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AQUARIUS PLATINUM LIMITED - First Quarter 2016: Production and Financial Results.

London, October 27, PR Newswire

AQUARIUS PLATINUM LIMITED

First Quarter 2016: Production and Financial Results

Production and Financial Results to 30 September 2015

Highlights

* Attributable production from operating mines up 5% quarter-on-quarter, up 8% compared to previous corresponding period, quarter ended September 2014 (pcp)

* Average US$ PGM basket price decreased 14% for the quarter -- down 29% compared to pcp

* Kroondal PGM basket price decreased 15% on average to R10,897 per PGM ounce quarter-on-quarter - down 31% compared to the pcp

* Mimosa PGM basket price decreased 12% on average to $890 per PGM ounce quarter-on-quarter - down 26% compared to the pcp

* The Rand weakened against the US Dollar 6% on average quarter-on-quarter -- down 19% compared to the pcp

* Cash costs at Kroondal down 1% to R9,123 per PGM ounce quarter-on-quarter -- up 1% compared to the pcp

* Cash costs at Mimosa unchanged at $795 per PGM ounce quarter-on-quarter - down 3% compared to the pcp

* Group cash balance at quarter end of $175 million (June 2015: $196 million) with a further $3 million attributable to Aquarius held in JV entities, with the reduced cash balance primarily the result of $12 million unrealised fx adjustments on ZAR cash balances in line with movement following the weaker R:US$ exchange rate and a $4 million CGT payment on the sale of Kruidfontein

* Conclusion of Everest Part B sale post quarter end which is expected to result in a R50 million receipt in November 2015
Q1 2016 Operating Results Summary
Kroondal Mimosa PlatMile
4E PGM production
Total (100% basis) 116,836 62,410 3,890
Attributable 58,418 31,205 3,890
4E basket price
R/oz 10,904 - 11,154
$/oz 852 890 860
Cash costs (4E basis)
R/oz 9,123 - 6,914
$/oz - 795 533
Cash margin (%) (13) 4 23
Stay-in-business capex
R/oz 613 - 284
$/oz 48 117 22


Commenting on the results, Jean Nel, CEO Aquarius Platinum said:

The quarter was characterised by an excellent operating performance, with Kroondal delivering its 11[sup.th] consecutive production quarter above 105,000 4E oz's and Mimosa delivered an all-time production record, while both operations delivered reduced costs. Quarterly production from Mimosa and Kroondal attributable to AQP is an all-time company record. As always all the credit for this performance goes to the operational teams.

Despite this disciplined performance profit and cash margins were lower in the quarter following the dramatically lower metal prices with the Dollar PGM basket price 14% lower in the quarter and 29% lower year on year to levels last recorded in 2006. Given that we see no fundamental reason to be optimistic about PGM prices in the short term management will continue to implement all possible cost savings measures to preserve cash levels.

Lastly, further to the announcement made on 6 October 2015 in which Aquarius and Sibanye jointly announced the conclusion of an implementation agreement in terms of which Sibanye proposed to, subject to fulfilling a number of conditions precedent, acquire all the issued shares of Aquarius, the work streams required to facilitate the special general meeting of Aquarius shareholders to vote on the offer is progressing in line with our expectations and meeting materials will be despatched in due course.

Production by mine attributable to Aquarius (Operating mines)
PGMs (4E) Quarter ended
Sept 2015 June 2015 % Change Sept 2014 % Change
Kroondal 58,418 56,012 4 56,124 4
Mimosa 31,205 30,018 4 28,900 8
PlatMile 3,890 2,773 40 1,831 112
Total 93,513 88,803 5 86,855 8


Average PGM basket prices achieved at Aquarius operations
US$ per PGM ounce (4E) Quarter ended
Sept-15 June-15 % Change Sep-14 % Change
Kroondal 852 1,005 (15) 1,239 (31)
Mimosa 890 1,010 (12) 1,200 (26)
Platinum Mile 860 978 (12) 1,202 (28)
Weighted Avg. 865 1,006 (14) 1,225 (29)


Aquarius Group quarterly attributable production (PGM ounces) to 30 September 2015

See www.aquariusplatinum.com for hart

PGM markets update

The price of Platinum fell 16% over the quarter, confirming the weakest quarterly performance for platinum since 2008, finishing at $903 per ounce with an average price of $991 per ounce. Palladium moved down 6% to $697 per ounce with an average price of $617 over the quarter. Gold was the strongest performer of the three metals however also reported negative gains over the quarter moving 5% lower, and despite positive performance across August and September finished around the $1,169 per ounce level with an average price of $1,125.

