First Quarter 2012 Financial and Production Results · First Quarter 2012 Financial and Production Results First Quarter 2012 Financial and Production Results: 30 September 2011 Page

First Quarter 2012 Financial and Production Results

First Quarter 2012 Financial and Production Results: 30 September 2011 www.aquariusplatinum.com Page 1 of 26

Aquarius Platinum Limited Financial and Production Results to 30 September 2011

Highlights Attributable production for the first quarter decreased by 3% quarter‐on‐quarter to 109,828 PGM ounces Average PGM Dollar prices deteriorated in the quarter – platinum and palladium both down 1% and rhodium down 13% The Rand weakened against the US Dollar by 5% on average quarter‐on‐quarter, and by 20% over the current quarter On‐mine EBITDA increased by 24% year‐on‐year to $34.5 million Foreign exchange loss of $94.3 million on inter‐company loans, resulting in a net loss after tax (IFRS) for the quarter of $91.8 million

Production at Kroondal and Marikana remained adversely affected by manual installation of hangingwall support Production at Everest negatively impacted by continuing poor ground conditions and section 54 stoppages

Q1 2012 Operating Results Summary

Kroondal Marikana Everest * Mimosa CTRP Plat. Mile

4E PGM Production

Total (100% basis) 88,908 25,993 23,074 53,798 661 3,087

Attributable 44,454 12,996 23,074 26,899 331 2,074

4E Basket Price

R/oz 10,374 10,431 10,233 ‐ 10,745 10,267

$/oz 1,480 1,488 1,460 1,374 1,535 1,438

Cash Costs (4E basis)

R/oz 8,507 10,098 9,775 ‐ 16,223 7,723

$/oz 1,213 1,440 1,394 726 2,318 1,082

Cash Margin (%) 1 (14) (6) 50 (516) 22

Stay‐in‐Business Capex

R/oz 1,062 726 1,970 ‐ 3,763 311

$/oz 151 103 281 301 538 43

* Everest is in ramp‐up phase

Commenting on the results, Stuart Murray, CEO of Aquarius Platinum said:

The first quarter of FY2012 has been a truly difficult one. As expected, the operational issues that we faced at our South African operations in the final quarter of FY2011 continued to pose challenges in the period under review, exacerbated by further primary mining contractor underperformance in Q1. This escalating underperformance relates to a failure to achieve agreed budgeted production and unit cost targets at all the SA mines, and a failure to maintain acceptable safety standards and industrial relations practices (particularly at Everest). This continued underperformance is currently being addressed, and AQPSA’s management is formulating strategies to resolve it which will include revisiting the cost reimbursable basis of the primary mining contract. AQPSA will be taking an increasingly interventionist role in the management of this contractor as the current risk profile of the contract (which overly favours the contractor) is not sustainable, especially in the current metal price environment.

At Kroondal and Marikana, the issues relating to the implementation of our new support systems, and long lead times for the necessary equipment, do remain. However, safety is an area in which we will not compromise. Everest continues to face temporary adverse geological conditions and also suffered extensive section 54 shutdowns and maintenance issues. The tailings operations continued to suffer from feedstock quality issues, impacting costs through their very high fixed cost base. On a more positive note, Mimosa returned an

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outstanding performance, lowering costs while continuing to produce at capacity. These operational difficulties, while unhelpful in the quarter under review, are in each case temporary in nature and are in the process of being rectified.

The global economy is weakening once more. Basket prices were flat quarter‐on‐quarter in both currencies, but both fell in the final week of the period, and have remained at a lower level in October. The reasons for this relate to macroeconomic issues such as European sovereign debt rather than PGM fundamentals, which remain strong. Fortunately the Rand has weakened against the Dollar in step with the Euro, providing some relief from lower Dollar metals prices.

The quarter did have its positive aspects, with an agreement reached with our partners at Kroondal and Marikana to exploit the Siphumelele 3 ore reserves through the P&SAs, in keeping with our commitment to expand the scope of those operations. We were also able to settle our wage negotiations at a level acceptable to all parties with no disruption. We are working hard to resolve the current operational challenges and I am confident that we will be able to restore our margins in the short term and emerge with a stronger business and safer, more robust mines. We have among the lowest capital intensities in the platinum sector and these factors together will enable us to weather any renewed deterioration in the economic environment.

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Production by mine

PGMs (4E) Quarter ended

Sept 2011 June 2011 % Change Sept 2010 % Change

Kroondal 88,908 89,196 (0%) 110,575 (20%)

Marikana 25,993 21,411 21% 27,756 (6%)

Everest 23,074 26,954 (14%) 20,417 13%

Blue Ridge ‐ 3,021 (100%) 8,092 (100%)

Mimosa 53,798 55,605 (3%) 54,133 (1%)

CTRP 661 685 (4%) 1,470 (55%)

Platinum Mile 3,087 4,694 (34%) 3,923 (21%)

Total 195,521 201,566 (3%) 226,366 (14%)

Production by mine attributable to Aquarius

PGMs (4E) Quarter ended


Kroondal 44,454 44,598 (0%) 55,287 (20%)

Marikana 12,996 10,705 21% 13,878 (6%)

Everest 23,074 26,954 (14%) 20,417 13%

Blue Ridge ‐ 1,510 (100%) 4,046 (100%)

Mimosa 26,899 27,803 (3%) 27,067 (1%)

CTRP 331 343 (3%) 735 (55%)

Platinum Mile 2,074 2,347 21% 1,962 44%

Total 109,828 114,260 (3%) 123,392 (10%)

