Update on debt facilities with Orion Mine Finance

21 December 2015

Weatherly International plc("Weatherly" or "the Company")

 Update on debt facilities with Orion Mine Finance

Summary

Weatherly International plc (AIM: WTI) announces that it has now executed a further Amendment and Restatement Agreement (the "Amended Agreement") with Orion Mine Finance (Master) Fund I LP ("Orion"). The Amended Agreement has formalized the deferral in commencing repayments of the Tranche B facility, which was announced on 25 November 2015, with the first repayment of Tranche B now due in May 2016. In addition, the Amended Agreement provides a further Tranche D facility of US$4 million.

Craig Thomas, CEO of Weatherly, commented:

"I am pleased to confirm the strong and continuing positive support shown by our partner and largest shareholder, Orion."

Debt Financing

The Company announces that, further to its announcement of 25 November 2015, it has executed the Amended Agreement with Orion under which commencement of repayments under Tranche B have been deferred and consequently that the first two payments of the loan due on 30 November 2015 and 29 February 2016 have been removed from the repayment schedule. The first repayment under Tranche B will be by 31 May 2016 and quarterly thereafter until 29 February 2020. The revised repayment schedule is for the first two payments to be half the level of the remaining payments.

In addition, the Amended Agreement provides for a new Tranche D of a further US$4 million. The key terms of Tranche D include inter alia an interest rate of Libor plus 9% (with a minimum Libor of 2%); a drawdown period up to 31 March 2016, a due date 350 days after signing the Amendment and Restatement Agreement; and an arrangement fee of US$280,000 payable on the due date.

The Amended Agreement provides that by 31 January 2016, Orion and Weatherly will agree to a hedging arrangement which shall, inter alia, cover approximately 80% of Weatherly's scheduled monthly production over a period of approximately six months. Further announcements will be made in due course when these arrangements are finalised.

The Company's cash reserves were US$4.0 million as at 30 November 2015. Together with the proceeds from Facility D, which will be drawn immediately, these will be used to complete the transition of Central Operations to project development status, to complete the Stage 1B heap leach pad extension at Tschudi, and for general working capital purposes.

Orion is a related party of the Company by virtue of Orion being a substantial shareholder in the Company and consequently the execution of the Amended Agreement and the draw-down of Tranche D are deemed to be a related party transaction under the AIM Rules for Companies. The independent directors of Weatherly (being all of the directors other than Ray Jenner, by virtue of his association with Orion) consider, having consulted with Weatherly's nominated adviser, RFC Ambrian, that the terms of the Amendment and Restatement Agreement are fair and reasonable insofar as Weatherly's shareholders are concerned.

For further information please contact:

Weatherly International plc +44 (0) 20 7936 9910

Craig Thomas, Chief Executive Officer

Kevin Ellis, CFO and Company Secretary

RFC Ambrian Limited +44 (0) 20 3440 6800

(Nominated Adviser & Broker)

Samantha Harrison / Kim Eckhof

Finncap +44 (0) 20 7220 0500

(Joint Broker)

Christopher Raggett

Blytheweigh +44 (0) 20 7138 3204

(Financial PR) Tim Blythe / Camilla Horsfall / Megan Ray

About Weatherly

Weatherly is an AIM listed copper mining company operating in Namibia in southern Africa. Its principal assets are one open pit copper mine called Tschudi and two underground copper projects called Otjihase and Matchless.

These assets will enable Weatherly to achieve its medium term goal of establishing a mining business capable of sustaining approximately 25,000 tonnes per annum of copper production.

The Company also has a 25% stake in the AIM listed company, China Africa Resources plc (AIM: CAF), which is developing a lead/zinc mine called Berg Aukas, also in Namibia.