Disclaimer

1. May 2006Moving from Exploration to Resource Definition“2006 – drilling to establish resource status” 1

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 Slide 2

3. Corporate & Financial Summary • Market Cap - £14 - £16 million • Zambezi Resources Limited LSE (AIM): ZRL ticker • 94.5 million shares on issue • 4.5 million executive & staff options on Issue • 1.1 warrants • 101.1 million shares fully diluted • Share Holders • Top 10 Shareholders own ~70% • ~500 registered shareholders • Major shareholders include:RAB Capital#, Fidelity#, Mineral Securities*, JP Morgan#, Jutland Nominees*, M&G#, Morley Funds Management#, Credit Suisse#, Colonial First State#, Management Note: # - London Institutional Investors, * - Seed Investors

4. Political Risk Non Tribal Stable Democracy since 1990 New Mines Act 1995 No history of civil war Strong non government institutions Infrastructure Industrialised Copperbelt Low Cost Hydro-electric Power Mining Workforce Two Universities with Mining Degree/ Mining Educated Local workforce Revamped Main Roads Zambia –Combination of Political and Geological Risk

5. Zambezi History and Development • 1997 – Founding Director established presence in Zambia • 2003 – February, Mwembeshi Registered in Zambia • 2004 • February, Zambezi established and seed capital raised • July, Zambezi completes £2.5 million IPO on London’s AIM • August, Exploration commences in Zambia • 2005 • February, exploration results from brief field season confirm copper/gold mineralization and gold endowment on properties • April, Secondary placement to raise £5 million • July, Exploration team increased four fold • November, Nickel IPO spin out in AIM completed • December, Uranium anomaly identified • 2006 • February, Chakwenga area becomes apparent as potential major gold camp – reinforced by positive results at Moiya and Kangaluwi • March, Oryx Uranium project gains momentum with positive mineralogy assessment • April, Cheowa Copper Project gains momentum with positive VTEM results

6. 2006- Establishing JORC Resources • 18 months solid exploration work in Zambia • 30 staff/12+ Geologists/2 drilling contactors/ • four drill crews mobilised for field season • close government relations • Progress hampered by drill rig availability • Mineral and Energy Prospecting Licences covering 17,300 km2 in Zambia • Assets • 49% Interest in Zambezi Nickel (Valued at £2.3 million) • £2 million Cash on hand at March 2006 • Establishing JV partnerships • Core Zambian Projects identified & prioritised: • Gold – Drilling out Chakwenga, a major new gold province • Nickel – Drilling Mitaba River – a very large disseminated Nickel Sulphide Target • Copper – Major breakthrough with VTEM – drilling testing multiple EM anomalies at Cheowa • Uranium – Fast Track Development Plan being executed

7. Chakwenga – Priority Project

8. Chakwenga Chakwenga – A new gold camp beckons • Best Trench Results

9. Chakwenga - Regional Opportunities

10. Kangaluwi & Moiya The first two regional targets are stacking up!

11. Chakwenga Regional Helimag – a quantum leap in knowledge!

12. Gold - Chakwenga • Project Characteristics • Historical Mine (1940’s) • 900m geochem anomaly with multiple trenches completed in 2004 & 2005 • Wider lower grade selvedge adjacent to high grade veins, • 6km strike length at Chakwenga Main • Two major neighbouring projects & multiple regional targets • Development Schedule • April-completed environmental base line study • May - commencement of drilling with tracked rig at Chakwenga • July - target Drilling at Moiya and Kangaluwi • Planned Multiple Rig drilling of Chakwenga from August onwards • Target – to establish significant JORC compliant resource prior to feasibility and possible development

13. Copper Project - Cheowa Neningombe

14. Copper - Cheowa three bulls eye drill targets from VTEM data!

15. Copper - Cheowa

16. Copper - Cheowa VTEM very effective • Project Characteristics • Anglo Discovery in 1960’s • Anglo drilling confirmed copper sulphide and gold intersections from IP anomalies • 15km plus gold and copper geochem anomaly, • VTEM successful in identifying massive sulphide conductors • Development Schedule • Fly VTEM over additional 12km of geochem strike length in May • Commence test drilling of three VTEM targets in May • June, VTEM interpretation and assaying of drill results • July onwards, commence drilling of multiple targets if successful “April 2006 – 3D interpretation of VTEM with historical Anglo data has prompted Zambezi to fast track extension of VTEM coverage over 16km of strike length”

