Announcements 2008

The Board is pleased to announce that Mr Bethuel Ngwenya has been appointed as Northam’s new company secretary with effect from 2 December 2008.

Johannesburg
8 December 2008

Sponsor
Barnard Jacobs Mellet Corporate Finance (Pty) Limited

1. Introduction

   In view of the deteriorating global economic climate and its consequent effect on commodity prices, the company considers it prudent to provide shareholders with an update on its operational and financial performance for the first four months of the 2009 financial year (?the period?). Numbers for the corresponding first four months of the previous financial year are provided for purposes of comparison.

2. Salient features for the period

   • Production of metals in concentrate up 14.3% to 3 543 kg (113 910 oz)
   • Sales volumes up by 639 kg (20 544 oz)
   • Healthy sales revenues at R1.3bn
   • Average 3PGE+Au basket price of R359 844/kg (US$1 391per oz) realized, 24.3% higher year on year
   • Operating margin of 45.8%

3. Key operational statistics

   	4 months ended 31 October 2008	4 months ended 31 October 2007
   Development metres	4 370	4 199
   Square metres mined	138 551	127 246
   Tonnes milled	792 994	707 018
   Head grade (g/tonne ? 3 PGE + Au)	5.2	5.0
   Precious metals produced (3PGE+Au) (Kg)	3 543	3 099
   Precious metals sold (3PGE+Au) (Kg)	3 271	2 632
   Average price realised ? R/kg	359 844	303 383
   Operating costs ? R/kg	206 708	188 831
   Cash operating costs ? R/kg	182 876	169 973
   Sales revenue (R?000)	1 288 820	947 692
   Cost of sales (R?000)	698 936	440 723
   Operating profit (R?000)	589 884	506 969
   Profit after tax (R?000)	364 803	290 451
   Operating cash flow (R?000)	242 456	108 750
   Capital expenditure (R?000)	122 137	56 887
   Earnings per share (cents) (Note 1)	117.5	122.4
   Headline earnings per share (cents) (Note 1)	117.5	122.4
   Weighted average number of shares in issue (Note 1)	310 500 508	237 279 195

   Note 1 ? On 20 August 2008 the number of shares in issue increased by 121.0 million as a consequence of the implementation of the Booysendal Transaction.

4. Capital expenditure

   As indicated at the end of the 2008 financial year, capital expenditure for the year to 30 June 2009 is estimated at R352 million, of which R122 million has been spent to date. The major capital items included in this estimate are a provision of R75 million for the rebuild of the smelter at the Northam mine and R106 million allocated to the deepening project, specifically the decline to 18 level and related development.

   The smelter rebuild is proceeding well, in line with the planned schedule and within budget, and remains due for recommissioning at the end of December 2008.

   The decline to 16 level is expected to be complete by the end of the financial year after which related development and infrastructure for mining on 15 level will commence.

5. Booysendal

   The company is proceeding with the Booysendal feasibility study. This is scheduled for completion in the third quarter of calendar 2009. The estimated cost for the current financial year is R50 million of which R24 million has been spent to date. Initial indications that the Booysendal project will follow a modular production ramp-up approach remain unchanged.

6. Cash and cash equivalents

   As at 31 October 2008, the company had cash and cash equivalents of R917 million, (equivalent to R2.55 per share) after the payment of tax and dividends in excess of R1.1 billion.

7. Outlook

   During the smelter rebuild Northam?s precious metal concentrate is being refined in terms of a toll refining agreement with a third party. The longer metal pipeline in terms of this agreement will affect unit sales during the first half of the financial year with a consequential effect on earnings per share and headline earnings per share.

   At the current spot metal prices and R/$ exchange rate, Northam?s average basket price for the financial year is estimated at R274 161 per kilogram of 3PGE+Au.

   Although the rate of exchange of the South African Rand against the US dollar has been characterized by increasing levels of volatility since the end of the 2008 financial year, the Rand has traded weaker by 34% against the US dollar in the first four months of this financial year. Provided there is no significant increase in the value of the Rand against the US dollar from these levels, and spot metal prices do not decline further, the company is confident that it will continue to cover its cash costs and capital expenditure.

8. General

   The information contained in this announcement has been prepared in accordance with International Financial Reporting Standards (IFRS) and incorporate the accounting policies that are consistent with those adopted in the financial year ended 30 June 2008.

   Shareholders are advised that the information included in this announcement is the responsibility of the Northam?s directors and has not been reviewed or reported on by the company?s auditors.

Johannesburg
17 November 2008

Sponsor
Barnard Jacobs Mellet Corporate Finance (Proprietary) Limited

Johannesburg, 11 November 2008. The management of Northam Platinum Limited (Northam) regrets to advise the death of an employee at its mine near Thabazimbi in the Limpopo province today, 11 November 2008 at approximately 11:00 in an underground incident.