Aquarius Group attributable production (PGM ounces) to 30 September 2011

0

20,000

40,000

60,000

80,000

100,000

120,000

Dec‐10 Mar‐11 Jun‐11 Sep 11

Kroondal Marikana Everest Mimosa CTRP Platinum Mile Blue Ridge

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Market Summary Metals prices The Dollar prices of both platinum and palladium remained relatively steady over much of the first quarter, as fundamental industrial demand continued to improve slowly and the global supply‐chain disruptions caused to the automotive industry by the Japanese earthquake and tsunami were resolved. The prices of both metals fell sharply in the final week of the quarter, however, as investor sentiment deteriorated markedly in response to the debt crisis in Europe and signs of potential recession in various parts of the world. These falls in price were accompanied by outflows from both the platinum and palladium physically‐backed ETFs, demonstrating once again that prices are currently driven by investor views rather than fundamental demand. The price of rhodium weakened throughout the quarter, reflective of the significant current surplus in that metal. The average platinum and palladium prices both fell by 1% quarter‐on‐quarter, while the average rhodium price fell by 13%. Gold rose by 13% on average, reflecting the uncertainty in world markets, but in a counterintuitive development, it weakened along with the industrial commodities at the end of the quarter, as investor liquidity was pulled from the market. Gold reached parity with platinum for an unprecedented period during the quarter under review, and the platinum price has now fallen to below that of gold. Platinum closed the quarter down 12% at $1,511 per ounce, while palladium fell by 18% to $614 per ounce over the same period. The rhodium price fell 16% to $1,675 per ounce over the quarter and gold rose 9% to $1,622 per ounce. PGM prices have remained at the lower levels reached at the end of the first quarter in October, and while the European debt crisis remains unresolved and the global economic recovery continues to slow, this situation is unlikely to change. The outlook for PGM prices in the medium term remains good, but macroeconomic concerns are likely to outweigh this in the short term. Rand‐Dollar exchange rate The average Rand‐Dollar exchange rate for the quarter weakened by 5% from R6.80 to R7.15 to the US dollar, with much of the deterioration coming at the end of the quarter in response to the weakness in the Eurozone (South Africa’s largest trading partner), investor risk aversion for developing markets and a stronger US Dollar. The Rand closed the quarter down 20% at R8.13 to the Dollar. Rand basket prices remained relatively stable over much of the quarter, with currency moves offsetting changes to US Dollar PGM prices until the final week of the quarter, when metal price falls began to outweigh currency gains. Average PGM basket prices over the quarter weakened slightly at all operations in US Dollar terms but improved slightly in Rand terms. The US Dollar weighted average group basket price decreased by 2% to $1,450 per 4E PGM ounce compared to the previous quarter, while the weighted average basket price at the South African operations was $1,475 per PGM ounce. The average South African basket price was R10,540 per PGM ounce for the period, a 3% increase compared to the prior quarter.

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12‐month individual PGM prices to September 2012(US$/oz)

12‐month PGM basket prices to September 2012(US$ and ZAR per PGM basket ounce)

12‐month Rand‐Dollar exchange rate to September 2012(ZAR/US$)

Average PGM basket prices achieved at Aquarius operations

US$ per PGM ounce (4E)

Quarter ended


Kroondal 1,480 1,519 ‐3% 1,307 16%

Marikana 1,488 1,523 ‐2% 1,306 17%

Everest 1,460 1,484 ‐2% 1,265 17%

Blue Ridge ‐ 1,511 ‐ 1301 ‐

Mimosa 1,374 1,392 ‐1% 1,144 22%

CTRP 1,535 1,636 ‐6% 1,426 15%

Platinum Mile 1,438 1,487 ‐3% 1,300 14%

Weighted Avg. 1,450 1,480 ‐2% 1,265 17%

400450500550600650700750800850900

1,000

1,200

1,400

1,600

1,800

2,000

2,200

2,400

Oct 10 Dec 10 Mar 11 Jun 11 Sep 11

Platinum Gold Rhodium Palladium

Pt, Ru & Au ($/oz) Pd ($/oz)

8,000

8,500

9,000

9,500

10,000

10,500

11,000

11,500

12,000

12,500

1,100

1,200

1,300

1,400

1,500

1,600

1,700


SA $ Basket Zim $ Basket SA R Basket

$/oz R/oz

6.50

6.70

6.90

7.10

7.30

7.50

7.70

7.90

8.10

8.30

8.50


R/$

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Financial results Aquarius recorded on‐mine EBITDA of $34.9 million for the quarter ended September 2011, an increase of 24% compared to the previous corresponding period (pcp), September 2010. The result was despite production for the quarter being 8% lower at 109,828 PGM ounces attributable to Aquarius. The net result of the group, a net loss after tax of $91.8 million, was distorted by $94.3 million of foreign exchange losses arising from the revaluation of inter‐company loans and non‐US Dollar cash balances at period end. Significant currency swings between the Rand and the US Dollar were experienced during the quarter, which saw the Rand weaken 20% from R6.76 to R8.13 at the close of the quarter. EBITDA, Profit & Production Comparison by corresponding quarters

* excludes PGM ounces of Blue Ridge production capitalised. On‐mine EBITDA for the quarter of $34.9 million was 24% higher compared to the pcp despite lower production and higher unit costs. This was due to foreign exchange gains on sales of $27.0 million which were partially offset by negative PGM sales adjustments of $6.7 million. The foreign exchange gains (at mine level) were however more than offset by foreign exchange losses recorded by the group on cash balances (Rand, Australian dollar, Pound Sterling), and the revaluation of inter‐company loans; resulting in net foreign exchange losses to the group of $94.1 million. Revenue (PGM sales and including interest income of $3.5 million) was down 3% to $144.6 million from $149.1 million in the pcp. Revenue was inclusive of negative sales adjustments of $6.7 million due to the flow‐through of declining PGM prices experienced during the quarter. Despite the decline in PGM prices towards the end of September, the average revenue per ounce achieved for the quarter was slightly higher at $1,317 compared to the pcp, despite PGM prices having retreated in the second half of September to their current low levels.

Production for the quarter was 8% lower at 109,828 PGM ounces, down from 119,346 PGM ounces in the pcp. This was largely due to lower production at Kroondal and Marikana; collectively down 11,714 PGM ounces compared to the pcp. Generally, the decrease in production was linked to the slower than expected implementation of the new underground support processes as part of the reinforced focus on increased safety. Everest and Mimosa exceeded production compared to the pcp.

Quarter ended

Sept 2011 Quarter ended

Sept 2010 Movement

Financial yearended

June 2011 EBITDA $34.9M $28.1M $6.8M $203.2M Headline earnings ‐ ‐ ‐ $142.8M Forex (loss)/gain ($94.3M) $37.0M $131.3M $60.1M Net (loss)/profit after tax ($91.8M) $42.4M ($134.2M) ($10.4M) Revenue $144.6M $149.1M ($4.5M) $682.9M

PGM ozs production (in operation) 109,828 119,346* (9,518) 478,551*

Quarter ended

Sept 2010 Dec 2010 Mar 2011 June 2011 Sept 2011

Revenue $145.5m $174.2m $174.3m $164.8m $151.3m PGM sales adjustments $3.6m $12.9m $8.5m ($0.9m) ($6.7m)

Total revenue $149.1m $187.1m $182.8m $163.9m $144.6m

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Total cash cost of production was higher at $126 million despite lower production due to the high fixed cost nature of the mining contract. This translated into higher weighted average on‐mine unit costs which increased 28% in South Africa in Rand terms compared to the pcp, and 17% quarter on quarter. In Dollar terms, unit costs increased 33% compared to the pcp due principally to Rand weakness against the US Dollar. Unit costs increased at all operations in Rand and US Dollar terms compared to the pcp, although Mimosa’s unit costs fell by 9% in US Dollars compared to the previous quarter. Amortisation and depreciation was higher at $19.9 million from $13.5 million in the pcp despite lower production due to an increased write off of mine development costs following closure of the Marikana open pit. Administration and other costs at $3.9 million are in line with expectations based on these costs in previous periods. Finance costs for the quarter of $9.2 million comprised interest on the convertible note of $4.8 million, non‐cash interest accretion on the convertible note of $2.5 million, pipeline finance of $0.3 million, borrowing costs of $0.3 million and unwinding of the rehabilitation provision of $1.4 million.

