Announcements 2004

: 14 Dec 2004

Trading Update

Shareholders are advised that the company’s earnings and headline earnings per share for the six-month period ending 31 December 2004 are expected to be between 40% and 50% lower than those of the comparable period ended 31 December 2003. The company’s operations were severely disrupted following a fire at the mine on 20 September 2004. Production at the company’s mine will consequently be significantly lower than in the comparable period. In addition, despite a substantial increase in the US Dollar value of the company’s basket of metals, the Rand receipts continue to be adversely affected by the sustained strength of the Rand against the US Dollar.

The company’s forecast earnings and headline earnings per share have not been reviewed by the company’s auditors.

It is anticipated that the interim results for the six months ending 31 December 2004 will be released on or about 3 February 2005.

: 03 Nov 2004

Resumption of Operations and Withdrawal of Cautionary Announcement

Normal operations have resumed at the company’s mine.

Further to the announcement dated 13 October 2004, the management of Northam advises that normal operations have resumed at the company’s mine following the suspension of production on 20 September 2004.

Underground activities were resumed on 13 October 2004 with the aim of ensuring, as far as reasonably practicable, the safety of working areas prior to the re-commencement of any production. Working crews from the stoping areas on the Merensky Reef below 12 level directly affected by the fire, have been re-deployed where possible to other working areas.

Claims for material damage and business interruption have been lodged with the Company’s insurers.

The cautionary announcement dated 22 September 2004 is accordingly withdrawn.

Queries

Marion Brower
011 880 3924
082 895 0698

: 01 Nov 2004

Board Appointments

Northam advises the appointment of Dr Judy Dlamini and Mrs Emily Tebogo Kgosi as non-executive directors to the board.

Northam Platinum Limited advises the appointment of Dr Judy Dlamini and Mrs Emily Tebogo Kgosi as non-executive directors to the board of the company with effect from 1 November 2004.

Dr Dlamini (MBChB, MBA) is the chairperson of Mbekani Investment Holdings (Pty) Ltd. Until 2003 Dr Dlamini was a senior manager at HSBC, with a main interest in energy, and where she was closely involved in advising and structuring BEE transactions. Dr Dlamini is also on the board of Discovery Holdings Limited and Wits University’s Donold Gordon Medical Centre.

Mrs Kgosi (B Comm Hons) is a manager at Eskom. She was previously deputy head of treasury operations at African Merchant Bank and has held positions at a number of South Africa’s main banking groups, mainly in a treasury environment.

: 13 Oct 2004

Northam Platinum production update

Resumption of production.

Johannesburg, 13 October 2004. The management of Northam Platinum Limited advises that the order in terms of Section 54 of the Mine Health and Safety Act, imposed by the Department of Minerals and Energy (DME) on 21 September 2004, has been set aside.

Operations at the company’s mine were suspended on Monday 20 September 2004 after an underground fire resulted in nine employees losing their lives. The order was set aside subsequent to a presentation made by management to the DME and National Union of Mineworkers dealing with risk assessments which had been done after the accident and an action plan to be followed before production resumes.

Underground activities have been resumed at the mine and will initially focus on fixing physical conditions which have deteriorated while the mine has been idle, rectifying any substandard areas identified through a risk assessment process, as well as cleaning and maintenance. Production will only be resumed in a working area once that area is made safe, as far as is reasonably practicable.

Total revenue losses at prevailing metal prices and exchange rates since the cessation of mining operations are estimated at R147 million. Material damage in the area affected by the fire is estimated at R8.5 million.

With the resumption of production, the only stoping areas that will be affected are those on the Merensky Reef below 12 level, which account for approximately 10% of total current monthly mill tonnage. Working crews from these areas will be deployed in other working areas.

: 29 Sep 2004

Northam Platinum to hold a memorial service for the fire victims

Memorial service on Thursday 30 September 2004.

