Condensed Consolidated Preliminary Financial Statements for the year ended 30 June Salient features:

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1 Petmin Limited (Incorporated in the Republic of South Africa) (Registration number 1972/001062/06) JSE code: PET ISIN: ZAE ( Petmin or the Group ) Condensed Consolidated Preliminary Financial Statements for the year Salient features: Mining right awarded over the remaining mining areas at the Somkhele Anthracite Mine. Tendele Coal Mining Proprietary Limited 20% BEE deal implemented on 12 November. NAIC final draft BFS received and currently being reviewed. Project economics remain robust. Dividend declared on 2 September for the seventh year in a row. Healthy balance sheet with cash on hand of R174 million (June : R237 million) and net gearing at 7.66% (: 12.66%) and available banking facilities of R330 million (: R140 million). Headline earnings per share cents (: cents) following another consistent performance at the Somkhele Anthracite Mine Preparation These condensed consolidated preliminary financial statements for the year have been prepared under the supervision of Petmin s financial director, Mr BP Tanner CA(SA) (refer to Note 2 of these financial statements). Review of results These condensed consolidated preliminary financial statements for the year have been reviewed by the Group s auditors, KPMG Inc., (refer to Note 6 of these financial statements).

2 Condensed Consolidated Preliminary Income Statement for the year Note Revenue Cost of sales ( ) ( ) Gross Profit Operating expenses (19 861) Administration expenses (21 045) (16 605) Profit from operating activities Net finance expense (29 663) (32 521) Finance income Finance expenses (44 939) (39 838) Separately disclosed items: Loss on sale of subsidiary Impairment of investments in equityaccounted investees 7 ( ) (3 317) Impairment loss on property, plant and equipment (3 747) Share of (loss)/profit of equityaccounted investees, net of tax 8 (10 480) Profit before income tax Income tax expense (63 755) (54 937) Profit for the year Earnings per share Basic earnings per ordinary share (cents) Diluted earnings per ordinary share (cents) Condensed Consolidated Preliminary Statement of Comprehensive Income for the year Profit for the year Other comprehensive income (after tax) Items that may be reclasssified to profit or loss Foreign currency translation gains/(losses) on equity-accounted investees (3 437) Share of fair value gain in equity-accounted investee Other comprehensive income for the year, net of income tax Total comprehensive income for the year Condensed Consolidated Interim Statement of Financial Position at Note ASSETS Non-current assets Property, plant and equipment Investment in equity-accounted investee 7, Loan due from joint venture Investments Current assets Inventory Trade and other receivables Hedge asset Current tax assets Cash and cash equivalents Total assets EQUITY AND LIABILITIES Ordinary share capital and reserves Share capital Share premium Share option reserve Foreign currency translation reserve Retained earnings Non-current liabilities Interest-bearing loans and borrowings Deferred taxation liabilities Environmental rehabilitation provision Current liabilities Trade and other payables Revenue received in advance Current portion of interest-bearing loans and borrowings Hedge liability Shareholders for dividend Bank overdraft Total equity and liabilities

3 Condensed Consolidated Preliminary Statement of Cash Flows for the year Note Profit from operating activities before finance (expense)/income Adjustments for: depreciation notional interest effect of exchange rate fluctuation on cash held (24 780) loss on disposal of property, plant and equipment write-down to net realisable value of inventory Operating cash flows before changes in working capital (Increase)/decrease in trade and other receivables (23 490) Increase in inventories (71 927) (13 175) Increase in trade and other payables (Decrease)/increase in revenue received in advance ( ) (Decrease)/increase in hedge liability (4 628) Increase in hedge asset (20 131) Cash generated by operations Income tax paid (77 015) (46 133) Interest received Interest paid (41 503) (39 838) Net cash flow from operating activities Cash flows from investing activities Acquistion of subsidiary (net of cash acquired) (11 974) Investment in equity-accounted investees 10 (55 359) (32 115) (Increase)/decrease in loans to equity-accounted investees (5 774) Acquisition of property, plant and equipment ( ) ( ) to expand operations (44 276) (11 276) to expand operations capitalised pre-strip 11 ( ) ( ) to maintain operations (7 985) (16 618) Net cash flows used in investing activities ( ) ( ) Cash flows from financing activities Treasury shares acquired 9 (17 774) (43 613) Repayment of borrowings 14 ( ) ( ) Increase in borrowings Dividends paid (26 572) (16 857) Net cash flows from financing activities (26 422) ( ) Effect of exchange rate fluctuation on cash held Net increase/(decrease) in cash and cash equivalents (62 867) Cash and cash equivalents at beginning of the year Cash and cash equivalents at end of the year

