Metals Exploration Regulatory News (MTL)

TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARES i

1. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attached: ii

METALS EXPLORATION PLC

2 Reason for the notification (please tick the appropriate box or boxes):

An acquisition or disposal of voting rights

X

An acquisition or disposal of qualifying financial instruments which may result in the acquisition of shares already issued to which voting rights are attached

An acquisition or disposal of instruments with similar economic effect to qualifying financial instruments

An event changing the breakdown of voting rights

Other (please specify):

3. Full name of person(s) subject to the notification obligation: iii

BAKER STEEL CAPITAL MANAGERS LLP

(DISCRETIONARY CLIENTS OF AND ASSOCIATED OR CONNECTED/RELATED PARTIES)

4. Full name of shareholder(s)

(if different from 3.): iv

Genus Dynamic Gold Fund

Genus Natural Resource Fund

Baker Steel Resources Trust

Dynamic Investment Fund - Baker Steel Alpha Gold Fund

RIT Capital Partners PLC

Baker Steel Gold Fund

5. Date of the transaction and date on which the threshold is crossed or reached: v

15-Apr-15

6. Date on which issuer notified:

15-Apr-15

7. Threshold(s) that is/are crossed or

reached: vi, vii

12%, 11%, 10%

8. Notified details:

A: Voting rights attached to shares viii, ix

Class/type ofshares

if possible usingthe ISIN CODE

Situation previousto the triggeringtransaction

Resulting situation after the triggering transaction

NumberofShares

NumberofVotingRights

Numberof shares

Number of votingrights

% of voting rights x

Direct

Direct xi

Indirect xii

Direct

Indirect

ORDINARY

170,268,056

170,268,056

134,282,620

134,282,620

none

9.8%

none

B: Qualifying Financial Instruments

Resulting situation after the triggering transaction

Type of financialinstrument

Expirationdate xiii

Exercise/ConversionPeriod xiv

Number of votingrights that may beacquired if theinstrument isexercised/ converted.

% of votingrights

 n/a

C: Financial Instruments with similar economic effect to Qualifying Financial Instruments xv, xvi

Resulting situation after the triggering transaction

Type of financialinstrument

Exerciseprice

Expirationdate xvii

Exercise/Conversionperiod xviii

Number of votingrights instrumentrefers to

% of voting rights xix, xx

 n/a

Nominal

Delta

Total (A+B+C)

Number of voting rights

Percentage of voting rights

 134,282,620

 9.8%

9. Chain of controlled undertakings through which the voting rights and/or thefinancial instruments are effectively held, if applicable: xxi

Proxy Voting:

10. Name of the proxy holder:

11. Number of voting rights proxy holder will cease to hold:

12. Date on which proxy holder will cease to hold voting rights:

13. Additional information:

 BAKER STEEL CAPITAL MANAGERS LLP

14. Contact name:

Tino Isnardi

15. Contact telephone number:

020 7389 0009