ZCI LIMITED - Production Update

Production Update

ZCI Limited
(Bermudian registration number 661:1969
(South African registration number 1970/000023/10)
JSE share code: ZCI ISIN: BMG9887P1068
Euronext share code: BMG9887P1068
("ZCI")

                                          Production Update

                          Production for the second quarter of Financial Year 2013-2014

ZCI is pleased to report that its subsidiary, African Copper Plc, announces a production update for
its Mowana and Thakadu Mines for the first six months of its financial year to 30 September 2013.

Summary
• Despite the production issues experienced in the second quarter, ore processed in the first half
  decreased by only c. 12% to 373,274Mt compared to last year’s first half while copper
  produced in concentrate increased by c. 10% to 4,937 Mt.
• Poor mining contractor performance at Thakadu resulted in decreased sulphide ore supply to
  the process plant and increased oxide ore treatment. Copper recovery decreased to 60.4%
  from 83.6% during Q1 FY2014 and from 63.4% during Q2 FY2013.
• Plant downtime impacted the amount of ore processed following the installation of a new
  primary crusher in July and repairs to the ball mill motor in August and September. During the
  quarter 192,041Mt of ore was processed compared to 181,233Mt during Q1 FY2014 and
  250,022Mt during Q2 FY2013.

Mr Jordan Soko, Acting Chief Executive of African Copper, said: “We continue to focus on
improving plant efficiency and increasing throughput to raise production levels further towards
capacity. Our progress continues.”

Production levels for the three months ended 30 September 2013 are set out below:

Description                             July    August     Sept.     Total      Total       Total
                                        2013      2013     2013         Q2         Q2          Q1
                                                                     2013/      2012/       2013/
                                                                     2014       2013        2014
Ore processed (Mt)                     55,01     74,583    62,44   192,041    250,022     181,233
                                           0                   8
Cu grade (%)                            1.86       1.77     1.18       1.60      1.82        2.03
Recovery (%)                            79.7       38.5     73.1       60.4      63.4        83.6
Concentrate produced (Mt)              3,789      2,651    2,769      9,209    13,967      13,003
Copper produced in concentrate (Mt)      816        508      538      1,862     2,881       3,075

Totals for the first six months of FY2014 and comparison with prior periods are as follows:

Description                                 1H 2013/14         1H 2012/13            FY 2012/13
Ore processed (Mt)                             373,274            421,930               801,901
Cu grade (%)                                      1.81               1.86                  1.78
Recovery (%)                                      73.0               57.3                  66.5
Concentrate produced (Mt)                       22,212             20,855                44,041
Copper produced in concentrate (Mt)              4,937              4,490                 9,496

The upgrade of our processing facility continued during the quarter with a new primary crusher
installed over a five day period at the start of July. During this period, the team took the
opportunity to carry out extensive plant maintenance and clean up.

The principal reason for the drop in recoveries and copper in concentrate produced during this
quarter was shortage of high grade sulphide ore from the Thakadu pit. This is directly attributable
to the poor performance of the mining contractor in stripping the required amounts of hanging
wall waste to expose high grade blocks of sulphide ore.

As a result, only 73,960 Mt of Thakadu sulphide ore at 1.08% Cu was mined and processed,
compared to Q1 FY 2014 when 181,233 Mt of Thakadu sulphide ore at 2.03% Cu was mined and
processed.

The shortfall necessitated the processing of stockpiled Thakadu oxide ore, which resulted in
lower recoveries, particularly during August. To improve grades and throughput, a total of 51,767
Mt of mixed oxide/supergene ore at 1.40% Cu was mined from the Mowana open pit, and
processed.

Throughput was also affected by mill stoppages in August and September to repair and replace
the mill actuator and brush ring on the main mill motor.

Exploration continued during the second quarter with geological mapping in the Nakalakwana Hill
area and test pitting and mapping at the Makala deposit immediately west of the Thakadu Mine.

The technical information in this announcement has been reviewed and approved by David De’Ath, BSc
(Hons), MSc, GDE-Mining, MIMM and MAusIMM, the Company’s Manager, Geology, of the
Mowana Mine for the purposes of the current Guidance Note for Mining, Oil and Gas Companies
issued by the London Stock Exchange in June 2009.


Bermuda
21 October 2013

Sponsor: Bridge Capital Advisors (Proprietary) Limited

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