African Metals Corporate Presentation July2011

Discovering and developing Copper & Cobalt projects in the world renowned Copper Belt

of Central Africa.

Nigel FergusonPresident & CEOwww.africanmetals.com

July 2011

Company Disclaimer

This document shall not constitute an offer to sell or the solicitation of an offer to buy any securities of African Metals Corporation (“the Company”).

Cautionary Note Concerning Forward-Looking Statements: This presentation contains forward-looking statements. All statements, other than statements of historical fact, thataddress activities, events or developments that the "Company believes, expects or anticipates will or may occur in the future (including, without limitation, statements regardingestimates and/or assumptions in respect of copper production, revenue, cash flow and costs, estimated project economics, mineral resource and mineral reserve estimates,potential mineralization, potential mineral resources and mineral reserves, projected timing of possible production and the Company's exploration and development plans andobjectives with respect to its projects) are forward-looking statements. These forward-looking statements reflect the current expectations or beliefs of the Company based oninformation currently available to the Company. Forward-looking statements are subject to a number of risks and uncertainties that may cause the actual results of the Company todiffer materially from those discussed in the forward-looking statements, and even if such actual results are realized or substantially realized, there can be no assurance that they willhave the expected consequences to, or effects on the Company. Factors that could cause actual results or events to differ materially from current expectations include, among otherthings: uncertainty of estimates of capital and operating costs, metal production estimates and estimated economic return; the possibility that actual circumstances will differ from theestimates and assumptions used in the economic studies of Company mineral properties; failure to establish estimated mineral resources or mineral reserves; fluctuations in metalprices and currency exchange rates; uncertainties relating to the availability and costs of any financing needed in the future; inflation; metal recoveries being less than thoseindicated by the metallurgical test work carried out to date (there can be no assurance that metal recoveries in small scale laboratory tests will be duplicated in large tests under on-site conditions or during production); changes in equity markets; political developments in the Democratic Republic of the Congo; lack of infrastructure; failure to procure or maintain,or delays in procuring or maintaining, permits and approvals; lack of availability at a reasonable cost or at all, of plants, equipment or labour; inability to attract and retain keymanagement and personnel; changes to regulations affecting the Company's activities; the uncertainties involved in interpreting drilling results and other geological data; and theother risks disclosed under the heading "Risk Factors" and elsewhere in the Company's annual information form filed on SEDAR at www.sedar.com. Any forward-looking statementspeaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Although the Company believes that the assumptions inherent in the forward-lookingstatements are reasonable, forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to theinherent uncertainty therein. The preliminary economic assessment of the Company’s Luisha South project is preliminary in nature and includes inferred mineral resources that areconsidered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves. There is no certaintythat the conclusions reached in the preliminary economic assessment will be realized.

Cautionary Note Concerning Resource and Reserve Estimates: The Company’s mineral resource and reserve figures are estimates and no assurances can be given that theindicated levels of copper and cobalt will be produced. Such estimates are expressions of judgment based on knowledge, mining experience, analysis of drilling results and industrypractices. Valid estimates made at a given time may significantly change when new information becomes available. While the Company believes that its mineral resource andmineral reserve estimates are well established, by their nature mineral resource and mineral reserve estimates are imprecise and depend, to a certain extent, upon statisticalinferences which may ultimately prove unreliable. If such estimates are inaccurate or are reduced in the future, this could have a material adverse impact on the Company. Mineralresources that are not mineral reserves do not have demonstrated economic viability. There is no certainty that mineral resources can be upgraded to mineral reserves throughcontinued exploration. Due to the uncertainty that may be attached to inferred mineral resources, it cannot be assumed that all or any part of an inferred mineral resource will beupgraded to an indicated or measured mineral resource as a result of continued exploration. Confidence in the estimate is insufficient to allow meaningful application of the technicaland economic parameters to enable an evaluation of economic viability worthy of public disclosure (except in certain limited circumstances). Inferred mineral resources are excludedfrom estimates forming the basis of a feasibility study. The Luisha South preliminary economic assessment referred to herein is preliminary in nature and includes inferred mineralresources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves.There is no certainty that the conclusions reached in the preliminary economic assessment will be realized. Mineral resources that are not mineral reserves do not havedemonstrated economic viability. Additional information regarding African Metals Corp. and its base metals properties is included in the Company’s annual information form, a copyof which has been filed on, and can be obtained from, SEDAR at www.sedar.com. Qualified Person: Nigel M. Ferguson, who is President and CEO of the Company and a "qualifiedperson" (as such term is defined in Canadian National Instrument 43-101), has reviewed the technical information in this presentation.

