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INVESTOR PRESENTATIONMay 2014

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May 2014Investor presentation 1

Group overview• Pan African, multi-commodity exploration/development/mining company

• gold; nickel; copper; diamonds• Established 2003; AIM-listed • Large resource base

• >5.2Moz gold• >386kt contained nickel• significant copper exploration potential

• Operations• Zimbabwe

1) Freda Rebecca – gold 2) Bindura Nickel Corporation (BNC) – nickel

• South Africa3) Klipspringer – diamonds

• Exploration• DRC

4) Zani-Kodo – gold5) SEMHKAT – copper

• Strategic relationships• China International Mining Group Corporation (CIMGC); Hailiang; Glencore


Group overview continued

Relative share price performance, YTD


Key factsLondon listed (AIM) AIM:MWA

Issued shares 1 398m

Share price* 1.6p

100 trading day VWAP 1.47p

52-week high 4.7p

52-week low 1.04p

Market capitalisation £22.36m

Significant shareholders %

Mwana Africa directors & related holdings 32.32

Lansdowne Partners 9.06

JP Morgan Asset Management 4.72

Baker Steel Capital Managers 3.27

Smart Landscape Holdings 3.15

Barclays Bank 3.09

*as at 7th April 2014

Financials (US$’000)

Six monthsHY2014 FY2013 FY2012 FY2011

Revenue 64 993 109 159 81 313 43 717

Cost of sales (37,686) (56 830) (46 450) (29 568)

Gross profit 27,307 52 329 34 863 14 149

Group profit/(loss) after tax 7 461 (43 461) (6 708) (11 481)

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FTSE All Share FTSE All Share Mining Mwana Africa

Delivery on strategy• Strategic focus:

• operational performance• investment to support cash generation• cost control

• Delivery:• performance H1, 2014

• 7% revenue growth to $65m• 40% reduction in exploration spend• 88% rise in group after-tax profit to $7.5m • 9% increase in capital investment due to

Trojan (BNC) restart• delivered corporate costs

• 50% cut in non-executive director fees• 25% cut in CEO salary• 15-20% cut in executive management salaries• scaling down of London presence (completed)• independent remuneration review (completed)

• Looking ahead:• at Freda Rebecca, increase production base to 100koz• at BNC, ramp up to steady-state production of 8000t Ni in concentrate per annum


* Figures are as at 30 September 2013

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Gold Nickel Diamonds

Group trends


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ZimbabweCommodities: gold, nickel


Zimbabwe: operation locations• Gold

• Freda Rebecca

• Nickel• Bindura Nickel Corporation (BNC)


Zimbabwe: socio-political, economic overviewPOLITICAL • Politically stable climate: ZANU-PF in power since independence

• New law limits Presidential term, provides for regular elections (maximum of two five-year terms for any President)

• Recent elections, political activity bode well for calm, normal political transitions in future• Well-established regulatory bodies ensure predictable business environment

ECONOMIC • Growth opportunity following hyperinflation/economic downturn • In the last four years:

• positive growth – 9.9% set growth target• single-digit inflation – 3.7% in 2012• multi-currency system – US$, Rand• royalties tax – 7%

• Liberalisation of foreign exchange • Free movement of investment capital and proceeds

SOCIAL • Educated, modern and committed labour force – 90.7% literacy• Long history of mining • Infrastructure in place – power, rail, road, telecommunications

TECHNOLOGY • Established and efficient banking and payment systems • Centre of the SADC region – proximity to regional opportunities

LEGAL • Laws are robust and supportive of investment• Treaties and Bilateral Investment Protection Agreements exist• Removal of many entities off EU sanctions, continued lobbying over OFAC


Indigenisation• 51% ownership of assets by indigenous Zimbabweans

required by lawMwana Africa complying

• Freda Rebecca • indigenisation to be completed Q4 2014• 15% existing indigenous shareholding currently• balance being finalised with the community trust

and a consortium of local indigenous businessmen

• under a vendor financing arrangement and paid for out of future cash flows

• BNC • Listed on the Zimbabwe Stock Exchange

• significant Government and employee ownership

Zimbabwe: socio-political, economic overview continued


Gold production growth• Resource base

• 5.3Moz

FRGMcurrent

production

3rdmill

Tailingsproject

3rdpartyfeed

ZKPhase 1

ZKPhase 2 400k

2014 2015 2016 2017

65k 100k 50k 200k


Freda Rebecca: overview• Cash-generative

• 20-year production history

• Low-cost, high-volume producer

• Resource: 1.68Moz indicated (at 2.48g/t); 0.64Moz inferred (at 2.28g/t); +10-year LoM