The management of Northam Platinum mine advises that a memorial service for the employees who died after a fire on Monday, 20 September 2004 will be held at its mine in the Limpopo Province on Thursday 30 September 2004.

The service will start at 14h00 at the Northam mine, near Thabazimbi, and will be followed by the laying of wreaths.

For more information:

Marion Brower
+27 (0) 11 880 3924 (office)
+27 (0) 82 895 0698 (mobile)

Zenzele Bam
+27 (0) 11 880 3924 (office)
+27 (0) 83 544 1827 (mobile)

: 22 Sep 2004

Situation update at Northam Platinum

Northam Platinum Limited advises that production remains suspended at its platinum mine in the Limpopo Province, after the tragic death of nine employees at the mine on Monday 20 September 2004 as a result of a fire some 2,100 metres underground.

The fire was detected at a conveyor belt used for transporting both ore and waste materials between 13 and 14 levels. The people affected by the fire were working in a development end on 14 level. The cause of the fire is currently the subject of an inquiry.

Production at the mine will be restarted when all the parties involved in the preliminary investigations are satisfied that operations may resume safely.

Since the duration of the disruption to production cannot be accurately determined at this time, it is not yet possible to estimate the total production loss. However, losses of an average 7 500 mill tonnes per day may be anticipated, equivalent to 1 050 oz (3PGE + Au).

Once underground production resumes, management will be in a better position to indicate where and how, if possible, it may be able to make up for lost production.

Further detail on the situation at Northam will be issued once it becomes available. Shareholders are accordingly advised to exercise caution when dealing in the company’s shares on JSE Securities Exchange South Africa.

Queries

Marion Brower
011 880 3924
082 895 0698

Zenzele Bam
011 880 3924
083 544 1827

: 20 Sep 2004

Tragic accident at Northam

It is with deep regret that the management of Northam Platinum advises that rescue teams have recovered the bodies of a further eight employees who died following a fire which broke out underground this morning.

Johannesburg, Monday, 20 September 2004. It is with deep regret that the management of Northam Platinum advises that rescue teams have recovered the bodies of a further eight employees who died following a fire which broke out underground this morning. This brings the total death toll in this tragic accident to nine.

Management is currently busy establishing contact with the families and next of kin of the deceased.

Representatives of the union and the Department of Minerals and Energy are currently on site. The mine is committed to working with all parties in understanding the cause of the accident.

All production has been stopped at the mine until further notice.

Queries

Marion Brower
011 880 3924
082 895 0698

Zenzele Bam
011 880 3924
083 544 1827

: 02 Sep 2004

Change To The Board

New director appointed at Northam.

Northam advises that:

Mr. Dorian Emmett resigned as a non-executive director of the company with effect from 30 August 2004; and
Mr. Robin George Mills was appointed a non-executive director of the company with effect from 1 September 2004.
Mr. Mills is Executive Director of Mining at Anglo American Platinum Corporation Limited.

Johannesburg
2 September 2004

Sponsor
Barnard Jacobs Mellet Corporate Finance (Pty) Limited

: 05 Aug 2004

Northam posts solid year-end financials

Results for the year ended 30 June 2004.

Northam Platinum Limited today posted a solid set of results for the year ended 30 June 2004. The company reported attributable profit of R253.6 million (F2003: R274.9 million). A final dividend of 60 cents per share has been declared along with a capital repayment of 20 cents to shareholders, bringing the total distribution for the year to 125 cents (F2003: 145 cps).

Output of precious metals in concentrate marginally exceeded last year’s record level by 2.3%, rising to 340 547 ounces. Given that tonnages were only marginally higher at 2.2 Mt, the higher production was achieved with an improvement in the combined head grade from 5.3 g/t to 5.5 g/t (Merensky 6.0; UG2 4.3). With the higher output and a reduction in the metals inventory, sales volumes increased sharply by 27.9% to 377 239 ounces.

The higher sales volumes and a 19.9% increase in the US$ basket price to US$597/oz were partly offset by the strongly performing South African currency over the period. This had an anticipated effect on sales revenues, capping the increase by 16.9% to R1 720 million.