4 Condensed Consolidated Preliminary Statement of Changes in Equity for the year GROUP Share capital Share premium Share option reserve Foreign currency translation reserve Retained earnings Balance at Total comprehensive income for the year, net of income tax (3 437) Profit for the year Share of fair value gain in equity-accounted investees Foreign currency translation differences on equity-accounted investees (3 437) (3 437) Transactions with owners, recorded directly in equity (7 124) (36 489) (17 031) (60 644) Treasury shares acquired during the year (7 124) (36 489) (43 613) Dividends paid (17 031) (17 031) Balance at () Total comprehensive income for the year, net of income tax Profit for the year Share of fair value gain in equity-accounted investees Foreign currency translation differences on equity-accounted investees Transactions with owners, recorded directly in equity (3 372) (14 402) (26 835) (44 609) Treasury shares acquired during the year (3 372) (14 402) (17 774) Dividends paid (26 835) (26 835) Balance at () Total 4

5 Condensed Consolidated Interim Financial Statements for the year Segment reporting Segment information is presented in the financial statements in respect of the Group s segments. The segment reporting format reflects the Group s management and internal reporting structure as reviewed by the executive management team. Segment revenue represents revenue to external customers. There was no inter-segment revenue. Segment results include items directly attributable to a segment as well as those that can be allocated on a reasonable basis. Reportable segments The Group comprises the following main reportable segments: Anthracite mining and marketing ( Anthracite ) this includes Tendele Coal Mining Proprietary Limited, BVI 1770 Proprietary Limited, the Employee and Community Trusts at Tendele and Somkhele Plant Hire Proprietary Limited Expansion projects, which includes Petmin s exploration and development projects. Units of measure Anthracite Expansion projects Corporate and Eliminations Consolidated Anthracite saleable tonnes produced (#) (tonnes) Anthracite tonnes sold (#) (tonnes) Energy saleable tonnes produced (#) (tonnes) Energy tonnes sold (#) (tonnes) Segment revenue Segment finance (expense)/income Finance income Finance expense (48 522) (35 517) (4 321) (44 939) (39 838) segment result (12 077) (1 773) impairment of equity-accounted investees ( ) (3 317) ( ) Segment profit/(loss) before tax ( ) (2 448) (1 773) Segment tax expense (58 994) (50 220) (4 760) (4 716) (63 755) (54 937) Segment profit/(loss) after tax ( ) (2 448) (6 489) Segment capital expenditure combined Segment capital expenditure Segment capital expenditure pre-strip* Segment depreciation combined Segment depreciation Segment depreciation pre-strip* Share option costs included in segment profit/(loss) before tax Segment assets Percentage of segment assets to total assets (percent) 76% 79% 20% 20% 5% 2% 100% 100% Segment liabilities ( ) (43 776) Percentage of segment liabilities to total liabilities (percent) 123% 105% 0% 0% (23%) (5%) 100% 100% (#) Figures not reviewed by independent auditors (*) See note 11 5