Macro concerns continued to impact the prices of precious metals with the main factors impacting demand across the month including: Chinese macro growth concerns, the quantum of above ground precious metal stocks, and, post quarter end, the VW news. Platinum fell to an eight-year low and palladium reached the lowest level since 2012 on speculation off over supply amid slowing demand from China.

The VW "dieselgate" scandal was incrementally negative to diesel demand and thus platinum demand. The USD continued to strengthen during the quarter, with the Rand falling 6% against the dollar over the quarter, as US interest rate speculation remained a key driver for the continued strength and volatility particularly across September.

The outflows from the various ETF's have also highlighted investor preference for palladium over platinum. Since the price correction in August platinum ETFs have seen steady outflows, whilst Palladium ETF's have seen some renewed inflows.

12-month individual PGM prices to 30 September 2015(US$/oz)

12-month PGM basket prices to 30 September 2015 (US$ and ZAR per PGM basket ounce)

12-month ZAR price to 30 September 2015 (ZAR/US$

See www.aquariusplatinum.com for graph/chart

Financials

Aquarius recorded an on-mine EBITDA profit of $2.5 million for the quarter ended 30 September 2015, down $12.3 million compared to the pcp.

Aquarius' share of profit from joint venture entities (Mimosa) was a loss of $2 million, a $9 million reduction compared to the pcp. The consolidated result of the Group (IFRS) was a net loss after tax of $12.3 million, down from a profit of $5 million in the pcp.

The lower result compared to the pcp was due entirely to significantly lower PGM prices which were down 29% in Dollar terms negative pipeline sales adjustment of $6 million at Kroondal. This impacted directly on revenue which was down 35% to $40 million, compared to $62 million in the pcp. In Rand terms, aggregate revenue increased 22% compared to the pcp due to the impact of a 19% depreciation in the Rand. JV entity Mimosa's revenue was similarly impacted by lower PGM prices as well as a negative pipeline sales adjustment of $5 million.

Profit & Production Summary
Sept 2015 Quarter Aquarius operations JV entities Total Consolidation adjustment Aquarius Group
Mine EBITDA $2.5M $1.4M $3.9M ($1.4M) $2.5M
Revenue $40.3M $26.5M $66.8M ($26.5M) $40.3M
Cost of sales ($48.0M) ($28.7M) ($76.7M) $28.7M ($48.0M)
Net profit/(loss) after tax ($10.2M) ($2.1M) ($12.3M) $1.0M ($12.3M)
PGM ozs production 62,308 31,205 93,513 - 93,513


.

Production for the quarter was 93,513 PGM ounces, an 8% increase compared to the pcp and 5% higher quarter-on-quarter. Kroondal continued to excel with production up 4% compared to both the pcp and also quarter-on- quarter. Production at PlatMile was also higher be it of a low base. Production at joint venture entity Mimosa remained consistently good up 8% compared to the pcp and up 4% quarter-on-quarter

Total cost of sales of $48 million was 15% lower compared to the pcp, despite an 8% increase in production due to a 19% weakening in the Rand/Dollar exchange rate. In Rand terms, total cost of sales were 2% higher compared to the pcp, a credible performance given the 8% increase in production.

On a cash cost basis, Kroondal's cash costs per ounce in Rand terms increased 1% compared to the pcp and decreased by 15% in Dollar terms due to the weaker Rand. Compared to the previous quarter June 2015, Kroondal's cash costs per PGM ounce decreased 1% in Rand terms and 7% in Dollar terms. Mimosa's cash costs per PGM ounce decreased 3% compared to the pcp and remained unchanged compared quarter-on-quarter.

Depreciation and amortisation for the quarter was $4.5 million.

Administrative costs of $1 million remain controlled and in line with expectation. Finance costs include interest paid on borrowings of $1.5 million, non-cash interest accretion on convertible bonds of $1.2 million and the unwinding of the rehabilitation provision of $1.1 million.

Net operating cash outflow for the quarter of $9 million comprised $52 million inflow from sales, $62 million paid to suppliers and $1 million interest received. Development and capital expenditure for the quarter was $3 million. Net financing cash inflows of $2.8 million included dividends of $4 million from Mimosa, $0.5 million repayment of AQPSA finance leases and $0.5 million loans to joint venture entities.