A strong focus on cost control was maintained and yielded a positive result, with total operating costs rising by 5.3%, translating into a marginal rise of 2.7% in unit cash costs to R99 532/kg. Cost of sales was higher at R1 332 million and includes an amount of R15 million for concentrates purchased to optimise smelter efficiencies, and a credit of R14 million relating to metal leased during the previous financial year, and returned in F2004.

Commenting on the company’s growth aspirations, Northam General Manager Glyn Lewis said that the agreement regarding the acquisition of the JV interest in the Booysendal project was close to being finalised and that a circular would be posted to shareholders in due course. “Booysendal is a well explored area on the Eastern Limb of the Bushveld Complex, and is underlain by the Merensky and UG2 reef horizons. With this acquisition Northam gains access to a world-class PGM resource of 62.2 Moz (attributable), with an opportunity of diversifying our operational base.”

Distributed by:

Russell & Associates
Tel: +27 11 880 3924
Fax: +27 11 880 3788
Cell: +27 82 895 0698

Sponsor
Barnard Jacobs Mellet Corporate Finance (Pty) Limited

: 23 Mar 2004

Pandora Joint Venture

In July 2002, prior to the promulgation of the Mining Charter, Anglo American Platinum Corporation Limited ("Anglo Platinum") offered Northam a 5% interest in the proposed Pandora Joint Venture ("Pandora") between Anglo Platinum and Lonmin"s Eastern Platinum Limited ("Eastern Platinum"). The Bapo Ba Mogale was offered a 5% interest in Pandora by Eastern Platinum to take the total participation by Historically Disadvantaged South Africans ("HDSA"s") in Pandora to 10%.

This offer was accepted and a Joint Venture Agreement was concluded which was contingent upon the approval of the regulatory authorities and more particularly the Department of Minerals and Energy ("DME").

The DME subsequently required that the total HDSA participation in Pandora should be increased from 10% to 15%. The DME also indicated that it was of the view that Northam would not be recognised as an HDSA controlled company for the purposes of the Minerals and Petroleum Resources Development Act as less than the minimum required percentage of the company"s issued shares was held by HDSA entities. Mvelaphanda Resources Limited ("Mvela Resources"), a recognised HDSA entity and one of Northam"s major shareholders, currently holds 22.3% of Northam"s issued shares.

To meet the DME"s requirements, Anglo Platinum accepted a proposal by the company and Mvela Resources that the Joint Venture Agreement be amended, so as to vest in Mvela Resources, a 7,5% interest in Pandora on terms to be agreed. This arrangement is subject to the condition that as soon as the HDSA stake in Northam is in compliance with the requirements of the DME, Mvela Resources will redeploy the 7.5% interest in Pandora at cost to Northam or to Northam"s nominee.

Sponsor
Barnard Jacobs Mellet Corporate Finance (Pty) Limited

: 12 Mar 2004

Announcement

Northam appoints independent sub-committee to advise the board on the proposed acquisition of the JV interest in Booysendal.

Further to the joint announcement, dated 12 February 2004, by the company and Mvelaphanda Resources Limited (“Mvela Resources”) regarding the proposed acquisition, by the company from Mvela Resources, of a 50% Joint Venture interest (“the JV interest”) in the Booysendal Platinum Project, the company announces that Messrs A J Wright and K W Maxwell, both of whom have extensive experience in the mining industry, have been appointed, together with Mr M E Beckett, a director of the company, to serve on an independent sub-committee of the board to consider the terms pertaining to the proposed acquisition of the JV interest and to advise the board in this regard.

Mr Alan Wright, previously Chief Executive Officer of Gold Fields of South Africa Limited, is a former Chairman of Northam and is currently the Deputy Chairman of Gold Fields Limited.

