BACKGROUND

The project is owned by a three-member consortium, which comprises Aquarius Platinum (SA) (Corporate Services) (Pty) Ltd, a wholly-owned subsidiary of Aquarius Platinum, Ivanhoe Platinum and Nickel and Sylvania South Africa (Pty) Ltd. Aquarius Platinum holds a participation interest of 50% while each of the partners holds 25%. AQP(SA) has been contracted to operate the project and will earn a management fee for services provided in this regard.

OPERATIONS

The dump material project, which entails re-treating the tailings from Xstrata’s tailings dam to extract the remaining PGM content, was successfully commissioned in 2007 and helped to contribute to the 12% increase in the volumes processed to182,000 tonnes in FY2007. The decline in recoveries was offset by the increase in grade from 3.21g/t in FY2006 to 4.32g/t. There are plans to introduce material from the Bayer current arisings to the CTRP during 2008 at a capital cost of approximately R20 million. The project enjoys a prill split that is particularly high in rhodium.

ABOUT CHROMITE TAILINGS RETREATMENT PLANT

In March 2004, Aquarius Platinum announced the formation of Chromite Tailings Retreatment Program (CTRP). Significant tonnages of old dumps and current tailings streams derived from the beneficiation processes employed by chromite mines located nearby to Kroondal will be processed through a purpose-built plant at the Kroondal Mine. In addition to the clean-up of old dumps on the Kroondal property, the project affords Aquarius Platinum the opportunity to produce low-cost new ounces while contributing to sound environmental practices. The first concentrate from the CTRP was produced in January 2005.