6 Notes to the Condensed Consolidated Preliminary Financial Statements for the year 1. Reporting entity Petmin is a company domiciled in South Africa. The condensed consolidated preliminary financial statements of the Group for the year comprise the Company and its subsidiaries and the Group s interests in associates and joint arrangements (together referred to as the Group ). The condensed consolidated preliminary financial statements were authorised for issue by the directors on 2 September. 2. Basis of preparation These condensed consolidated preliminary financial statements are prepared in accordance with the requirements of the JSE Limited Listings Requirements for preliminary reports and the requirements of the Companies Act of South Africa. The Listings Requirements require preliminary reports to be prepared in accordance with the framework concepts and the measurement and recognition requirements of International Financial Reporting Standards (IFRS) and the SAICA Financial Reporting Guides as issued by the Accounting Practices Committee and Financial Pronouncements as issued by the Financial Reporting Standards Council and to also, as a minimum, contain the information required by IAS 34 Interim Financial Reporting. The accounting policies applied in the preparation of the condensed consolidated preliminary financial statements are in terms of IFRS and are consistent with those applied in the previous consolidated annual financial statements which are available upon request from the Company s registered office at 37 Peter Place, Bryanston, 2021, Johannesburg or at 3. Accounting policies The accounting policies have been applied consistently by the Group to all periods presented in these condensed consolidated preliminary financial statements. 4. Functional and presentation currency The condensed consolidated preiminary financial statements are presented in South African Rands ( Rands ), which is the Company s functional currency. All financial information presented in Rands has been rounded to the nearest thousand. 5. Estimates and judgements The preparation of the condensed consolidated preliminary financial statements, in conformity with IAS 34 Interim Financial Reporting, requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis for making the judgements about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods. The significant judgements made by management in applying the Group s accounting policies and the key sources of estimation uncertainty were the same as those applied to the consolidated annual financial statements as at and for the year. 6. Review of results These condensed consolidated preliminary financial statements for the year have been reviewed by the Group s auditors, KPMG Inc., who expressed an unmodified review conclusion. A copy of the auditor s review report is available for inspection at the Company s registered office together with the preliminary financial statements identified in the auditor s report. The auditor s review report does not necessarily report on all of the information contained in these financial results. Shareholders are therefore advised that in order to obtain a full understanding of the nature of the auditor s review engagement they should obtain a copy of the auditor s report together with the accompanying financial information from the issuer s registered office. 7. Impairment of investments in equity-accounted investees As previously disclosed in the condensed consolidated interim financial statements for the six months 31 December, Petmin has decided to impair its investments in the Veremo project in full, totalling R115 million (R25 million Preference Share Investment in Veremo Holdings Limited, R89 million investment in the ordinary share capital of Veremo Holdings Limited and R1 million investment in Veremo Empowerment Holdings Proprietary Limited). The decision to impair the investment was taken due to the continued lack of acceptable progress in discussions with the majority shareholders of Veremo on how best to take the Veremo project forward, the continued downward pressure on the prices of iron ore, and due to the fact that the mining right awarded in January 2014 has still not been executed. The impairment in no way detracts from Petmin s continuing arbitration procedures and court application for the payment of the guaranteed distributions of R195 million due to it by Framework Investments and/or Kermas Limited. The Veremo project is an iron ore to pig iron project in South Africa in which Petmin has a 25% shareholding and forms part of the expansion projects segment of Petmin. The measurement of the Veremo project represents a level 3 fair value hierarchy and the valuation method applied was the fair value less costs of disposal. 8. Share of (loss)/profit of equity-accounted investees Share of (loss)/profit of equity-accounted investees, net of tax (10 480) North Atlantic Iron Corporation Inc. (12 077) (2 959) Somkhele Plant Proprietary Limited Veremo Holdings Proprietary Limited 511 During the year, NAIC incurred a once-off expense on the write-down of a Deferred Taxes Asset (DTA) related to expenditure on certain exploration licenses and as there is no current plan to mine the mineral sands, the DTA was impaired in the amount of $ (approximately R9.4 million) (Petmin s share, at that time, being 38% or R3.572 million). During the year, Petmin impaired the carrying value of its investment in Veremo Holdings Proprietary Limited to nil. Veremo Holdings Proprietary Limited incurred additional losses during the year, but, as Petmin does not provide guarantees to Veremo s creditors, these losses have not been recorded as a liability in Petmin s consolidated accounts. 6

