Johannesburg, 27 August 2007

In terms of paragraph 3.4(b) of the Listings Requirements of the JSE Limited (“the JSE”) a listed company is required to publish a trading statement as soon as it is satisfied that a reasonable degree of certainty exists that the financial results for the period to be reported on next will differ by at least 20% from those of the previous corresponding period.

The ARM results for the 12 months to June 2007 have been positively impacted by volume increases relating to platinum group metals (PGMs), manganese and iron ore as well as chrome ore sales from Nkomati Mine. The results have also been impacted by strong increases in PGM, nickel and ferrous metal prices, the depreciation of the Rand / US Dollar exchange rate and the contribution of Two Rivers Platinum Mine to earnings.

These positive impacts have been offset by lower nickel production as lower grades resulted from the main sulphide ore body being mined out at Nkomati Mine, increased investment into ARM exploration and increased finance costs due to the additional investments into ARM Coal and Two Rivers Platinum Mine.

In light of the above, ARM announces that it expects headline and basic earnings per share to increase for the 12 months ended 30 June 2007 to between 550 and 600 cents per share (headline and basic earnings for June 2006 were respectively 225 and 293 cents per share).

This trading statement has not been reviewed or reported on by the external auditors of ARM.

The Company’s full year results will be released on Monday 3 September 2007.