of the above (individually or collectively) can impact on the commissioning timetable and adversely impact the Company's working capitalneeds.

In these circumstances, the Directors' believe it is prudentto ensure that the Company has sufficientcash reserves to ensure that it is fully able to utilise the Orion overrun facility.

The total costs and expenses of, and incidental to, the Capital Raising payable by the Company (including professional fees, commissions, the cost of printing and the fees payable to the registrars) are estimated to amount to approximately £150,000.

The net proceeds of the Capital Raising are expected to be approximately £4.5 million, assuming the Open Offer is fully subscribed.

Estimated minimum net cash proceeds of the Subscription and the Placing £3.2 million receivable by the Company. Assuming that there are no applications under the Open Offer

Directors' participation in the Open Offer

The Directors listed in the table below have conditionally agreed to subscribefor a total of £158,270 in the Open Offer, representing 5,410,932 New Ordinary Shares, in the amounts set out next to their names, which includeExcess Shares under the ExcessApplication Facility.

The interests (all of which are beneficial unless stated otherwise) of the Directors and of persons connected with them (within the meaning of section 252 of the 2006 Act) in the issued ordinary share capital of the Company and the existence of which is known to, or could with reasonable due diligence be ascertained by, any Director as at the date of this document and as they are expected to be immediately following Admission are as follows:

* Assuming that the Open Offer is fully subscribed, the Directors receive their Open Offer Entitlements and full applications for Excess Shares and no options or warrantsare exercised prior to Admission.

Placing and Open Offer Agreement

RFC Ambrian has conditionally placed 85,750,937 Placing Shares at 2.925 pence per Placing Share, subject to clawback, with institutional and other investors. Of the 85,750,937 Placing Shares, 76,007,350 Placing Shares have been placed with Polo Resources. All of the Placing Shares have been placed on the basis of there being Unallocated Shares under the Open Offer.

The Placing and Open Offer Agreement contains certain warranties and indemnities from the Company in favour of RFC Ambrian and is conditional, inter alia, on:

(a) the posting of this document and the Application Forms;

(b) the allotment of the New Ordinary Shares;

(c) there being no breach of warranty under the Placing and Open Offer Agreement; and

(d) Admission occurring by not later than 8.00 a.m. on 8 December 2014 (or such other time and/or date as RFC Ambrian and the Company may agree being not later than 31 December 2014).

RFC Ambrian Limited ('RFC Ambrian') and Finncap Limited (''Finncap") (each of which is regulated in the UK by the Financial Conduct Authority) are acting exclusively for Weatherly in connection with the requirements of the AIM Market and the UK Listing Authority and for no one else and will not be responsible to any other person for providing the protection afforded to customers of RFC Ambrian or Finncap respectively nor for providing advice in connection with this announcement.

Participation in the proposed Open Offer will not be available to shareholders resident in the United States, Australia, Canada, South Africa or Japan or any other jurisdiction where it would be unlawful to offer participation.

This announcement does not constitute, or form part of, an offer of, or the solicitation of any offer to subscribe for or buy, any of the Ordinary Shares to be issued or sold in connection with the Open Offer.

This announcement does not constitute a prospectus or prospectus equivalent document. Nothing in this announcement should be interpreted as a term or condition of the Open Offer. A circular relating to the Open Offer will be prepared and made available to shareholders. Any decision to invest in Weatherly under the Open Offer must be made only on the basis of the information contained in the circular.

This announcement contains certain "forward‐looking statements" regarding the belief or current expectations of the Group, the Directors and other members of its senior management about the Company's financial condition, results of operations and business and the transactions described in this announcement. Generally, but not always, words such as "may", "could", "should", "will", "expect", "intend", "estimate", "anticipate", "assume", "believe", "plan", "seek", "continue", "target". "goal", "would" or their negative variations or similar expressions identify forward‐looking statements.

Such forward‐looking statements are not guarantees of future performance. Rather, they are based on current views and assumptions and involve known and unknown risks, uncertainties and other factors, many of which are outside the control of the Company and are difficult to predict, that may cause the actual results, performance, achievements or developments of the Company or the industries in which it operates to differ materially from any future results, performance, achievements or developments expressed or implied from the forward‐looking statements.

The offer of securities in certain jurisdictions may be restricted by law and therefore potential investors should inform themselves about and observe any such restrictions. This announcement is not for publication or distribution, directly or indirectly, in or into the United States, Australia, Canada, Japan, New Zealand, South Africa, Switzerland or any other jurisdiction in which such publication or distribution would be a violation of the relevant laws of such jurisdiction. This announcement is for information only and does not constitute an offer or invitation to acquire or dispose of securities in the United States, Australia, Canada, Japan, New Zealand, South Africa or Switzerland or any other jurisdiction in which such offer or invitation would be a violation of the relevant laws of such jurisdiction. In particular, this announcement does not constitute or form part of any offer or solicitation to purchase or subscribe for securities in the United States. The securities referred to herein (the "Securities") have not been and will not be registered under the US Securities Act of 1933, as amended ('the Securities Act'), or with any securities regulatory authority of any state or other jurisdiction of the United States, and may not be offered or sold in the United States, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and in compliance with any relevant state securities laws. There will be no public offer of Securities in the United States.

Past performance is no guide to future performance and persons needing advice should consult an independent financial adviser.

The distribution of this announcement may be restricted by law. No action has been taken that would permit the possession or distribution of this announcement in any jurisdiction where action for that purpose is required.