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key attributable FY2011 Data:

location:

Approximately 120km north-west of Johannesburg, on the western limb of the world-renowned Bushveld Complex, in North West Province, South Africa, and immediately up-dip of Anglo Platinum’s Rustenburg Platinum Mine (RPM)

ownership:

50:50 pooling and sharing agreement (P&SA1) between AQPSA and Anglo American Platinum (Amplats)

comprises:

Underground mining to a depth of 400m via four decline sections–the Kopaneng, Simunye, Bambanani and Kwezi (formerly Central, East, No. 3 and K5) shafts, and two concentrator plants with a combined monthly capacity of 570,000 tonnes

management:

Dedicated AQPSA management team

safety:

Although 1 million fatality-free shifts were achieved in March 2011, an accident involving two LHDs in July 2010 led to one fatality

resources and reserves:

As at end June 2011, total attributable mineral resources of 3.39 million 4E ounces after application of geological losses. Total attributable mineral reserves of 2.37 million 4E ounces

number of employees:

As at end June 2011, 4,868 employees including 4,845 contractors

about Kroondal

Conceived in 1996, Kroondal Platinum Mine is Aquarius Platinum's first and flagship operation. In early 2003, Aquarius entered into a pooling and sharing agreement (P&SA1) with Anglo Platinum, whereby the two companies share revenues, costs and capital.

In terms of this agreement, the Anglo Platinum reserves adjacent to Kroondal were incorporated into the Kroondal mine plan. Following the conclusion of the Firstplats transaction in 2010 and the inclusion of its assets in the P&SA2 with Marikana, Kroondal’s P&SA1 acquired additional resource and reserve ounces from Anglo Platinum.

Kroondal has also gained access to some of the Siphumele 2 and 3 reserves following the conclusion of a tribute agreement with RPM in FY2010.

The capital-intensive small-mine concept developed at Kroondal revolutionised the South African PGM industry. Essentially, the concept incorporates the use of key contractors, highly mechanised mining operations and the outsourcing of high-cost, high-risk smelting and refining operations. As a result, productivity levels at Kroondal rank among the highest in the industry.

geology

Kroondal mines the UG2 Reef contained in the Kroondal and Townlands blocks. The UG2 Reef outcrops on the Kroondal property and dips to the north at approximately 9 degrees. This orebody comprises two mineralised seams - the Main and Leader seams – which are separated by a one-metre pyroxenite zone commonly known as the parting.

acquisitions in 2011

The Aquarius group acquired Afarak Platinum (Pty) Ltd (Afarak) in May 2011 for $109.7 million. Afarak has new order prospecting rights to the Hoedspruit and Kruidfontein properties on the western limb of the Bushveld Complex.

Afarak has a 100% interest in Hoedspruit which has a resource of 7.23 million PGM (4E) ounces, and is located strategically close to Aquarius’ existing mining operations at Kroondal and Marikana. The Afarak transaction also significantly increases Aquarius’ portfolio of PGM resources.

production

Improved operating efficiencies and stable industrial relations compared to the previous year enabled Kroondal to increase production in the first half of the 2011 financial year by 1.6%, but these gains were largely negated during the second half of the year.

Absenteeism over the Christmas and Easter periods, a significant increase in the number of Section 54 safety stoppages by government inspectors (which affected the industry as a whole) and disruption to the production cycle, due to the manual installation of the new hangingwall support, all impacted negatively on mining volumes in the final two quarters of the year. The long lead times and delayed delivery of new drilling rigs made it necessary to install support manually. Towards the end of the year, the direction of mining was also shifted to run obliquely to the natural fracturing in the rock, which reduced the available mining face length as new faces had to be established, and temporarily impacted head grade. Adjustments have now been made to accommodate these factors, and production levels are returning to normal.

Primary development increased by 51% over the period to a total of 14,331m, and stockpiles at the end of the financial year were approximately 14,000t. In the period under review, the two year wage agreement reached with the National Union of Mineworkers (NUM) at the conclusion of the strike in 2009 remained in force. Wage negotiations for the 2012 financial year began shortly after year-end.

Initial construction and preparatory work began at the K6 shaft in July 2010. The earthworks and stabilisation were completed by December that year and the first decline blast took place in March, following which the portal entrance to the three barrels of the decline was established.

The decline system had advanced 166m by year-end and total development amounted to 543m. Work has begun on the surface conveyor structures. Stoping operations will begin at K6 in June 2013, and full annual production of 100,000 ounces is forecast. The K6 shaft will replace mined out capacity elsewhere at Kroondal.

Mining has begun at the Bambanani shaft, accessing Anglo Platinum’s Siphumelele reserves to which Kroondal now has access, with the balance of these reserves being accessed via the Marikana decline shafts. A heads of agreement was signed with Anglo Platinum post year-end to enable a second phase of mining at Siphumelele using the previously mothballed Siphumelele vertical shaft.

key statistics - as at 30 June 2011

mineral resources and mineral reserves - as at 30 June 2011

The Mineral Resources and Mineral Reserves have been confirmed in accordance with the South African Code for Reporting of Mineral Resources and Mineral Reserves (SAMREC 2007) and its equivalent, the Australian Code for Reporting of Mineral Resources and Ore Reserves (JORC 2004).