7 9. Earnings and diluted earnings per share Earnings per share ( EPS ) are based on the Group s profit for the year, divided by the weighted average number of shares in issue during the year. Profit for the year Weighted average number of shares in thousands Per share in cents Profit for the year Weighted average number of shares in thousands Per share in cents Basic (loss)/earnings per share , ,98 Diluted EPS* , ,98 Headline earnings per share Headline earnings per share is based on the Group s headline earnings divided by the weighted average number of shares in issue during the year. Reconciliation between earnings and headline earnings per share Basic EPS , ,98 Adjustments: Loss on disposal of property, plant and equipment 12 0,00 9 0,00 Impairment of property, plant and equipment ,69 Impairment of equity-accounted investees , ,61 Headline EPS , ,28 Diluted headline EPS* , ,28 (*) At and there were no share options outstanding. During the year, the Group acquired of its own shares at an average acquisition price of R1.32 per share. At, the Group held of its own shares in treasury stock, representing 8.02% of the total issued shares. 10. Investments investment in NAIC During the year Petmin invested an additional R55 million (: R29 million) in North Atlantic Iron Corporation (NAIC). Petmin now holds 40% of the equity in NAIC ( : 35%), having completed its stepped-investment programme totalling US$25 million. 11. Pre-stripping cost Opening balance in balance sheet Cash spend for the year Mining expensed on a units-of-production basis (depreciation) ( ) ( ) Closing balance on the balance sheet Petmin incurred cash stripping costs amounting to R475 million during the year (: R448 million). It is Petmin s accounting policy to record the cash cost incurred on these stripping activities as additions to mine development cost under property plant and equipment (a non-current asset). These capitalised cash costs are amortised as coal is extracted. This is done on a units-of-production basis over the life of the component of the ore body to which access is improved and amounted to R532 million during the year (: R505 million). This resulted in a decrease in the expenditure capitalised to pre-stripping activities of R57 million during the year (: decrease of R57 million). The amortisation is, in reality, the mining cost (stripping cost) that is expensed during the period when anthracite is produced (removed from the pit). 12. Inventory Inventory at cost Less: net realisable value write-downs Inventory is recorded net of net realisable value (NRV) write-downs amounting to R83 million (: R28 million). As disclosed in the results for the six months 31 December, as a consequence of the drought and resultant shortages of available process water, the throughput of the third wash plant was reduced during the year. The plant feed that was included in inventory at that time was fully written-down [R28 million charge in the year (: nil)]. Additionally, during the year, NRV write-downs totalling R27 million (: R28 million) were recorded on certain product lines due to the prevailing lower market prices for these products. 13. Hedge asset At Tendele had hedges totalling $33.8 million (: $16.5 million) with delivery dates from July to December. The average protection level of these hedges is a R/$ of 15.5 (: R/$ protection level of 11.30). $21 million of the hedges are collar and cap option contracts with $12.8 million plain forward exchange contracts. The hedging contracts were valued on a mark-to-market basis using valuations obtained from its bankers at. This valuation methodology represents a level 2 fair value hierarchy. 7

8 14. Interest-bearing loans and borrowings Total interest-bearing loans and borrowings Less: current portion (3 436) ( ) Long-term portion A. Nedbank A Preference Share liability Less: current portion (3 436) Long-term portion B. Secured loan Nedbank Limited Revolving Credit Facility Less: current portion Long-term portion C. Industrial Development Corporation of South Africa Limited (secured) Less: current portion (16 004) Long-term portion D. Secured loan Standard Bank of South Africa Limited Term loan Less: current portion (41 128) Long-term portion E. Secured loan Standard Bank of South Africa Limited Revolving Credit Facility Less: current portion (86 538) Long-term portion As announced on 12 November, the Tendele BEE Transaction was implemented. On closing, the Standard Bank Limited revolving credit facility (E in the table above) and term loans (D in the table above) (totalling R198 million) were settled in full and an amount of R198 million was initially drawn down on the R230 million Nedbank Limited revolving credit facility (Nedbank RCF) in Tendele (A in the table above). In the six months, the RCF was repaid in full but remains available to Tendele. Interest is payable at JIBAR plus 2.85% on the Nedbank RCF and the amounts drawn on the facility are repayable on or before 12 November The BEE special purpose vehicle (BEE SPV) is consolidated by the Petmin Group. As a consequence of this consolidation of the BEE SPV, the Petmin Group accounts reflect the R270 million A preference shares issued by the BEE SPV to Depfin Investments Proprietary Limited (Depfin), a Nedbank Limited group company, as a financial liability. Dividends are payable on the A preference shares at 90% of prime NACM and dividends are payable to Depfin every six months. The A preference shares are redeemable in four six-monthly tranches of R55 million each with the first tranche due in November 2018 and one final tranche of R50 million payable in November The A preference shares are a financial instrument and are recorded at fair value and represent a level 2 fair value hierarchy. Subsequent to the BEE transaction, Petmin has arranged overdraft banking facilities with Nedbank Limited of R50 million and Tendele retains its overdraft facilities of R50 million with Standard Bank Limited. During the year, the loan from the Industrial Development Corporation (C in the table above) was repaid in full. At, the Group had R330 million in available facilities (: R140 million) with the R230 million Nedbank RCF, R50 million Nedbank overdraft and R50 million Standard Bank overdraft being available. 15. Revenue received in advance During the year, Petmin received pre-payments for certain export sales, the pre-payment is dollar denominated and interest is charged on the outstanding balance at a rate of 3.5% per annum. During the year, the Group delivered export sales amounting to R146 million (: nil) against these pre-payments. 16. Legal dispute with customer As described in more detail in Note 15 of Petmin s December Interim Financial Statements published on SENS on Monday 7 March, Petmin s subsidiary, Tendele Coal Mining Proprietary Limited, withdrew from the arbitration with its customer and has sought declaratory relief from the High Court that the contract concerned is void or voidable. As stated at the time, This course of action has been taken due to information recently coming to Tendele s and Petmin s attention during the course of the arbitration proceedings which is being considered and dealt with by Petmin. Tendele s legal advisors have filed a High Court action to declare the contract void or voidable. It is anticipated that a court date will be set for early 2017 to commence arguments on this action. Additionally, it is expected that the first court hearings for the High Court application to have the arbitration award made an order of court are anticipated for early Tendele and its legal advisors believe that the prospect of success in the High Court to declare the contract void or voidable is good. No liability will be recorded in relation to the award made by the arbitrator. 17. Related parties The Group entered into various transactions with related parties which occurred under terms that are no more favourable than those arranged with independent third parties. 18. Subsequent events 18.1 Renewal of cautionary announcement On 8 August, Petmin announced on SENS that it had ext the cautionary announcement dated 24 June Draft bankable feasibility study (BFS) for NAIC Subsequent to, the final draft BFS prepared by Tenova for the NAIC pig iron project has been received and is being reviewed by management. The project economics remain robust Declaration of dividend On 2 September, the Company announced that it had declared a dividend of 5 cents per share, which is in line with the approved dividend policy. The record date for payment of the cash dividend is 21 October. Please refer to the separate notice of the declaration of dividend dated 2 September Other subsequent events There have been no other events that have occurred subsequent to and before the condensed preliminary consolidated financial statements are authorised for issue which require adjustment of, or disclosure in the financial statements or notes thereto in accordance with IAS 10 Events After the Reporting Period. 8