• Underground operation

• access via ramp systems

• massive long hole open stoping, LHD loading, dump truck transport to surface

• CIP circuit - ±100ktpm

• Steady improvement in underground tonnage trammed

• limited by milling capacity

• Gold production : 12 months to March 2013: 65 350oz

12 months to March 2014: 58 704oz

• IDC debt finance facility: US$10m $ 4.2 million outstanding


Freda Rebecca: trends


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Freda Rebecca: consistent performer

Costs ($/oz) FY Mar 12

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C1 cash cost 1 038 897 959

C2 production cost 1 110 981 1 072

C3 total cost 1 231 1 115 1 186


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Power13%

Fuel7%

Explosives2%

Overheads17%

Materials32%

Outside ContractorsOils & Lubricants

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Costs by element 2014

Freda Rebecca: outlook• Tailings

• Regional feed sources


Nickel value positioning• Africa’s only integrated nickel complex

• Potential to process PGMs


Bindura Nickel Corporation (BNC): overview• Africa’s only integrated nickel mines, smelter, refinery• Built by Anglo American • First production: 1968• Zimbabwe Stock Exchange Listing: 1971• Experienced management, stable workforce• Three mines:

• Trojan• high grade, low cost, long life• JORC resource 114.9kt contained Ni• 10-year LoM

• Shangani • currently on care and maintenance

• Hunters Road• pre-development• JORC resource 200kt contained Ni,

grading 0.55%, mineable from open pit, power, water, rail, road available

Pre-development

Mines

Trojan

Hunters Road

Smelter *Shangani * Refinery *

Third party concentrates

Third party matte

Refined nickel (14.5kt NI pa production capacity)

Copper sulphide and PGMs

Cobalt cake

* Care & maintenance


BNC: overview continued

• 2008: operations placed on care and maintenance • 2012: restart following recapitalisation and restructuring

• Mwana shareholding increased to 76.3%• Nickel concentrate off-take agreement with Glencore• Production: 7 026t nickel in concentrate sold,

12 months to March 2014• Drilling during care and maintenance:

• Massive orebody identified• 152% resource increase

• 49% Ni contained in 12% of ore body• modified mining sequence:

• correction of mining sequence for hanging ore body, main ore body

• extraction of massive ore at main ore body footwall• confirmed as safe, feasible, not impacting

on LoM (SRK)


33L (920m)

35L (980m)

37L (1,040m)

43L (2,020m)

Exploration & Infill Drilling HolesMOB @ 0.88% Tni

Massive Sulphides @6.14%

BNC: restarting Trojan Mine• Vertical shaft access; trackless mining

• Shaft sunk to level 45 (1 283m)

• Forecast LoM average 1.05%

• Nickel concentrate grade: ±9%

• 2005: massive sulphides (>3% Ni grade) accessed and shown to continue at depth

• January 2014: 43 – 47 level extension project


BNC: trends


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Costs ($/t) QtrJun 13

Qtr Sep 13

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C1 cash cost 19 251 9 689 11 181 11 333

C2 production cost 21 315 9 958 11 504 11 943

C3 total cost 21 521 10 390 11 819 12 220

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Costs by element 2014

BNC: outlook• Marketing

• better concentrate terms

• improve payables

• Redeep Project

• Feasibility of smelter, refinery restart

• Develop Hunters Road


Diamonds: Klipspringer• Slimes retreatment Project started, 7 October 2013

• Steady progress made during March 2014 quarter• production more than doubles, quarter on quarter, to 12 383cts• average grade: 77.4 cts/100t• average selling price: US$21/ct

• Process changes made during quarter• screening improvements• DMS surge bin installed

• Throughput increase anticipated with onset of dry season• consequent significant contribution to care and maintenance costs in June quarter expected

• Options to re-open underground operations along Leopard Fissure being evaluated



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Democratic Republic of CongoCommodities: gold, copper, diamonds


