Response to Press Speculation

11 March 2011

Hot Tuna plc, a leading surf wear and fashion brand, notes the recent press speculation and price movement. The Board wishes to clarify that, as disclosed at the time of the Company's trading update announced on 21 February 2011, the Board continues to consider how best to support the planned development of Hot Tuna as a surf wear and fashion brand. The Company has no plans to move into mining. As part of the planned development for the brand, the Company is seeking to raise approximately £1.3 million at 0.14p per ordinary share. The Company hopes to be in a position to announce full details of the placing shortly.