9 Management commentary for the year This management commentary has been prepared by management and has not been reviewed by the Group s auditors. (i) General overview of performance Following another solid operational performance at Somkhele, Petmin s normalised earnings increased by 7% to cents per share (: cents). Normalised Earnings Profit for the year Adjust for after-tax effect of: loss on disposal of property plant and equipment 12 9 provision for bad debt NAIC one-off flow-through expenses NAIC Deferred Tax Asset write-down impairments Normalised profit after tax for the period Adjusted profit per share Weighted average shares in issue 534 million 544 million % annual increase in profit per share 7% Petmin s interest-bearing debt-to-equity ratio (net of cash on hand) decreased to 7.66% at (: 12.66%). The debt includes the R270 million preference share liability of the BEE SPV after the implementation of the BEE transaction at Tendele on 12 November. A provision was raised against a local debtor s balance as it entered business rescue proceedings, the after-tax impact of this was R7.6 million in (: R0.8m million). Group capital expenditure, excluding pre-stripping, increased by R24 million to R52 million (: R28 million) as Somkhele spent R31 million on the commencement of development of the new KwaQubuka open pit mining area. Additionally, Petmin invested a further $4 million in NAIC to take its shareholding in NAIC to 40%. As a result of the impairment of the investment in Veremo of R115 million, the basic earnings per share was 2.07 cents, compared to the basic earnings per share of cents for. Dividends and share buy-backs During the year, Petmin paid a dividend of 5 cents per share (: 3 cents). Petmin also acquired (: ) of its own shares at an average acquisition price of R1.32 (: R1.53) per share for a total investment of R18 million (: R44 million). Anthracite Division Somkhele Anthracite Mine Somkhele production performance Percentage Change Run of Mine (ROM) tonnes washed (7%) Yield 44,01% 0% 44,13% Anthracite saleable tonnes produced (7%) Anthracite tonnes sold (8%) Discard tonnes washed (14%) Yield 29,53% 10% 26,80% Energy coal saleable tonnes produced (5%) Energy coal sold % Production of saleable anthracite reduced by 7% in the year as a dyke encountered in one of the three mining areas affected the quality and sizing of ROM material in H1 FY. This had a knock-on effect in the third plant where throughput was affected by the finer material emanating from the mining areas. Production in the third wash plant was restricted during H1 FY in order to conserve process water as the impact of the drought in KwaZulu-Natal had resulted in low water levels in the mine storage dams. Rains in H2 FY, together with mitigating actions taken by management have resulted in an improved water balance and there is sufficient process water at full production levels for the foreseeable future. Despite the challenges noted above, production costs per tonne were well-controlled in the year, increasing by 9% from. Increased state royalty payments contributed 3% of the 9%. The average prices achieved for inland sales were 5% down from those achieved in. The average Rand prices achieved on the export market increased by 16% from, largely as a result of the weaker Rand at an average exchange rate of Rand/$ from Rand/$ in. The average dollar price of export sales decreased by 14% compared to. The average at-mine-gate selling price of energy coal increased by 38% in with continued strong demand for this product. Tendele was notified by the Department of Mineral Resources (DMR) in a letter dated 31 May that it had been awarded the mining right for Areas 4 and 5, which covers the future mining areas for the Somkhele Anthracite Mine. The right is in the process of being executed. Expansion projects division Petmin s focus remains on the development of the NAIC pig-iron project in North America. North Atlantic Iron Corporation ( NAIC ) During the year, Petmin invested a further $4 million (R55 million) into the NAIC project and has now completed its $25m stepped-acquisition of 40% equity in NAIC. During the year, the various work streams continued with the goal to finalise the bankable feasibility study for the project. Iron ore South Africa (Veremo project) As reported in the Interim Results for the six months 31 December and in Note 7 to these interim financial statements, management has taken the decision to impair its investment in the Veremo project as it has not made any significant progress in obtaining the execution of the mining right in the project since its award in January 2014 and due to uncertainty as to the timing of development of the project. Petmin will continue to pursue its R195 million claim against Framework Investments and Kermas Limited. 9