Zani-Kodo


ELEPHANT COUNTRY

REGIONALRESOURCE

AngloGold Ashanti 20m oz

Mwana Africa 5m oz

AngloGold Mongwalu 5m oz

Banro 17m oz

Zani-Kodo: site of historical Kodo mineClosed in 1964

Set in Greenstone belt


Copper exploration• 100% interest in 33 licenses

• Covering 4 721km2 in Katanga

• 28 licences in JV with Hailiang, China’s largest Cu products fabricator

• US$25m spend over four years

• Mwana 38% undilutable stake

• Scoping study underway at Kibolwe

• 4m width over 1.5km strike

• potential for 150 000t Cu


To close• Proven track record: brought two mines back into production

• Rising cashflows: from gold and nickel operations

• Growing gold production

• Strategic and highly scaleable position in the nickel value chain

• High prospective copper exploration ground

• Experienced board and management team: combined mining experience of 200+ years

• Investment offers the opportunity: to buy into a highly undervalued and successful gold and nickel operation



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Appendices

1. Executive management

2. Non-executive directors

3. Mwana Africa resource statement

4. Kodo Main ore zone cross-section

5. Lelumodi cross-section

6. Recent achievements


Appendix 1: executive management


Chief Executive Officer: Kalaa MpingaHeld senior positions at Bechtel Corporation, Anglo American Corporation of South Africa (AAC) from 1991. In 1997, became director of AAC, leaving in 2001 to pursue business opportunities in mining, founding Mwana Africa Holdings (Pty) Limited.

Financial Director: Yim Kwan Chartered accountant with 30 years’ experience in finance, commerce acquired from positions in accounting firms, private and public corporations. Currently a director of TSX-V listed MBMI Resources Inc., a mining company focused on exploration, development of nickel projects in the Philippines.

Executive Vice-President - Operations: James ArthurMore than 20 years’ mining experience in Southern Africa, including South Africa, Botswana, Zimbabwe and Zambia. Previous managerial experience in precious metals, base metals and coal. Holds an MBA and is currently a Fellow of the Southern African Institute of Mining and Metallurgy (SAIMM).

Executive Vice-President - Exploration: Charl du PlessisPreviously responsible for African exploration at AngloGold/AngloGold Ashanti. From 1989 to 1998, held positions as production geologist at Western Deep Levels and as member of Anglo American’s Basin Analysis Team.

Executive Vice-President - Projects: Tom MashungupaSome 23 years’ engineering experience in cement manufacturing, pulp and paper , mining and process plants. Led project teams in shaft sinking, winder installations, process plant upgrades as well as furnace re-builds. Holds BSc Honours in mechanical engineering (UZ), MDP (Unisa) and is a member of the Zimbabwe Institute of Engineers.

Managing Director - Freda Rebecca: Toindepi MuganyiMore than 18 years’ mining experience in Southern Africa, including Botswana and Zimbabwe. Recently employed as production manager at BCL in Botswana and mining manager of African Copper in Botswana. Holds a BSc mining engineering degree and is a member of SAIMM.

Executive Vice-President - Business Development: Eric LubinOver 35 years of diplomatic experience worldwide, including mediation in conflict zones in Africa and 25 years experience in risk management, and political, economic and strategic counselling. Graduated from Ecole Nationaled’Administration (1987). Consulted for Anglo American, South Africa and other financial institutions specialised in Energy and Mineral Resources. Joined Mwana in 2007. Member of the French Institute for Foreign Relations.

Managing Director - Klipspringer Diamond Mine: Barry ToothResponsible for Mwana’s diamond interests in Africa. Experience in diamond, coal, platinum mining operations, opencast and underground. Began career in 1972 at De Beers, moving subsequently to Anglo American Coal, then SouthernEra. Part of team to establish Marsfontein, Klipspringer diamond operations; instrumental in re-opening SouthernEra’s platinum section, Messina Platinum’s Voorspoed Shaft.

Managing Director - BNC: Batirai Manhando

Total of 18 years’ experience, 10 in senior roles at BNC concentrators, smelter and refinery, before being appointed COO in 2008. Holds an MBA and a BSc (Hons) in metallurgical engineering and is a member of the SAIMM.

