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key attributable FY2011 Data:

Production: 52,962 PGM ounces (42% of group production)

Contribution to group revenue: $7.1 million (11% of group production)

Mineral resources: 2.73Moz (after application of geological losses)

Mineral reserve: 1.44Moz

Cash costs: $1,193 per PGM ounce | R8,394 per PGM ounce

Capital expenditure: $25 million

location:

Eight kilometres east of the company’s flagship operation, Kroondal, on the western limb of the Bushveld Complex in North West Province, South Africa

comprises:

Three decline shafts (1, 4 and 5 shafts) accessing the underground operations, an open-pit operation and a concentrator plant with a capacity of 220,000tpm

ownership/management:

Dedicated AQPSA management team

safety:

Although safety performance improved in FY2011, a tragic fall of ground accident at 4 shaft in July 2010 led to the death of five employees

production:

Attributable production of 52, 962 PGM ounces in FY2011 (11% of group attributable production)

resources and reserves:

As at end June 2011, total attributable mineral resources of 2.73 million 4E ounces after application of geological losses.
Total attributable mineral reserves of 1.44 million 4E ounces

number of employees:

As at end June 2011, 1,548 employees including 1,516 contractors

about Marikana

Commissioned in late 2002, Marikana is Aquarius’ second operating mine in South Africa. AQPSA entered into a second pooling and sharing agreement (P&SA2) with Anglo Platinum regarding Marikana in 2006. The P&SA2, including a dense media separation (DMS) plant, was commissioned in November 2006.

Aquarius acquired the assets of First Platinum (Pty) Ltd and Salene Mining (Pty) Ltd, known collectively as Firstplats, which are contiguous with Marikana and have been included in the P&SA2 in FY2010. As a result, certain of Anglo Platinum’s Siphumelele reserves will be accessed from Marikana’s decline shafts in FY2012. Management is working towards further life-of-mine extensions at Marikana, and as with Kroondal, the Hoedspruit property acquired by the group may assist with these endeavours.

geology

Marikana comprises both the Marikana and 4 Shaft orebodies. The Marikana open pit orebody, which measures approximately 1.5km by 3km, is a basin-like structure which dips down toward the centre from all sides at an angle of between 10 and 20 degrees to a maximum depth of about 200m. The surface topography is flat with a gentle slope to the north. The open pit was mined out in FY2011.

The 4 Shaft orebody is adjacent to the Kroondal Block at the Kroondal mine and has a similar geology with the UG2 dipping 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.

production

The 22% decrease in ore production from the Marikana operations resulted from two weeks of lost underground production as a result of the Section 54 suspension notice relating to the fall of ground accident in July 2010, as well as the same absenteeism that was encountered at Kroondal. Poor ground conditions remained a challenge.

In addition, 1 shaft became uneconomical during the second quarter and was placed on care and maintenance. The open pit was finally mined out and closed during the final quarter of the year. The underground ramp-up at 4 shaft continues to yield increased volumes of ore, but it was slowed to some extent by the geological anomalies intersected and factors relating to the implementation of the new safety measures, including a change in the direction of mining.

Production at 5 shaft (the incorporation of the Firstplats orebody into the Marikana operation) began as scheduled and contributed 10,941 PGM ounces from 234,000t milled for the financial year. Development of the Siphumelele 3 reserves has been done in readiness for mining to begin here in FY2012. This reserve is expected to yield 25,000 PGM ounces.

The deterioration in the achieved plant head grade was also due to the higher incidence of potholes which led to increased off-reef mining due to difficulties in packing waste underground.

As with Kroondal, these issues have largely been dealt with and production is improving in the new financial year.

Primary development increased by 25% year-on-year to 10,306m.

key statistics - as at30 June 2011

mineral resources and mineral reserves - as at 30 June 2011

The Mineral Resources and Ore 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).