Fourth Quarter 2015: Production Results

Production Results to 30 June 2015

Highlights

 Attributable production from operating mines up 5% quarter-on-quarter, up 6% compared to previous corresponding period, quarter ended June 2014 (pcp)

 Both Kroondal and Mimosa production at fourth quarter record levels

 Average US$ PGM basket price decreased 4% for the quarter - down 16% compared to pcp

 Kroondal PGM basket price decreased 3% on average to R12,120 per PGM ounce quarter-on-quarter - down

5% compared to the pcp

 Mimosa PGM basket price decreased 3% on average to $1,010 per PGM ounce quarter-on-quarter - down 13%

compared to the pcp

 The Rand weakened against the US Dollar 3% on average quarter-on-quarter - down 14% compared to the pcp

 Cash costs at Kroondal down 4% to R9,201 per PGM ounce quarter-on-quarter - down 2% compared to the pcp

 Cash costs at Mimosa unchanged at $797 per PGM ounce quarter-on-quarter - down 1% compared to the pcp

 Sale proceeds from sale of Everest mine $33 million (Part A) received during the quarter

 Attributable group closing cash at 30 June $201 million ($196 million on Balance Sheet with a further $5 million attributable to Aquarius held in JV entities)

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

The fourth quarter was characterised by a particularly good performance from both Aquarius operating mines. Both Kroondal and Mimosa again improved safety, delivered all time fourth quarter production records and reduced costs, in what remains a challenging operating environment. The performance is testimony to a disciplined approach to operations and the operating teams at Kroondal and Mimosa deserve much credit for this. From a macro perspective, the lower metal prices which prevailed during the period and especially post quarter end will not only require an increased focus on safety, cost and production discipline, an approach which Aquarius will remain committed to, but also a focussed assessment of the viability of each shaft at each operating mine to ensure the sustainability of the business in a low metal price environment.

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Fourth Quarter 2015: Production Results

Production by mine attributable to Aquarius (Operating mines)

Average PGM basket prices achieved at Aquarius operations updated Braam

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

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Fourth Quarter 2015: Production Results

PGM markets update

Precious metals suffered a weak end to the quarter, with the price of palladium decreasing to almost a two-year low, ending the quarter at $675 per ounce (down 8%). Platinum also moved lower across the quarter, but avoided the weakness towards the end of June, stabilising to finish the quarter at $1,080 per ounce (down 6%), and continued to weaken post quarter end. The fall across both precious metals was largely driven by ETP outflows and weaker than expected Chinese consumption.

Platinum imports in China declined for the second straight month in May and fell 15% m/m, but rose a modest 2% y/y. Volumes traded on the Shanghai Gold Exchange rose 50% y/y and 18% m/m in May, as local prices fell 21% y/y. Although some positivity was seen as appetite responded to a lower price environment, concerns increased as it was insufficient to offer a firmer cushion.

palladium imports in China also continued to fall, declining for the eighth straight month in June. Imports fell by

27% y/y and 36% m/m, falling to their lowest level since February. Imports at 36koz takes this year's run rate to

48.6koz from 63koz last year, and the year-to-date imports are down 30% y/y. Underlying demand from the auto sector has softened further in recent months. palladium has now fallen below $700/oz, to its lowest level since July

2013. ETP outflows resumed in June after a two-month hiatus, and outflows reached 106.3koz for the year.

The average Rand-Dollar exchange rate weakened during the quarter by 1.5% from R11.97 to R12.15. Since then, the Rand has weakened further 2% in the first two week of July, and trending around a level of R12.5.

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

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

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

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Fourth Quarter 2015: Production Results

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 remained stable at 0.65 from the previous quarter

 Production increased to 1,755,000 tonnes from 1,576,000 tonnes, quarter-on-quarter

 Head grade increased marginally to 2.48 g/t from 2.46 g/t

 Recoveries decreased by 1% to 79%

 Volumes processed higher at 1,775,000 tonnes

 Stockpiles at the end of the quarter totalled approximately 27,000 tonnes

 PGM production increased by 5% to 112,024 PGM ounces, quarter-on-quarter, a fourth quarter record;

 Revenue in Rand terms increased by 0.4% to R1,097 million, quarter-on-quarter, albeit after the significant reduction in dollar prices in the last month of the quarter resulting in a negative sales adjustment for the

last month in the quarter.