The Group's cash balance was $175 million at the end of the quarter, held as follows:

AQP $111 million

AQPSA $61 million

ASACS $1 million

Platmile $1 million

Ridge Mining $1 million

Total $175 million*

* Mimosa and Blue Ridge (in which Aquarius has a 50% equity interest) are accounted for using the equity method. Cash held in these two entities at 30 September 2015 was $7 million and does not form part of the above cash balances. Under the previous method of proportionately consolidating its investment in Mimosa and Blue Ridge, 50% of this cash ($3.5 million) would have been included in Aquarius' Group cash balance.

(The segment note provided below details the income statement for each operating division of the Aquarius Group.)
Consolidated Statement of Cash Flows Quarter ended 30 September 2015 $'000
Quarter Ended Quarter Ended Financial Year Ended
Note 30/09/15* 30/09/14* 30/06/15
Net operating cash (outflow)/inflow (i) (9,071) 6,353 17,852
Net investing cash (outflow)/inflow (ii) (3,084) (5,640) 38,534
Net financing cash inflow (iii) 2,845 3,607 12,540
Net (decrease)/increase in cash held (9,310) 4,320 68,926
Opening cash balance 195,773 136,819 136,820
Exchange rate movement on cash (11,608) (3,595) (9,973)
Closing cash balance (iv) 174,855 137,544 195,773


* Unaudited

Notes on the September 2015 Consolidated Statement of Cash Flows

Net operating cash flow for the quarter includes $52 million inflow from sales impacted by lower prices and $3 million negative pipeline sales adjustment, $58 million paid to suppliers, $4 million VAT paid on the Everest disposal and $1 million interest received.

Comprises $3 million of development and plant & equipment expenditure at AQPSA.

Includes $4 million dividends from Mimosa, $0.5 million repayment of AQPSA finance leases, $0.5 million loans to joint venture entities and $0.2 million interest paid.

Mimosa and Blue Ridge (in which Aquarius has a 50% equity interest) are accounted for using the equity method Cash held in these two entities at 30 September 2015 was $7 million and does not form part of the above cash balances. Under the previous method of proportionately consolidating its investment in Mimosa and Blue Ridge, 50% of this cash would have been included in the Aquarius' Group cash balance.

Segment Note

Quarter ended 30 September 2015

$'000
Kroondal Marikana Everest Mimosa Platinum Mile
Revenue 36,484 [sup.(1))] 44 - 26,511 [sup.(2)] 2,390
Cost of sales
- mining, processing and administration (41,195) (320) 99 (25,110) (2,108)
- depreciation and amortisation (3,838) (10) - (3,602) (605)
Gross profit/(loss) (8,549) (286) 99 (2,201) (323)
Other income - - - 39 -
Administrative costs - - - - -
Foreign exchange gain/(loss) [sup.(3)] 7,158 - - 40 342
Finance costs - - - - -
Impairment losses - - - - -
Profit on sale of assets 4 - - - -
Share of loss from joint venture entities - - - - -
Profit/(loss) before income tax (1,387) (286) 99 (2,122) 19
Income tax (expense)/benefit - - - - -
Net profit/(loss) from ordinary activities (1,387) (286) 99 (2,122) 19
On-mine EBITDA 2,080 (304) 99 1,456 602
Note
(1 & 2) includes negative pipeline sales adjustment (6,137) (4,980)
(3) comprises $7.7m fx gains on sales offset by $0.5m fx loss on cash movements


Segment Note

Quarter ended 30 September 2015

$'000
CTRP Corporate/ Unallocated Segment Result Reconciliation to Consolidated Information Consolidated
Revenue 15 1,369 66,813 (26,511) 40,302
Cost of sales
- mining, processing and administration (3) - (68,637) 25,110 (43,527)
- depreciation and amortisation (42) (1) (8,098) 3,602 (4,496)
Gross profit/(loss) (30) 1,368 (9,922) 2,201 (7,721)
Other income - 15 54 (39) 15
Administrative costs - (1,058) (1,058) - (1,058)
Foreign exchange gain/(loss) [sup.(3)] - (6,577) 963 (40) 923
Finance costs - (3,910) (3,910) 88 (3,822)
Impairment losses - (282) (282) - (282)
Profit on sale of assets - - 4 - 4
Share of loss from joint venture entities - - (2,391) (2,391)
Profit/(loss) before income tax (30) (10,444) (14,151) (181) (14,332)
Income tax (expense)/benefit - 1,772 1,772 181 1,953
Net profit/(loss) from ordinary activities (30) (8,672) (12,379) - (12,379)
(3)
On-mine EBITDA - 3,930 (1,456) 2,474


