Result of institutional placing

25 November 2011

Metminco Limited

("Metminco" or the "Company")

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, CANADA, SOUTH AFRICA, OR JAPAN OR ANY OTHER STATE OR JURISDICTION IN WHICH RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL

Result of institutional placing - approximately US$40 million raised

Further to the announcement of 8:15 a.m. on 24 November 2011 (the "Announcement"), Metminco is pleased to announce the successful completion of the Institutional Placing. A total of 285,714,286 new Shares have been placed by Canaccord Genuity, Liberum and Canaccord BGF in relation to the Institutional Placing at a price of A$0.14 (£0.088) each to raise gross proceeds of approximately US$40 million (£25.1, A$40.1 million).

The Institutional Placing comprises two tranches. The Company will apply for admission of the Firm Shares (211,850,000 Shares) to be traded on AIM and the ASX. It is expected that First Admission will take place and that trading will commence on ASX on or around Thursday 1 December 2011 and on AIM at 8.00 a.m. on or around Thursday 1 December 2011.

Subject to shareholder approval at the General Meeting, the Company will also apply for admission of the Conditional Shares (73,864,286 Shares) to be traded on AIM and the ASX. It is expected that Second Admission will take place and that trading will commence on ASX on or around Friday 6 January 2012 and on AIM at 8.00 a.m. on or around Thursday 5 January 2012 and in any event no later than 31 January 2012.

Following admission of the Firm Shares, Metminco's issued share capital will consist of 1,674,466,146 Shares. Following admission of the Conditional Shares, Metminco's issued share capital will consist of 1,748,330,432 Shares.

Defined terms in this announcement shall have the same meaning as in the Announcement.

William Howe, Chief Executive of Metminco Limited said:

"We are delighted to have successfully concluded this fundraise in very challenging market conditions. We are encouraged by the strong support of not only our existing shareholders but also an excellent group of blue chip international institutional investors. Completion of this placing will ensure we are fully funded to deliver our 2012 work programme and make significant progress in delineating the world class Los Calatos porphyry system and position ourselves to bring Mollacas towards near term production as planned."

Enquiries:

For further information please contact:

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, SOUTH AFRICA OR JAPAN OR ANY OTHER STATE OR JURISDICTION IN WHICH RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL

Certain statements in this announcement are forward-looking statements which are based on the Company's expectations, intentions and projections regarding its future performance, anticipated events or trends and other matters that are not historical facts. These statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Factors that would cause actual results or events to differ from current expectations, intentions or projections might include, amongst other things, changes in commodity prices, changes in equity markets, failure to establish estimated mineral reserves, political risks, changes to regulations affecting the Company's activities, delays in obtaining or failure to obtain any required regulatory approval, failure of equipment, uncertainties relating to the availability and costs of financing needed in the future, the uncertainties involved in interpreting geological, geophysical and engineering data, delays in obtaining geological results, the success of future explorations, acquisitions and other strategic transactions and other risks associated with exploration, development and production. For further details of risks relating to the Company and its shares, please see the Risk Factors in Appendix II. Given these risks and uncertainties, prospective investors are cautioned not to place undue reliance on forward-looking statements, which are not guarantees of future performance. Forward-looking statements speak only as of the date of such statements and, except as required by the Financial Services Authority ("FSA"), the London Stock Exchange or applicable law, each of the Company, Canaccord Genuity, Liberum and Canaccord BGF expressly disclaims any obligation or undertaking to review, revise or release publicly any updates to any forward-looking statements to reflect any changes in Metminco's expectations with regard thereto or any changes in events, conditions or circumstances on which any such statement is based, whether as a result of new information, future events or otherwise.

This announcement is for information purposes only and shall not constitute an offer to buy, sell, issue, or subscribe for, or the solicitation of an offer to buy, sell, issue, or subscribe for any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. This announcement has been issued by and is the sole responsibility of Metminco.

