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EXECUTION COPY

STANDBY LOAN FACILITY AGREEMENT

****

for



PLATEAU RESOURCES (PROPRIETARY) LIMITED

****

provided by



RUSTENBURG PLATINUM MINES LIMITED



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CONTENT

|Clause                              | Page                                     
|----------------------------------- | -----------------------------------------
|                                    |                                          
|1.                                  | INTERPRETATION                           
|2.                                  | INTRODUCTION                             
|3.                                  | COMMON
      TERMS AGREEMENT             
|4.                                  | FACILITY                                 
|5.                                  | PURPOSE                                  
|6.                                  | DRAWDOWNS                                
|7.                                  | REPAYMENT
      AND INTEREST             
|8.                                  | CONSEQUENCES
      OF AN EVENT OF DEFAULT
|SCHEDULE
      1 NOTICE OF DRAWDOWN | 11                                       

2

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STANDBY LOAN FACILITY AGREEMENT

THIS AGREEMENT is dated 12 June 2009 and made
between:

|(1) | PLATEAU RESOURCES (PROPRIETARY) LIMITED, a private
      limited liability company incorporated under the laws of South Africa with
      registration no. 1996/013879/07 as borrower (the "Borrower");
      and
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                  
|(2) | RUSTENBURG PLATINUM MINES LIMITEDas lender (the
      "Lender");                                                                                                                                                 

The Parties agree as set out below.

|1. | INTERPRETATION
|-- | --------------

|1.1 | Words and expressions not otherwise defined in this
      Agreement shall bear the meaning given to them in the RPM Funding Common
      Terms Agreement (as defined below). In addition, unless the context
      dictates otherwise, the words and expressions set forth below shall bear
      the following meanings and cognate expressions shall bear corresponding
      meanings:
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|1.1.1 | "Advance" means an advance made or to be made or
      deemed to be made by the Lender to the Borrower hereunder from the
      Facility and "Advances" will be construed accordingly;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|----- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|1.1.2 | "Advance Date" means the date upon which the
      Lender makes an Advance to the Borrower in accordance with the provisions
      of clause 6 (Drawdowns) and "Advance Dates" shall be construed
      accordingly;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|1.1.3 | "Agreement" means this Standby Loan Facility
      Agreement and its Schedules as read together with the RPM Funding Common
      Terms Agreement;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|1.1.4 | "Anticipated Aggregate Funding Loan Receipts"
      means, in respect of a Payment Period, the aggregate amount of cash which
      the Borrower, acting reasonably and in good faith and with reference to
      the latest cumulative consolidated quarterly management accounts of the
      Holdco Group delivered to the Lender pursuant to clause 12.1.3 of the RPM
      Funding Common Terms Agreement, anticipates Holdco will pay to the
      Borrower and the Lender under the Borrower Funding Loan Agreement and the
      RPM Funding Loan Agreement during that Payment Period but only insofar as
      such payments relate to the "Loans" as defined in the Borrower Funding
      Loan Agreement and the RPM Funding Loan Agreement, and accordingly
      excluding any payments in relation to the "Plateau OCSF Tranches" (as
      defined in the Borrower Funding Loan Agreement) or the "RPM OCSF Tranches"
      (as defined in the RPM Funding Loan Agreement. In the event of a conflict
      between the provisions of this clause 1.1.4 and the Global Intercreditor
      Agreement the provisions of the Global Intercreditor Agreement shall
      prevail;
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|1.1.5 | "Anticipated Borrower Funding Loan Receipts" means
      51% of the Anticipated Aggregate Funding Loan Receipts;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|1.1.6 | "Anticipated RPM Funding Loan Receipts" means 49%
      of the Anticipated Aggregate Funding Loan
Receipts;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   

3

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|1.1.7  | "Anticipated Senior Facility Shortfall"means, in
      respect of any Payment Period, the amount, if any, by which the Minimum
      Repayment Obligations exceeds the Anticipated Borrower Funding Loan
      Receipts, in each case for that Payment Period;                                                                                                           
|------ | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|       |                                                                                                                                                                                                                                                                                                                                                                          
|1.1.8  | "Availability Period" means the period during
      which the Facility will be available commencing on the Closing Date and
      ending on the Senior Discharge Date;                                                                                                                                                                                                   
|       |                                                                                                                                                                                                                                                                                                                                                                          
|1.1.9  | "Borrower Funding Loan Agreement" means the
      written loan agreement concluded or to be concluded between the Borrower
      (as lender) and Holdco (as borrower) relating to the loan for an initial
      amount of R500 000 000 (Five Hundred Million Rand);                                                                                                      
|       |                                                                                                                                                                                                                                                                                                                                                                          
|1.1.10 | "Borrower Proceeds Account" has the meaning given
      to it in the Senior Facilities Agreement;                                                                                                                                                                                                                                                                        
|       |                                                                                                                                                                                                                                                                                                                                                                          
|1.1.11 | "Facility" means the standby facility granted to
      the Borrower by the Lender in this Agreement;                                                                                                                                                                                                                                                                     
|       |                                                                                                                                                                                                                                                                                                                                                                          
|1.1.12 | "Final Repayment Date" means the date falling on
      the 9thanniversary of the Closing Date;                                                                                                                                                                                                                                                                           
|       |                                                                                                                                                                                                                                                                                                                                                                          
|1.1.13 | "Global Intercreditor Agreement" means the Global
      Intercreditor Agreement in the agreed form, dated on or about the date of
      this Agreement, between, inter alia, the Senior Agent, the Security
      Agent, the Borrower, RPM, Holdco, Opco, the Parent, N1C Resources, N2C
      Resources, the Opco Security SPV and the Plateau Security SPV;            
|       |                                                                                                                                                                                                                                                                                                                                                                          
|1.1.14 | "Holdco" means Richtrau No. 179 (Proprietary)
      Limited (Registration No. 2007/106711/07), a private company incorporated
      in accordance with the laws of South Africa;                                                                                                                                                                                         
|       |                                                                                                                                                                                                                                                                                                                                                                          
|1.1.15 | "Holdco Shareholders Agreement" means the written
      shareholders agreement dated 28 March 2008 between the Lender, the
      Borrower and Holdco;                                                                                                                                                                                                                    
|       |                                                                                                                                                                                                                                                                                                                                                                          
|1.1.16 | "Interest Rate" means the rate of interest (as
      certified by any manager of the Standard Bank of South Africa Limited,
      whose authority, appointment or designation it shall not be necessary to
      prove) quoted by The Standard Bank of South Africa Limited as being the
      prime rate at which it lends in South African Rands from time to
    time;
|       |                                                                                                                                                                                                                                                                                                                                                                          
|1.1.17 | "Interim Repayment Date" means the date falling on
      the 6th(sixth) anniversary of the Closing Date;                                                                                                                                                                                                                                                                 
|       |                                                                                                                                                                                                                                                                                                                                                                          
|1.1.18 | "Loan" means the aggregate principal amount of
      Advances for the time being outstanding hereunder;                                                                                                                                                                                                                                                                  
|       |                                                                                                                                                                                                                                                                                                                                                                          
|1.1.19 | "Minimum Repayment Obligations"means in respect
      of any Payment Period, the aggregate of:                                                                                                                                                                                                                                                                           
|       |                                                                                                                                                                                                                                                                                                                                                                          
|       | (a)                                                                                                                                                                                                                                                                                                                                                                      

4

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| | (b) | the amount of all accrued interest falling due for
      payment by the Borrower under the Senior Facilities Agreement in that
      Payment Period and in this regard, interest shall be treated as falling
      due for payment in a Payment Period regardless of whether the Borrower is
      entitled to capitalise or has capitalised the interest in that Payment
      Period or any previous payments period;
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|1.1.20 | "Notice of Drawdown" means a notice substantially
      in the form set out in Schedule 1 to be utilised in drawing down the
      Facility;                                                                                                                                                                                                                                               
|------ | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|       |                                                                                                                                                                                                                                                                                                                                                                                            
|1.1.21 | "Party" means a party to this Agreement and
      "Parties" shall, as the context requires, be a reference to all of
      them;                                                                                                                                                                                                                                                           
|       |                                                                                                                                                                                                                                                                                                                                                                                            
|1.1.22 | "Payment Period" means the period commencing on
      the day after a Senior Date Payment Date and ending on the next Senior
      Debt Payment Date;                                                                                                                                                                                                                                      
|       |                                                                                                                                                                                                                                                                                                                                                                                            
|1.1.23 | "RPM Funding Common Terms Agreement" means the
      common terms agreement to be entered into or about the date of this
      Agreement between, inter alia, the Lender, the Borrower, Pelawan
      SPV and Anooraq Resources Corporation setting out, inter alia,
      certain common terms relating to the funding to be provided by the Lender
      to the Borrower and Pelawan SPV;
|       |                                                                                                                                                                                                                                                                                                                                                                                            
|1.1.24 | "RPM Funding Loan Agreement" means the written
      loan agreement concluded or to be concluded between the Lender (as lender)
      and Holdco (as borrower) relating to the loan for an initial amount of
      R480,392,187 (Four Hundred and Eighty Million Three Hundred and Ninety-two
      Thousand One Hundred and Eighty-seven Rand);                                           
|       |                                                                                                                                                                                                                                                                                                                                                                                            
|1.1.25 | "Senior Agent" has the meaning given to it in the
      Senior Facilities Agreement;                                                                                                                                                                                                                                                                                                       
|       |                                                                                                                                                                                                                                                                                                                                                                                            
|1.1.26 | "Senior Facilities Agreement" means the written
      agreement entitled "Senior Term Loan Facilities Agreement"
      concluded or to be concluded between inter aliathe Borrower and
      Standard Chartered Bank (as arranger, original lender, Senior Agent and
      the Security Agent) on or about the Signature Date;                                                             
|       |                                                                                                                                                                                                                                                                                                                                                                                            
|1.1.27 | "Senior Debt Payment Date"means an "Interest
      Payment Date" or a "Repayment Date" as defined in the Senior
      Facilities Agreement;                                                                                                                                                                                                                                                
|       |                                                                                                                                                                                                                                                                                                                                                                                            
|1.1.28 | "Standby Facility Shortfall Contribution Amount"means, in respect of any Payment Period, the amount calculated as the
      lesser of: (x) the Anticipated Senior Facility Shortfall and (y) the
      amount calculated as 29/49 of the Anticipated RPM Funding Loan Receipts
      for that Payment Period;                                                                              
|       |                                                                                                                                                                                                                                                                                                                                                                                            
|1.1.29 | "Signature Date" means the date of the signature
      of the Party last signing this Agreement.                                                                                                                                                                                                                                                                                           

|2. | INTRODUCTION                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|-- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|   | As contemplated by the Holdco Shareholder Agreement, the
      Borrower may require standby facilities from time to time for the purpose
      of meeting the Minimum Repayment Obligations and the Lender is willing to
      provide such standby facilities subject to the terms and conditions set
      out in this Agreement and subject to the relevant provisions of the Global
      Intercreditor Agreement which restrict the payment of interest and the
      repayment of the Loans by the Borrower to the
Lender.

5

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|3. | COMMON TERMS AGREEMENT
|-- | ----------------------

|3.1 | This Agreement and the rights and obligations of the
      Parties are in all respects subject to the terms and conditions of the RPM
      Funding Common Terms Agreement. The terms and conditions of the RPM
      Funding Common Terms Agreement are incorporated by reference into this
      Agreement as if repeated herein in full.
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                            
|3.2 | In the event of a conflict between the terms of this
      Agreement and the RPM Funding Common Terms Agreement the provisions of
      this Agreement shall prevail.                                                                                                                                                                      

|4. | FACILITY                                                                                                                                                                                                                                                                               
|-- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   |                                                                                                                                                                                                                                                                                        
|   | Subject to the terms and conditions of this Agreement and
      the RPM Funding Common Terms Agreement, the Lender agrees to make the
      Facility available to the Borrower.                                                                                                        
|   |                                                                                                                                                                                                                                                                                        
|5. | PURPOSE                                                                                                                                                                                                                                                                                
|   |                                                                                                                                                                                                                                                                                        
|   | The Borrower shall apply all amounts borrowed by it under
      the Facility for the sole purpose of servicing all, or part of, as the
      case may be, the Minimum Repayment Obligations. The Lender shall not be
      obliged to monitor or verify the application of any Advance.
|   |                                                                                                                                                                                                                                                                                        
|6. | DRAWDOWNS                                                                                                                                                                                                                                                                              

|6.1 | Subject to the fulfilment of the conditions set out in
      Clause 4 (Conditions of Utilisation) of the RPM Funding Common Terms
      Agreement, the Lender shall, if required pursuant to the delivery of a
      duly completed Notice of Drawdown from time to time, make Advances to the
      Borrower during the Availability Period under the Facility which shall be
      drawn down by the Borrower in accordance with the provisions of this
      clause 6.
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|6.2 | The Facility may only be drawn down by the Borrower
      if:                                                                                                                                                                                                                                                                                                                                                                                                            

|6.2.1 | there is an Anticipated Senior Facility Shortfall in
      respect of the next Senior Debt Payment Date as certified by the Borrower
      in a duly completed Notice of Drawdown delivered to the Lender not less
      than 10 Business Days prior to the proposed Advance Date which Notice of
      Drawdown shall specify the amount of the Advance required, which amount
      shall not exceed the Standby Facility Shortfall Contribution Amount on the
      applicable Senior Debt Payment Date;
|----- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|6.2.2 | the amount of the proposed Advance does not exceed the
      Anticipated Senior Facility Shortfall the on the proposed Advance
    Date;                                                                                                                                                                                                                                                                                                                                                                   
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|6.2.3 | the proposed date for the making of such Advance
    is:                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|      | (a)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|      | (b)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|6.2.4 | no Fundamental Event of Default (as defined in the Global
      Intercreditor Agreement) has occurred, other than a Fundamental Event of
      Default referred to in paragraph 4 of schedule 3 of the Global
      Intercreditor Agreement;                                                                                                                                                                                                                                                               

6

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|6.2.5 | no Senior Enforcement Action (as defined in the Global
      Intercreditor Agreement) has occurred; and                                          
|----- | -------------------------------------------------------------------------------------------------------------------------------------------------
|      |                                                                                                                                                  
|6.2.6 | no event referred to in clause 6.2 of the RPM Funding
      Common Terms Agreement (Mandatory Prepayments: Change of Control) has
      occurred.

|6.3 | Unless otherwise agreed in writing between the Lender and
      the Borrower only one Notice of Drawdown may be submitted in relation to
      any Payment Period.                             
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                
|6.4 | The Lender will make each Advance to the Borrower on the
      date specified in the relevant Notice of Drawdown by paying the amount of
      each Advance into the Borrower Proceeds Account.
|    |                                                                                                                                                                                                
|6.5 | The Borrower acknowledges and agrees
  that:                                                                                                                                                   

|6.5.1 | unless the Lender otherwise agrees in writing in relation
      to a specific Advance, the Lender shall not be obliged to make any payment
      pursuant to any Notice of Drawdown unless and until the Borrower shall
      have complied strictly with the requirements in respect thereof as set out
      in this clause 6;                                  
|----- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|      |                                                                                                                                                                                                                                                                                                                                                                   
|6.5.2 | no Advance or portion thereof repaid by the Borrower in
      accordance with the provisions of this Agreement or otherwise shall be
      available to be re- advanced by the Lender;                                                                                                                                                                            
|      |                                                                                                                                                                                                                                                                                                                                                                   
|6.5.3 | any Notice of Drawdown purportedly signed by an
      authorised signatory of the Borrower shall be deemed to be a valid Notice
      of Drawdown issued by the Borrower and each payment paid pursuant to such
      Notice of Drawdown to the Borrower from the Facility shall constitute a
      valid Advance to the Borrower and constitute part of the Loan;
|      |                                                                                                                                                                                                                                                                                                                                                                   
|6.5.4 | the Lender shall not incur any liability to the Borrower
      in the event of any Advance not being utilised for the purpose referred to
      in clause 3 (Purpose) and in such an event, the portion of those payments
      made from the Facility will nevertheless be regarded as constituting valid
      Advances.                                        

|6.6 | The Parties acknowledge and agree that if there is an
      Anticipated Senior Facility Shortfall in respect of the next Senior Debt
      Payment Date and the Borrower fails to issue a Notice of Drawdown for the
      applicable Standby Facility Shortfall Contribution Amount in accordance
      with clause 6.2.1 then the Senior Agent is hereby irrevocably authorised
      and empowered by the Borrower to deliver a Notice of Drawdown on its
      behalf mutatis mutandisin accordance with the provisions of this
      clause 6 provided that the reference to 10 Business Days in clause 6.2.1
      shall for purposes of this clause 6.6 only be 7 Business Days, and the
      Lender shall be obliged to make the relevant Advance as requested by the
      Senior Agent on behalf of the Borrower and any such Advance made shall
      form part of the Loan under this Agreement.
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|6.7 | The Borrower undertakes in favour of the Senior Agent to
      deliver each and every Notice of Drawdown to the Senior Agent on the same
      day as it is delivered to the Lender hereunder.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|6.8 | The Borrower undertakes to advise the Lender in writing
      not less than 15 Business Days before each Senior Debt Payment Date
      whether or not it anticipates that there will be an Anticipated Senior
      Facility Shortfall, and to provide such other information relating to the
      Minimum Repayment Obligations and possible                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              

7

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Anticipated Senior Facility Shortfalls
at such intervals as the Lender may reasonably request.

|7. | REPAYMENT AND INTEREST
|-- | ----------------------

|7.1 | The balance of the Loan outstanding from time to time
      shall bear interest at the Interest Rate (subject to adjustment pursuant
      to clause 7 of the RPM Funding Common Terms Agreement (Changes to the
      calculation of Interest)). Interest on the Loan outstanding from time to
      time shall accrue daily and be compounded quarterly in arrears and is
      calculated on the basis of the actual number of days elapsed and a year of
      365 (three hundred and sixty five) days.                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|7.2 | Accrued interest shall be paid by the Borrower to the
      Lender on each Repayment Date in accordance with clause 7.4. If any
      accrued interest is not permitted to be paid on a Repayment Date in
      accordance with the Global Intercreditor Agreement, then such interest
      shall be capitalised and form part of the Loan.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|7.3 | If the Borrower fails to pay any amount payable by it
      under this Agreement on its due date, interest shall accrue on such
      outstanding amounts from the due date of payment up to the date of actual
      payment (both before and after judgment) at a rate which is 2% per annum
      higher than the Interest Rate. Any interest accruing under this Clause 7.3
      shall be immediately payable by the Borrower on demand by the Lender. An
      amount shall not be regarded as being due and payable for purposes of this
      clause in the event that there is not sufficient proceeds credited to the
      Borrower Proceeds Account in order for the Borrower to pay such amount to
      the Lender on that date in accordance with the terms of the Global
      Intercreditor Agreement (having regard to all prior payments which the
      Borrower is required to make in accordance with the Global Intercreditor
      Agreement).
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|7.4 | Subject to clause 6.1 and 6.2 of the RPM Funding Common
      Terms (Illegally and Mandatory Prepayments) the Loan together with accrued
      interest thereon (or a portion thereof, as the case may be) shall, on each
      Repayment Date, be repaid from the available proceeds, if any, (having
      regard to all prior payments which the Borrower is required to make from
      the Borrower Proceeds Account in accordance with the Borrower Cash
      Waterfall on that date) standing to the credit of the Borrower Proceeds
      Account subject to and in accordance with the Borrower Cash Waterfall
      relating to such account as provided for in the Global Intercreditor
      Agreement, provided that:                                                                                                                                                                                                                                   

|7.4.1 | by no later than the Interim Repayment Date the Borrower
      shall apply the proceeds raised, if any, through the Mandatory Debt
      Refinance contemplated in clause 6.3 (Mandatory Refinancing) of the RPM
      Funding Common Terms Agreement towards the repayment of the Loan, together
      with all accrued but unpaid interest thereon and all other amounts then
      outstanding under this Agreement; and
|----- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|      |                                                                                                                                                                                                                                                                                                                                                                                                                            
|7.4.2 | the Loan together with all accrued but unpaid interest
      thereon and all other amounts then outstanding under this Agreement shall
      be repaid by no later than the Final Repayment
Date.                                                                                                                                                                                                                          

|7.5 | The Borrower and the Lender agree that if the Loan and
      all other amounts outstanding under this Agreement have not been settled
      in full by the date falling 6 months prior to the Final Repayment Date
      they shall consult with each other with a
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

8

---

|    | view to agreeing alternative mechanisms to settle the
      Loan. Should the Borrower and the Lender not be able to agree such
      alternative mechanism for the settlement of the Loan, then the Loan shall
      be repayable in full on the Final Repayment Date.                                                                                                                                                                           
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|7.6 | All payments to be made by the Borrower to the Lender in
      terms of this Agreement shall, subject to the Global Intercreditor
      Agreement, be, in the event of any payment not being made in full on its
      due date, appropriated in the first instance to the payment of any costs,
      charges or expenses, thereafter to interest then due and payable, and
      thereafter in reduction of the principal amount of the
  Loan.

|8. | STIPULATIO ALTERI                                                                                                                                                                                                                                                                                                                                                                                                        
|-- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   |                                                                                                                                                                                                                                                                                                                                                                                                                          
|   | The provisions of this Agreement which refer to the
      Senior Agent are stipulations for the benefit of the Senior Agent
      (stipulatio alteri) which are capable of acceptance by the Senior
      Agent at any time and in any manner allowed by law and the Senior Agent
      shall be regarded as having accepted the benefits conferred on it
      hereunder if it signs the Global Intercreditor Agreement.
|   |                                                                                                                                                                                                                                                                                                                                                                                                                          
|9. | CONSEQUENCES OF AN EVENT OF
  DEFAULT                                                                                                                                                                                                                                                                                                                                                                                    

|9.1 | Upon the occurrence of an Event of Default [and for so
      long as such Event of Default is continuing], but subject to any
      restrictions on Enforcement Action (as defined in the Global Intercreditor
      Agreement) provided for in the Global Intercreditor Agreement, the Lender
      may, without prejudice to any other rights it may have in terms of this
      Agreement or at law, by written notice to
Borrower:
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|9.1.1 | claim and recover from the Borrower (which amount shall
      be immediately due and payable):                                                                                                                                                                                                                                                            
|----- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|      |                                                                                                                                                                                                                                                                                                                                                           
|      | (a)                                                                                                                                                                                                                                                                                                                                                       
|      |                                                                                                                                                                                                                                                                                                                                                           
|      | (b)                                                                                                                                                                                                                                                                                                                                                       
|      |                                                                                                                                                                                                                                                                                                                                                           
|      | (c)                                                                                                                                                                                                                                                                                                                                                       
|      |                                                                                                                                                                                                                                                                                                                                                           
|9.1.2 | declare the Loan and all other amounts payable by the
      Borrower pursuant to this Agreement to be due and payable on demand of the
      Lender;                                                                                                                                                                                                      
|      |                                                                                                                                                                                                                                                                                                                                                           
|9.1.3 | exercise or direct the Security Agent, the Opco Security
      SPV and/or the Plateau Security SPV to exercise any or all of its rights,
      remedies, powers or discretions under the Finance Documents (including any
      rights, remedies, powers or discretions it may have under or in connection
      with the Transaction Security Documents),

provided that all payments obligation
of the Borrower under this clause 9 shall be made subject to and in accordance
with the Global Intercreditor Agreement and in particular the Borrower Cash
Waterfall.

9

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SIGNED at Johannesburg on this the 12 day of June 2009.

| | For and on behalf of             
| | ---------------------------------
| | PLATEAU RESOURCES (PROPRIETARY)  
| | **LIMITED**                      
| |                                  
| | */s/ Tumelo Moathlodi Motsisi*   
| |                                  
| | Name: Tumelo Moathlodi Motsisi   
| | Capacity: Director               
| | Who warrants his authority hereto
| |                                  
| |                                  
| | Name:                            
| | Capacity:                        
| | Who warrants his authority hereto

SIGNED at Johannesburg on this the 12 day of June 2009.

| | For and on behalf of             
| | ---------------------------------
| | RUSTENBURG PLATINUM MINES        
| | **LIMITED**                      
| |                                  
| | */s/ Simon John Scott*           
| |                                  
| | Name: Simon John Scott           
| | Capacity: Director               
| | Who warrants his authority hereto
| |                                  
| |                                  
| | Name:                            
| | Capacity:                        
| | Who warrants his authority hereto

10

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SCHEDULE 1

NOTICE OF DRAWDOWN

(To appear on the letterhead of Plateau Resources (Proprietary)
Limited)

|To: | Rustenburg Platinum Mines Limited
|--- | ---------------------------------
|    |                                  
|    | Per Telefax : []                 
|    | Attention: []                    

Dear Sirs

STANDBY FACILITY AGREEMENT DATED [INSERT DATE OF AGREEMENT]:
NOTICE OF DRAWDOWN

|1. | We refer to the Standby Loan Facility Agreement (the
      "Facility Agreement") dated [insert date of the facility
      agreement] and made between us. The terms defined in the Facility
      Agreement shall have the same meaning in this notice.         
|-- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   |                                                                                                                                                                                                                                                                 
|2. | This notice is irrevocable.                                                                                                                                                                                                                                     
|   |                                                                                                                                                                                                                                                                 
|3. | We hereby give you notice that, pursuant to the Facility
      Agreement and on [Date of Drawdown] we wish to borrow an Advance in
      the amount of R[Insert Amount] under the Facility upon the terms
      and subject to the conditions contained therein.
|   |                                                                                                                                                                                                                                                                 
|4. | The amount of the proposed Advance we wish to borrow is
      required in relation to [insert details of Shortfall
  Amount].                                                                                                                                   
|   |                                                                                                                                                                                                                                                                 
|5. | The amount of the proposed Advance does not exceed the
      Standby Facility Shortfall Contribution Amount and all other conditions
      for drawdown set out in clause 6.2 of the Facility Agreement have been
      met.                                    
|   |                                                                                                                                                                                                                                                                 
|6. | We request that the Advance be paid into the Borrower
      Proceeds Account.                                                                                                                                                                                   

Yours faithfully

_________________________________________Name:
Authorised Signatory: For and on behalf of:PLATEAU RESOURCES
(PROPRIETARY) LIMITED

11

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