Operating Review Summary (all numbers on 100% basis)

AQUARIUS PLATINUM (SOUTH AFRICA) (PTY) LTD (Aquarius Platinum - 100%)

P&SA1 at Kroondal (Aquarius Platinum -- 50%)

* 12-month rolling average DIIR per 200,000 man hours decreased 2% to 0.64, quarter on quarter

* Production increased to 1,934,000 tonnes from 1,755,000 tonnes, quarter-on-quarter

* Head grade increased marginally to 2.50 g/t from 2.48 g/t

* Recoveries increased by 1% to 80%

* Volumes processed higher at 1,819,000 tonnes

* Stockpiles at the end of the quarter totalled approximately 142,000 tonnes

* PGM production increased by 4% to 116,836 PGM ounces, quarter-on-quarter

* Revenue in Rand terms decreased by 14% to R943 million, quarter-on-quarter, due to the decrease in the basket price

* Mining cash costs increased by 1% to R586 per tonne, due to winter electricity tariffs

* Unit cost per PGM ounce decreased 1% to R9,123 per PGM ounce in line with increased production

* Kroondal's cash margin for the period (13)%

Kroondal: Production, Cash Cost and Price Analysis

Capital Expenditure

See www.aquariusplatinum.com for graph/chart

Commentary

Kroondal:

There were no fatalities during the quarter. The 3 month DIIR rate reduced to 0.38 from 0.47 which was reflected in the 12 month DIIR which similarly improved to 0.64 from 0.65. Two Section 54 instructions were issued during the quarter.

Production at Kroondal for the quarter was up 10% to 1,934,000 tons quarter-on-quarter but 4% down compared to the previous corresponding quarter, September 2014 (pcp).

Kroondal achieved its eleventh consecutive +105,000 PGM production quarter. Unit costs in Rand terms continued to respond positively down 1% quarter on quarter and up 1% compared to the PCP in spite of South Africa's inflation rate of approximately 6%.

Production capacity at both K6 and Simunye was further enhanced during the quarter with K6 infrastructure coming on line and future requirements being finalised and scheduled to support steady state. Kopaneng ventilation constraints have been mitigated and will suffice until such time that the vent raise has been completed during Q3.

Bambanani shaft is presently managing excessive potholing. The re-establishment of affected face length is expected to be completed mid Q2.

Both plants improved production efficiencies resulting in increased PGM production for the quarter and increased ore positive stockpiles.

The Kroondal work force maintained a positive outlook with open communication channels on all levels.

Operating cash costs per ounce

Unit cash cost per PGM ounce in Dollar terms (before by-product credits) was 5% lower quarter-on-quarter mainly due to the weaker Rand which depreciated 6% quarter-on-quarter and higher production. Unit cash costs compared to the pcp were 15% lower due to the a 19% weakness in the Rand.

In Rand terms, Kroondal's unit costs for the three months to 30 September 2015 were 1% lower and only increased 1% compared to the pcp. A credible performance with operating costs contained below inflationary levels of approximately 6%.

Kroondal mine: reconciliation of cash costs per 4E ounce
Cost per 4E ounce (Rand)
Q4 2015 Q1 2016
Total operating expenditure 10,536 10,249
Less:
Ongoing capital expenditure & mobile equipment (1,390) (619)
Project capex (18) (46)
Transferred from/(to) stockpile 73 (461)
On mine cash costs 9,201 9,123


MIMOSA INVESTMENTS (Aquarius Platinum -- 50%)

* 12-month rolling average DIIR was 0.32 per 200,000 man hours worked

* Production decreased by 2% to 654,127 tonnes, quarter-on-quarter

* Head grade static at 3.67g/t, quarter-on-quarter

* Recoveries static at 78.7%

* Volumes processed increased by 1 % to 671,507 tonnes

* Stockpiles at the end of the quarter decreased to 136,246 tonnes

* PGM production increased by 4% to 62,410 PGM ounces quarter-on-quarter

* Revenue decreased by 15% to $53 million from $62million in the previous quarter

* Mining cash costs per PGM ounce unchanged quarter-on-quarter $795

* Stay-in-business capital expenditure was $117 per PGM ounce for the quarter

* Gross cash profit margin for the period decreased from 23% to 4%

Mimosa: Production, Cash Cost and Price Analysis

See www.aquariusplatinum.com for graph/chart

Safety, Health and Environment

* One fatality was recorded during the quarter.