Head of Group Investor Relations: Caroline MathonsiQualified accountant with 13 years UK experience in banking and fund management, holding senior positions with The Bank of New York Mellonand most recently with CCLA Investment Management Limited. Holds a BA in Business Administration and International Finance, PRINCE2 and is a Fellow of the Association of Chartered Certified Accountants (ACCA).

Appendix 2: non-executive directors

Investor presentation 30

Interim Non-Executive Chairman: Stuart MorrisPreviously Senior Partner, member of KPMG international executive and board, later becoming Chairman of theSouth African Institute of Chartered Accountants’ Ethics Committee; President of Johannesburg Chamber of Commerce andIndustry; a Public Investment Commissioner; and a Council member of University of the Witwatersrand.

Non-Executive Director: Ning, Yat HoiMore than 20 years’ experience in trading, investing and managing of non-ferro and precious metals businesses. Is Chairman of Hoi Mor Industrial (Group) Limited, China International Mining Group Corporation, Hong Kong Mining Exchange Company Limited and MBMI Resources Inc. Was also VC of China Non-ferrous Metals Council.

Non-Executive Director: Hu Yuan ChingHas a Fiduciary Broker Licence, a Marketing Immovable Property Licence and is a qualified Professional FinancialSupervisor. Between 2001 and 2006, was General Manager of Taiwan A-Life Company, becoming an executivedirector in 2005. In 2006, established Taiyou Investment Co Ltd in Hong Kong.

Non-Executive Director: Johan BothaMore than 40 years’ experience in the African mining sector, 26 years of which were spent working across AngloGold’s portfolio,as well as Manager in the Technical Development Division. Subsequently, has assisted in and managed developmentcommissioning of various mines for BHP, Randgold.

May 2014

Appendix 3: Mwana Africa resource statement


Gold resources (100% basis)

Cut off Reserves Measured and indicated TOTAL

Project name (g/t) Mt Grade (g/t)

Koz Mt g/t Koz Mt g/t Koz

Freda Rebecca 1.5 - - - 21.0 2.48 1 675 29.8 2.42 2 314

Zani-Kodo 0.5 - - - 5.9 3.33 634 38.0 2.43 2 975

TOTAL - - - 2 310 5 290

Nickel resources (100% basis)

Cut off Reserves Measured and indicated TOTAL

Project Name Grade % Kt Grade % Ni (t) Kt Grade % Ni (Kt) Kt Grade % Ni (t)

Trojan 0.45% 3 168 1.04% 32 975 4 181 1.25% 52 155 8 219 1.44% 117 971

Shangani 0.40% - - - 2 320 0.58% 13 590 12 030 0.56% 67 870

Hunters Road* 0.40% - - - 36 437 0.55% 200 404 36 437 0.55% 200 404

TOTAL 32 975 266 149 386 245

*The JORC compliant Hunter’s Road resource of 36,437kt is found in the West Ore body of Hunter’s Road and includes 2,377kt of resource which forms part of a 30m cap of oxide ore mineralisation. In addition, in 1993, an Anglo American MinRED estimate showed 11,000kt grading 0.43% Ni approximately 600m east of the West Ore body of Hunter’s Road which is not included in the resource shown above.

Appendix 4: Kodo Main ore zone cross-section• Cross section through Kodo Main ore zone, showing presence of basal thrust and secondary splays


Appendix 5: Lelumodi cross-section• Wider mineralisation, and at higher structural level than Kodo main, suggests large-scale, open-pit

potential

• Mineralisation open along strike and at depth


Appendix 6: recent achievementsFreda Rebecca

• Sep 2012 quarterly production of 18 350oz• Jan 2013 tailings retreatment pilot plant construction begun• Mar 2013 36.8% year-on-year rise in annual production to 65 350oz

Zani-Kodo• Feb 2013 2.6Moz gold resource declared, including discovery of Lelumodi• Oct 2013 2.97Moz gold resource declared

BNC• Sep 2012 rights issue and restructuring completed, allowing for restart• Feb 2013 114kt nickel resource update for Trojan mine • Apr 2013 First shipment of concentrate from Trojan, following restart• Oct 2013 New mine method validated in SRK CPR

Katanga Copper• Aug 2012 co-operation & development agreement signed with Hailiang for

SEMHKAT licenses• Feb 2013 full joint venture agreement signed with Hailiang for SEMHKAT licenses


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