Mr Ken Maxwell, who previously held the positions of Managing Director of Rustenburg Platinum Mines Limited, Chairman of the JCI Gold Division and President of the Chamber of Mines of South Africa, is currently a Non-Executive Director (and former Chairman) of Anglovaal Mining Limited.

The JV interest includes 38,4 million attributable resource ounces on the UG2 horizon and 23,8 million attributable resource ounces on the Merensky horizon. The proposed consideration, which is to be settled by a combination of cash, new Northam ordinary shares and Northam deferred ordinary shares, is equivalent to R11,99 (US$1,74 at an exchange rate of R6,90 per US$) per UG2 resource ounce and R7,38 (US$1,07 at an exchange rate of R6,90 per US$) per combined Merensky and UG2 resource ounce.

Sponsor
Barnard Jacobs Mellet Corporate Finance (Pty) Limited

: 01 Mar 2004

Change to the Board

Mr. AS Malone has resigned as a non-executive director.

Northam advises that Mr. AS Malone has resigned as a non-executive director of the company with effect from 1 March 2004.

Sponsor
Barnard Jacobs Mellet Corporate Finance

: 12 Feb 2004

Mvela acquires 50% JV interest in Booysendal - Confirms intent to consolidate platinum interests in Northam

Mvela and Northam announced today that agreement has been reached on Northam’s acquisition of Mvela’s Khumama interest in the Booysendal Platinum Project.

SENS announcement: Acquisition by Mvela Resources of a 50% joint venture interest in the Booysendal Platinum Project and consolidation of this interest into Northam (PDF - 80KB)

Mvelaphanda Resources Limited (Mvela) and Northam Platinum Limited (Northam) announced today that agreement has been reached on Northam’s acquisition of Mvela’s Khumama interest in the Booysendal Platinum Project.

This follows Mvela having acquired the entire issued share capital of and loan accounts against Khumama Platinum (Proprietary) Limited (“Khumama”) for a total consideration of R313 million, comprising a combination of cash and new Mvela ordinary shares.

The shares issued by Mvela will be subject to a lock-in period of five years, with Mvela having the pre-emptive right to take these up after this period, and a voting pool agreement.

Mvela Director Mark Willcox said today “The purchase of Khumama not only brings access to a world class PGM resource, but also significantly enhances the direct and beneficial broad based empowerment ownership in Mvela.”

With the Khumama transaction Paseka Ncholo, Nomazizi Mtsotshisa and Robinson Ramaite, currently directors of Khumama, will join the Mvela board.

Booysendal is a well explored area on the Eastern Limb of the Bushveld Complex, and is underlain by the Merensky and UG2 reef horizons. Measured, indicated and inferred resources on the UG2 horizon total some 76.8 Moz with 38.4Moz attributable to Khumama. The resource base on the Merensky Reef horizon measures 47.6 Moz, with 23.8 Moz being attributable to Khumama.

The consideration payable by Northam for the JV right (or the Khumama interest) will be a combination of cash, Northam deferred ordinary shares and new Northam ordinary shares. The total consideration is estimated at R460.3 million. This consideration is equivalent to R11.99 (US$1.74 at an exchange rate of R6.90 per US$) per UG2 oz attributable to Khumama and R7.38 (US$1.07 at an exchange rate of R6.90 per US$) per combined ounce on the Merensky and UG2 horizons, attributable to Khumama.

This transaction will significantly enhance Northam’s empowerment status with a BEE equity participation of approximately 34%.

Commenting on the transaction, Mvela director Mark Willcox said today that this was the first phase in Mvela’s stated strategy of consolidating its platinum interests and creating a world class black-owned and operated PGM company. “With Northam’s proven track record and expertise in mining and smelting, its ungeared balance sheet and improved production profile, Northam is an obvious choice to develop the Khumama asset.”

Mvela director Bernard van Rooyen added that Mvela was continuing to explore ways of bringing its other platinum projects, including the Dwaalkop JV with Southern Era into Northam. We will be keeping shareholders informed of progress.”