The incident occurred at a working face some 1 900 metres underground. It is not yet clear what the cause of the incident was. Further details will be issued as they become available.

The name of the deceased is being withheld until his next of kin have been informed.

An investigation into the cause of the accident is currently being undertaken by the Department of Minerals and Energy (DME), organized labour and management.

Issued by:

Russell & Associates
Johannesburg
Tel: +27 11 880 3924

Shareholders of Mvela Resources and Northam (“the parties”) are referred to the joint announcement published on 2 October 2008 (the “joint announcement”) regarding the proposed acquisition by Impala Platinum Holdings Limited (“Implats”), through a series of inter-conditional transactions, of the entire issued share capital of Mvela Resources and Northam by Implats (collectively, “the Proposed Transaction”).

The announcement of a firm intention to make an offer by Implats (“the firm intention”) is subject to certain pre-conditions, including, inter alia, confirmation by the Department of Minerals and Energy (“DME”) that the conversion credits which accrued to Anglo Platinum Limited pursuant to the transfer of Booysendal to Northam will not be prejudiced by the Proposed Transaction.

Shareholders of the parties are advised that the DME has reviewed the Proposed Transaction and confirmed that the implementation of the Proposed Transaction will not affect the BEE credits which have accrued to Anglo Platinum Limited.

Shareholders of the parties are reminded that the firm intention to make an offer is subject to certain other pre-conditions, and the implementation of the Proposed Transaction is subject to fulfilment of certain conditions precedent, as set out in the joint announcement.

Shareholders of Mvela Resources and Northam are advised to continue to exercise caution when dealing in their Mvela Resources and Northam shares until a further announcement is made.

Johannesburg
20 October 2008

Sponsor to Mvela Resources
JPMorgan Equities

Sponsor to Northam
Barnard Jacobs Mellet Corporate Finance

Northam advises that Sybrand van der Spuy has tendered his resignation as company secretary with effect from 31 October 2008.

An appointment to fill this position will be made in due course.

Johannesburg
29 September 2008

Sponsor
Barnard Jacobs Mellet Corporate Finance (Pty) Limited

Establishes firm strategic foothold in the eastern Bushveld Complex

Johannesburg, 25 August 2008: Northam Platinum Limited (Northam, JSE: NHM) released results for the year ended 30 June 2008 today, Monday 25 August 2008. Highlights include:

• The diversification of the company’s asset base with the consummation of the Booysendal transaction, thereby transforming the company’s prospects to grow into a significant, long-life PGM producer;
• Securing the company’s BEE credentials at the equity level and establishing a strategic foothold in the eastern limb of the Bushveld Complex;
• Signing a concentrate offtake agreement with Platmin’s Pilanesberg Platinum Mines;
• Sales revenues climb to record R3.89 billion;
• Northam mine continues to generate strong cash flows at R1.55 billion;
• 12.6% increase in after-tax profits to R1.50 billion;
• Healthy operating margin at 58.9%;
• Headline earnings reach 627 cps;
• Final dividend of 185 cps declared (330 cps for the year);
• Strong, ungeared balance sheet remains intact.

The Northam mine continued to generate strong levels of cash, at R1.50 billion in the year under review, underpinned by the growth in revenue from metal sales, 3.9% higher year on year at R3.89 billion. Exceptionally strong metal prices, particularly in H2, helped to offset the effect of lower production of metals in concentrate at 9,113 kg (292,989 oz). The 9.7% drop in output was attributable largely to the effects of safety-related stoppages, operational difficulties arising from intermittent power supply and industrial action, which was a feature of the mining industry in South Africa in the reporting period. These impacts were exacerbated at the Northam mine by the ongoing difficulties associated with mining the Merensky pothole facies. Year on year, tonnages mined from the Merensky reef horizon were 17.8% lower at 205,251 tonnes.

“However,” said Northam chief executive Glyn Lewis, “with the continued management focus on improvements to our metallurgical operations, we were able to grow the proportion of UG2 ore treated, which contributed to the 3.8% increase in tonnages from this reef to 963,033 tonnes (F2007: 928,149). Taking into account the production shifts lost, this was a creditable performance and helped to stem the decline in total tonnages milled to 10.9%.”

The lower volumes, along with inflationary cost pressure, had a negative impact on unit cash costs, which at R175,197/kg were 29.5% higher year on year. However the increase in total operating costs was contained to 19.5%. Looking to F2009, Lewis commented, that in the absence of external factors affecting operations, production levels in the next year were likely to increase, which would lead to some improvement in the relative cost performance.

Booysendal platinum project

With the consummation of the Booysendal transaction, work continues apace on the Booysendal project. The prefeasibility study review, which included a geological review, an investigation of mining methods and project elements such as metallurgy, engineering, infrastructure and the associated environmental issues, has been concluded.