 Mining cash costs decreased by 4% to R581 per tonne, due to improved volume

 Unit cost per PGM ounce decreased 4% to R9,201 per PGM ounce in line with increased production

 Kroondal's cash margin for the period remained at 6%

Kroondal: Production, Cash Cost and Price Analysis Capital Expenditure

Kroondal

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

Ongoing establishment of infrastructure
119,676 1,068

Commentary

Project capital (K6 shaft) 2,012 18
Mobile equipment 36,015 321

Total 157,703 1,407

Kroondal:

There were no fatalities during the quarter. The 12 month rolling DIIR remained stable at 0.65 from the previous
quarter but the 3 months DIIR rate improved to 0.47 from 0.70. One Section 54 instruction was issued during the quarter.
Production at Kroondal for the quarter was up 11% to 1,755,000.
Kroondal achieved its tenth consecutive +105,000 PGM production quarter. Unit costs in Rand terms continued to respond positively down 4% quarter on quarter and down 2% compared to the previous corresponding period June 2014 in spite of South Africa's inflation rate of approximately 6%.

Operations at K6 Shaft remained challenging. During the quarter the installation of two new conveyor belts and a tip were completed, which is expected to positively impact production in coming quarters. Kwezi shaft still have reduced ends due to poor ground conditions and continue to mine consistently during the quarter. Simunye shaft's TMM fleet stabilized during the quarter with the addition of the last replacement machines. The newly installed chairlift at Simunye was licensed during the quarter and will enhance efficiencies. Bambanani production volumes were stable during the quarter. Recently installed chairlift are expected to be licensed

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Fourth Quarter 2015: Production Results

during Q1 of FY16. Ventilation constraints continue to be resolved at Kopaneng with the raise boring of the new ventilation shaft now under way.
Successful trials now completed to mitigate the treating of iron-rich ultramafic pegmatite (IRUP) ore being mined at Kwezi have resulted in a new reagent regime being implemented. Recoveries are constant and the blending of Kwezi ore is constant as well. The processing plants produced stably throughout the quarter.
During the quarter the Kroondal work force maintained a positive outlook with open communication channels on all levels.

AQPSA Operating cash costs per ounce (Rand)

Kroondal mine: reconciliation of cash costs per 4E ounce

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Fourth Quarter 2015: Production Results

MIMOSA INVESTMENTS (Aquarius Platinum - 50%)

 12-month rolling average DIIR was 0.03 per 200,000 man hours worked

 Production increased by 9% to 666,170 tonnes, quarter-on-quarter

 Head grade increased by 1% to 3.67g/t, quarter-on-quarter

 Recoveries static at 78.7%

 Volumes processed increased by 7% to 662,787 tonnes

 Stockpiles at the end of the quarter marginally up at 173,984 tonnes

 PGM production increased by 5% to 60,035 PGM ounces quarter-on-quarter, a fourth quarter record

 Revenue decreased by 2% to $62 million, from $64m in the previous quarter

 Mining cash costs decreased by 4% to $72 per tonne, and costs per PGM ounce decreased slightly to $797

 Stay-in-business capital expenditure was $118 per PGM ounce for the quarter

 Gross cash profit margin for the period increased from 21% to 23%

Mimosa: Production, Cash Cost and Price Analysis

Operating cash costs per ounce

Unit cash costs per PGM ounce (before by-product credits) were slightly below the previous quarter.

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.

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Fourth Quarter 2015: Production Results

TAILINGS OPERATION

Platinum Mile (Aquarius Platinum - 91.7%)

 Material processed decreased 14% to 1,053 million tonnes

 Head grade decreased to 0.57 g/t from 0.59 g/t - quarter on quarter

 Recoveries increased to 15%, up from 12% quarter on quarter

 Production increased to 2,773 PGM ounces as explained below

 Cash costs decreased 18% to R7,671 per PGM ounce

 Revenue was consistent at R25 million for the quarter

 Cash margin for the quarter was 14%, up from 3% in the previous quarter

The maintenance work as reported upon in the previous quarter has had the desired effect of increased plant availability and as a result recoveries and production yields increased accordingly.
Revenue for the quarter remained consistent despite lower basket prices due to higher production.

Operating cash costs per ounce

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.

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Fourth Quarter 2015: Production Results

CORPORATE MATTERS

Sale of Assets: Everest

Aquarius announced on 10 February 2015 that its subsidiary, 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, 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). On 26 June 2015, R400 million and a further R55 million representing VAT collected on sale of Everest (Part A) was received by Aquarius. The R55 million which forms part of the Group's present cash will be paid out in July 2015.

Part B of the disposal process is subject to the consent of the Minister of Mineral Resources in terms of section

11 of the Mineral and Petroleum Resources Development Act. The section 11 application has been submitted to the Department of Mineral Resources. Should the Ministerial Consent not be obtained, the first part of the Disposal will not be unwound.

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Fourth Quarter 2015: Production Results

Statistica! information: Kroondal P&SAl

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Fourth Quarter 2015: Production Results

Statistica! information: Mimosa

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Fourth Quarter 2015: Production Results AQUARIUS

P fi.'.JUM L MITE.D

Statistica! information: Platinum Mile

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Fourth Quarter 2015: Production Results

Issued capital

At 30 June 2015, the Company had on issue: 1,505,339,079 fully paid common shares.

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: [email protected]

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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