17. Nickel – ZRL Retains a 49% Interest in ZNI

18. Nickel - Mitaba River

19. Nickel Pursuing Significant Nickel Production • Project Characteristics • Anglo Discovery in 1960’s • Anglo drilled a few drill holes • Successive flow Komatiite style deposit similar to Mt Keith • Project footprint 2 - 3 times size of Mt Keith pit • Development Schedule • Drilling of 4,300m programme has commenced to test two main projects • June & July, Mineralogy Investigation & Met Testwork • August, Inferred JORC resource compilation • October onwards – multiple rig drill out campaign “The key issues in proving up Mitaba as a significant global nickel resource will be proving up mineralogy, namely nickel tenor, nickel to sulphur ratio and metallurgical characteristics”

20. Uranium – Oryx

21. Potentially high grade mineralization 6.4% Uranium in first sample – Davidite Current Deposit Interpretation Intrusive type Multiple sheeted veins Large Anomaly 1.5km by 6 km Multiple Other, smaller anomalies exist nearby Uranium - Oryx Additional Value from Existing Assets

22. Project Characteristics extensive surface expression, amenable to multiple rig drill out campaign Historically Davidite mineralisation has been treated by low cost, physical beneficiation with subsequent upgrade prior to acid leaching Upgraded concentrate is inert and suitable forbulk transport Development Schedule April –ground exploration commenced May - trenching, structural interpretation and geological validation June & July – Assay confirmation, drill rig mobilisation Fast Track Program if Successful Aug & Sept – Bench Scale upgrade testwork, assessment of drilling results to confirm mineral endowment, leach testing Oct & Dec – Bulk testwork to validate upgrade testwork and generation of bulk samples for offtake testwork 2007 Jan – Mar, Prefeasibility Study Completed Oryx - 2006 Uranium – A fast track development schedule “April 2006 - Initial structural interpretation of helimag data and spectrometer results has confirmed the geological model”

23. Zambia A great place to be A combination of political risk and mineral endowment A Huge Mineral Endowment Targeting IOCG Copper & Gold Also found Nickel & Uranium Execution Capability 12+ Geologists on Staff A modern office in Lusaka Established network of local suppliers Zambezi (AIM:ZRL) Commodities [Cu, Au, Ni, U] Market Cap. £15 mil. Comparative Companies Albidon (AIM:ALD) [Nickel] Market Cap. £35 million African Eagle (AIM:AFL) [Cu & Au] Market Cap. £22 million Teal (TSX:TL) [Cu & Au] Market Cap. £142 million Other Zambian Companies First Quantum (TSX:FM)(Cu) Market Cap. £1,543 million Equinox (TSX:EQN)(Cu, U) Market Cap. £310 million Note: All values are at 18 May 2006. For TSX listed companies, the exchange rate assumed is 2 $C : £ Zambezi - A Value Investment Opportunity

24. Uranium Discovery, Nov 2005 The nature of mineralisation (Davidite), extent of the anomaly (2km X 6km) and grade (6% in rock chip) favours a fast track development schedule Fast Track program commenced in April 06 at start of field season Summary of Priority Projects • Gold First Mover Advantage • Chakwenga is proving to be a major new gold province. • Targeting a 1 million oz JORC resource, commence drilling in May 2006, • Major Regional Prospectivity with additional drill targets for testing later in 2006 • Copper/Gold Modern Exploration Effective • 2005 VTEM effective in defining multiple massive conductors co-incident with surface copper and gold geochem anomalies • copper and gold in 15km long shear • Drilling commencing in May • Nickel Large Disseminated Ni Sulphide • Zambezi retains strategic 49% stake in Zambezi Nickel (AIM: ZNI) • 2005 exploration confirmed geological model • 4000m + diamond drill campaign commences April 06

25. Appendix - Map of projects

26. Exploration – The Big Opportunity All Information is from UBS Research, Issue 12, January 2006