2www.africanmetals.com

Transition to Producer

Offices: Vancouver Corporate Office: Lubumbashi, DRC Operational Office

Flagship Project - Luisha South Project: Holds a 75% interest in the Luisha South Project; Can increase to 90%Phase 1 Copper production planned for Q4, 2011

JORC & NI43-101 Compliant Resources:Contains 79,200 tonnes Copper metal and 24,900 tonnes Cobalt metal. Oxide Resources of approximately 11,300tCu and 3,200tCoResource upgrade expected Q3/2011 for hard rock resourcesMineralization still open to southeast and down – dipAdditional targets outlined within the licence

TSX-V listed: Code “AFR” Financial Position96.8 million shares outstanding Cash at bank CAN$1m114.1 million fully diluted C$25M Market Capitalisation

Recent Technical Work CompletedMetallurgical test work shows oxide ore amenable to simple gravitytreatmentHigh quality Copper and Cobalt concentrate producedAdvanced negotiations with Off take CompanyAdvanced negotiations for purchase of plant and equipment

Management team and Board with extensive experience operatingin the DRC and in discovering and monetizing deposit s


Location & Geology


Extensive Managerial Experience

Simeon Tshisingama– DirectorPrincipal of TSM Enterprises Sprl, a reputable Congolese company with vastexperience in small-scale mining operationswith a focus in base metals, notably copper,cobalt and tin.

Carl Verley – DirectorA Geologist with +30 yrs. Experience; hasServed on the board of several listedCompanies

Jono Lawrence – VP Exploration Geologist with +19 years experience inmanaging geological programs includingexploration and development of copper, goldand base metal assets.

Michael Velletta – DirectorA practising lawyer with over 20 yearsexperience in corporate and commercialmatters, with a focus on internationalminerals, oil and gas exploration,development, and production.

James Harris – Corporate SecretaryCorporate, securities and business lawyerwith +25 years experience

Sheryl Jones – CFO+15 years as an accountant for TSXV listedcompanies.

Peter Rook-Green – TreasurerCertified Management Accountant with +40

years as a financial executive in the resource industry.

Nigel Ferguson – President & CEOFormer CEO of Condor Resources plcGeologist with +25 years experience inresource definition and development ofgold and base metals projects


Historical Overview - Work Completed

• Luisha South Mine operated up until the 1940’s 230,000t @ 10.1%Cu and 2%Co

• AFR secured the rights to Luisha in January 2010

• Completed 2,002m of RC drilling (June 2010)

• Completed 1,539m of DD drilling (Jan 2011)

• JORC / NI43-101F Inferred Resource of 75,400t Cu and 23,200t Co based on RC Drilling of the pit area

• Resource upgrade based on results of DD drilling pending, expected July 2011

• Management targeting a 20% increase in resources

• Metallurgical test work shows positive gravity concentration of Luisha Oxide Ore

• Further parameters of gravity processing AND conventional sulphide flotation processing methods are currently underway with Mets/SGS in Perth and MINTEK in Johannesburg respectively; results expected Q3/2011


Exploration Outcomes

• Pit mineralization open along strike to the SE & down dip.

• Four additional copper-in-soil anomalies within the 3.5km strike extension of Roan Group sediments to the SE of the open pit;

• Largest soil anomaly approximately 800m x 300m in size

• Shallow RC drilling on edge of anomaly intersected 50m @ 0.3% Cu, 0.08% Co, 3.5g/t Ag from surface in R4, same geological host unit as Kipoi.

• Structural complexity and soil cover indicates a requirement for geophysical and alternative geochemical techniques to be utilized to focus drilling.


Luisha South Open Pit (Looking SE)


Excellent Infrastructure Potential

• Project located 80 km northwest of Lubumbashi, Katanga Province, DRC.

• Access via sealed road to within 5km of project; then via all weather gravel road; regional power lines and train line transect the Licence;

• Highly prospective R2, R3 and R4 lithology's (Roan Group) identified on the property – host to copper mineralization regionally.

• Previous open pit copper production (1940’s) of 230,000 tonnes @ 10.1% Cu and 2% Co; dormant bar some minor artisanal mining since then to the present.


MineralizationEarly/Diagenetic & Overprinting Epigenetic Cu-Co


From Resource to ProductionLuisha South Stockpile

• JORC Inferred Resource of 3,700t Cu and 1,700t Co within the Oxide stockpile

• 200 tonne bulk test through Dense Media Separator (DMS) Plant produced:

– DMS concentrate of approximately 32% copper, 1.2% cobalt;

– Spirals concentrate of approximately 28% copper and 1.6% cobalt

• Results highlight economic potential of stockpile through gravity processing alone

• Metallurgical Tests further define economic potential of simple gravity processing methods

• Further metallurgical tests are currently underway with METS / SGS in Perth, with results expected Q3/Q4 2011


Luisha South StockpileStockpile - DMS Plant – Cu Concentrate


Achieving Production - Moving ForwardLuisha South Stockpile

• Purchase of a 100t per hour DMS plant agreed in principle with Vendor in the DRC - awaiting documentation

• Management and Mining Contract agreed in principal with M&J Contractors (Zambia)

• Off take agreement for stockpile material agreed in principle with the Traxys Group

• Additional micro floatation process circuit currently being tested to treat processed tailings for additional Co and Cu recovery

• Initial test work suggests further oxide and sulphide ore from the Luisha South Pit will be amendable to Floatation Circuit Processing

