Update on Suspension of Trading in Shares

18 March 2015

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

Update on Suspension of Trading in Shares

Since the suspension of trading in the Company's shares on 16 February 2015, Weatherly has been in discussions with its project lender, Orion Mine Finance (Master) Fund I LP ("Orion Mine Finance"), and has been reviewing the Company's financial position.

Tschudi Update

As announced on 17 February 2015, Weatherly's Tschudi mine has produced its first copper cathode. However, the Company's initial copper recoveries at its Tschudi mine were lower than anticipated due to slower leach rates and also had higher than anticipated acid consumption.

The uppermost part of the Tschudi deposit comprises a leached cap containing significant carbonate and clay contents as well as partly refractory copper oxides, which was recognised to be difficult to process. Previous work had indicated that this material was confined to the uppermost 12m of the deposit and it was to be stockpiled for later blending and processing. Mining of the deposit and evaluation of results from the recent grade control drilling shows that this material extends to depths of 25-30m.

Mining in some of the pits is now below this depth and there has been a significant increase in both leaching rates and recoveries as a result. Some of the shallow, more refractory ore is now being stockpiled for later treatment with the rest being blended with deeper material to improve recoveries and leach rates. Additionally, mining is being accelerated to access the deeper levels earlier than originally scheduled.

The Company has revised its short-term copper production schedule to take into account the impact of the lower initial production and has discussed this with Orion Mine Finance. It is currently anticipated that as a consequence Tschudi will reach its design capacity in Q4 2015. Further work is underway by the Company to verify the assumptions behind the revised copper production schedule.

The Company is in the process of reviewing the current resource estimate for the oxide portion of the orebody incorporating the latest grade control drilling and is expected to have completed this by the end of the month. The Company also intends to produce an updated independent JORC compliant resource estimate for the whole orebody for release to the market in the third quarter of the calendar year.

Central Operations

As outlined in the announcement on 21 January 2015, the Otjihase mine has been experiencing ground control issues in the eastern part of the Kuruma block where the majority of ore from pillar recovery was being sourced. Following a series of ground movements this area was closed and abandoned, leaving the Otjihase mine short of immediately available reserves. The Otjihase mine is in the process of changing over to primary mining in the new Hoffnung area, but development unfortunately is still on the fringes and only low grade material has been available. This, combined with other production shortcomings at Matchless resulted in both January and February being low production months. New areas have since become available and productivity has increased in the second half of February.

Additionally, during the current quarter, the copper price suffered a material fall from over US$6,000/tonne at the end of December 2014 to a low of approximately US$5,300/tonne at the end of January 2015. While low copper prices exacerbated the impact of the poor production in January and February, Central Operation's losses for the current quarter are expected to be within the Company's available working capital.

At the targeted run rate of approximately 500 tonnes of copper per month, Central Operations is expected to be cash flow neutral assuming no further deterioration in copper prices from today's prices of ~US$5,800/tonne. The Company continues to closely monitor the situation at the Central Operations.

Financial

Weatherly's future financial performance is contingent on revenues received from the sale of copper and the Company is exposed to fluctuations in the copper price.

Orion Mine Finance has provided the final cash call of US$4m in respect of Tranche B of the Tschudi Loan (total drawdown under Tranche B is US$80m). Weatherly has not drawn down on Tranche C, which is a project overrun facility of US$8m which requires the Company to contribute on a dollar for dollar basis. The Company's current cash reserves, which as at 1 March 2015 were US$8.7m (excluding drawdowns under the Orion Mine Finance Loan), are sufficient to allow full utilisation of this facility and the Company's working capital position is reliant on Tranche C (or equivalent facilities) being made available to it as the Tschudi project ramps up to full production. However, these facilities may not be enough to meet the future working capital requirements should copper prices, or other operational factors affecting the Company's financial position deteriorate. For this reason continuing discussions with Orion Mine Finance may lead to subsequent amendments to the current loan arrangements. As a consequence, the Company's financial position remains uncertain and the trading in the Company's shares on AIM remain suspended pending further announcements.

For further information please contact:

Weatherly International Plc +44 (0) 20 7917 2989

Rod Webster, CEO

Kevin Ellis, CFO & Company Secretary

RFC Ambrian Limited +44 (0) 20 3440 6800

(Nominated Adviser & Broker)

Samantha Harrison

Finncap +44 (0) 20 7220 0514

(Joint Broker)

Joanna Weaving

Blytheweigh +44 (0) 20 7138 3204

(Financial PR)Tim Blythe / Halimah Hussain / Megan Ray