Mwana is pleased to announce the completion of an independent study of an accelerated restart plan for the nickel smelter of its 76.3% owned, Zimbabwe-based subsidiary, Bindura Nickel Corporation.

HIGHLIGHTS

Independent study of accelerated restart plan for BNC nickel smelter completed by Hatch Goba (“Hatch”)

Study represents a technical and economic assessment of the potential refurbishment and restart plans of the smelter complex in Bindura

The plans are confirmed to offer significant financial and strategic benefits to BNC

Based on the independent study, the Company plans to have the BNC smelter in operation during H1 2015, and contributing to cash flows during calendar 2016

Key benefits include reduction in transport costs associated with selling concentrates and potential to increase revenue by producing and selling higher-value nickel leach alloy

Overall capital cost to execute the restart is estimated to be US$26.5 million

Approximately half of the capital cost will be funded through debt finance, with the remainder to be financed from existing BNC cash flow and Company cash balances

Estimated operating cost is US$251/ton concentrate

The installed power for the furnace is 14MW, and concentrate throughput will be approximately 160 000tpa. Trojan concentrate production will be 106 677WMT per annum and therefore there will be spare capacity on the smelter to treat third-party material

Further opportunities for the Company exist beyond the smelter restart, including:

potential to increase volume through development of BNC’s Hunters Road Mine Project at a later date;

investment in adaptation of the smelter to treat platinum group metals (PGMs), contingent on securing PGM feedstock; and

restart of the BNC refinery, currently on care and maintenance, to treat nickel leach alloy and PGMs.

• [Editor:Phillip.Feng]