Lewis added that the intensive and extensive work of the prefeasibility review had now laid the foundation for the bankable feasibility study. “We are pleased with the progress made by our enormously experienced project team and are very encouraged by the outcomes of the prefeasibility review. A range of production scenarios, 11 in all, ranging in scale from 120,000 to 480,000 tonnes per month have been considered. Although these are initial findings, results suggest a modular production build-up offering flexibility and ameliorating potential risks relating to issues such as power supply and water.”

PGM markets

The year under review was characterized by another period of buoyant market conditions and robust demand for Northam’s basket of metals. This was particularly apparent in the H2 period, when the average basket price rose to levels in excess of R500,000/kg.

Commenting on the recent slump in metal prices, Lewis acknowledged that this had been prompted by negative sentiment from the world’s major vehicle manufacturers and significant speculative disinvestment. “Nevertheless,” he added, “the current basket price still compares favourably with the average basket price of R304,000/kg in the first half of the year.

“With the softer platinum price, there are already some signs of a modest increase in demand from jewellery manufacturers. For the automobile sector, which we believe will continue to be the principal driver of PGM prices, emissions legislation continues to tighten. We believe that these factors, combined with the prospect of higher vehicle sales in the BRIC countries will continue to support demand, and we are confident that the outlook for fundamental demand for PGMs remains sound.”

Prospects

After an eventful year in the life of the company, Northam continues to build on its track record of consistent delivery to shareholders, generating strong levels of cash, standing the company in good stead as it develops a new project. With the Booysendal transaction concluded Northam has now established a firm strategic foothold in the eastern limb of the Bushveld Complex, and has acquired a world-class PGM prospect which brings a near-term expansion opportunity and asset diversification. This new project, together with Northam’s associated metals processing infrastructure and downstream beneficiation opportunities, offers the possibility to provide processing alternatives also for emerging producers in the sector.

Acknowledgement

In acknowledging the role of Anglo Platinum in the company’s fortunes, Lewis concluded, “The finalisation of the Booysendal transaction has brought with it the exit of Anglo Platinum as a long-standing, supportive shareholder and partner in our business. In particular too I must pay tribute to Norman Mbazima, who has recently resigned from the Northam board, and who played an important part in the conclusion of this company-transforming deal.”

Distributed by
Russell & Associates
Johannesburg
Tel +27 11 880 3924

Further to the joint announcement on 8 July 2008 regarding an update on Booysendal Transaction ("the Transaction"), shareholders of Mvela Resources and Northam are advised that implementation of the Transaction has commenced as follows:

• Mvela Resources will take delivery of 53.1 million Northam shares from Anglo Platinum Limited on 20 August 2008;
• 121 million new Northam ordinary shares will be allotted and issued to Mvelaphanda Equity (Proprietary) Limited, a wholly-owned subsidiary of Mvela Resources. Application for the listing of these shares has been made to the JSE Limited(“JSE”) and the listing is expected to commence on 20 August 2008;
• 3.58 million new Mvela Resources ordinary shares have been allotted and issued to a subsidiary of Afripalm Resources(Proprietary) Limited and were listed on the JSE Limited on 15 August 2008;
• The first 50% of the Booysendal Platinum Project (“Booysendal”), will be transferred to Northam on 20 August 2008 and the remaining 50% will be pledged and held in escrow by Northam pending conversion of the Old Order Mining Title.

Application for the conversion of the Old Order Mining Title covering nine of the eleven Booysendal farms, and for the grant of Mining Title over the remaining two farms presently held under New Order Prospecting Rights, has been lodged with the Department of Minerals and Energy and is currently being processed.

On the grant of the New Order Mining Rights, the implementation will be complete. Shareholders of Mvela Resources and Northam will be advised in due course.

Johannesburg
19 August 2008

Sponsor to Mvela Resources
J.P. Morgan Equities

Sponsor to Northam
Barnard Jacobs Mellet Corporate Finance (Pty) Limited

Northam advises that it intends to release its financial results for the year ended 30 June 2008 on Monday 25 August 2008. Further details on timing and a presentation venue will be available on this site shortly.

Johannesburg
29 July 2008

Further to the joint announcement on 6 June 2008 regarding the Booysendal Transaction ("the Transaction"), shareholders of Mvela Resources and Northam are advised that all contractual elements of the Transaction have been concluded. There remains one regulatory Condition Precedent outstanding, that being the consent for the transfer of control of the New Order prospecting rights under the Minerals and Petroleum Resources Development Act. Shareholders will be advised in due course when this is received and the transaction is implemented.

