OPERATIONS REVIEW

Dwaalkop joint venture – key statistics

Ownership: Wholly-owned by Northam Platinum Limited
Location: Northern portion of the eastern limb of the Bushveld Complex near Zebediela in the Limpopo Province adjacent to Baobab Platinum Mine (BPM)
Access and infrastructure: Existing infrastructure at BPM could be utilised to gain access to the Dwaalkop prospect
Reserves (total): 5.7Moz (3PGE+Au)
Resources (total): 17.8Moz (3PGE+Au)
Resources*: 2.9Moz (3PGE+Au)
Reserves*: 8.9Moz (3PGE+Au)
Life of mine: Exploration project at present
Project status: Pre-feasibility completed in 2007; further feasibility study work being considered

*Attributable to Northam

The year in review

Resource modelling and mining feasibility study work has progressed through the year by Lonmin plc who hold the management contract for the Dwaalkop joint venture (Dwaalkop). Northam took ownership of 50% of the project in June 2011 following its acquisition of Mvelaphanda Resources.

Into F2012

Northam will continue to assess the available options to turn the Dwaalkop orebody to account.