ZCI LIMITED - Renewal of Cautionary Announcement

Renewal of Cautionary Announcement

ZCI Limited
(Bermudian registration number 661:1969)
JSE share code: ZCI
ISIN: BMG9887P1068
Euronext share code: BMG9887P1068
("ZCI" or the “Company")

RENEWAL OF CAUTIONARY ANNOUNCEMENT

Shareholders are referred to the previous cautionary announcements released by ZCI in connection with the
liquidation of each of Messina Copper (Botswana) Proprietary Limited (in Liquidation) (“Messina” or “MCB”)
and African Copper plc (in Liquidation) (“ACU”). Capitalised terms defined in previous announcements have
the same meaning when used herein.

Shareholders are reminded that the completion of the Transaction (including receipt by ZCI of the cash
distribution due to it in connection with the sale of the Messina assets) is dependent on certain suspensive
conditions being satisfied. Shareholders are advised that the suspensive conditions relating to the transfer of
the Messina assets to Leboam Holdings Proprietary Limited (“Leboam”), including the Botswana
Government Ministerial approval for the transfer of a mining licence to Leboam and related approvals
concerning the land and the mortgage bonds to which the mining licence relates; and the release by ZCI of
the security held by it over the Messina assets and the simultaneous re-issue to ZCI by Leboam of an
identical security package as security for Leboam’s obligations owing to ZCI in terms of the Transaction,
have been met effective 14 November 2017. The key remaining condition to be satisfied is a successful
fundraising by Leboam to satisfy, inter alia, the cash consideration due to MCB under the Transaction.
Leboam is actively engaged in raising the required funding. Shareholders are further advised that the long
stop date for satisfaction of all suspensive conditions, including the Leboam fundraising condition, has been
extended to 28 November 2017.

Due to the nature of the suspensive conditions to the Transaction and the uncertainty in respect of the
successful funding of the purchase price of the Transaction, as at the date of this announcement the board
of directors of ZCI cannot reliably estimate the extent of any potential proceeds arising as a result of the
aforementioned liquidation proceedings. The Company will provide updates to stakeholders as and when
further information in relation to the above matters, including the full financial impact thereof, has been made
available.

As a result of the events explained above, the board of directors of ZCI is not able to provide a date on which
the suspension of trading, in securities of ZCI, is expected to be lifted as is required in terms of Section
1.10(c) of the JSE Limited Listings Requirements.

Bermuda
16 November 2017
Sponsor: Bridge Capital Advisors Proprietary Limited

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