No representation or warranty, express or implied, is or will be made as to, or in relation to, and no responsibility or liability is or will be accepted by Canaccord Genuity, Liberum or Canaccord BGF or by any of their respective affiliates or agents as to, or in relation to, the accuracy or completeness of this announcement, or any other written or oral information made available to or publicly available to any interested party or its advisers, and any liability therefore is expressly disclaimed.

Canaccord Genuity, which is authorised and regulated in the United Kingdom by the FSA, is acting for Metminco and for no-one else in connection with the Placing, and will not be responsible to anyone other than Metminco for providing the protections afforded to customers of Canaccord Genuity nor for providing advice to any other person in relation to the Placing or any other matter referred to herein.

Liberum, which is authorised and regulated in the United Kingdom by the FSA, is acting for Metminco and for no-one else in connection with the Placing, and will not be responsible to anyone other than Metminco for providing the protections afforded to customers of Liberum nor for providing advice to any other person in relation to the Placing or any other matter referred to herein.

Canaccord BGF, which is authorised and regulated in Australia by the ASIC, is acting for Metminco and for no-one else in connection with the Placing, and will not be responsible to anyone other than Metminco for providing the protections afforded to customers of Canaccord BGF nor for providing advice to any other person in relation to the Placing or any other matter referred to herein.

The distribution of this announcement and the offering of the Placing Shares in certain jurisdictions may be restricted by law. No action has been taken by Metminco, Canaccord Genuity, Liberum or Canaccord BGF that would permit an offering of such shares or possession or distribution of this announcement or any other offering or publicity material relating to such shares in any jurisdiction where action for that purpose is required. Persons into whose possession this announcement comes are required by Metminco, Canaccord Genuity, Liberum and Canaccord BGF to inform themselves about, and to observe such restrictions. The price of shares and the income from them may go down as well as up and investors may not get back the full amount invested on disposal of the shares.

This announcement is not for distribution directly or indirectly in or into the United States (including its territories and possessions, any State of the United States and the District of Columbia), Canada, South Africa or Japan or any jurisdiction into which the same would be unlawful. This announcement is not an offer of securities for sale in the United States. Securities may not be offered or sold in the United States absent registration or an exemption from registration. No offering of securities will be made in the United States by Metminco in connection with the Placing.

This announcement does not constitute or form part of an offer or solicitation to purchase or subscribe for shares in the capital of Metminco in South Africa, Canada or Japan or any jurisdiction in which such an offer or solicitation is unlawful. No public offering of securities of Metminco will be made in connection with the Placing in the United Kingdom or elsewhere.

No prospectus has been lodged with, or registered by, the Japanese Ministry of Finance; and the Placing Shares have not been, and nor will they be, registered under or offered in compliance with the securities laws of any state, province or territory of Canada, South Africa or Japan. Accordingly, the Placing Shares may not (unless an exemption under the relevant securities laws is applicable) be offered, sold, resold or delivered, directly or indirectly, in or into the United States, South Africa or Japan or any other jurisdiction outside the United Kingdom.

This announcement is not a disclosure document under Chapter 6D of the Corporations Act, has not been lodged with ASIC and does not purport to include the information required of a disclosure document under the Corporations Act. No disclosure document has been, or will be lodged, with ASIC in respect of the offer of the Placing Shares. The Institutional Placing is only made to persons in Australia to whom it is lawful to offer the Placing Shares without disclosure to investors under Chapter 6D of the Corporations Act under one or more exemptions set out in section 708 and of the Corporations Act.

The Company is not issuing the Placing Shares for the purposes of the persons to whom they are issuing, selling or transferring them, or granting, issuing or transferring interests in, or warrants over, them.

The Placing Shares have not been approved or disapproved by the US Securities and Exchange Commission, any State securities commission or any other regulatory authority in the United States, nor have any of the foregoing authorities passed upon or endorsed the merits of the Placing or the accuracy or adequacy of this announcement. Any representation to the contrary is unlawful.