Publication of Bond Prospectus

1 December, 2014 Mwana Africa PLC ("Mwana", the "Group" or the "Company") Publication of Bond Prospectus Mwana Africa is pleased to announce the publication by its 74.7% ownedsubsidiary, Bindura Nickel Corporation Limited ("BNC") of a prospectus inrelation to the previously announced bond to help fund the restart of theBindura Nickel Smelter. Highlights: * Prospectus for $20 million bond issue published and marketing commenced * 5 year term with 10% semi-annual coupon rate * Expected to close late January 2015 * Liquid Asset Status granted by the Reserve Bank of Zimbabwe requiring Zimbabwean banking and other financial institutions to invest a minimum percentage of their assets in the Bond * This is in addition to the bond's Prescribed Asset Status which allows it to be carried as such by Zimbabwean insurance and other long-term savings institutions * The proceeds of the bond will be used to help fund the restart of the Bindura Nickel Smelter which will enable BNC to produce a nickel leach alloy which is expected to improve the achievable nickel price and lower operating costs. Any additional funding for the smelter will be provided out of existing BNC cash flows Mwana Africa will provide a parent guarantee for the bond. Kalaa Mpinga, CEO of Mwana, commented: "We are pleased that BNC have published the prospectus in relation to the $20million bond and look forward to updating the market on our progress over thecoming months. We would like to thank the Reserve Bank of Zimbabwe as beingawarded Liquid Asset Status allows BNC to widen the financial institutions thatcan support and participate in the bond, potentially increasing its liquidityand tradability. The restart of the smelter will allow in-country beneficiationand will provide significant benefits to BNC and Mwana". For further information please visit www.mwanaafrica.com or contact: Mwana Africa PLC Tel: + 44 (0) 203 696 5470 Kalaa Mpinga, CEO Caroline Mathonsi, Investor Relations Nominated Adviser and Broker Tel: +44 (0) 20 7418 8900 Peel Hunt LLP Matthew Armitt / Ross Allister Public Relations Tel: +27 (0) 11 880 3924 Russell and Associates Jim Jones/Leigh King