• Metallurgical Tests to further define economic potential are being undertaken


Summary 2011 & 2012 Work Program

Luisha South Project

Q3 2011

Upgrade to Hard Rock Resource Regional and Luisha Pit RC and DD drillingGround magnetic and IP surveysSelective Geochemical SurveysMetallurgical results Desktop Feasibility study on Stockpile oreDesktop Feasibility study on Luisha PitPossible production from oxide stockpile

Q4 2011

Upgrade to Project Resource Estimates from regional anomaliesConstruction of oxide processing facility (leach options; gravity options)Commencement of production

Q1 2012Regional and Luisha Pit RC and DD drillingContinued stockpile productionReviews on open pit oxide production

Q2 2012Upgrade to Project Resource EstimatesCommencement of open pit oxide production

Project Generation

Q3 2011Review and identify Cu-Co +/- Au assets in the Copper belt to add to company portfolio.

Q4 2011Due Diligence on Option Agreements, to complete JV Agreements 14www.africanmetals.com

Investment Case Summary

• Excellent project location; prospective host rocks; proven resources and exploration potential in close proximity to high grade copper deposits

• Near term catalysts include expected upgrades to Lu isha South hard rock resource calculation; commencement of small scale copper oxide concentrat e production; off-take agreements and positive cash flow from production.

• Projected Initial Stockpile Production Economics– 380,000 tonne stockpile grading 1%Cu, 0.4%Co– 38,000 to 48,000 tonnes ore per month processed; 8- 10 months resource life– 1500 tonnes of DMS concentrate production / month, grading +20% Cu, 1.2% Co– DMS concentrate containing 288 tonnes Cu metal and 17 tonnes Co metal – Mine Gate sales via off-take agreement at approxima tely 50% LME Cu value for 20%Cu Con.– US$1.3M copper revenue; US$0.5M total operating and production costs– Net revenue per month US$0.8M (+US$6M LOM)

• Potential for additional copper oxide tonnage from open pit – currently estimated at 100,000t BUT expected to be at a better Cu and Co grade.

• Potential for treatment of sulphide ore through a s mall floatation circuit funded from DMS Concentrate sales

• Potential Cu-Co project acquisitions in Q3 2011 – pr ojects currently under DD review


Contact

Corporate OfficeSuite 205 – 16055 Fraser HighwaySurrey, BC, Canada V4N 0G2T: +1 (604) 507-2181 F: +1 (604) 507-2187 Email: [email protected]

AXINO AGKoenigstrasse 2670173 Stuttgart, GermanyT: +49 (711) 2535 9230F: +49 (711) 2535 9233Email: [email protected]

African Metals CorporationNigel Ferguson President & CEOT: +61 (8) 9240-2836E-mail: [email protected]


Appendix One


Schedule for ProductionComment Jul

‘11A S O N D

Jan‘12

F M A M JQ3‘12

DMS Plant - Stockpile DMS plant purchase & site investigate

“ Water bore drilling

“ Plant and camp construction

“ Plant commissioning

“ Stockpile processing

“ DMS decommissioning - move to new project

DMS Plant – Hard Rock Pit optimisation and mining study

“ Pit oxide ore mining

“ Pit oxide ore processing - DMS

“ Pit sulphide ore mining

Flotation Plant Flotation plant design and tender (600 tonnes/day)

“ Purchase / manufacture / delivery

“ Construction

“ Commissioning

Flotation – Slimes, dumps Oxide flotation / processing Cu Co

Flotation - Sulphides Sulphides flotation / processing Cu Co

Key Indicators: Stockpile and hard rock exploitation - oxide & sulphide ores processed.

Multi-purpose low cost plant production; assets for future projects.

Initial 7 Month Projected Cash Flow

Month 1 2 3 4 5 6 7 Total

Mt Ore Processed – (000’s) Mt 39 52 52 52 52 52 52 351

Concentrate (Combined DMS & Spirals - Mt) 1,383 1,567 1,567 1,567 1,567 1,567 1,567 10,785

Total Cu Recovery from ore - % 60 60 60 60 60 60 60

Cu grade in Concentrate - % 22 22 22 22 22 22 22

Cu metal in Concentrate - Mt 304 345 345 345 345 345 345 2,373

$ at 52% LME; 8000 $USD/Mt - ($M) 1.27 1.43 1.43 1.43 1.43 1.43 1.43 9.85

Processing Costs $USD/Mt – ($M) 0.42 0.56 0.56 0.56 0.56 0.56 0.47 3.69

$ Income pre Tax & Loan payments - ($M) 0.85 0.87 0.87 0.87 0.87 0.87 0.96 6.16

$ at 52% LME; 9000 $USD/Mt - ($M) 1.42 1.61 1.61 1.61 1.61 1.61 1.61 11.08

Processing Costs $USD/Mt - ($M) 0.42 0.56 0.56 0.56 0.56 0.56 0.47 3.69

$ Income pre Tax & Loan payments - ($M) 1.00 1.05 1.05 1.05 1.05 1.05 1.14 7.39

Key Indicators: Early positive cash flow; high LME Cu prices; favorable loan terms

African Metals Corporate Presentation July2011

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