Weatherly International Plc Regulatory News (WTI)

Weatherly International Plc

("Weatherly" or "the Company")

Tschudi Project and Central Operations Update

Weatherly International Plc (AIM: WTI) is pleased to provide an update on its Tschudi Copper Project that is due to produce first copper in the 2nd Quarter of 2015.

Tschudi Highlights:

· Tschudi's financial model has been updated by Minxcon resulting in an after tax Net Present Value (8%) of US$133 million.

· The Life of Mine ("LOM") cash cost (C1) for the project has been calculated at US$4,226/tonne of copper (US$1.92/lb) the breakeven price has been calculated at US$4,675/tonne of copper (US$2.12/lb).

· Using the CE forecast the Internal Rate of Return (IRR) for the project is 89%.

· At end of April, the project was 44% complete and on schedule to deliver first copper in the 2nd quarter 2015.

Tschudi Project Financial Update

The feasibility study for the Tschudi project was completed in December 2012 and the financial results were announced together with the offer of funding from Orion Mine Finance ("Orion") (then Red Kite). For further information on the BFS see Company announcement of 19 December 2012.

Since the publication of the Company's BFS considerable progress has been made and the key milestones achieved to date are summarised below.

* Environmental approval April 2013

* Logiman EPC contract executed July 2013

* Basil Read (Mining) executed July 2013

* B&E Int. (Crushing, Agglomeration & Stacking) executed July 2013

* Accessory Works approval August 2013

* Orion Loan Facility executed September 2013

* Nampower contract executed October 2013

* First drawdown Orion Loan November 2013

* Site works begin January 2014

* Dundee (Acid Supply) contract executed March 2014

* Civil construction commenced April 2014

Minxcon (Pty) Ltd ("Minxcon"), the Company's competent person in relation to the independent economic assessment for the BFS, has provided a financial update for the Tschudi Project. Future operating costs have been escalated to 1st April 2014 in accordance with the raise and fall factors contained in the contracts.

At the time the BFS was completed in 2012, the Company did not have loan financing in place for Tschudi and Minxcon applied a discount factor of 8% on the assumption that the project would be financed 100% by equity. Now that the Tschudi project has been fully funded through a loan provided by Orion, Minxcon has applied a Capital Asset Pricing Model ("CAPM") methodology, which takes into account the real post debt cashflows.

The copper price forecast for the updated cashflow was sourced from Consensus Economics ("CE"), which aggregates forecasts from brokers and investors to calculate the average copper price.

Table 1: Macro-Economic Forecasts and Commodity Prices over the LoM

Source: Consensus Economics Inc (April 2014), exchange rate 1st April 2014.

The comparable results are presented in the table below.

Total notional cost (all-in) per copper tonne is USD4,675/tonne, which is also the break-even copper

price for the Project. At an average copper price of USD6,450/tonne over the LoM, this equates to a

notional cost expenditure ("NCE") margin of 29.21%. Notional cash expenditure (NCE) includes:-

· All operating costs;

· All capital expenditure (e.g. growth and sustaining capital expenditure); and

· All near-mine exploration expenditure.

Minxcon's conclusions on the Tschudi project are that "under the CE forecast for copper prices the project is very robust with an IRR of 89% and an NPV of US$133 million".

CEO, Rod Webster, commented "It is good to see that 15 months on there has been a reduction in the project's operating costs and an increase in the project's overall value".

Central Operations

The company announced a number of changes to its underground mines in its last quarters' RNS. The most significant changes were bringing in house all mining activity, improving the fleet and moving away from pillar mining towards primary mining.

We are pleased to report that as a result of the above-mentioned changes and the Company's on going efforts to improve productivity, production to date this quarter is progressing at an annualised rate of 6,000 tonnes of contained copper. Costs for the quarter so far are well below those reported for the previous quarter.

For further information please contact:

Weatherly International Plc +44 (0) 20 7917 2989

Rod Webster, Chief Executive Officer

Rolf Gerritsen, Senior Executive

RFC Ambrian Limited +44 (0) 20 3440 6800

(Nominated Adviser & Broker)

Samantha Harrison

Craig Francis

Shore Capital +44 (0) 20 7408 4090

(Joint Broker)

Jerry Keen

Toby Gibbs

Competent Persons Statement

The contents of the announcement have been reviewed and approved by the following competent person:

Johan Odendaal (Director, Minxcon): B.Sc. (Geol), B.Sc. Hons (Min. Econ.), M.Sc. (Min. Eng.), Pr. Sci. Nat. Reg. No. 400024/04, FSAIMM Reg. No. 702615, MGSSA No. 965119, MAusIMM Reg. No. 220813, IAS

Johan has over 25 years' experience in the mining and financial industry. This includes 7 years as an independent mining consultant specialising in the valuation of mining projects and 12 years as a mining analyst at two major stockbroking firms.

About Weatherly

Weatherly is an AIM listed, copper mining company, its principal assets are located in Namibia. It currently has two underground copper mines (Otjihase and Matchless), and is developing the much larger Tschudi open cut mine in the north of the country. These assets will enable Weatherly to achieve its medium term strategy of establishing a copper mining business capable of sustaining approximately 25,000tpa of copper production. The Company also has a 25% stake in AIM listed company, China Africa Resources Plc (CAR), which is currently developing a lead/zinc project at Berg Aukas in northern Namibia.

About Minxcon

Minxcon is a multi-faceted South African advisory company offering a wide range of exploration, resource, mining, metallurgical, financial valuation and advisory services to both local and international companies. Minxcon has the critical mass to advise mining and exploration companies on all mining disciplines and to assist such companies in undertaking new projects - from initial target generation stage right through to final mine closure.

Further information and detail on Minxcon clients can be accessed at www.minxcon.co.za