* Two LTIs were recorded during the quarter.

* No restricted work case was recorded during the quarter.

* One minor injury occurred during the quarter.

On the 24 August 2015 at 1520 hours, Erick Mukazi, a Face Preparation Supervisor, was barring down in 24 Level North Bottom Gulley where LHD lashing was in progress. A wedge dislodged from the hanging wall and struck him on the head and upper back. The incident occurred about 3 metres from the face. Mukazi sustained fatal head injuries.

The fatal accident, which occurred after a long period of relatively good safety performance, affected the morale of both employees and management. Investigations, which involved shareholder representatives, Ministry of Mines in Zimbabwe and other third party reviews, were conducted and action strategies are being implemented to ensure that this and other similar accidents do not recur.

The YTD LTIFR was 1.58 whilst the rolling LTIFR was 0.52. Following the fatality, Mimosa is now on 48,542 fatality free shifts as at the end of September 2015.

Operations

Operating cash costs per ounce

Unit cash cost per PGM ounce (before by-product credits) were unchanged quarter-on-quarter. Compared to the pcp unit cash costs were 3% lower.

Capital expenditure

The total capital expenditure for the quarter was $7.2 million. Expenditure was incurred mainly on mobile equipment, drill rigs and LHDs, the conveyor belt extension and down dip development.

Mining operations

With the exception of the tragic fatal accident reported on earlier, the Mimosa mine operated very well during the quarter, enjoying cordial industrial relations and meeting most of its production targets. A total of 634,396 tonnes of ore were blasted for the quarter under review with blasted grades of 1.917g/t Pt. and 0.157% Ni. The blasted tonnage represents a 4.6% decrease compared to the previous quarter's 664,821 tonnes. Most teams mined through poor ground conditions during the quarter resulting in preparation constraining the ore generation cycle.

Following the fatal accident, mining production was slowed down to allow teams to re-focus after such a tragic event.

Hoisted tonnage for the quarter was at 654,127 tonnes compared to 684,030 tonnes achieved in the previous quarter representing 7.3% decrease in performance. Hoisting performance is expected to improve in line with the anticipated improvement in the amount of blasted ore.

Processing plant

The milled tonnage for the first quarter at 671,507Mt was 1% above the 662,787Mt which was achieved in the previous quarter.

At 79.2% platinum recovery was slightly less than the 79.4% achieved in the previous quarter with 4Es recovery remaining stable at 78.7%. The Process Team continues to focus on initiatives to improve the recoveries further.

PGMs production at 62,410 oz was 1% above the 61,561 oz which was achieved in the previous quarter and 5% above the budget of 59,096 oz.

15% Export Levy on un-beneficiated PGMs/ Deductibility of Royalties

The Statutory Instrument to give legal effect on the deferment of the 15% export levy as announced by the Minister of Mines during the quarter as well as regularize the deductibility of royalties is yet to be gazetted. Engagements with the Ministries of Mines and Finance are continuing to have the Statutory Instrument gazetted. The

TAILINGS OPERATION

Platinum Mile (Aquarius Platinum -- 91.7%)

* Material processed increased 11% to 1,174 million tonnes

* Head grade increased slightly to 0.58 g/t from 0.57 g/t -- quarter on quarter

* Recoveries increased to 19%, up from 15% quarter on quarter

* Production increased to 3,890 PGM ounces as explained below

* Cash costs decreased 10% to R6,914 per PGM ounce

* Revenue increased to R35 million for the quarter

* Cash margin for the quarter was 23%, up from 14% in the previous quarter

Since the commissioning of the coarse grinding milling circuit a lot of effort has been placed on optimising downstream plant flow and configuration options. These enhancements are starting to impact positively with an increase in production yields to 19% from 15%.

Operating cash costs per ounce
4E (Pt+Pd+Rh+Au) 6E (Pt+Pd+Rh+Ir+Ru+Au) 4E net of by-products (Ni, Cu& Co)
Platinum Mile 6,914 5,960 5,529


MINES UNDER CARE AND MAINTENANCE

P&SA2 at Marikana (Aquarius Platinum -- 50%)

Given the continuing low Rand PGM basket prices, Marikana 4 shaft, the remaining operating shaft, and the processing plant at Marikana continue on care and maintenance until further notice.

Chromite Tailings Retreatment Plant (CTRP) (Aquarius Platinum -- 50%)

This operation remains on care and maintenance.

