February 2008 “Africa’s most active exploration company”

1. AIM Ticker – ZRL ASX Ticker - ZRL February 2008 “Africa’s most active exploration company”

2. Disclaimer The information contained in this presentation is subject to updating, completion, revision, further verification and amendment without notice. This presentation does not constitute, or form part of, any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for, any shares in Zambezi Resources Limited (“ZRL”), nor shall it (or any part of it) or the fact of its distribution, form the basis of, or be relied on in connection with, or act as an inducement to enter into any contract or commitment therefore. No representation or warranty, express or implied, is made or given by or on behalf of ZRL, any of ZRL’s directors, or any other person as to the accuracy or completeness or fairness of the information or opinions contained in this presentation and no responsibility or liability is accepted by any of them for such information or opinions or for any errors, omissions, misstatements, negligent or otherwise, or for any communication written or otherwise, contained or referred to in this presentation. Accordingly, neither ZRL nor any of the ZRL directors, officers, employees, advisers, associated persons or subsidiary undertakings shall be liable for any direct, indirect or consequential loss or damage suffered by any person as a result of relying upon the statement or as a result of any admission in, or any document supplied with, this presentation or by any future communications in connection with such documents and any such liabilities are expressly disclaimed

3. Other Investmentsand JVs Zambezi Corporate Profile Copper/GoldExploration & Development Uranium JVs with Rio Tinto PLC and Lithic Metals & Energy (AIM:LMY); 17.5% of LMY valued at US$2.7m (1) Zambia Chairman – Brian RearManaging Director – Julian FordEx.Dir. Exploration – Geoff JohnsonNon Exec Director – Jeremy Wrathall Grant Thornton: WH Ireland 188,185,27910,400,000 ~$76 million US$13.4 million Business Focus Country of Operation Directors NOMAD: UK Brokers Issued Capital Options & Warrants Market Capitalisation(1) Cash(2) Note 1) @ 31 Dec. 2007 Note 2) Based on Q4 2007, ASX report

4. Zambezi - The Investment Opportunity • Corporate Summary • Zambezi’s Strategic Position • Tenement & Project • Exploration Capacity • Corporate & Social Investment • Joint Ventures • Projects • Cheowa (Copper-Gold) • Kangaluwi (Copper & Gold) • Pipeline of Projects

5. Tenement & Project Position

6. Exploration and Execution Capacity • Exploration Expertise • World’s best practise • People • 25+ Geologists • Drill Rigs • 3 Contracted Companies • 100,000m drilled in 2007 • 9 Rigs contracted for 2008 • Office & Logistic Support • Modern Zambian Office • Communications & Logistics Support • Project Development Capacity • To be further enhanced in 2008

7. Corporate & Social Investment (“CSI”) • People – Our Staff • Staff Training • HIV/AIDs Management • Stakeholder Engagement • Shareholders • Community • Government • Environmental Responsibility • World’s Best Practice adopted

8. Joint Ventures

9. Cheowa Project (Glencore JV, 51%)

10. Cheowa Project – Plan View

11. Cheowa Section

12. Kangaluwi Project – 100% ZRL

13. Kangaluwi Project – Geochemical Targets

14. Kangaluwi Project – 2008 drilling

15. Project Generation – Other Projects drilled in 2007

16. Zambezi – 2008 Milestones • Major Projects • Cheowa Development Decision • Kangaluwi Resource Development • Two Uranium JVs • Project Generation • 3 new targets drilled in 2007, awaiting assays • 4 New targets to be drilled in 2008 • Airborne Geophysics just completed • Heliborne VTEM