Capitalisation of inter‐company loans During the quarter, Aquarius capitalised $353 million of intercompany loans with its subsidiaries, AQPSA and ACS(SA). The value of these loans is now represented as capital in the subsidiaries and will no longer be subject to monthly revaluation through the income statement. The loans were capitalised at a ZAR/USD exchange rate higher than that pertaining when the loans were originally transacted and accordingly, a tax credit has been booked during the quarter. Cash The Group cash balance at the end of the quarter under review was $276 million. Net operating cash flow for the quarter of $34 million comprised $184 million from sales, $148 million paid to suppliers, net finance costs of $1 million and income tax paid of $1 million. During the quarter Aquarius settled the acquisition of 41.7% of Platmile for $16 million and also paid out Aquarius’ dividend of 4 cents per share to Aquarius shareholders of $19 million. Group cash at 30 September 2011 was held as follows: AQP $207 million AQPSA $ 25 million ACS(SA) $ 2 million Mimosa $ 34 million Ridge Mining $ 2 million Platmile $ 6 million Total $276 million

Quarter ended

Attributable ounces Sept 2010 Dec 2010 Mar 2011 June 2011 Sept 2011

4PGE production Blue Ridge

119,3464,046

127,579‐

122,213‐

114,220 ‐

109,828‐

Total production 123,392 127,579 122,213 114,220 109,828

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Aquarius Platinum Limited Consolidated Income Statement

Quarter ended 30 September 2011 $’000

Note

Quarter Ended Financial Year

Ended

30/09/11* 30/09/10* 30/06/11

PGM Production from operating mines Blue Ridge Total production

109,828

‐ 109,828

119,346 4,046

123,392

483,358 4,046

487,404

Revenue (i) 144,579 149,102 682,859

Cost of sales (including D&A) (ii) (146,189) (120,779) (507,728)

Gross (loss)/profit (1,610) 28,323 175,131

Other income 167 150 1,764

Administrative costs (iii) (3,965) (4,039) (13,030)

Foreign exchange (loss)/gain (iv) (94,116) 45,301 60,068

Finance costs (v) (9,265) (7,505) (30,945)

Impairment losses (vi) ‐ ‐ (159,779)

Settlement of contractor dispute (vi) ‐ (7,810) (7,810)

(Loss)/profit before income tax (108,789) 54,420 25,399

Income tax benefit/(expense) (viii) 16,947 (12,021) (35,795)

Net (loss)/profit (91,842) 42,399 (10,396)

EPS (basic – cents per share) (19.6) 9.2 (2.25)

* Unaudited

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Notes on the September 2011 Consolidated Income Statement

(i) Revenue decrease reflects lower production and flat prices compared to the pcp.

(ii) Cost of sales: unit cash costs per PGM ounce increased 17.0% in South Africa in Rand quarter‐on‐quarter and 28.5% compared to September 2010. In US Dollar terms unit costs increased 9.6% quarter‐quarter and 32.5% compared to September 2010 principally due to Rand weakness compared to the US Dollar

(iii) Administration and other costs of $4.0 million are in line with previous periods.

(iv) Forex loss is largely attributable to negative revaluation adjustments on intergroup debt, cash balances held in Rand, Australian dollars and Pound Stirling, and the revaluation of pipeline debtors following the weakening of the Rand against the US Dollar.

(v) Finance costs include convertible note debt $4.8 million, non‐cash interest accretion on the convertible note $2.5 million, pipeline finance $0.3 million, borrowing costs $0.3 million and unwinding of the rehabilitation provision $1.4 million.

(vi) Impairment losses relating to the Blue Ridge mine which has ceased operations

(vii) Settlement payment of the contractor dispute between Moolman Mining and AQPSA pursuant to an agreement of settlement signed in August 2010, in full and final settlement of all disputes and claims between the parties.

(viii) Income tax benefit relates to reversal of deferred tax balances on realisation of foreign exchange losses.

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Aquarius Platinum Limited Consolidated Statement of Cash Flows Quarter ended 30 September 2011

$’000

Quarter Ended Financial Year

Ended

Note 30/09/11* 30/09/10* 30/06/11

Net operating cash inflow (i) 34,056 39,790 162,311

Net investing cash outflow (ii) (44,489) (45,754) (209,908)

Net financing cash inflow/(outflow) (iii) (25,519) (30,159) (33,527)

Net decrease in cash held (35,952) (36,123) (81,124)

Opening cash balance 328,083 381,734 381,734

Exchange rate movement on cash (16,329) 18,273 27,473

Closing cash balance 275,802 363,884 328,083

* Unaudited

Notes on the September 2011 Consolidated Statement of Cash Flows

(i) Includes $184 million inflow from sales, $158 million paid to suppliers, net finance costs of $1 million and income tax paid of $1 million.

(ii) Includes development and plant and equipment expenditure of $28 million on AQPSA and Mimosa operations and $16m payment for purchase of a 41.7% interest in Plat Mile.

(iii) Includes payment of 4 cents per share dividend to Aquarius shareholders of $19 million, purchase of treasury shares of $3 million and repayment of borrowings of $3 million.

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Aquarius Platinum LimitedConsolidated Balance Sheet

At 30 September 2011

Quarter Ended

30 Sept 2011

Financial Year Ended

30 June 2011

Note $’000 $’000

Assets

Cash assets 275,802 328,083

Current receivables (i) 92,197 108,395

Other current assets (ii) 44,835 44,747

Property, plant and equipment (iii) 279,515 325,763

Mining assets (iv) 439,955 480,634

Other non‐current assets (vi) 81,323 91,735

Intangibles (v) 64,415 77,989

Total assets 1,278,042 1,457,346

Liabilities

Current liabilities (vii) 112,544 120,549

Non‐current payables (viii) 5,266 6,150

Non‐current interest‐bearing liabilities (ix) 256,488 257,599

Other non‐current liabilities (x) 176,591 221,711

Total liabilities 550,889 606,009

Net assets 727,153 851,337

Equity

Issued capital 23,509 23,509

Reserves 697,647 711,182

Retained earnings 5,997 116,646

Total Equity 727,153 851,337

* Unaudited

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Notes on the September 2011 Consolidated Balance Sheet

(i) Reflects debtors receivable on PGM concentrate sales

(ii) Reflects PGM concentrate inventory, consumables, stores and critical spares. (iii) Represents plant and equipment within the Group

(iv) Includes group’s mining assets at Kroondal, Marikana, Mimosa, Everest, Blue Ridge, CTRP and Platmile (v) Includes intangibles relating to goodwill and contract value acquired on acquisition of 50.0% equity interest in

Platinum Mile Resources (Pty) Ltd. (vi) Includes recoverable portion of rehabilitation provision at P&SA sites of $12 million, cash contributed to

Rehabilitation Trusts of $17 million, listed investments of $1 million, Mimosa receivable from RBZ relating to the previous requirements to repatriate US Dollar proceeds on metals sales to the RBZ of $28 million, and Blue Ridge receivables from outside shareholders of $23 million.

(vii) Includes trade creditors of $81 million, DBSA and IDC bank loans in Blue Ridge of $30 million, current tax liabilities of $1 million and provision for annual leave of $1 million.

(viii) Includes rehabilitation obligations on P&SA1 and P&SA2 structures.

(ix) Includes convertible bonds of $248 million and AQPSA / Blue Ridge lease facilities of $8 million.

(x) Includes deferred tax liabilities $116 million and provision for closure costs $61 million.

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Operating Review Summary (all numbers on 100% basis) AQUARIUS PLATINUM (SOUTH AFRICA) (PTY) LTD (Aquarius Platinum ‐ 100%) P&SA 1 at Kroondal (Aquarius Platinum – 50%) 12‐month rolling average DIIR improved to 0.63 per 200,000 man hours from 0.77 in the previous quarter Production increased by 4% to 1,483,000 tonnes Head grade deteriorated from 2.46 g/t to 2.39g/t Recoveries deteriorated by 0.4% Volumes processed increased by 3% to 1,478,000 tonnes Stockpiles at the end of the quarter totalled approximately 20,000 tonnes PGM production decreased by 0.3% to 88,908 PGM ounces Revenue increased by 0.3% to R766 million Q‐on‐Q due to a slight increase in the Rand basket price Mining cash costs increased by 13% to R512 per tonne, and costs per PGM ounce by 17% to R8,507 Kroondal’s cash margin for the period decreased from 15% to 1%

P&SA2 at Marikana (Aquarius Platinum – 50%) 12‐month rolling average DIIR improved to 0.30 per 200,000 man hours from 0.48 in the previous quarter Production increased by 18% to 476,692 tonnes, all from underground operations Head grade increased by 3% to 2.30 g/t Recoveries increased by 2% to 75% Volumes processed increased by 16% to 467,334 tonnes PGM production increased by 21% to 25,993 ounces Revenue increased by 22% to R230 million Q‐on‐Q due to improved PGM production Mining cash costs increased by 13% to R562 per tonne, and costs per PGM ounce by 8% to R10,098 Marikana’s cash margin deteriorated from (6%) to (14%)

Everest Mine (Aquarius Platinum – 100%) 12 month rolling DIIR deteriorated to 1.28 per 200,000 man hours from 0.41 in the previous quarter Production decreased by 11% to 326,000 tonnes Head grade deteriorated from 2.62 g/t to 2.57 g/t Recoveries remained stable at 85% Volumes processed decreased by 13% to 327,000 tonnes PGM production decreased by 14% to 23,074 PGM ounces Revenue decreased by 13% compared to the previous quarter to R213 million Mining cash costs increased by 19% to R689 per tonne, and costs per PGM ounce increased by 20% to

R9,775 Everest’s cash margin decreased from 10% to (6%)

Commentary Kroondal and Marikana: Mine production continued to be negatively impacted by the implementation of the new hangingwall support systems, as manual drilling of support holes remained necessary during the quarter. Slower‐than‐plan installation of support thus continued to interfere with the blasting cycle. These mines are now trialling a locally manufactured prototype rock drill for mechanised support installation, and it is possible that these significantly cheaper units may be rolled out to use in place of the imported drilling rigs currently under order but subject to long lead times. The change in mining orientation also continued to require the establishment of additional face at the expense of head grade. Production in the quarter was comparable to the previous period but significantly below capacity, which had a negative effect on unit costs due to the high fixed cost base. The extent of the fixed cost base is a feature of the mining contractor agreement across Aquarius’s South African operations, and this agreement is currently being renegotiated to remove this inflexibility.

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Mine management has been informed that the supplier of the imported specialty drill steel used in the new hangingwall support methodology will be unable to deliver sufficient units to meet AQPSA’s requirements until the middle of the third financial quarter of 2012. This has necessitated moving certain areas of these mines back to the old national standard of roof support in the short term. While this situation is not optimal, it has enabled those mining areas to begin producing at capacity once again. The new technologies for the early detection of geological anomalies (ground penetrating radar, snake‐eye cameras and the other elements of the revised TARP system) remain in place in all mining areas. Rustenburg Platinum Mines’ (RPM) Siphumelele 3 ore reserves have now been included in both P&SA1 and P&SA2 and mining there has commenced, in accordance with an agreement between RPM and AQPSA (see “Corporate Matters” below). Everest: Mining during the quarter was negatively impacted by the same oxidised ore and resulting poor ground conditions seen in the prior period. Tragically, two fatalities also occurred at Everest during the quarter in separate incidents, and the associated section 54 safety stoppages caused the loss of 27 shifts. One of the accidents involved an underground vehicle (LDV), and further impacts on production were caused by the need to modify LDV brake systems which reduced the number of these vehicles available underground, especially for maintenance. This resulted in lower LHD and drill rig availability. Finally, there was also an underground belt fire, and a further 9 shifts were lost while it was repaired. These incidents resulted in production significantly below plan, and this resulted in materially higher unit costs during the quarter. As disclosed separately at the time, after the quarter‐end a protected strike by certain employees of Murray & Roberts Cementation (Proprietary) Limited (“MRC”), a mining contractor to AQPSA, occurred at the Everest Mine. The strike was called by the Association of Mining and Construction Unions (“AMCU”), which is demanding full organisational rights from MRC in terms of the South African Labour Relations Act. This is a dispute between AMCU and MRC, and no demands are being made by AMCU of Aquarius or its subsidiaries. The strike was ended by AQPSA coming to an interim arrangement with AMCU while their dispute with MRC continues. As a consequence of the strike, Everest was unable to operate for in excess of two weeks. AQPSA Operating costs per ounce

4E 6E 6E net of by‐products

(Pt+Pd+Rh+Au) (Pt+Pd+Rh+Ir+Ru+Au) (Ni&Cu)

Kroondal 8,507 6,966 6,832

Marikana 10,098 8,294 8,091

Everest 9,775 8,141 7,695 Capital expenditure Ongoing capital expenditure remained at normal operating levels but project capital remained higher than usual this quarter with the sinking operations at K6 shaft.

Kroondal Marikana Everest

(R’000 unless otherwise stated) Total Per 4E oz Total Per 4E oz Total Per 4E oz

Ongoing Infrastructure Establishment 57,857 651 18,609 716 44,967 1,949

Project Capital 36,564 411 250 10 483 21

Mobile Equipment 15,988 180 11,950 460 1,356 59

Total 110,409 1,242 30,808 1,185 46,806 2,029

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MIMOSA INVESTMENTS (Aquarius Platinum ‐ 50%) Mimosa Platinum Mine 12‐month rolling average DIIR fell slightly to 0.06 per 200,000 man hours, with three lost‐time injuries

recorded Production increased by 1% to 603,609 tonnes Head grade deteriorated by 1% to 3.64g/t Recoveries were stable at 78% Volumes processed decreased by 2% to 592,056 tonnes Stockpiles at the end of the quarter totalled approximately 159,184 tonnes PGM production decreased by 3% to 53,798 PGM ounces Revenue decreased by 24% to $75.6 million due to lower metal prices achieved during the quarter Mining cash costs decreased by 9% to $67 per tonne, and costs per PGM ounce by 8% to $734 Stay‐in‐business capital expenditure was $301 per PGM ounce for the quarter Mimosa’s cash margin for the period fell from 55% to 50%

Commentary The 9% decrease in cash costs quarter‐on‐quarter was attributable to various cost management initiatives being implemented by management as well as lower off‐mine costs. Off‐mine costs such as royalties, commissions and technical fees vary directly with sales and these were lower than the previous quarter as a result of lower sales revenue due to depressed metal prices. The significant increase in stay‐in‐business capital expenditure quarter‐on‐quarter arose because 44% of the approved capital budget for the 2012 financial year was spent in the first quarter on productive equipment with long lead times. 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)

Mimosa 734 696 344

Indigenisation and Economic Empowerment Discussions are ongoing between the various interested parties in order to ensure that a suitable Indigenisation proposal is developed. It is anticipated that the final Indigenisation Implementation Plan will be submitted to the Zimbabwean Minister of Youth Development, Indigenisation and Economic Empowerment during the second quarter of FY2012.

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TAILINGS OPERATIONS Chromite Tailings Retreatment Plant (CTRP) (Aquarius Platinum ‐ 50%) Material processed increased 128% to 70 tonnes Head grade increased to 2.88 g/t Recoveries decreased by 54% to 11% Production decreased to 661 PGM ounces Cash costs increased by 29% to R16,223 per PGM ounce Revenue was R2 million for the quarter CTRP had a negative cash margin for the period of 516%, down from negative 173% in the previous quarter Platinum Mile (Aquarius Platinum – 91.70%) Material processed increased 24% to 1,244 million tonnes Head grade fell to 0.52 g/t Recoveries decreased by 32% to15% Production decreased to 3,087 PGM ounces Cash costs increased by 40% to R7,723 per PGM ounce Revenue was R31 million for the quarter The cash margin for the period was 22%, a decrease from 31% in the previous quarter Commentary CTRP: Dump material was secured during the prior year because of diminishing tailings supply from external providers. It was necessary to modify the plant to accept this type of material. A scrubber was consequently installed and commissioning was completed at the end of July 2011 and the volumes processed increased significantly for the quarter. Process optimisation is ongoing and as a result recoveries were poor during the period under review. Platinum Mile: Production volumes and recoveries at PlatMile are highly sensitive to the grade of feed material treated at the plant, which is currently beyond management control. The current quarter saw a 20% decrease in the plant feed grade, resulting in the ounces produced declining by 34%. The completion of Aquarius’ acquisition of a further 41.7% of PlatMile became effective during the quarter and as a result PlatMile is now consolidated in the accounts of Aquarius and 100% of its production became attributable as of 1 September.

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)

CTRP 16,223 14,853 14,707 Platinum Mile 7,723 6,658 6,006

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Statistical Information: Kroondal P&SA1

Current Previous Change Current Previous Change

UnitQuarter

Sep 2011Quarter

Jun 2011Quarter on

Quarter3 months Sep 2011

3 months Sep 2010

Period on Period

Safety

DIIR 200,000 man hrs 0.63 0.77 18 0.63 0.78 19 Revenue

Gross Revenue R'M 766 764 0.3 766 922 (17)PGM basket Price $/oz 1,480 1,519 (3) 1,480 1,307 13 Gross cash margin % 1 15 (91) 1 28 (95)Nickel Price $/lb 10.01 11.02 (9) 10.01 9.61 4 Copper Price $/lb 4.08 4.15 (2) 4.08 3.29 24 Ave R/$ rate 7.01 6.80 3 7.01 7.40 (5)Cash Costs on-mine

R/ton 512 452 13 512 409 25 $/ton 73 66 10 73 55 33 R/oz 8,507 7,277 17 8,507 6,037 41 $/oz 1,213 1,070 13 1,213 816 49 R/oz 6,966 5,941 17 6,966 4,938 41 $/oz 994 874 14 994 667 49

Capital Expenditure

R'000s 94,420 113,752 (17) 94,420 59,061 60 $'000s 13,468 16,731 (20) 13,468 7,980 69 R'000s - - - - - - $'000s - - - - - -

Tons Mined

Underground ROM Ton '000 1,483 1,425 4 1,483 1,619 (8)Open Pit ROM Ton '000 - - - - - - Total ROM Ton '000 1,483 1,425 4 1,483 1,619 (8)Surface Stockpiles

Underground Ore ROM Ton '000 20 14 42 20 44 (55)Open Pit Ore ROM Ton '000 - - - - - - Total ROM Ton '000 20 14 42 20 44 (55)Tons Processed

Underground ROM Ton '000 1,478 1,436 3 1,478 1,631 (9)Open Pit ROM Ton '000 - - - - - - Total ROM Ton '000 1,478 1,436 3 1,478 1,631 (9)Grade

Plant Head g/t 2.39 2.46 (3) 2.39 2.62 (9)Recoveries % 78 79 (0) 78 81 (3)PGM Production

Platinum Ozs 52,501 52,452 0 52,501 65,068 (19)Palladium Ozs 26,354 26,561 (1) 26,354 32,901 (20)Rhodium Ozs 9,608 9,766 (2) 9,608 12,057 (20)Gold Ozs 444 416 7 444 548 (19)Total PGM (3E+Au) Ozs 88,908 89,196 (0) 88,908 110,575 (20)Iridium Ozs 3,744 3,813 (2) 3,744 4,680 (20)Ruthenium Ozs 15,923 16,254 (2) 15,923 19,921 (20)Total PGE (5E+Au) Ozs 108,574 109,262 (1) 108,574 135,176 (20)Base Metals Production

Nickel Tonnes 96 100 (4) 96 123 (22)Copper Tonnes 44 44 0 44 53 (17)Chromite (000) Tonnes 42 51 (17) 42 84 (50)

Current/Sustaining 100%

Expansion 100%

Data reflects 100% of mine operations

Per ROM ton

Per PGM oz (3E+Au)

Per PGE (5E+Au)

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Statistical Information: Marikana P&SA2


UnitQuarter

Sep 2011Quarter

Jun 2011Quarter on


3 months Sep 2010

Period on Period

Safety

DIIR 200,000 man hrs 0.30 0.48 37 0.30 0.76 60 Revenue

Gross Revenue R'M 230 189 22 230 240 (4)PGM basket Price $/oz 1,488 1,523 (2) 1,488 1,306 14 Gross cash margin % (14) (6) 131 (14) (1) 1,306 Nickel Price $/lb 10.01 11.02 (9) 10.01 9.61 4 Copper Price $/lb 4.08 4.15 (2) 4.08 3.29 24 Ave R/$ rate 7.01 6.80 3 7.01 7.40 (5)

Cash Costs on-mine

R/ton 562 498 13 562 477 18 $/ton 80 73 9 80 65 23 R/oz 10,098 9,355 8 10,098 8,752 15 $/oz 1,440 1,376 5 1,440 1,183 22 R/oz 8,294 7,649 8 8,294 7,195 15 $/oz 1,183 1,125 5 1,183 972 22

Capital Expenditure

R'000s 18,858 25,604 (26) 18,858 60,352 (69)$'000s 2,690 3,766 (29) 2,690 8,154 (67)R'000s 3,495 - - 3,495 - - $'000s 498 - - 498 - -

Tons Mined

Underground ROM Ton '000 477 403 18 477 401 19 Open Pit ROM Ton '000 - - - - 112 (100)Total ROM Ton '000 477 403 18 477 513 (7)Surface Stockpiles

Underground Ore ROM Ton '000 16 6 148 16 22 (29)Open Pit Ore ROM Ton '000 - - - - 2 (100)Total ROM Ton '000 16 6 148 16 24 (35)Tons Processed

Underground ROM Ton '000 467 402 16 467 388 20 Open Pit ROM Ton '000 - - - - 120 (100)Total ROM Ton '000 467 402 16 467 509 (8)Grade

Plant Head g/t 2.30 2.24 3 2.30 2.48 (7)Recoveries % 75 74 2 75 69 9 PGM Production

Platinum Ozs 15,600 12,828 22 15,600 16,544 (6)Palladium Ozs 7,471 6,181 21 7,471 8,160 (8)Rhodium Ozs 2,783 2,287 22 2,783 2,887 (4)Gold Ozs 139 114 22 139 165 (16)Total PGM (3E+Au) Ozs 25,993 21,411 21 25,993 27,756 (6)Iridium Ozs 1,720 910 89 1,720 1,119 54 Ruthenium Ozs 3,933 3,862 2 3,933 4,891 (20)Total PGE (5E+Au) Ozs 31,646 26,183 21 31,646 33,766 (6)Base Metals Production

Nickel Tonnes 30 25 19 30 41 (28)Copper Tonnes 15 14 13 15 31 (50)Chromite (000) Tonnes (000) 35 38 (9) 35 29 19


Expansion 100%


Per ROM ton

Per PGM oz (3E+Au)

Per PGE (5E+Au)

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Statistical Information: Everest


UnitQuarter

Sep 2011Quarter

Jun 2011Quarter on


3 months Sep 2010

Period on Period

Safety

DIIR 200,000 man hrs 1.28 0.41 (213) 1.28 0.18 (610)Revenue

Gross Revenue R'M 213 245 (13) 213 191 12 PGM basket Price $/oz 1,460 1,484 (2) 1,460 1,265 15 Gross cash margin % (6) 10 (156) (6) 4 (246)Nickel Price $/lb 10.01 11.02 (9) 10.01 9.61 4 Copper Price $/lb 4.08 4.15 (2) 4.08 3.29 24 Ave R/$ rate 7.01 6.80 3 7.01 7.40 (5)Cash Costs on-mine

R/ton 689 580 19 689 610 13 $/ton 98 85 15 98 82 20 R/oz 9,775 8,128 20 9,775 8,981 9 $/oz 1,394 1,195 17 1,394 1,213 15 R/oz 8,141 6,791 20 8,141 7,489 9 $/oz 1,161 999 16 1,161 1,012 15

Capital Expenditure

R'000s 45,450 38,714 17 45,450 21,819 108 $'000s 6,483 5,694 14 6,483 2,948 120 R'000s - 3,588 (100) - 42,242 (100)$'000s - 528 (100) - 5,707 (100)

Tons Mined

Underground ROM Ton '000 326 369 (11) 326 256 27 Surface Stockpiles - Underground ROM Ton '000 2 3 (30) 2 6 (60)Tons Processed - Underground ROM Ton '000 327 378 (13) 327 300 9 Grade - Plant Head g/t 2.57 2.62 (2) 2.57 2.75 (7)Recoveries % 85 85 1 85 77 11 PGM Production

Platinum Ozs 13,336 15,493 (14) 13,336 11,902 12 Palladium Ozs 7,248 8,541 (15) 7,248 6,403 13 Rhodium Ozs 2,288 2,672 (14) 2,288 1,916 19 Gold Ozs 202 247 (18) 202 196 3 Total PGM (3E+Au) Ozs 23,074 26,954 (14) 23,074 20,417 13 Iridium Ozs 835 959 (13) 835 709 18 Ruthenium Ozs 3,795 4,347 (13) 3,795 3,357 13 Total PGE (5E+Au) Ozs 27,705 32,260 (14) 27,705 24,483 13 Base Metals Production

Nickel Tonnes 40 50 (20) 40 38 5 Copper Tonnes 22 28 (22) 22 18 23 Chromite (000) Tonnes (000) 27 16 66 27 30 (9)


Expansion 100%


Per ROM ton

Per PGM oz (3E+Au)

Per PGE (5E+Au)

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Statistical Information: Mimosa


UnitQuarter

Sept 2011Quarter

June 2011Quarter on

Quarter3 months Sept 2011

3 months Sept 2010

Period on Period

Safety

DIIR 200,000 man hrs 0.27 - - 0.27 0.09 (195)

Revenue

Gross Revenue $M 75.60 99 (24) 75.60 76.18 (1)PGM basket Price $/oz 1,374 1,392 (1) 1,374 1,144 20 Gross cash margin % 50.17 55 (9) 50.17 57.31 (12)Nickel Price $/lb 10.48 12.14 (14) 10.48 9.13 15 Copper Price $/lb 4.18 4.33 (3) 4.18 3.05 37

Cash Costs

Per Rom ton $/ton 67 73 9 67 54 (23)Per PGM ounce 3E+Au $/oz 734 800 8 734 595 (23)

(after by-product credit) $/oz 352 237 (49) 352 245 (44)Per 6 PGM ounce 5E+Au $/oz 696 757 8 696 563 (24)

(after by-product credit) $/oz 344 235 (47) 344 242 (42)

Capital Expenditure

Current $ ' 000s 16,200 7,247 (124) 16,200 12,504 (30)Expansion $ ' 000s 612 606 (1) 612 2,666 77

Mining

Underground RoM ton '000 604 596 1 604 653 (8)

Surface Stock Piles

Underground ton '000 159.184 147.631 8 159.184 130.715 22

Tonnes Processed

Milled ton '000 592 607 (2) 592 594 (0)

Grade

Plant Head g/t 3.64 3.67 (1) 3.64 3.63 0 Recoveries % 78 78 0 78 78 (0)

PGM Production

Platinum Ozs 27,086 27,978 (3) 27,086 27,349 (1)Palladium Ozs 20,904 21,604 (3) 20,904 20,829 0 Rhodium Ozs 2,181 2,224 (2) 2,181 2,174 0 Gold Ozs 3,627 3,799 (5) 3,627 3,781 (4)Total PGM (3E+Au) Ozs 53,798 55,605 (3) 53,798 54,133 (1)Ruthenium Ozs 1,943 2,053 (5) 1,943 2,023 (4)Iridium Ozs 1,004 1,051 (4) 1,004 1,046 (4)

Total PGE (5E+Au) Ozs 56,746 58,710 (3) 56,746 57,203 (1)

Base Metals Production

Nickel Tons 780 817 (5) 780 759 3 Copper Tons 611 653 (6) 611 618 (1)Cobalt Tons 22 22 1 22 23 (4)