CORPORATE MATTERS

2 October - Everest mine

Aquarius Platinum Limited (Aquarius) announced on 10 February 2015 that its subsidiary, Aquarius Platinum (South Africa ) (Pty) Ltd (AQPSA), had entered into an agreement to sell its entire interest in the Everest Mine and ancillary mining and processing infrastructure and immovable properties to Northam Platinum Limited (Northam), for an aggregate cash consideration of R450 million, to be completed in two parts, being R400 million for the concentrator and other mining assets of Everest Mine (Part A) plus R50 million for the Everest Mining Right (Part B). Part A of the disposal process was completed on 26 June 2015 following the receipt of R400 million.

Subsequent to the end of the September quarter the parties obtained consent in terms of section 11 of the Mineral and Petroleum Resources Development Act, No. 28 of 2002 to transfer the Everest Mining Right to Northam. The Part B Sale has become unconditional and following registration in the Mining Titles Office of the DMR, it is expected that the Part B funds will be received.

6 October - Takeover Offer

The boards of directors of Aquarius Platinum Limited and Sibanye Gold Limited announced they entered into an implementation agreement, under which a wholly owned subsidiary of Sibanye will, subject to the satisfaction of certain conditions (including Aquarius shareholder approval), acquire all of the shares in Aquarius for a cash consideration of USD0.195 for each Aquarius share (theTransaction ).

In the absence of a superior proposal and subject to an independent expert concluding that the Transaction is fair and reasonable and in the best interests of Aquarius shareholders, the Aquarius Board has resolved unanimously to recommend that Aquarius shareholders vote in favour of the Transaction. Subject to these same qualifications, each director of Aquarius intends to vote all Aquarius shares held or controlled by them in favour of the Transaction at the Aquarius shareholder meeting.

Meeting materials are currently being prepared and will be despatched to shareholders. It is expected that the materials will be mailed to shareholders before the end of 2015 and that a meeting of Aquarius shareholders will be held before the end of January 2016.

Full details are available in the announcement released to the market on 6 October 2015.

Statistical information: Kroondal P&SA1

See www.aquariusplatinum.com for statistical table

Statistical information: Mimosa

See www.aquariusplatinum.com for statistical table

Statistical information: Platinum Mile

See www.aquariusplatinum.com for statistical table

Issued capital

At 30 September 2015, the Company had on issue: 1,507,106,778 fully paid common shares.
Substantial shareholders 30 September 2015 Number of Shares Percentage
HSBC Custody Nominees (Australia) Limited 109,246,397 7.25
HSBC Global Custody Nominee (UK) Limited (897467) 59,989,992 3.98
Primary Listing: Australian Securities Exchange (AQP.AX) Trading Information
Premium Listing: London Stock Exchange (AQP.L) ISIN number BMG0440M1284
Secondary Listing: JSE Limited (AQP.ZA) ADR ISIN number US03840M2089
Convertible bond ISIN number XS0470482067
Broker (LSE) Broker (ASX) Sponsor (JSE)
Barclays 5 The North Colonnade Canary Wharf London E14 4BB Telephone: +44 (0) 20 7623 2323 Euroz Securities Level 18 Alluvion 58 Mounts Bay Road, Perth WA 6000 Telephone: +61 (0) 8 9488 1400 Rand Merchant Bank (A division of FirstRand Bank Limited) 1 Merchant Place Cnr of Rivonia Rd and Fredman Drive, Sandton 2196 Johannesburg South Africa


Aquarius Platinum (South Africa) (Proprietary) Ltd

100% owned (Incorporated in the Republic of South Africa)

Registration Number 2000/000341/07

1st Floor, Block C, Rosebank Office Park, 181 Jan Smuts Avenue, Rosebank, South Africa Postal Address: PO Box 7840, Centurion, 0046, South Africa

Telephone: +27 (0)10 001 2848

Facsimile: +27 (0)12 001 2070

Aquarius Platinum Corporate Services Pty Ltd

100% Owned

(Incorporated in Australia)

ACN 094 425 555

Level 1, Suite 6, SOUTHPOINT, 100 Mill Point Road, South Perth WA 6151, Australia

Postal Address: PO Box 485, South Perth, WA 6951, Australia

Telephone: +61 (0)8 9367 5211

Facsimile: +61 (0)8 9367 5233

Email: info@aquariusplatinum.com

For further information please visit www.aquariusplatinum.com or contact:
In the United Kingdom and South Africa: Jean Nel +27 (0)10 001 2848 In Australia: Willi Boehm +61 (0) 8 9367 5211
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