Northam general manager Glyn Lewis said “Over the past couple of years Northam has proved its operational robustness. With this transaction, Mvela has brought to the party an expansion opportunity which will significantly increase our resource base, and will provide Northam with the opportunity of diversifying its asset base. This will stand us in good stead as we continue to focus on reducing costs.”

Queries:

For Mvela:
Mark Willcox: Tel: +27 82 823 6666
Bernard van Rooyen: Tel: +27 82 659 1421

For Northam:
Derek Wolstenholme: Tel: +27 82 655 3413
Marion Brower: Tel: +27 82 895 0698

: 05 Feb 2004

Record production results for Northam Platinum while stronger SA currency dents earnings

Northam Platinum Limited reported strong PGM production for the first half of the 2004 financial year, with output of precious metals in concentrate exceeding the 180,000 oz level, 9.4% higher than for the comparable period in F2003.

Northam Platinum Limited reported strong PGM production for the first half of the 2004 financial year, with output of precious metals in concentrate exceeding the 180,000 oz level, 9.4% higher than for the comparable period in F2003.

With the higher output, unit sales of precious metals rose strongly by 32.4% to 208,523 oz. Sales revenues however increased by only 3.2%, reflecting the effects of a sustained stronger Rand, which offset the 8.1% increase in the US dollar basket price to US$549/oz. The net effect was an average basket price realised of R123,121/kg, 22.2% lower than for the six months ended December 2002.

Operating profit fell by 44.6% to R167 million. This, together with sundry expenditure, translated into a drop of 44.9% in headline earnings to R104 million, equivalent to 44.9 cents per share.

The directors have declared a dividend of 45 cents per share for the period ended 31 December 2003.

The mine’s stronger operational performance is also evidenced by the higher tonnages milled in the period, increasing by 7% to 1.2125 million tonnes (Merensky – 0.8541 million; UG2 0.3584 million) and the higher combined headgrade of 5.5 g/t made up of Merensky at 6.1 g/t (Dec 2002: 6,0 g/t), and UG2 at 4.3 g/t (Dec 2002: 4.0 g/t).

The Merensky Reef ore reserve position has remained constant, with availability of 18 months. This unchanged position is the result of reduced extraction ratios flowing from poor ground conditions. The UG2 ore reserve position is at 31 months’ availability, in line with expectations and providing for some mining flexibility.

Costs were well controlled in the period under review, with unit cash costs rising only marginally by 2.5%. This was a very creditable performance taking into account the 11% increase in labour costs since July 2003. As anticipated, the growth in production volumes resulted in total operating costs increasing by 12.1%.

Expansion

Opportunities to acquire growth assets are actively being pursued in conjunction with Mvelaphanda Resources Limited, which has a 22.3% equity interest in Northam. Shareholders will be advised of developments as they occur.

Discussions in respect of Pandora are continuing. It is the understanding of the directors of Northam that the Department of Minerals and Energy has not yet processed the application for a mining licence.

Hedging

In F2003, on account of the company’s sensitivity to metal prices and the exchange rate, Northam embarked on a programme of hedging metals to protect its revenues from any significant decline in metal prices and to ensure the company’s continued sustainability. Whilst the palladium programme has proved successful, a strong, unanticipated rise in the platinum price resulted in an unrealised loss of R22.8 million at 31 December 2003 being recorded. The platinum hedging programme was suspended in October 2003.

With the continued strengthening of the ZAR against the US Dollar during the first six months of the financial year, the hedging programme was extended to include the forward sale of currency for the period ending June 2004. A total of US$66 million was sold forward at an average rate of US$1 = R6.87. Whilst this programme resulted in gains of R8.1 million being realised up to 31 December 2003, the sudden turnaround in the value of the Rand at the end of the period resulted in an unrealised loss of R6.8 million being recorded.

Distributed by: Russell & Associates

Tel: +27 11 880 3924
Fax: +27 11 880 3788
Cell: +27 82 895 0698