Johannesburg
8 July 2008

Sponsor to Mvela Resources
J.P. Morgan Equities

Sponsor to Northam
Barnard Jacobs Mellet
Corporate Finance (Pty) Limited

Shareholders are advised that the Northam and Mvela Resources circulars relating to the transaction, including the relevant Competent Person’s reports and notices of general meeting required in terms of the JSE Listings Requirements, were posted to shareholders today.

Joint updated Booysendal transaction announcement (PDF - 82KB)

Key features:

• Difficult Merensky mining conditions persist
• Drive to push UG2 production continues
• Metals in concentrate produced - 150 755 oz (3PGE + Au)
• Buoyant PGM market conditions continue
• 14% increase in operating costs reflect lower production volumes
• Interim dividend of 145 cps declared

Northam Platinum Limited (Northam) today posted results for the first half of the 2008 financial year, reporting lower earnings per share of 199 cents (F2007 H1: 280 cps) and a reduced dividend for the period at 145 cps.

Results for the half year were adversely affected by the loss of 23 production days owing to safety-related stoppages and intensive retraining programmes for employees.

CEO Glyn Lewis said today, “As expected, the difficulties associated with mining the Merensky reef have persisted. Our emphasis on exploiting the more conformable UG2 reef has borne some success, and has helped us to contain the drop in tonnages mined from both reefs to 17.1%, despite the 24.3% decline in Merensky tonnages.”

As a result of the lower tonnages, and a drop in head grade to 5.0 g/t, (associated mainly with the higher UG2 volumes mined), production of metals in concentrate was lower by 16.5% at 4 689 kg (150 755 oz) compared with H1 in F2007.

Sales revenue at R1.5bn was 17% lower year on year, declining from the R1.8bn level reported in the previous comparable period. Although the average US dollar basket price received for metals rose by 16.3% to US$1 396/oz the relatively strong rand in the period offset the potential gains from the higher prices, and resulted in a ZAR basket price received of R311 369/kg, 11.8% up year on year.

Lewis commented that the innovative metallurgical developments at Northam have facilitated the shift to increase volumes mined from the UG2 reef. Expressed as a ratio, the Merensky/UG2 production stands at 1.4:1. “With the additional external sparger column cell commissioned in August last year, we have made good progress in increasing the proportion of UG2 concentrate in the smelter, largely eliminating the previous problems associated with the build-up of chrome, while at the same time maintaining our PGM recovery rates.

“With the introduction of a high pressure roll crusher in the UG2 circuit within the next couple of months, it may be possible to further increase the throughput of the UG2 concentrator which has a design capacity of 75 000 tonnes per month.”

Reflecting the overall decline in production and general inflationary increases, total operating costs were higher by 14.8%.

Looking ahead, Lewis commented on the ore reserve position, saying there would be a stepped up focus on the deepening project to access the more easily mineable Merensky reef in order to counter the life-of-mine loss in the eastern transition zone of the mine. “We have already established 14 level, with development progressing on 15 level.” Every level opened up below 12, adds some 2.8 years to the mine’s life.

Referring to the situation with regard to power supply, and the possible effect on second half-year results, Lewis noted that production and metal sales should approximate those of H1 if Eskom could continue to supply the company with 90% of its consumption requirements.

On this basis earnings will be determined largely by the average Rand basket price received in the second half, currently at significantly higher levels than the R311 369 per kilogram received in the first half of the 2008 financial year.

Distributed by:

Russell and Associates
+27 11 880 3924

Johannesburg, 25 January 2008. Northam Platinum Limited (Northam) advises that mining operations at the company’s Northam mine in Limpopo Province have been adversely affected by power outages over the past two weeks, and were suspended this afternoon, Friday, 25 January 2008 owing to insufficient power to safely continue normal operations. This action follows on some limited underground activities during the morning.

Northam has been advised by Eskom that its ability to maintain 40% of the normal base-load of power has been severely compromised by a number of factors. Although Northam understands from Eskom that it is committed to normalizing the situation, Northam has not been informed as to when the supply of the normal base-load will be restored. Northam is therefore unable to indicate with any certainty when operations will resume.

Distributed by:

Russell & Associates
Johannesburg
25 January 2008

The board of directors of Northam advises the resignation of Mr Matthews Nzimande, general manager of the company’s Northam mine in the Limpopo province, effective 6 February 2008.

Speaking on behalf of the board, management and employees, Northam CEO Glyn Lewis said today, “We would like to extend our thanks to Matthews for his contribution to the company over the past three years and we wish him well as he continues to develop his career”.

He was appointed general manager at Northam in 2005. Mr Danny Gonsalves will be relieving as general manager until a successor is appointed.

Northam remains committed to creating career opportunities for previously disadvantaged South Africans.

Issued by:

Russell & Associates
Johannesburg
Tel: +27 11 880 3924