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Statistical Information: Chrome Tailings Retreatment Plant


UnitQuarter

Sep 2011Quarter

Jun 2011Quarter on


3 months Sep 2010

Period on Period

Safety

DIIR 200,000 man hrs - - - - - Revenue

Gross Revenue R'M 2 3 (37) 2 10 (80)PGM basket Price $/oz 1,535 1,636 (6) 1,535 1,426 8 Gross cash margin % (516) (173) 198 (516) 17 (3,134)Nickel Price $/lb 9.21 11.02 (16) 9.21 9.61 (4)Copper Price $/lb 3.69 4.15 (11) 3.69 3.29 12 Ave R/$ rate 7.00 6.80 3 7.00 7.34 (5)Cash Costs on-mine

R/ton 154 280 (45) 154 193 (20)$/ton 22 41 (47) 22 26 (16)R/oz 16,223 12,572 29 16,223 5,504 195 $/oz 2,318 1,849 25 2,318 750 209 R/oz 14,853 10,372 43 14,853 3,760 295 $/oz 2,122 1,526 39 2,122 512 314

Capital Expenditure

R'000s 2,488 1,907 30 2,488 1,425 75 $'000s 355 280 27 355 194 83 R'000s - - - - - $'000s - - - - -

Tons Mined

Underground ROM Ton '000 nm nm - nm nm - Open Pit ROM Ton '000 nm nm - nm nm - Total ROM Ton '000 nm nm - nm nm - Surface Stockpiles

Underground Ore ROM Ton '000 nm nm - nm nm - Open Pit Ore ROM Ton '000 nm nm - nm nm - Total ROM Ton '000 nm nm - nm nm - Tons Processed

Underground ROM Ton '000 nm nm - nm nm - Open Pit ROM Ton '000 70 31 128 70 42 67 Total ROM Ton '000 70 31 128 70 42 67 Grade

Plant Head g/t 2.88 2.90 (1) 2.88 2.72 6 Recoveries % 11 24 (54) 11 40 (73)PGM Production

Platinum Ozs 409 426 (4) 409 903 (55)Palladium Ozs 143 144 (1) 143 316 (55)Rhodium Ozs 108 114 (5) 108 248 (57)Gold Ozs 2 2 (9) 2 3 (44)Total PGM (3E+Au) Ozs 661 685 (3) 661 1,470 (55)Iridium Ozs - - - - - - Ruthenium Ozs 61 87 (30) 61 557 (89)Total PGE (5E+Au) Ozs 722 830 (13) 722 2,027 (64)Base Metals Production

Nickel Tonnes 1 0 29 1 2 (68)Copper Tonnes 0 1 (57) 0 1 (74)Chromite (000) Tonnes (000) - - - - - -


Expansion 100%


Per ROM ton

Per PGM oz (3E+Au)

Per PGE (5E+Au)

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Statistical Information: Platinum Mile


UnitQuarter

Sep 2011Quarter

Jun 2011Quarter on


3 months Sep 2010

Period on Period

Safety

DIIR 200,000 man hrs - - - - 1.47 100 Revenue

Gross Revenue R'M 31 38 (18) 31 31 - PGM basket Price $/oz 1,438 1,487 (3) 1,438 1,300 11 Gross cash margin % 22 31 (29) 22 25 (12)Nickel Price $/lb 9.21 10.10 (9) 9.21 10.23 (10)Copper Price $/lb 3.69 4.02 (8) 3.69 3.42 8 Ave R/$ rate 7.14 6.79 5 7.14 7.32 (2)Cash Costs on-mine

R/ton 19 26 (27) 19 21 (8)$/ton 3 4 (31) 3 3 (6)R/oz 7,723 5,521 40 7,723 5,908 31 $/oz 1,082 813 33 1,082 807 34 R/oz 6,658 4,760 40 6,658 5,093 31 $/oz 932 701 33 932 696 34

Capital Expenditure

R'000s 959 - - 959 352 172 $'000s 134 - - 134 48 179 R'000s - - - - 315 (100)$'000s - - - - 43 (100)

Tons Mined

Underground ROM Ton '000 nm nm - nm nm - Open Pit ROM Ton '000 nm nm - nm nm - Total ROM Ton '000 nm nm - nm nm - Surface Stockpiles

Underground Ore ROM Ton '000 nm nm - nm nm - Open Pit Ore ROM Ton '000 nm nm - nm nm - Total ROM Ton '000 nm nm - nm nm - Tons Processed

Underground ROM Ton '000 nm nm - nm nm - Open Pit ROM Ton '000 1,224 991 24 1,224 1,118 9 Total ROM Ton '000 1,224 991 24 1,224 1,118 9 Grade

Plant Head g/t 0.52 0.65 (20) 0.52 0.63 (17)Recoveries % 15 22 (32) 22 17 29 PGM Production

Platinum Ozs 1,807 2,755 (34) 1,807 2,246 (20)Palladium Ozs 944 1,436 (34) 944 1,221 (23)Rhodium Ozs 244 412 (41) 244 313 (22)Gold Ozs 92 91 1 92 143 (36)Total PGM (3E+Au) Ozs 3,087 4,694 (34) 3,087 3,923 (21)Iridium Ozs nm nm - nm nm - Ruthenium Ozs 494 1,616 (69) 494 628 (21)Total PGE (5E+Au) Ozs 3,581 6,310 (43) 3,581 4,551 (21)Base Metals Production

Nickel Tonnes 22 24 (6) 22 27 (18)Copper Tonnes 7 9 (18) 7 11 (32)Chromite (000) Tonnes (000) nm nm - nm nm -


Expansion 100%


Per ROM ton

Per PGM oz (3E+Au)

Per PGE (5E+Au)

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CORPORATE MATTERS Agreement with Anglo American Platinum regarding Siphumele 3 AQPSA and Anglo American Platinum Limited (“Amplats”) have entered into an agreement in terms of which the Siphumelele 3 Shaft and its remaining UG2 resources has been moved from Amplats’ Rustenburg operations to the existing P&SA arrangements currently operating at the Kroondal and Marikana mines. Siphumelele 3 shaft is a first generation vertical shaft situated on the boundary of the current Kroondal and Marikana mining areas. In 2009 Amplats placed the shaft on care and maintenance, after mining out the Merensky Reef in the area. The Siphumelele 3 mining area will form part of the P&SAs for four years from 1 July 2011 or until mined out, whichever is sooner. AQPSA will extract the remaining UG2 reef at the Siphumelele 3 mining area. Approximately 70% of the remaining UG2 ore reserves will be mined via the Siphumelele 3 shaft itself, which will be re‐commissioned and used to hoist approximately 55,000 tons per month of PGM ore, and to transport workers and materials. This ore will subsequently be delivered to the Marikana concentration plant, which has excess capacity and dense media separation (DMS) capability. The remaining 30% of the ore will be mined via Kroondal’s Bambanani shaft, and processed at Kroondal. Wage settlement with the National Union of Mineworkers (NUM) AQPSA and MRC have successfully concluded a 2‐year wage agreement with NUM in terms of which workers at Aquarius’ South African mines will receive a headline wage increase, reduced working hours, an increased contribution to their provident funds and an increased Living Out allowance. The total increase in the cost to company will be 8.17% in the first year and 8.3% in the second. This settlement will be back‐dated to 1 July 2011. Convertible Bonds On 29 September 2011 Aquarius repurchased two tranches of its outstanding Convertible Bonds due Dec 2015. Each tranche had a face value of $1 million and was repurchased at $0.94 million. Aquarius does not have a buy back policy but may repurchase bonds infrequently when the opportunity presents itself.

More information on all corporate matters can be found at www.aquariusplatinum.com

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Aquarius Platinum Limited Incorporated in Bermuda Exempt company number 26290 Board of Directors Nicholas Sibley Non‐executive Chairman Stuart Murray Chief Executive Officer David Dix Non‐executive Tim Freshwater Non‐executive Edward Haslam Non‐executive Sir William Purves Non‐executive (Senior Independent Director) Kofi Morna Non‐executive Zwelakhe Mankazana Non‐executive Audit/Risk Committee Sir William Purves (Chairman) David Dix Edward Haslam Kofi Morna Nicholas Sibley Remuneration/Succession Planning Committee Edward Haslam (Chairman) David Dix Zwelakhe Mankazana Nicholas Sibley Nomination Committee The full Board comprises the Nomination Committee Company Secretary Willi Boehm Investor Relations Gavin Mackay Business Development & Communications Executive AQPSA Management Stuart Murray Executive Chairman Anton Lubbe Managing Director Hélène Nolte Director: Finance Mkhululi Duka Director: Human Capital Abraham van Ghent Senior General Manager: Operations Graham Ferreira General Manager: Group Admin & Company Secretary Wessel Phumo General Manager: Kroondal Jenkins Kroon Acting General Manager: Marikana Augustine Simbanegavi General Manager: Everest Anthony Joubert General Manager: Blue Ridge Jan Hattingh General Manager: Engineering Radesh Sukhdeo General Manager: Process & Environmental Dave Starley General Manager: Projects Mimosa Mine Management Winston Chitando Managing Director Herbert Mashanyare Technical Director Peter Chimboza Resident Director Fungai Makoni General Manager Finance & Company Secretary Platinum Mile Management Richard Atkinson Managing Director Paul Swart Financial Director

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Issued Capital At 30 September 2011, the Company had in issue: 470,167,206 fully paid common shares and 265,372 unlisted options.

Substantial Shareholders 30 September 2011 Number of Shares Percentage

Savannah Consortium 63,254,371 13.45

JP Morgan Nominees Australia Limited 44,728,165 9.51

HSBC Custody Nominees (Australia) Limited 38,627,667 8.22

National Nominees Limited 32,57,596 6.93

Main Listing: Australian Securities Exchange (AQP.AX) Trading Information Secondary 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) (Joint) Broker (ASX) Sponsor (JSE)

Liberum Capital Limited City Point, 1 Ropemaker Street, London, EC2Y 9HT Telephone: +44 (0) 20 3100 2000 Bank of America Merrill Lynch 2 King Edward St London, EC1A 1HQ Telephone: +44 (0)20 7628 1000

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 2146 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, Building 5, Harrowdene Office Park, Western Service Road, Woodmead 2191, South Africa Postal Address: PO Box 76575, Wendywood, 2144, South Africa. Telephone: +27 (0)11 656 1140 Facsimile: +27 (0)11 802 0990

Aquarius Platinum Corporate Services Pty Ltd

100% Owned (Incorporated in Australia) ACN 094 425 555 Level 4, Suite 5, South Shore Centre, 85 The Esplanade, South Perth, WA 6151, Australia Postal Address: PO Box 485, South Perth, WA 6151, Australia Telephone: +61 (0)8 9367 5211 Facsimile: +61 (0)8 9367 5233 Email: [email protected] For further information please visit www.aquariusplatinum.com or contact:

In Australia Willi Boehm +61 (0) 8 9367 5211 In the United Kingdom and South Africa Gavin Mackay [email protected] + 44 7909 547 042

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Glossary A$ Australian Dollar

Aquarius or AQP Aquarius Platinum Limited

APS Aquarius Platinum Corporate Services Pty Ltd

AQPSA Aquarius Platinum (South Africa) (Pty) Ltd

ACS(SA) Aquarius Platinum (SA) Corporate Services (Pty) Ltd

BEE Black Economic Empowerment

BRPM Blue Ridge Platinum Mine

CTRP Chrome Tailings Retreatment Operation. Consortium comprising Aquarius Platinum (SA)

(Corporate Services) (Pty) Limited (ASACS), Ivanhoe Nickel and Platinum Limited and Sylvania

South Africa (Pty) Ltd (SLVSA).

DIFR Disabling injury frequency rate ‐ being the number of lost‐time injuries expressed as a rate per

1,000,000 man‐hours worked

DIIR Disabling injury incidence rate ‐ being the number of lost‐time injuries expressed as a rate per

200,000 man‐hours worked

DME formerly South African Government Department of Minerals and Energy

DMR South African Government Department of Mineral Resources, formerly the DME

Dollar or $ United States Dollar

Everest Everest Platinum Mine

Great Dyke Reef A PGE bearing layer within the Great Dyke Complex in Zimbabwe

g/t Grams per tonne, measurement unit of grade (1g/t = 1 part per million)

JORC code Australasian code for reporting of Mineral Resources and Ore Reserves

JSE JSE Limited

Kroondal Kroondal Platinum Mine or P&SA1 at Kroondal

LHD Load haul dump machine

Marikana Marikana Platinum Mine or P&SA2 at Marikana

Mimosa Mimosa Mining Company (Private) Limited

nm Not measured

PGE(s) (6E) Platinum group elements plus gold. Five metallic elements commonly found together which constitute the platinoids (excluding Os (osmium)). These are Pt (platinum), Pd (palladium), Rh (rhodium), Ru (ruthenium), Ir (iridium) plus Au (gold)

PGM(s) (4E) Platinum group metals plus gold. Aquarius reports the PGMs as comprising Pt+Pd+Rh plus Au (gold) with the Pt, Pd and Rh being the most economic platinoids in the UG2 Reef

PlatMile Platinum Mile Resources (Pty) Ltd

P&SA1 Pooling & Sharing Agreement between AQPSA and RPM Ltd on Kroondal

P&SA2 Pooling & Sharing Agreement between AQPSA and RPM Ltd on Marikana

R South African Rand

Ridge Ridge Mining Limited

ROM Run of mine. The ore from mining which is fed to the concentrator plant. This is usually a mixture of UG2 ore and waste.

Tonne 1 Metric tonne (1,000kg)

UG2 Reef A PGE‐bearing chromite layer within the Critical Zone of the Bushveld Complex For

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Documents

First Quarter 2012 Financial and Production Results · First Quarter 2012 Financial and Production Results First Quarter 2012 Financial and Production Results: 30 September 2011 Page