10 (ii) Prospects Anthracite division Current anthracite production levels are expected to increase by 4% from those achieved in. Sales volumes are expected to increase by 20% as concerted efforts have resulted in the placement of the inventory build-up in. It is expected that the production cost per tonne for the year to June 2017 will increase by approximately 6% from that achieved in. Local demand is expected to increase by 7% and local prices are expected to increase by 3% from those achieved in. We expect the average dollar prices for our exports in six months to 31 December to reduce by 19% from those achieved in, but we do expect an upward trend in pricing for H2 FY2017. The lower dollar price in H1 FY2017 is offset by hedges for $33.8 million at an average R/$ of Energy coal production in the third wash plant is expected to increase by 20% from, with sales volumes expected to increase by 9% from. At-mine-gate energy coal sales prices are expected to increase by 20% from. Capital expenditure to June 2017 is expected to be approximately R50 million with approximately half of this on a planned expansion to the third plant to increase throughput capacity and also for the development and relocation expenditure to open up new mining areas. There is no additional capital pre-stripping forecast in the year ending June Expansion projects division The bankable feasibility study at NAIC prepared by Tenova /Tecint is in draft form and is expected to be finalised in the next month. Debt and equity funding for the plant construction will commence once the BFS is concluded. Petmin has approved an additional $4 million equity investment into NAIC subject to certain conditions, including: Grand River Ironsands Inc. (GRI), Petmin s partner in the NAIC project, contributes its pro-rata portion on the same terms as Petmin. The investment can be in the form of a subscription, shareholder loan or convertible, on the same terms for both Petmin and GRI. Finalisation of a detailed budget for next 12 months. Appointment of full-time executives in NAIC responsible for Project fund raising and Project development and execution. Completion and sign-off by GRI and Petmin of a Bankable Feasibility Study ( BFS ), incorporating the Tenova / SNC-Lavalin BFS and all attendant commercial aspects of the Project. Appointment of NAIC Board Directors (3 NAIC appointees and 2 Petmin appointees). Additional details on Petmin, including a detailed presentation on the results (which will be available from 5 September ), can be found on our website By order of the Board ID Cockerill Chairman JC du Preez Chief Executive Officer Johannesburg 2 September 10

11 Notes 11

12 Directors: I Cockerill # (Chairman)* L Mogotsi (Deputy Chairman)* J du Preez (Chief Executive Officer) B Doig B Tanner (Financial Director) M Arnold* E de V Greyling* K Kalyan* T Petersen* *Non-executive #British American Registered office: 37 Peter Place Bryanston 2021 Corporate office: 37 Peter Place Bryanston 2021 Tel: (011) Fax: (011) Website: Sponsor JSE: River Group Tel: +27 (0) Company secretary: Mondial Consultants Proprietary Limited Transfer Secretaries: JSE: Computershare Investor Services Proprietary Limited Auditors: KPMG Inc. A PDF version of these results is available on our website: