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CIS/AAP/669 
  1256/AAP/KJW 
  26/04/2004

PROTOCOL NO. ______________ /2003

NOTARIAL JOINT VENTURE AGREEMENT

BE IT HEREBY MADE KNOWN :

That on this the 2nd day of December in the year of our Lord
  Two Thousand and Three (2003), before me, CHRISTOPHER IAN STEVENS, Notary
  Public by lawful authority, duly sworn and admitted, residing and practising
  at Johannesburg, in the Province of Gauteng of the Republic of South Africa,
  and in the presence of the undersigned witnesses personally came and appeared
  KAREN JUNE WHITE, a secretary of Attorneys Deneys Reitz Inc. of Sandton
  and as such in her capacity as the duly authorised Attorney and Agent of :

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|(1) | POTGIETERSRUST PLATINUMS LIMITED
      (Registration No. 1925/008353/06)                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|    | (hereinafter together with its successors
        in title and assigns referred to as PPL), she, the
        said Appearer being duly authorised hereto under and by virtue of a Special
        Power of Attorney dated at Johannesburg on the 25th day of November 2003
        and granted to her byROELAND HERMAN HENDRIK VAN KERCKHOVENin
        his capacity as a Director of PPL, he being duly authorised by a Resolution
        of Directors of PPL passed at Johannesburg on the 14th day of November
        2003;

|(2) | PLATEAU RESOURCES (PROPRIETARY) LIMITED
      (Registration No. 1996/013879/07)                                                                                                                                                                                                                                                                                                                                                                                                                            
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|    | (hereinafter together with its successors
        in title and assigns referred to as Plateau), she,
        the said Appearer being duly authorised hereto under and by virtue of
        a Special Power of Attorney dated at Vancouver on the 24th day of November
        2003 and granted to her by DAVID J COPELANDin his capacity as
        a Director of Plateau, he being duly authorised by a Resolution of Directors
        of Plateau passed at Vancouver on the 24th day of November 2003;
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|    | AND                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        

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|(3) | ANOORAQ RESOURCES CORPORATION
      (a company incorporated under the laws of British Columbia, Canada)                                                                                                                                                                                                                                                                                                                                                                                                   
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|    | (hereinafter together with its successors
        in title and assigns referred to as Anooraq), she,
        the said Appearer being duly authorised hereto under and by virtue of
        a Special Power of Attorney dated at Vancouver on the 24th day of November
        2003 and granted to her by JEFFREY R MASONin his capacity as a
        Director of Anooraq, he being duly authorised by a Resolution of Directors
        of Anooraq passed at Vancouver on the 24th day of November 2003;

which Powers of Attorney and certified copies of which Resolutions
  have this day been exhibited to me, the Notary, and now remain filed of record
  with the Minute hereof.

AND THE APPEARER DECLARED THAT THESE PRESENTS WITNESS :

|1.  | DEFINITIONS
|--- | -----------
|    |            
|1.1 |            
|    |            
|    |            

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| |  |                        | December of each year, or such other period as the
        Management Committee may determine;                                                                                                                                                                                                                                                                                                                                                    
| |  | ---------------------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  |                        |                                                                                                                                                                                                                                                                                                                                                                                                                                                   
| |  | the Act              | the Minerals Act 50 of 1991 as amended;                                                                                                                                                                                                                                                                                                                                                                                                           
| |  |                        |                                                                                                                                                                                                                                                                                                                                                                                                                                                   
| |  | Affiliate            | in relation to any juristic person, any company which
        is for the time being a subsidiary or holding company of that person or
        a subsidiary of a holding company of such person, and a company is a subsidiary
        of another company (its holding company) if that other company is in Control
        of the former company or if it is a subsidiary of a company which is itself
        a subsidiary of that other company;
| |  |                        |                                                                                                                                                                                                                                                                                                                                                                                                                                                   
| |  | this Agreement       | this Notarial Joint Venture Agreement and shall include
        the Annexes hereto;                                                                                                                                                                                                                                                                                                                                                               
| |  |                        |                                                                                                                                                                                                                                                                                                                                                                                                                                                   
| |  | Anglo Platinum Group | Anglo American Platinum Corporation Limited and all
        of its Affiliates, together;                                                                                                                                                                                                                                                                                                                                                          

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| |  | Annual Budget              | the annual budget prepared by the Manager and approved
        by the Management Committee pursuant to clause 9.7 below, from time to
        time;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
| |  | ---------------------------- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  |                              |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
| |  | Anooraq                    | as defined in the description of the Parties above;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
| |  |                              |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
| |  | Bankable Feasibility Study | a comprehensive document or documents that addresses
        all matters which are customarily required for an effective assessment
        of the viability of the development and Mining of the JV Area, in such
        form and detail as are required for the purposes of determining whether
        to finance the development of a commercial Mining operation within the
        JV Area, including but not limited to chapters on the following : ownership,
        location, geology and ore reserves, metallurgy, Mining, materials handling,
        processing, ancillary facilities and site services, infrastructure for
        and

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| |  |                 | availability of labour, energy supply, environmental
        impact studies and rehabilitation obligations, capital costs, costs to
        be incurred to sustain production including initial working capital, the
        time and critical path to place the Mine into production and financing
        requirements throughout the construction phase, financial analysis (including
        price sensitivity analysis) assumptions as to mineral prices and utilisation
        of a discount rate consistent with financing costs at the time as well
        as project and country risks;
| |  | --------------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  |                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
| |  | Business      | those activities of the Joint Venture set out in
        clause 2.5;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
| |  |                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
| |  | Business Days | any day, other than a Saturday, Sunday or any statutory
        public holiday in the Republic of South Africa, or Canada;                                                                                                                                                                                                                                                                                                                                                                                                                                                                         

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| |  | By-products           | materials, compounds, metals and products other than
        Concentrate for which a commercial value exists and which can be produced
        and sold by the Joint Venture;                                                                                                                                   
| |  | ----------------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  |                         |                                                                                                                                                                                                                                                                                                                 
| |  | Capital Expenditure   | all expenditure which is generally regarded in the
        mining industry in South Africa as expenditure of a capital nature and
        shall include expenditure which is generally regarded in the mining industry
        in South Africa as replacement and/or ongoing and/or renewal capital expenditure;
| |  |                         |                                                                                                                                                                                                                                                                                                                 
| |  | Charter               | the charter on broad-based socio-economic empowerment
        contemplated in section 100 of the MPRDA;                                                                                                                                                                                                         
| |  |                         |                                                                                                                                                                                                                                                                                                                 
| |  | Commercial Production | run of mine ore, if that is all that is produced
        from the Mine by the Joint Venture, but if Concentrate is produced by
        the Joint Venture then it shall mean                                                                                                                                     

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| |  |                            | Concentrate from the Mine and By Products;                                                                                                                                                                                                                                                                        
| |  | -------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  |                            |                                                                                                                                                                                                                                                                                                                   
| |  | Concentrate              | any treatable product arising from the process of
        crushing, milling and flotation of Ore produced by the Mine whereby the
        Platinum Group Metals, including waste, are treated in a Concentrator
        Complex before commencement of the smelting and precious metal refining
        process;  
| |  |                            |                                                                                                                                                                                                                                                                                                                   
| |  | Concentrator Complex     | a mineral processing facility consisting of activities
        such as crushing, milling and thickening, froth flotation, tailings disposal
        and concentrate filtration but does not include smelting or other downstream
        processing facilities such as base metals and precious metals refineries;
| |  |                            |                                                                                                                                                                                                                                                                                                                   
| |  | Confidential Information | all communications, whether written, pictorial or
        oral, and all other material relating to Mining and Prospecting                                                                                                                                                                                         

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| |  |  | Information, commercial and technical information,
        trade secrets, agreements (whether in writing or not, or in electronic
        format), or which can be obtained by examination, testing, visual inspection
        or analysis, including, without limitation, business or financial data,
        know-how, formulae, processes, designs, sketches, plans, drawings, specifications,
        sample reports, models, studies, findings, computer software, inventions
        or ideas, analyses, concepts, compilations, studies and other material
        prepared by or in possession of or under the control of any Party, as
        well as that which contain or otherwise reflect or are generated from
        any such information as is specified in this definition, or any information
        which is not in the public domain for a reason other than a breach of
        this Agreement;
| |  |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

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| |  | Control | in relation to a company means any one
        of the following, namely, in respect of a company not listed on a stock
        exchange, if another company or legal entity or person (whether alone
        or pursuant to an agreement with others) :
| |  | --------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  |           |                                                                                                                                                                                                                                                        
| |  |           | –                                                                                                                                                                                                                                                      
| |  |           |                                                                                                                                                                                                                                                        
| |  |           | –                                                                                                                                                                                                                                                      
| |  |           |                                                                                                                                                                                                                                                        
| |  |           | –                                                                                                                                                                                                                                                      
| |  |           |                                                                                                                                                                                                                                                        
| |  |           | or if the company is listed on a stock
        exchange, Controlmeans :                                                                                                                                                                              

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| |  |  | –                                                                                                                                                              | the holding of shares or the aggregate of holdings
        of shares or other securities in a company entitling the holder thereof
        to exercise, or cause to be exercised 35% (THIRTY FIVE PERCENT) or more
        of the voting rights at shareholders meetings of the company irrespective
        of whether such holding or holdings confers de factocontrol; or
| |  |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  |  |                                                                                                                                                                |                                                                                                                                                                                                                                                                                                                                                                             
| |  |  | –                                                                                                                                                              | the holding or control by a shareholder or member
        alone or pursuant to an agreement with other shareholders or members of
        more than 35% (THIRTY FIVE PERCENT) of the voting rights in the company;                                                                                                                                                          
| |  |  |                                                                                                                                                                |                                                                                                                                                                                                                                                                                                                                                                             
| |  |  | Decision to Minea
        decision taken by Plateau and PPL in accordance with 6.1.8, as read with
        6.1.9, to proceed with Mining within the JV Area;

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| |  | the Effective Date      | the date of fulfilment of all of the suspensive conditions in clause 23;                                                                                                                                                                                                            
| |  | ------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  |                           |                                                                                                                                                                                                                                                                                     
| |  | EMPR                    | the Environmental Management Programme submitted
        in accordance with the provisions of the Act, as approved (or amended)
        by the relevant authority for the Mine;                                                                                                     
| |  |                           |                                                                                                                                                                                                                                                                                     
| |  | Encumbrance             | any mortgage, pledge, lien, security interest, trust
        arrangement or similar rights or interest of any third party;                                                                                                                                                          
| |  |                           |                                                                                                                                                                                                                                                                                     
| |  | the Exploitation Phase  | the period of the Joint Venture Project from the
        time that a Decision to Mine is taken;                                                                                                                                                                                     
| |  |                           |                                                                                                                                                                                                                                                                                     
| |  | Exploration Expenditure | all costs, charges and expenses (including, but not
        limited to, prospecting rentals, administration fees and costs, licence
        fees, licence acquisition fees, payments to surface owners, or payments
        to the State), payable and payments of whatsoever nature

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| |  |  | made or incurred in connection with the prospecting
        and investigation of the JV Area, and shall include, but not be limited
        to, all costs, charges and expenses required for the completion of any
        preliminary appraisals, geological assessments, engineering studies, metallurgical
        tests and feasibility studies carried out to ascertain the economic viability
        of mineralisation in and upon the JV Area, costs of the Bankable Feasibility
        Study, the cost of all personnel within the Anglo Platinum Group (seconded
        to or employed by the Joint Venture at the cost invoiced by the relevant
        company within the Anglo Platinum Group to Plateau at pre-agreed rates),
        Plateau and Anooraq directly or indirectly engaged in the Joint Venture
        Project, and any costs of rehabilitation incurred or provided for in the
        course of prospecting;
| |  |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

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| |  | the Exploration Phase | the period of the Joint Venture Project
        from the Effective Date up to the earlier of :                                                                                
| |  | ----------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  |                         |                                                                                                                                                                               
| |  |                         | –                                                                                                                                                                             
| |  |                         |                                                                                                                                                                               
| |  |                         | –                                                                                                                                                                             
| |  |                         |                                                                                                                                                                               
| |  | HDP                   | historically disadvantaged person as
        defined in section 1 of the MPRDA;                                                                                               
| |  |                         |                                                                                                                                                                               
| |  | IAS                   | generally accepted accounting principles
        approved from time to time as International Accounting Standards by the
        International Accounting Standards Committee;
| |  |                         |                                                                                                                                                                               
| |  | IRR                   | the internal rate of return of the Joint
        Venture Project as determined in the                                                                                         

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| |  |                             | Bankable Feasibility Study based on 100% (ONE HUNDRED
        PERCENT) equity financing;                                                                                                                                                      
| |  | --------------------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  |                             |                                                                                                                                                                                                                                               
| |  | Joint Venture Project     | the joint venture between PPL and Plateau to prospect
        for and Mine PGMs on, in, or under the JV Area, constituted in accordance
        with the terms of this Agreement and subject to the specific terms of
        this Agreement;
| |  |                             |                                                                                                                                                                                                                                               
| |  | Joint Venture Information | all commercially sensitive knowledge and Confidential
        Information pertaining to the Joint Venture;                                                                                                                                    
| |  |                             |                                                                                                                                                                                                                                               
| |  | JV Area                   | the area indicated in red on the map annexed hereto
        as Annex 1, and which area is covered by the PPL Rights and
        the Plateau Rights;                                                                                         
| |  |                             |                                                                                                                                                                                                                                               
| |  | the Joint Venture         | the joint venture constituted as contemplated in
        clause 3.1;                                                                                                                                                                          

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| |  | Management Committee | the committee established in terms of clause 8;                                                                                                                                                                                                                                                                                                          
| |  | ---------------------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  |                        |                                                                                                                                                                                                                                                                                                                                                          
| |  | the Manager          | the manager of the Joint Venture Project appointed
        in terms of clause 11;                                                                                                                                                                                                                                                                        
| |  |                        |                                                                                                                                                                                                                                                                                                                                                          
| |  | Meeting              | a Management Committee meeting;                                                                                                                                                                                                                                                                                                                          
| |  |                        |                                                                                                                                                                                                                                                                                                                                                          
| |  | Mine                 | when used as a verb, shall bear the meaning ascribed
        thereto in section 1 of the Act or section 1 of the MPRDA, once it repeals
        the Act and Mining shall have a corresponding meaning;                                                                                                                                                 
| |  |                        |                                                                                                                                                                                                                                                                                                                                                          
| |  | the Mine             | the excavations and all associated workings on the
        JV Area, both currently existing and those to be developed during the
        Exploitation Phase of the Joint Venture, which may include a Concentrator
        Complex, the Mining area and all buildings, structures, machinery, roads
        and appurtenances used or intended to be used

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| |  |                                     | for the purposes of prospecting for, winning, Mining
        of and processing of PGMs on the JV Area;                                                                                                                                                                                                                                                                                                                                                                                               
| |  | ----------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  |                                     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
| |  | Mining and ProspectingInformation | all Confidential Information available with respect
        to the Joint Venture Project in relation to PGMs including, but
        not limited to all surveys, maps, mosaics, aerial photographs, electromagnetic
        tapes, electromagnetic or optical disks, sketches, drawings, memoranda,
        drill cores, logs of such drill cores, geophysical, geological or drill
        maps, sampling and assay reports, notes, and other relevant information
        and data in whatever form;
| |  |                                     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
| |  | MPRDA                             | the Mineral and Petroleum Resources Development Act
        28 of 2002;                                                                                                                                                                                                                                                                                                                                                                                                                               

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| |  | Non-Contributory ParticipationInterest | the ownership interest, expressed as a percentage,
        of PPL (or its successor or assign) in the Joint Venture if it elects
        to hold a Non-Contributory Participation Interest in terms of 7.5 or is
        deemed to have so elected in accordance with 6.1.9.1 , including the rights
        associated therewith and the management, control, Profits, PGM Rights,
        and beneficial ownership of the assets, but excluding the losses, expenditure,
        obligations and liabilities of the Joint Venture and further excluding
        ownership in the Commercial Production (save for any Profits derived therefrom);
| |  | ---------------------------------------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  |                                          |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
| |  | Operating Expenditure                  | every expenditure of any kind other than Capital
        Expenditure lawfully incurred by the Manager (or the appointees of the
        Manager) in the management, administration, financing (to be excluded
        from the calculation of PPLs Profit share                                                                                                                                                                                                                                                                                                                                                                                  

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| |  |       | in the Joint Venture unless PPL has elected in terms
        of clause 7.5 to have a Non-Contributory Participation Interest or if
        PPL has elected to have a Contributory Participation Interest and PPL
        undertakes debt financing) and operation and rehabilitation of the Mine,
        including all accruals and provisions, which would be deemed to be operating
        expenditure in conformity with good mining practice in South Africa and
        in accordance with internationally accepted accounting practice as well
        as the policies laid down by the Management Committee from time to time
        and including all obligations to pay royalties in terms of the PGM Rights
        and all smelting and refining charges of the Joint Venture, if any;
| |  | ----- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  |       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
| |  | Ore | that part of the mineralised horizon that can be
        economically extracted. It includes amounts of non-mineralised material
        that                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       

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| |  |                          | are in direct contact with the mineralised portion
        and which must, of necessity due to the Mining method, also be removed
        in order to win the mineralisation;                                                                                                                                                                                                
| |  | ------------------------ | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  |                          |                                                                                                                                                                                                                                                                                                                                                                              
| |  | Participant            | any party who holds a Participation Interest in the
        Joint Venture from time to time;                                                                                                                                                                                                                                                                                 
| |  |                          |                                                                                                                                                                                                                                                                                                                                                                              
| |  | Participation Interest | in relation to a Participant, the ownership interest,
        expressed as a percentage, of a Participant in the Joint Venture, including
        the rights and obligations associated therewith, including losses, liabilities,
        expenditure, management, control, Profits, Commercial Production and the
        PGM Rights and beneficial ownership of the assets;
| |  |                          |                                                                                                                                                                                                                                                                                                                                                                              
| |  | Party                  | a reference to PPL, on the one hand, and Plateau
        and Anooraq on the other hand and Parties means a reference
        to all of them;                                                                                                                                                                                                                               

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| |  | Plateau                                 | as defined in the description of the Parties above;                                                                                                                                                                                                                                                                                                                                             
| |  | ----------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  |                                           |                                                                                                                                                                                                                                                                                                                                                                                                 
| |  | Plateau Rights                          | the rights to prospect and the right to acquire a
        right to Mine held by Plateau over the farm Drenthe 778 L.R., in terms
        of a prospecting contract granted by the State to Plateau executed on
        28 September 2001, and over the farm Witrivier 777 L.R. in terms of a
        prospecting contract granted by the State to Plateau executed on 28 September
        2001;
| |  |                                           |                                                                                                                                                                                                                                                                                                                                                                                                 
| |  | Platinum Group Metals 
      or PGMs | platinum, palladium, rhodium, ruthenium, iridium, and
        osmium, and the metals and minerals mineralogically associated therewith
        including but not limited to gold, chrome, silver, copper, nickel and
        cobalt together with any such metals and minerals which may be extracted
        from the normal Mining of first-mentioned minerals in, on                         

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| |  |              | or under the JV Area, to the extent that rights thereto
        are owned, or rights to prospect and Mine are held, by the Parties as
        at the Effective Date;                                                                                                                        
| |  | ------------ | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  |              |                                                                                                                                                                                                                                                                                             
| |  | PGM Rights | the PPL Rights and the Plateau Rights together and
        any rights granted in substitution thereof to the Parties in terms of
        the MPRDA after the Promulgation Date;                                                                                                             
| |  |              |                                                                                                                                                                                                                                                                                             
| |  | PPL        | as defined in the description of the Parties above;                                                                                                                                                                                                                                         
| |  |              |                                                                                                                                                                                                                                                                                             
| |  | PPL Rights | the rights to PGMs held by PPL over that part
        of the farm Overysel 815, registration division L.R., outlined by the
        figure ABCDEFA on the plan annexed hereto as Annex 1, measuring
        approximately 637,79 (SIX HUNDRED AND THIRTY SEVEN comma SEVEN NINE) hectares

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| |  |                     | held by virtue of Certificate of Rights to Minerals
        216/1938S;                                                                                                                                                                                                                         
| |  | ------------------- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  |                     |                                                                                                                                                                                                                                                                                                
| |  | Proceeds          | all monies received for and on behalf of the Joint
        Venture from the disposal of Commercial Production;                                                                                                                                                                                 
| |  |                     |                                                                                                                                                                                                                                                                                                
| |  | Profit            | net profit as envisaged by IAS, excluding, in relation
        to the Profit attributed to PPL in terms of this Agreement if PPL has
        elected to have a Non-Contributory Participation Interest in accordance
        with clause 7.5, amortisation and any other capital related costs;
| |  |                     |                                                                                                                                                                                                                                                                                                
| |  | Promulgation Date | the date upon which the MPRDA is proclaimed as effective
        legislation, which shall be the date to be determined by the State President
        by notice in the Government Gazette;                                                                                                     

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|    |  | Records                                                                                                                                                                                                                                                                                                                                             | all books, records, invoices, documents and other
        papers, tapes, or disks maintained by a Party or by the Joint Venture
        in relation to the Joint Venture Project;
|--- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |  |                                                                                                                                                                                                                                                                                                                                                       |                                                                                                                                                                                  
|    |  | Representative                                                                                                                                                                                                                                                                                                                                      | a natural person appointed by a Participant to attend
        and represent that Participant at a Meeting;                                                                       
|    |  |                                                                                                                                                                                                                                                                                                                                                       |                                                                                                                                                                                  
|    |  | RPM                                                                                                                                                                                                                                                                                                                                                 | Rustenburg Platinum Mines Limited (Registration No.
        1931/003380/06);                                                                                                     
|    |  |                                                                                                                                                                                                                                                                                                                                                       |                                                                                                                                                                                  
|    |  | Signature Date                                                                                                                                                                                                                                                                                                                                      | the date of notarial execution of this Agreement.                                                                                                                                
|    |  |                                                                                                                                                                                                                                                                                                                                                       |                                                                                                                                                                                  
|1.2 |  | If any provision in a definition
        is a substantive provision, conferring rights or imposing obligations
        on any Party, notwithstanding that such provision is only contained in
        the relevant definition, effect shall be given thereto as if such provision
        were a substantive provision in the body of this Agreement.
|    |  |                                                                                                                                                                                                                                                                                                                                                      
|1.3 |  | Unless inconsistent with
        the context, an expression which denotes :                                                                                                                                                                                                                                                                          

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|1.3.1 |              | any gender includes the other genders;                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|----- | ------------ | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|      |              |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|1.3.2 |              |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|      |              |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|1.3.3 |              |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|      |              |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|1.4   |              | The annexes to this Agreement
        form an integral part hereof and words and expressions defined in this
        Agreement shall bear, unless the context otherwise requires, the same
        meaning in such schedules.                                                                                                                                                                                                                                                                               
|      |              |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|1.5   |              | The headnotes to the clauses
        in this Agreement are inserted for reference purposes only and shall in
        no way govern the construction or interpretation hereof.                                                                                                                                                                                                                                                                                                                               
|      |              |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|2.    | INTRODUCTION
|      |              |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|2.1   |              | PPL owns and operates a
        PGM mine near Potgietersrust in the Bushveld Region of South Africa. In
        addition it holds the PPL Rights which are not presently in production
        or under active prospecting . RPM operates PGM concentrate smelting and
        refining complexes in South Africa. PPL desires to enter into an agreement
        with Anooraq and Plateau, which is a wholly-owned subsidiary of Anooraq,
        to allow Plateau to acquire a substantial interest in the

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|    |  | PGM Rights to the extent that they are owned by PPL
        in respect of the JV Area in return for an undertaking to make prospecting
        expenditures on the JV Area, allowing PPL to acquire a substantial interest
        in the PGM Rights to the extent that they are held by Plateau, granting
        PPL a participation in a joint venture and entering, on commercial terms,
        into a PGM Ore or Concentrate (as the case may be) purchase and disposal
        agreement with PPL, RPM, or any of their Affiliates.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|--- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|2.2 |  | Plateau has certain rights to prospect and Mine for
        PGMs on the farms Drenthe 778 L.R. and Witrivier 777 L.R. in the
        Bushveld Region of South Africa. Anooraq is a member of the Hunter Dickinson
        Group of North America, which specialises in the conduct of prospecting
        activities for base minerals and precious metals worldwide. Plateau desires
        to expand its prospecting activities in the Platreef area, and proposes
        to acquire a substantial interest in the PGM Rights in respect of the
        JV Area, to the extent that they are owned by PPL in return for undertaking
        prospecting expenditures on the JV Area, granting PPL a participation
        in a joint venture, allowing PPL to acquire a substantial interest in
        the PGM Rights to the extent that they are owned by Plateau and entering,
        on commercial terms, into a PGM Ore or Concentrate (as the case may be)
        purchase and disposal contract with PPL, RPM or any of their Affiliates.

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|2.3   |                                    | The Parties intend introducing
        an HDP Participant into the Joint Venture before (if necessary) or at
        the Exploitation Phase involving local communities and so as to accord
        with the requirements of the Charter contemplated in section 100 of the
        MPRDA.
|----- | ---------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|      |                                    |                                                                                                                                                                                                                                                                                           
|2.4   |                                    | PPL and Plateau wish to
        carry out a prospecting programme and feasibility study on the JV Area
        to achieve their respective wishes set out in clauses 2.1, 2.2 and 2.3
        and for this purpose wish to form the Joint Venture.                                        
|      |                                    |                                                                                                                                                                                                                                                                                           
|2.5   |                                    | The Joint Venture will have
        as its purpose and Business:                                                                                                                                                                                                                          
|      |                                    |                                                                                                                                                                                                                                                                                           
|2.5.1 |                                    |                                                                                                                                                                                                                                                                                           
|      |                                    |                                                                                                                                                                                                                                                                                           
|2.5.2 |                                    |                                                                                                                                                                                                                                                                                           
|      |                                    |                                                                                                                                                                                                                                                                                           
|2.5.3 |                                    |                                                                                                                                                                                                                                                                                           
|      |                                    |                                                                                                                                                                                                                                                                                           
|3.    | ESTABLISHMENT OF THE JOINT VENTURE
|      |                                    |                                                                                                                                                                                                                                                                                           
|3.1   |                                    | With effect from the Effective
        Date, the Participants shall carry on the Joint Venture Project, upon
        the terms and conditions and for the purposes and scope as defined in
        this Agreement. Except as otherwise provided for in this                               

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|    |  | Agreement, and other than the HDP Participant referred
        to in 2.3 at the Exploitation Phase (or earlier if necessary) PPL and
        Plateau shall be the only Participants in the Joint Venture.                                                                                                                                                                                                                                                                                
|--- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|3.2 |  | Forthwith after the Effective Date, to achieve the
        objectives in clause 2.4, the Parties agree to associate together in a
        joint venture to be known by a name to be agreed by the Parties forthwith
        after the Signature Date.                                                                                                                                                                                                                                    
|    |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|3.3 |  | Unless otherwise agreed between the Participants
        and unless PPL makes the election to have a contributory Participation
        Interest in accordance with clause 7.5, all the obligations which accrue
        to and are incurred by them as against third parties in pursuing the objects
        of the Joint Venture in accordance with the provisions of this Agreement,
        shall be incurred solely by the Participants to the Joint Venture other
        than PPL.
|    |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|3.4 |  | Nothing in this Agreement shall be construed as creating
        a relationship of principal and agent, other than as expressly created
        in this Agreement, or partnership between the Participants, their intention
        being merely to co-operate with each other and to act together for purposes
        of the Joint Venture Project.                                                                                                                                    
|    |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|3.5 |  | Save as may otherwise be permitted by this Agreement,
        none of the Participants shall be entitled to incur any obligations on
        behalf of the others or                                                                                                                                                                                                                                                                                                                     

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|      |                                |                                                                                                                                                                                                                                                                                                                                                                                                                                            | to act on behalf of the others or to act on behalf
        of or bind the Joint Venture or any Participant.                                                                                                                                                                                                              
|----- | ------------------------------ | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|      |                                |                                                                                                                                                                                                                                                                                                                                                                                                                                            |                                                                                                                                                                                                                                                                                                                          
|3.6   |                                | The initial Participation
        Interests of the Participants in the Joint Venture shall be :                                                                                                                                                                                                                                                                                                                                           
|      |                                |                                                                                                                                                                                                                                                                                                                                                                                                                                            |                                                                                                                                                                                                                                                                                                                          
|3.6.1 |                                |                                                                                                                                                                                                                                                                                                                                                                                                                                            | PPL  50% (FIFTY PERCENT);                                                                                                                                                                                                                                                                                               
|      |                                |                                                                                                                                                                                                                                                                                                                                                                                                                                            |                                                                                                                                                                                                                                                                                                                          
|3.6.2 |                                |                                                                                                                                                                                                                                                                                                                                                                                                                                            | Plateau 50% (FIFTY PERCENT).                                                                                                                                                                                                                                                                                            
|      |                                |                                                                                                                                                                                                                                                                                                                                                                                                                                            |                                                                                                                                                                                                                                                                                                                          
|4.    | WARRANTIES AND REPRESENTATIONS
|      |                                |                                                                                                                                                                                                                                                                                                                                                                                                                                            |                                                                                                                                                                                                                                                                                                                          
|4.1   |                                | Anooraq and Plateau jointly
        and severally (i) represent and warrant as follows to PPL (such representations
        and warranties being of a continuous nature and deemed to be effective
        at all times during the term of this Agreement); and (ii) acknowledge
        and confirm that PPL, after due enquiry, is relying on such representations
        and warranties in the entering into by it of this Agreement :
|      |                                |                                                                                                                                                                                                                                                                                                                                                                                                                                            |                                                                                                                                                                                                                                                                                                                          
|4.1.1 |                                |                                                                                                                                                                                                                                                                                                                                                                                                                                            | Anooraq and Plateau are corporations duly incorporated
        and existing under the laws of Canada and South Africa respectively and
        are duly qualified, licensed or registered to carry on business under
        the laws applicable to them in all jurisdictions in which the nature of
        their assets

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|      |  |  | or business makes such qualification necessary or
        where failure to be so qualified would have a material adverse effect
        on their business or their ability to fulfil their obligations under this
        Agreement;                                                                                                                        
|----- |  |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|      |  |  |                                                                                                                                                                                                                                                                                                                                                             
|4.1.2 |  |  | they have all necessary corporate power to enter
        into and perform their obligations under this Agreement and any agreement
        and instrument referred to in or contemplated by this Agreement;                                                                                                                                                 
|      |  |  |                                                                                                                                                                                                                                                                                                                                                             
|4.1.3 |  |  | they are not (i) insolvent; or (ii) generally unable
        to pay their debts as such debts become due;                                                                                                                                                                                                                                                   
|      |  |  |                                                                                                                                                                                                                                                                                                                                                             
|4.1.4 |  |  | the execution, delivery and performance by them of
        this Agreement and any other agreement or instrument to be executed and
        delivered by them hereunder and the consummation by them of all the transactions
        contemplated hereby and thereby have been duly authorised by all necessary
        corporate action on the part of them;
|      |  |  |                                                                                                                                                                                                                                                                                                                                                             
|4.1.5 |  |  | this Agreement and all other agreements or instruments
        to be executed and delivered by them hereunder have been duly executed
        and delivered by them, and constitute legal, valid and binding obligations
        of them enforceable against them in accordance with their respective terms;                                                

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|4.1.6 |  |  | they are not subject to, or party to, any charter
        or by-law restriction, any law, any claim, or any Encumbrance or any other
        restrictions of any kind or character which would prevent consummation
        of or have any adverse effect on the transactions contemplated by this
        Agreement or any other agreement or instrument to be executed and delivered
        by them hereunder;                                                                                                                                            
|----- |  |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|      |  |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|4.1.7 |  |  | they, alone or together with any other person, do
        not hold any direct or indirect interest in or right to acquire any interest
        in any right to prospect or Mine or both, any part of the JV Area other
        than the Plateau Rights.                                                                                                                                                                                                                                                                                                      
|      |  |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|4.1.8 |  |  | all operations undertaken on that portion of the
        JV Area covered by the Plateau Rights as at the Signature Date have complied
        with all applicable laws, including all applicable environmental laws;                                                                                                                                                                                                                                                                                                                                         
|      |  |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|4.1.9 |  |  | they will deliver to PPL all relevant data and information
        in their possession or under their control relating to the mineral potential
        of the JV Area and relating to their access rights to the JV Area. To
        the best of its knowledge and belief, after due enquiry, Plateau is not
        aware of any pending or threatened claims by third parties, including
        indigenous peoples or government agencies, for anything done or not done
        with respect to the Plateau Rights or the JV Area other than land claims

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|       |  |                                                                                                                                                                                                                                                                                                                                                                                                                                             | lodged under the Restitution of Land Rights Act,
        1994, in respect of the area covered by the Plateau Rights;                                                                                                                                                                                                                                                                                                                                                              
|------ |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|       |  |                                                                                                                                                                                                                                                                                                                                                                                                                                             |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|4.1.10 |  |                                                                                                                                                                                                                                                                                                                                                                                                                                             | Plateau has no outstanding environmental, reclamation
        or abandonment obligations or work orders or other liabilities with respect
        to any portion of the Plateau Rights or the JV Area and they are not aware,
        to the best of their knowledge, after due inquiry, of any basis for any
        such obligations or liabilities to arise in the future as result of any
        activity on the JV Area carried out by Plateau or its predecessors-in-title;
|       |  |                                                                                                                                                                                                                                                                                                                                                                                                                                             |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|4.1.11 |  |                                                                                                                                                                                                                                                                                                                                                                                                                                             | all taxes, levies, duties or imposts of any kind
        whatsoever in respect of the ownership and use of the Plateau Rights which
        were or are due and payable on or prior to the date of this Agreement
        have been paid and satisfied as at such date.                                                                                                                                                                                                           
|       |  |                                                                                                                                                                                                                                                                                                                                                                                                                                             |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|4.2    |  | PPL (i) represents and warrants
        as follows to Anooraq and Plateau (such representations and warranties
        being of a continuous nature and deemed to be effective at all times during
        the term of this Agreement); and (ii) acknowledges and confirms that Anooraq
        and Plateau, after due enquiry, are relying on such representations and
        warranties in the entering into by them of this Agreement :

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|4.2.1 |  |  | PPL is a corporation duly incorporated and existing
        under the laws of South Africa and is duly qualified, licensed or registered
        to carry on business under the laws applicable to it in all jurisdictions
        in which the nature of its assets or business makes such qualification
        necessary or where failure to be so qualified would have a material adverse
        effect on its business or its ability to fulfil its obligations under
        this Agreement;
|----- |  |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|      |  |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|4.2.2 |  |  | it has all necessary corporate power to enter into
        and perform its obligations under this Agreement and any agreement and
        instrument referred to o r contemplated by this Agreement;                                                                                                                                                                                                                                                                                               
|      |  |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|4.2.3 |  |  | PPL is not (i) insolvent; or (ii) generally unable
        to pay its debts to as such debts become due;                                                                                                                                                                                                                                                                                                                                                                                           
|      |  |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|4.2.4 |  |  | the execution, delivery and performance by PPL of
        this Agreement and any other agreement or instrument to be executed and
        delivered by it hereunder and the consummation by it of all the transactions
        contemplated hereby and thereby have been duly authorised by all necessary
        corporate action on the part of PPL;                                                                                                                                             
|      |  |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|4.2.5 |  |  | this Agreement and all other agreements or instruments
        to be executed and delivered by PPL hereunder have been duly executed
        and delivered                                                                                                                                                                                                                                                                                                                                         

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|      |  |  | by PPL, as the case may be, and constitute legal,
        valid and binding obligations of PPL enforceable against PPL in accordance
        with their respective terms;                                                                                                                                                                                                                                     
|----- |  |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|      |  |  |                                                                                                                                                                                                                                                                                                                                                                                                               
|4.2.6 |  |  | PPL is not subject to, or party to, any charter or
        by-law restriction, any law, any claim, or any Encumbrance or any other
        restrictions of any kind or character which would prevent consummation
        of or have any adverse effect on the transactions contemplated by this
        Agreement or any other agreement or instrument to be executed and delivered
        by PPL hereunder;
|      |  |  |                                                                                                                                                                                                                                                                                                                                                                                                               
|4.2.7 |  |  | PPL, alone or together with any person, does not
        hold any direct or indirect interest in or rights to prospect or Mine
        or both, any part of the JV Area, other than the PPL Rights;                                                                                                                                                                                                           
|      |  |  |                                                                                                                                                                                                                                                                                                                                                                                                               
|4.2.8 |  |  | all operations undertaken on that portion of the
        JV Area covered by the PPL Rights to date have complied with all applicable
        laws, including all applicable environmental laws;                                                                                                                                                                                                               
|      |  |  |                                                                                                                                                                                                                                                                                                                                                                                                               
|4.2.9 |  |  | it will deliver to Plateau all relevant data and
        information in its possession or under its control relating to the mineral
        potential of the JV Area and relating to its access rights to the JV Area.
        To the best of its knowledge and belief, after due enquiry, PPL is not
        aware of any pending                                                                            

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|       |          |                                                                                                                                          | or threatened claims by third parties, including
        indigenous peoples or government agencies, for anything done or not done
        with respect to the PPL Rights or the JV Area other than land claims lodged
        under the Restitution of Land Rights Act, 1994, in respect of the area
        covered by the PPL Rights;                                                                                                                            
|------ | -------- | ---------------------------------------------------------------------------------------------------------------------------------------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|       |          |                                                                                                                                          |                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|4.2.10 |          |                                                                                                                                          | PPL has no outstanding environmental, reclamation
        or abandonment obligations or work orders or other liabilities with respect
        to any portion of the PPL Rights or the JV Area and it is not aware, to
        the best of its knowledge, after due inquiry, of any basis for any such
        obligations or liabilities to arise in the future as a result of any activity
        on the JV Area carried out by PPL or its predecessors-in-title;
|       |          |                                                                                                                                          |                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|4.2.11 |          |                                                                                                                                          | all taxes, levies, duties or imposts of any kind
        whatsoever in respect of the ownership and use of the PPL Rights which
        were or are due and payable on or prior to the date of this Agreement
        by PPL have been paid and satisfied as of such date.                                                                                                                                                                                         
|       |          |                                                                                                                                          |                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|5.     | DURATION
|       |          |                                                                                                                                          |                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|5.1    |          | The Joint Venture Project
        shall be deemed to be established and constituted on the Effective Date
        until the earlier of :

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|5.1.1 |                   |                                                                                                                                                                                                                                                                             | closure of the Mine, and once rehabilitation of the
        Mine and related property has been completed and a closure certificate
        in regard thereto has been obtained in terms of the prevailing legislation;
|----- | ----------------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|      |                   |                                                                                                                                                                                                                                                                             |                                                                                                                                                                                                                       
|5.1.2 |                   |                                                                                                                                                                                                                                                                             | termination of the Joint Venture Project by mutual
        written agreement between the Parties;                                                                                                                     
|      |                   |                                                                                                                                                                                                                                                                             |                                                                                                                                                                                                                       
|5.1.3 |                   |                                                                                                                                                                                                                                                                             | lapse of this Agreement in accordance with clause
        6.1.4, or                                                                                                                                                   
|      |                   |                                                                                                                                                                                                                                                                             |                                                                                                                                                                                                                       
|5.1.4 |                   |                                                                                                                                                                                                                                                                             | cancellation in terms of the provisions of clause
        26.3.                                                                                                                                                       
|      |                   |                                                                                                                                                                                                                                                                             |                                                                                                                                                                                                                       
|5.2   |                   | No Participant shall have
        the right to, and the Participants agree not to, dissolve, terminate or
        liquidate or to petition any court for the winding up, dissolution, deregistration
        or liquidation of the Joint Venture except as provided herein.
|      |                   |                                                                                                                                                                                                                                                                            
|5.3   |                   | For further clarity, the
        Joint Venture Project shall not be terminated by the admission of any
        new Participant to the Joint Venture.                                                                                                                       
|      |                   |                                                                                                                                                                                                                                                                            
|6.    | EXPLORATION PHASE
|      |                   |                                                                                                                                                                                                                                                                            
|6.1   |                   | During the Exploration Phase
        :                                                                                                                                                                                                                                     

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|6.1.1   |  |  | Plateau shall spend the
        following Exploration Expenditure on the JV Area for and on behalf of
        the Joint Venture, namely :
|------- |  |  | -----------------------------------------------------------------------------------------------------------------------------------------
|        |  |  |                                                                                                                                          
|6.1.1.1 |  |  |                                                                                                                                          
|        |  |  |                                                                                                                                          
|6.1.1.2 |  |  |                                                                                                                                          
|        |  |  |                                                                                                                                          
|6.1.1.3 |  |  |                                                                                                                                          
|        |  |  |                                                                                                                                          
|6.1.1.4 |  |  |                                                                                                                                          
|        |  |  |                                                                                                                                          
|6.1.1.5 |  |  |                                                                                                                                          
|        |  |  |                                                                                                                                          
|        |  |  | and shall maintain in force
        the Plateau Rights;                                                                                  
|        |  |  |                                                                                                                                          
|6.1.2   |  |  | PPL shall maintain in force
        the PPL Rights;                                                                                      

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|6.1.3   |  |  | Plateau shall maintain in
        force its prospecting permit in terms of section 6 of the Act in respect
        of the Plateau Rights for the purposes of this Agreement and PPL shall
        maintain in force its mining authorisation in terms of section 9 of the
        Act in respect of, inter alia, the PPL Rights for the purposes of this
        Agreement;
|------- |  |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|        |  |  |                                                                                                                                                                                                                                                                                                                                                                            
|6.1.4   |  |  | this Agreement shall lapse
        at the end of any year of this Agreement if Plateau has not complied with
        its Exploration Expenditure commitments for any year of this Agreement
        as set out in clause 6.1.1 above;                                                                                                                                      
|        |  |  |                                                                                                                                                                                                                                                                                                                                                                            
|6.1.5   |  |  | in regard to the Exploration
        Expenditure referred to in clause 6.1.1 :                                                                                                                                                                                                                                                                                             
|        |  |  |                                                                                                                                                                                                                                                                                                                                                                            
|6.1.5.1 |  |  |                                                                                                                                                                                                                                                                                                                                                                            
|        |  |  |                                                                                                                                                                                                                                                                                                                                                                            
|6.1.5.2 |  |  |                                                                                                                                                                                                                                                                                                                                                                            
|        |  |  |                                                                                                                                                                                                                                                                                                                                                                            
|6.1.5.3 |  |  |                                                                                                                                                                                                                                                                                                                                                                            

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|6.1.5.4 |  |  |                                                                                                                                                                                                                                           | the Exploration Expenditure for years 2 (TWO), 3
        (THREE), 4 (FOUR) and 5 (FIVE) are not committed but are at the discretion
        of Plateau. If it elects not to proceed to an ensuing years Exploration
        Expenditure, Plateau shall give PPL written notice of such election at
        least 60 (SIXTY) days prior to the end of the then current year of this
        Agreement;
|------- |  |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|        |  |  |                                                                                                                                                                                                                                           |                                                                                                                                                                                                                                                                                                                                                                                                       
|6.1.5.5 |  |  |                                                                                                                                                                                                                                           | Plateau shall furnish PPL with quarterly statements
        detailing Exploration Expenditure for the relevant quarter together with
        access to all documentation evidencing such expenditure and an annual
        audit certificate certifying the amount of such expenditure;                                                                                                               
|        |  |  |                                                                                                                                                                                                                                          
|6.1.6   |  |  | the activities of the Joint
        Venture Project shall be to identify PGM Mining opportunities, prospecting,
        and a pre-feasibility study leading to a Bankable Feasibility Study;                                             
|        |  |  |                                                                                                                                                                                                                                          
|6.1.7   |  |  | Plateau shall decide whether
        the Joint Venture shall proceed to a Bankable Feasibility Study in relation
        to the JV Area;                                                                                                 
|        |  |  |                                                                                                                                                                                                                                          
|6.1.8   |  |  | the Participants shall convene
        a meeting after the completion of the Bankable Feasibility Study (Bankable
        Feasibility Study Date), which shall be no later than 3 (THREE)
        months after the Bankable Feasibility

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|        |  |  | Study Date, at which meeting
        the Participants shall resolve whether or not to proceed with Mining in
        and on the JV Area;
|------- |  |  | ----------------------------------------------------------------------------------------------------------------------------------------
|        |  |  |                                                                                                                                         
|6.1.9   |  |  | in the event that the Bankable
        Feasibility Study supports the Decision to Mine; and                                             
|        |  |  |                                                                                                                                         
|6.1.9.1 |  |  |                                                                                                                                         
|        |  |  |                                                                                                                                         
|6.1.9.2 |  |  |                                                                                                                                         

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|       |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | declaration of exercise of option to Plateau within 30 (thirty) days of
      the said meeting;
|------ |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | -----------------------------------------------------------------------------------------------
|       |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|6.1.10 |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | Plateau and PPL shall together conduct
        baseline environmental studies at their own cost of the estimated rehabilitation
        liabilities as at the Signature Date in respect of the Plateau Rights
        and PPL Rights respectively. Should the Joint Venture terminate prior
        to the Exploitation Phase, Plateau and PPL shall retain their respective
        rehabilitation liabilities as at the Signature Date as identified in the
        said baseline studies.
|       |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|6.2    |  | It is recorded that when
        Plateau converts its prospecting permit over the Plateau Rights to new
        order rights under MPRDA and converts the mining authorisation held by
        PPL over the PPL Rights to new order rights under MPRDA it shall do so
        in the names of all Participants in percentage interests equal to their
        respective Participation Interests from time to time, subject to the provisions
        of clause 6.11. Should this not be legally permissible, the Parties shall
        negotiate amendments to this Agreement by means of pooling and sharing
        Ore and Concentrate from their respective areas for their respective benefit,
        and sharing of costs.
|       |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|6.3    |  | During the Exploration Phase,
        and until such stage as Plateau has either converted the PPL Rights into
        rights under MPRDA in terms of 6.2 or 6.11,                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                

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|    |  | Plateau is hereby appointed by PPL,
        as independent contractor, to conduct the prospecting activities contemplated
        in terms of this Agreement on the area covered by the PPL Rights.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|--- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|6.4 |  | During the Exploration Phase, Plateau
        shall indemnify and hold harmless PPL against any claims that may be made
        against PPL by any third parties for any loss, damage, injury to or death
        of any persons arising out of the negligent act or omission on the part
        of Plateau in the course of its activities on the JV Area. PPL shall immediately
        notify Plateau of any such claim, and Plateau shall be entitled to contest,
        settle, compromise or otherwise deal therewith subject to it indemnifying
        PPL in respect of any legal costs. PPL shall not itself settle or deal
        with such claim save with Plateaus consent, and shall afford Plateau
        all reasonable co-operation and assistance in dealing with any such claims.
|    |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|6.5 |  | Plateau shall before commencing any
        activities on the area of the PPL Rights in terms of this Agreement, procure
        the amendment of the EMPR for the area covered, inter alia, by the PPL
        Rights, to allow for the activities contemplated hereunder on the area
        covered by the PPL Rights.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|    |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|6.6 |  | Subject to the provisions of clause
        6.1.10, should this Agreement be terminated or lapse, Plateau shall fill
        in or cover or otherwise render safe all holes and excavations made by
        it on the JV Area to the extent that it is required to do so                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 

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|    |  | pursuant to the approved environmental
        programmes in respect of the JV Area and in order to obtain closure
        certificates in respect of the JV Area pursuant to section 12
        of the Act, subject however to any provisions of law or regulation and/or
        directives by officials of the Department of Minerals and Energy, and
        shall (to the extent provided for by law or regulation) be answerable
        to the landowners for any damage caused by Plateau to any improvements
        on the JV Area, save where Plateau or PPL continue with prospecting or
        Mining activities over the JV Area independently of the Joint Venture.
|--- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|6.7 |  | During the Exploration Phase, should
        any of the Anglo Platinum Groups personnel be employed by or seconded
        to the prospecting project of the Joint Venture contemplated herein, the
        relevant company within the Anglo Platinum Groups will invoice Plateau
        for the services rendered by its personnel and Plateau shall reimburse
        that company therefor at pre-agreed rates.                                                                                                                                                                                                                                                                
|    |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|6.8 |  | Forthwith after the Effective Date PPL
        and Plateau shall each appoint 2 (TWO) representatives to a prospecting
        committee which will be formed to oversee the prospecting activities during
        the Exploration Phase. The rules and procedures of such committee shall
        be determined by the committee itself. Plateau shall chair the prospecting
        committee, and in the event of the prospecting committee being deadlocked
        in respect of an Exploration Expenditure programme, the dispute resolution
        procedure in 17 shall apply.                                                                                              

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|6.9    |  | The prospecting staff of
        the Participants shall meet forthwith after the Effective Date to formulate
        a prospecting programme for the JV Area for approval by the said prospecting
        committee for the Exploration Phase. The programme will be updated, revised
        and supplemented as circumstances demand.
|------ |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|       |  |                                                                                                                                                                                                                                                                                                                                        
|6.10   |  | Should Plateau have completed
        its expenditure obligations in clause 6.1.1 either at the end of the fifth
        year of this Agreement or prior thereto, or the Participants have taken
        a Decision to Mine the Joint Venture shall proceed from the Exploration
        Phase to the Exploitation Phase.              
|       |  |                                                                                                                                                                                                                                                                                                                                        
|6.11   |  |                                                                                                                                                                                                                                                                                                                                        
|       |  |                                                                                                                                                                                                                                                                                                                                        
|6.11.1 |  |                                                                                                                                                                                                                                                                                                                                        
|       |  |                                                                                                                                                                                                                                                                                                                                        
|6.11.2 |  |                                                                                                                                                                                                                                                                                                                                        

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|6.11.3 |  |  | The Parties in creating the JV Company shall adopt
        a memorandum and articles of association to give effect to the principles
        of this Agreement. The articles of association shall further create a
        class of shares in the JV Company styled HDP Shares
        to accommodate the entrance of the HDP Participant and the locking up
        of such shares forever as HDP Shares to enable the Joint Venture to comply
        with the Charter.                                                            
|------ |  |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|       |  |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|6.11.4 |  |  | The Parties shall further negotiate the terms of
        a shareholders agreement for the JV Company to give effect to the principles
        set out in this Agreement.                                                                                                                                                                                                                                                                                                                                                               
|       |  |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|6.11.5 |  |  | The Parties shall further negotiate the terms of
        a joint venture agreement by and between the Parties and in terms of which
        the JV Company shall sub-grant the new order rights obtained under MPRDA
        in place of the PGM Rights to an unincorporated joint venture between
        the Parties and the JV Company following substantially the terms and principles
        of this Agreement; provided that the provisions of 7.1 shall apply, mutatis
        mutandis once the Exploitation Phase is reached.
|       |  |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|6.11.6 |  |  | In concluding the agreement referred to in 6.11.5,
        the Parties shall provide, inter alia, for the maximisation of protection
        of the PGM Rights                                                                                                                                                                                                                                                                                                                                                                         

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|         |  |  | under MPRDA and tax benefits
        to the Parties, without adversely affecting the rights and obligations
        of the Parties under this Agreement.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|-------- |  |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|         |  |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|6.11.7   |  |  | Should the Parties have
        been unable to agree the terms of the memorandum and articles of association
        and the shareholders agreement of the JV Company, or the joint venture
        agreement referred to in 6.11.5, within a period of 6 (SIX) months from
        the Signature Date, either one of the Parties shall be entitled to refer
        the finalisation of the outstanding items to Roger Taplin of McCarthy
        Tetrault LLP in Vancouver, Canada (the expert) for
        determination of the final terms that shall govern. The expert shall be
        acting as an expert and not as an arbitrator and in the absence of manifest
        error the determination of the final terms by the expert shall be final
        and binding on the Parties and not capable of review or appeal. In determining
        the final terms the expert shall be instructed to abide by the terms and
        principles set out in this Agreement including but not limited to this
        clause 6.11. The expert in making his determination shall be entitled
        to :
|         |  |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|6.11.7.1 |  |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              

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|6.11.7.2 |                    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |                                                                                                                                                                                                                                                      | call for an agreed statement of facts from the Parties
        in respect of any factual matters not apparent from this Agreement.
|-------- | ------------------ | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ----------------------------------------------------------------------------------------------------------------------------------
|         |                    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |                                                                                                                                                                                                                                                      |                                                                                                                                   
|6.11.8   |                    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | Once the Parties have agreed
        the matters referred to in this 6.11 (or the matters have been finally
        determined in accordance with 6.11.7) the joint venture agreement referred
        to in 6.11.5 shall substitute this Agreement.
|         |                    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |                                                                                                                                                                                                                                                     
|7.       | EXPLOITATION PHASE
|         |                    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |                                                                                                                                                                                                                                                     
|7.1      |                    | Within 2 (TWO) months of
        taking a Decision to Mine, the Participants shall decide whether to form
        a new legal entity to conduct Mining , and on failure to reach such an
        agreement, the Joint Venture will continue to operate in accordance with
        the terms and conditions set out hereunder.                                                                                                                                                                                                                                                                                                                           
|         |                    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|7.2      |                    | The Participants shall procure
        at the commencement of the Exploitation Phase (or earlier if necessary),
        that an HDP Participant is introduced into the Joint Venture having a
        Participation Interest sufficient to satisfy the requirements of the MPRDA
        and the Charter; provided that by the commencement of Commercial Production
        the HDP Participant shall have a Participation Interest of at least 26%
        (TWENTY SIX PERCENT). The identity of the HDP Participant shall require
        the prior written approval of both Participants which approvals shall
        not be unreasonably withheld.

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|7.3   |  | The balance of the Participation
        Interest after the introduction of the HDP Participant shall be divided
        between PPL and Plateau based on their respective contribution values
        as determined in the Bankable Feasibility Study. The value of the PPL
        Rights (the PPLValue) will be equal to the Net Present
        Value (NPV) of exploiting the PPL Rights as a stand
        alone Mining operation by applying an agreed discount rate. The discount
        rate for the farms Drenthe 778 L.R. and Overysel 815 L.R. shall be equal.
        If the Parties are unable to agree a discount rate for Witrivier 778 L.R.
        or if the inclusion thereof does not add value to the Joint Venture Project
        that property shall no longer form part of the Joint Venture. The value
        of the Plateau Rights (the Plateau Value) will be equal
        to the aggregate of all Exploration Expenditure incurred by Plateau up
        to the commencement of the Exploitation Phase and the Net Present Value
        (NPV) of exploiting the Plateau Rights as a stand alone
        Mining operation by applying an agreed discount rate.
|----- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|      |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|7.4   |  | Should the PPL Value and
        the Plateau Value differ then in the event that the Plateau Value is greater
        than the PPL Value, then PPLs initial Participation Interest in
        the Exploitation Phase shall be reduced proportionately and PPL shall
        have the election to :                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|      |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|7.4.1 |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      

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|      |  |                                                                                                                                                                                                                                                                            | Non-Contributory Participation Interest
        in accordance with 7.5 or is deemed to have so elected in accordance with
        6.1.9.1);                                                                                                                                                                                                                                   
|----- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|      |  |                                                                                                                                                                                                                                                                            |                                                                                                                                                                                                                                                                                                                                                                               
|7.4.2 |  |                                                                                                                                                                                                                                                                            | if it elects to have a contributory
        Participation Interest in accordance with 7.5, make a cash payment to
        Plateau at the commencement of the Exploitation Phase to make up the difference
        in the respective values in which event PPLs Participation Interest
        shall equal Plateaus Participation Interest on the date of payment;
        or
|      |  |                                                                                                                                                                                                                                                                            |                                                                                                                                                                                                                                                                                                                                                                               
|7.4.3 |  |                                                                                                                                                                                                                                                                            | if it elects to have a contributory
        Participation Interest in accordance with 7.5, fund a disproportionate
        share of the development expenditure of the Mine on an agreed funding
        schedule until such stage as incrementally PPLs Participation Interest
        equals that of Plateau.                                                              
|      |  |                                                                                                                                                                                                                                                                            |                                                                                                                                                                                                                                                                                                                                                                               
|7.5   |  | Subject to the provisions
        of 6.1.9.1, PPL shall further elect by notice in writing to Plateau at
        the commencement of the Exploitation Phase whether its Participation Interest
        shall be contributory or a Non-Contributory Participation Interest.
|      |  |                                                                                                                                                                                                                                                                           
|7.6   |  | Subject to the provisions
        of 7.4.3, during the Exploitation Phase all Capital Expenditure and Operating
        Expenditure requirements of the Joint Venture Project shall be funded
        by the holders of Participation Interests in accordance             

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|      |  | with their respective Participation
        Interests, save for PPL if PPL has made the election in clause 7.5 to
        have a Non-Contributory Participation Interest. If PPL has elected a Non-Contributory
        Participation Interest, the remaining contributory Participants shall
        contribute funding in the ratio that their contributory Participation
        Interest is to the total contributing Participation Interest. As between
        all the contributing Participants, they shall on commencement of the Exploitation
        Phase agree on a dilution formula in respect of Participation Interests
        should a Participant decide not be contribute to expenditure, which formula
        shall take account of prior contributions to the Joint Venture, and failing
        agreement between the Parties, the formula shall be determined in the
        manner set forth in clause 17.
|----- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|      |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|7.7   |  | In the event that PPLs
        Value is greater than Plateaus Value at the commencement of the
        Exploitation Phase and PPL has elected in terms of 7.5 to have a contributory
        Participation Interest, Plateau shall either :                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|      |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|7.7.1 |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    

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|7.7.2 |  |                                                                                                                                                                                                                                                                                                                                                      | fund a disproportionate
        share of development expenditure of the Mine on an agreed funding schedule
        until such stage as incrementally Plateaus Participation Interest
        equals that of PPL.
|----- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|      |  |                                                                                                                                                                                                                                                                                                                                                      |                                                                                                                                                                                                                  
|      |  | In the event that PPLs
        Value is greater than Plateaus Value at the commencement of the
        Exploitation Phase and PPL has elected in terms of 7.5 to have a Non-Contributory
        Participation Interest, PPLs initial Participation Interest shall
        dilute in terms of 7.8.                                               
|      |  |                                                                                                                                                                                                                                                                                                                                                     
|7.8   |  | Should PPL make an election
        in terms of 7.5 to have a Non-Contributory Participation Interest during
        the Exploitation Phase then PPLs Non-Contributory Participation
        Interest shall be revised at the end of each 3 (THREE) month period from
        the commencement of the Exploitation Phase by the following formula :
|      |  |                                                                                                                                                                                                                                                                                                                                                     
|      |  | X                                                                                                                                                                                                                                                                                                                                                   
|      |  | A = ----                                                                                                                                                                                                                                                                                                                                            
|      |  | Y                                                                                                                                                                                                                                                                                                                                                   
|      |  |                                                                                                                                                                                                                                                                                                                                                      |                                                                                                                                                                                                                  
|      |  | where :                                                                                                                                                                                                                                                                                                                                              | A                                                                                                                                                                                                                

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|    |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | X | is PPLs Value (plus any other agreed expenditure
        incurred by PPL for and on behalf of the Joint Venture);                                                                                                                                                   
|--- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | - | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |                                                                                                                                                                                                                                                                      
|    |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | Y | is the aggregate of PPLs Value, Plateaus
        Value and all expenditure incurred by the Participants for and on behalf
        of the Joint Venture from the commencement of the Exploration Phase up
        to the end of the relevant 3 (THREE) month period.
|    |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |                                                                                                                                                                                                                                                                      
|7.9 |  | Should the operation of
        the formula in 7.8 result in PPLs Non-Contributory Participation
        Interest diluting down to 121⁄2% (TWELVE AND A HALF PERCENT) it shall
        reduce no further; provided that for every full percentage point or part
        thereof that the royalty rate in the Mineral and Petroleum Royalty Act,
        once enacted is reduced, from that proposed in the draft Mineral and Petroleum
        Royalty Bill of 4% (FOUR PERCENT) on platinum group metals, the rate of
        121⁄2% (TWELVE AND A HALF PERCENT) shall be increased by an equivalent
        percentage point or part thereof to a limit of 15%. (FIFTEEN PERCENT);
        provided further that if the prescribed royalty under the Mineral and
        Petroleum Royalty Act, once enacted, is not based on published tradable
        values or gross sales values, or if the royalty is in a different form
        such as a tax, then the Parties shall negotiate and agree the import of
        such royalty or tax, or

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|     |  | other impost on the basis of the provisions
        of this clause 7.9 and agree a methodology to calculate the limits imposed
        upon the Non-Contributory Participation Interest in this clause 7.9 so
        as to place the Parties in the same commercial position as if the said
        proposed royalty rate had been enacted. Should the Parties be unable to
        agree on a percentage for purposes of this clause 7.9, within 30 (THIRTY)
        days after their first meeting either one of the Parties shall be entitled
        to refer the determination of the percentage to the expert referred to
        in 6.11.7 for expert determination and his decision shall be final and
        binding on the Parties and not capable of review or appeal. In making
        such a determination the said expert shall impose a percentage Non-Contributory
        Participation Interest of between 121⁄2% (TWELVE AND A HALF PERCENT)
        and 15% (FIFTEEN PERCENT) and the said expert shall make all reasonable
        assumptions necessary to come to a determination, which will, as near
        as is reasonably possible place the Parties in the same financial position
        they would have been had the royalty been based on the published tradable
        values or gross sales values as proposed in the draft Mineral and Petroleum
        Royalty Bill.
|---- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|     |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|7.10 |  | In regard to management of the cash
        of the Joint Venture during the Exploitation Phase:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              

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|7.10.1 |  |  | all of the Proceeds and all the other
        revenue of the Joint Venture derived from the sale of anything else by
        or on behalf of the Participants, or any insurance proceeds as a result
        of a claim for loss of Profits, will be paid into a bank account in the
        name of the Joint Venture;                                                                              
|------ |  |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|       |  |  |                                                                                                                                                                                                                                                                                                                                                                                                      
|7.10.2 |  |  | Operating Expenditure and Capital Expenditure
        of the Joint Venture shall be paid for by the Manager out of the bank
        account referred to in clause 7.10.1;                                                                                                                                                                                                                            
|       |  |  |                                                                                                                                                                                                                                                                                                                                                                                                      
|7.10.3 |  |  | the Manager shall retain sufficient
        funds in the said bank account to fund working capital of the Joint Venture
        required for Operating Expenditure and Capital Expenditure of the Joint
        Venture in an amount to be determined by the Manager, which amount may
        be varied by the Management Committee at any time;                                                    
|       |  |  |                                                                                                                                                                                                                                                                                                                                                                                                      
|7.10.4 |  |  | subject to clause 7.14, the Participants
        will maintain the Profit distribution policy whereby, subject to the making
        of appropriate specific reservations, the portion of annual Profit to
        be distributed and the portion thereof to be retained, will be commensurate
        with the maintaining of a sound financial position of the Joint Venture
        provided that:

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|7.10.4.1 |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |  | the Profits of the Joint Venture shall be distributed
        on a quarterly basis;                                                                                                                                                                                                                                                                                                                                                                                                                            
|-------- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|         |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|7.10.4.2 |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |  | should there be insufficient funds in the Joint Venture
        bank account when a Profit distribution is due, owing to the incurring
        of Capital Expenditure, PPLs percentage of such Profit (should PPL
        have a Non-Contributory Participation Interest), shall accrue interest
        at the prime interest rate charged by Standard Bank of South Africa Limited
        (Sandton Branch) plus 3% (THREE PERCENT) from time to time from the due
        date to the date of distribution.
|         |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|7.11     |  | The Participants shall investigate
        the raising of project finance during the Exploitation Phase if this is
        possible and economical, and the contributing Participants shall jointly
        cede their Participation Interests as a whole if required as security
        for project finance. In the event that PPL has a Non-Contributory Participation
        Interest, the other Participants shall be entitled to pledge the assets
        of the Joint Venture as security for project finance provided that the
        financier recognises and acknowledges PPLs Rights in terms of this
        Agreement and subordinates its rights to those of PPL under this Agreement
        and makes it a term of the financing agreements that upon foreclosure
        under the security any purchaser of the assets of the Joint Venture or
        the Participation

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|       |  | Interests of the other Participants,
        shall become a party to this Agreement with PPL.                                                                                                                                                                                                                                                                                      
|------ |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|       |  |                                                                                                                                                                                                                                                                                                                                                                                    
|7.12   |  | It is recorded that all
        liabilities and obligations of the Joint Venture shall be borne by the
        holders of Participation Interests according to their respective Participation
        Interests, save for PPL, if PPL has made the election in clause 7.5 to
        have a Non-Contributory Participation Interest.                                               
|       |  |                                                                                                                                                                                                                                                                                                                                                                                    
|7.13   |  | All Capital Expenditure
        and Operating Expenditure will only be incurred in terms of the Annual
        Budget and/or the Managers schedule of authority. The Management
        Committee shall be required to approve budgets, cash flow forecasts and
        cash call procedures.                                                                                     
|       |  |                                                                                                                                                                                                                                                                                                                                                                                    
|7.14   |  | Should PPL hold a Non-Contributory
        Participation Interest, PPL shall be entitled to receive Profits from
        the Joint Venture in accordance with its Non-Contributory Participation
        Interest only once the Capital Expenditure required to reach an initial
        steady state as per the Bankable Feasibility Study has been repaid, provided
        that:
|       |  |                                                                                                                                                                                                                                                                                                                                                                                    
|7.14.1 |  |                                                                                                                                                                                                                                                                                                                                                                                    

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|       |  |  | repayment of Capital Expenditure in
        terms of a repayment schedule to be agreed between the Participants as
        part of the Bankable Feasibility Study, taking the contributing Participants
        project financing obligations into consideration;                                                                                                                                                                                                                                                                                      
|------ |  |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|       |  |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|7.14.2 |  |  | in the event of the Participants being
        unable to agree on the repayment schedule referred to in clause 7.14.1
        or the extent of the IRR the matter shall be referred to determination
        in accordance with clause 17.                                                                                                                                                                                                                                                                                                              
|       |  |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|7.15   |  |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|       |  |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|7.15.1 |  |  | It is recorded that in the event of
        dilution of the HDP Participant interest below that required to satisfy
        the provisions of MPRDA, then that portion of the diluted interest by
        which the HDP Participants holding falls below the required interest
        (Default Participation Interest), together with the
        pro-rata portion of liabilities associated with the Default Participation
        Interest, will be placed in escrow with a firm of attorneys to be appointed
        by the Management Committee.
|       |  |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|7.15.2 |  |  | The HDP Participant may reacquire the
        Default Participation Interest by making the required Capital Expenditure
        contribution payment which caused the dilution, as well as interest on
        that amount, levied at Prime                                                                                                                                                                                                                                                                                                             

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|       |                          |                                                                                                                                                                                       | plus 10% (TEN PERCENT), from the due
        date of the Capital Expenditure contribution up to the date of settlement.                                                                                                                                                                                                                                                                                                                                                                                                        
|------ | ------------------------ | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|       |                          |                                                                                                                                                                                       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|7.15.3 |                          |                                                                                                                                                                                       | The trustees may enter into an agreement
        to sell the Default Participation Interest to a bona fide HDP (Acquirer)
        on market related terms after giving the HDP Participant 30 (THIRTY) days
        written notice of the impending sale, during which 30 (THIRTY) day period
        the HDP Participant may reacquire the Default Participation Interest as
        set out above. Failure to complete the sale to the Acquirer for whatever
        reason will lead to the reinstatement of this clause.
|       |                          |                                                                                                                                                                                       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|7.15.4 |                          |                                                                                                                                                                                       | Neither Anooraq nor PPL shall be entitled
        to acquire the Default Participation Interest.                                                                                                                                                                                                                                                                                                                                                                                                                               
|       |                          |                                                                                                                                                                                       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|8.     | THE MANAGEMENT COMMITTEE
|       |                          |                                                                                                                                                                                       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|8.1    |                          | The Management Committee
        will be vested with the management of the Joint Venture and shall be constituted
        forthwith after the commencement of the Exploitation Phase.

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|8.2   |  | Without derogating from
        the generality of clause 8.1 above, included in the Management Committees
        functions will be the approval and monitoring of the Annual Budget and
        the 2 (TWO) year rolling budgets.
|----- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|      |  |                                                                                                                                                                                                                                    
|8.3   |  | The Management Committee
        shall consist of 6 (SIX) Representatives, or 5 (FIVE) if PPL has a Non-Contributory
        Participation Interest.                                                                               
|      |  |                                                                                                                                                                                                                                    
|8.4   |  |                                                                                                                                                                                                                                    
|      |  |                                                                                                                                                                                                                                    
|8.4.1 |  |                                                                                                                                                                                                                                    
|      |  |                                                                                                                                                                                                                                    
|8.4.2 |  |                                                                                                                                                                                                                                    

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|      |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | Committee. Any person appointed in terms
        hereof shall be entitled to appoint an alternative to represent him on
        the Management Committee in his absence.                                                                                                                                                                                                                                                                                                                                                                                                                 
|----- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|      |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|8.4.3 |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | The HDP Participant, once it becomes
        a Participant, shall be entitled from time to time by written notice to
        the Joint Venture to appoint 2 (TWO) Representatives to the Management
        Committee and similarly by written notice to remove any such person or
        to replace any such person who is removed or who ceases for any other
        reason to be a member of the Management Committee. Any person appointed
        in terms hereof shall be entitled to appoint an alternative to represent
        him on the Management Committee in his absence.
|      |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|8.5   |  | The first chairperson of
        the Management Committee shall be appointed by Plateau. The chairperson
        shall preside at meetings of the Management Committee. The chairperson
        shall not have a casting vote. The chairperson shall rotate annually with
        effect from the second year of the Exploitation Phase between appointees
        of PPL and Plateau respectively. All decisions, subject to clause 10,
        of the Management Committee shall be by way of majority vote of Representatives,
        representing a majority of the Participation Interest in the Joint Venture.
        The Representatives of a Participant shall together have the

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|    |                    | same percentage vote as the Participation
        Interest of the Participant they represent. The Representatives of a Participant
        shall vote in 1 (ONE) block.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|--- | ------------------ | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|8.6 |                    | The Management Committee will meet at
        least once per quarter provided that either Participant shall be entitled
        on notice to convene a meeting. Unless mutually agreed, meetings shall
        be held in Johannesburg, South Africa.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|    |                    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|8.7 |                    | The Management Committee shall appoint
        a secretary who need not be a Representative. The secretary shall give
        the required notice to the Representatives in terms of this clause 8,
        shall duly record the minutes of all meetings of the Management Committee
        and shall distribute such minutes to each of the Participants in addition
        to the Representatives, and shall have such other powers and duties as
        the Management Committee may determine from time to time. A Participant
        that does not give any notice of any changes that it believes should be
        made to the minutes within 7 (SEVEN) days of receipt of the minutes, shall
        be deemed to have approved those minutes.
|    |                    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|9.  | ACCOUNTING MATTERS
|    |                    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|9.1 |                    | The Joint Venture shall keep full, complete
        and accurate books of account, records and information with respect to
        any of the Joint Ventures affairs and the same shall be maintained
        at the registered office of the Joint Venture (and                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          

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|    |  | such other place as the Manager may
        deem desirable). Entries shall be made in such books of account and records
        of all such matters, transactions and things as are usually written and
        entered in books of account and records kept by persons or entities engaged
        in businesses similar to the Business of the Joint Venture and electronic
        records shall be kept where feasible. Each Participant shall have the
        right, acting reasonably, to audit, examine, and make copies of or extracts
        from the books of account and records of the Joint Venture at all reasonable
        times during usual business hours. Such right may be exercised through
        any agent or employee of such Participant designated by it, or by an independent
        chartered accountant designated by such Participant. Each Participant
        shall bear all expenses incurred in any examination made for such Participants
        account.
|--- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|9.2 |  | The initial auditors of the Joint Venture
        shall be KPMG provided that at its first meeting the Management Committee
        shall review their appointment and decide on a selection process of the
        auditors from the commencement of the Exploitation Phase. After carrying
        out the selection process the Management Committee shall review such appointment
        based on their performance, ability and fees. All audit reports and reports
        to management on internal controls and procedures prepared by the auditors
        of the Joint Venture, shall be made available to the Management Committee
        and each of the Participants. The                                                                                                                                                                                                                                                                                                           

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|    |  | audit fee to be paid to the auditors
        of the Joint Venture shall be fixed from time to time by the Management
        Committee.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|--- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|9.3 |  | The Management Committee shall provide
        each Participant with audited financial statements , as soon as reasonably
        possible, but no longer than 60 (SIXTY) days after the end of each Accounting
        Period, prepared in accordance with IAS together with the report of the
        auditors thereon, to meet the reporting requirements of the Participants.
        During the Exploitation Phase of the Joint Venture the Management Committee
        shall supply such information to PPL (provided the information is material
        to PPLs audit and PPL has given notice to Plateau of such materiality)
        within a period of 6 (SIX) days from the end of the relevant Accounting
        Period.
|    |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|9.4 |  | The Manager shall provide the Management
        Committee and each Participant with a monthly management and financial
        report and such other financial and operating information as may be reasonably
        requested from time to time by any Participant or the Management Committee,
        within 10 (TEN) days after the month end.                                                                                                                                                                                                                                                                                                                                                                                    
|    |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|9.5 |  | The Manager shall prepare and deliver
        to any Participant any information packages or other information which
        such Participant reasonably requests in connection with any domestic or
        foreign tax or other governmental filing to be                                                                                                                                                                                                                                                                                                                                                                                                                                                                             

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|    |  | made by such Participant or any of its
        Affiliates, provided that where the Joint Venture would not require such
        information for its own use or benefit such Participant reimburses the
        Joint Venture for the incidental out of pocket costs incurred by the Joint
        Venture in preparing and delivering any such information packages or information
        (including but not limited to reasonable costs in respect of the Joint
        Ventures own personnel and facilities).                                                                                                                                                                                                                                                                                
|--- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|9.6 |  | The Joint Ventures Accounting
        Period will be from 1 January to 31 December each year.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|    |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|9.7 |  | During the Exploitation Phase, the Manager
        shall submit the Annual Budget for the Joint Venture to the Management
        Committee by 31 August or a later date as agreed by the Management Committee
        of each year for the following year and rolling 2 (TWO) year budgets annually.
        Such Annual Budget and rolling 2 (TWO) year budgets will require approval,
        within 1 (ONE) month of submission, by the Management Committee and in
        the consideration and approval of such Annual Budget and rolling 2 (TWO)
        year budgets the Management Committee shall act reasonably and take cognisance
        of generally accepted mining industry practices, sound economic principles
        and what is in the best interests of the Joint Venture.

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|    |  | The Management Committee will at least
        once in every quarter of every Accounting Period review the financial
        performance and the progress of the Joint Venture against the Annual Budget.
        The Annual Budget may be varied or amended to take account of changed
        economic or other relevant related circumstances or in the light of the
        mining or other related operations actually carried on by the Joint Venture
        during the preceding period or part thereof. In carrying out such review
        and changes and the approval thereof, the Management Committee shall also
        act reasonably and take cognisance of generally accepted Mining industry
        practices, sound economic principles and what is in the best interest
        of the Joint Venture.
|--- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|9.8 |  | If any Annual Budget will result in
        a substantial alteration to any run-of-mine plan, then the Manager shall
        also prepare an amended run-of-mine plan to be submitted with such budget.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|    |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|9.9 |  | The Manager must carry out the Mining
        programme within the Annual Budget relating to the relevant part of the
        Mining programme, but if no expenditure for the year in question has been
        approved, then the Manager may spend the amount for the year in question
        referred to in the 2 (TWO) year plan last approved.                                                                                                                                                                                                                                                                                                                                                                                                                                                                       

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|9.10 |  | The Manager shall immediately notify
        the Management Committee of any material departure from an approved budget.
        If the Manager exceeds an approved budget by more than 10% (TEN PERCENT),
        then the excess over 10% (TEN PERCENT), unless directly caused by an emergency
        or unexpected expenditure made pursuant to clause 9.11 or unless otherwise
        authorised by the Management Committee, shall be for the sole account
        of the Manager, and such excess shall not be included in the calculation
        of any Participation Interest. Budget overruns of 10% (TEN PERCENT) or
        less shall be borne by Plateau and HDP Participant, should PPL have elected
        to have a Non-Contributory Participation Interest, in proportion to their
        respective Participation Interests as of the beginning of the period covered
        by the budget in question.
|---- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|     |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|9.11 |  | In case of emergency, the Manager may
        take any action it deems necessary to protect life, limb or property,
        to protect the Joint Venture assets or to comply with any applicable law
        or government regulation. Likewise, the Manager may incur expenditures
        for unexpected events which are beyond its reasonable control. In the
        case of either an emergency or unexpected expenditure, the Manager shall
        promptly notify and keep the Participants informed of the emergency or
        unexpected expenditure, and the Manager shall be reimbursed therefor by
        Plateau and the HDP Participant should PPL have elected to have a Non-Contributory
        Participation Interest, within 14 (FOURTEEN) days of                                                                                                                                                       

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|     |                                                                                                                                                                                                                                                                                                                                                    | receipt of an invoice in the relevant
        amount in proportion to their respective Participation Interests as of
        the beginning of the period covered by the then current budget.                                         
|---- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|     |                                                                                                                                                                                                                                                                                                                                                    |                                                                                                                                                                                                                                      
|10.  | RESTRICTED MATTERS
      No decision of the Management Committee in relation to
        any of the matters set out herein shall be of any force or effect unless
        Representatives representing an aggregate Participation Interest of greater
        than 70% (SEVENTY PERCENT) shall be in agreement in respect of such matters
        :
|     |                                                                                                                                                                                                                                                                                                                                                    |                                                                                                                                                                                                                                      
|10.1 |                                                                                                                                                                                                                                                                                                                                                    | to the voluntary dissolution or liquidation
        of the Joint Venture and/or any resolution requiring or proposing such
        dissolution or liquidation;                                                                       
|     |                                                                                                                                                                                                                                                                                                                                                    |                                                                                                                                                                                                                                      
|10.2 |                                                                                                                                                                                                                                                                                                                                                    | the acquisition or purchase of other
        businesses, either directly or indirectly by means of purchasing shares
        in any company to which such business may belong or the entering into
        of further joint ventures;
|     |                                                                                                                                                                                                                                                                                                                                                    |                                                                                                                                                                                                                                      
|10.3 |                                                                                                                                                                                                                                                                                                                                                    | any material change in the Business
        or the objects of the Joint Venture, or the material expansion of the
        Business;                                                                                                  

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|10.4 |                                                                                                                 | any change in the basis of accounting,
        otherwise than in accordance with IAS, as the case may be, from those
        used by the Joint Venture during its immediately preceding Accounting
        Period and any decision authorising material changes to the book value
        of any of the assets of the Joint Venture;
|---- | --------------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|     |                                                                                                                 |                                                                                                                                                                                                                                                                                                                                     
|10.5 |                                                                                                                 | the appointment of auditors;                                                                                                                                                                                                                                                                                                        
|     |                                                                                                                 |                                                                                                                                                                                                                                                                                                                                     
|10.6 |                                                                                                                 | the approval of the Annual Budget and
        each 2 (TWO) year rolling budget or the approval of any expenditure exceeding
        10% (TEN PERCENT) of budgeted expenditure during the Exploitation Phase;                                                                                                                        
|     |                                                                                                                 |                                                                                                                                                                                                                                                                                                                                     
|10.7 |                                                                                                                 | contracts entered into with Affiliates
        of the Participants in relation to the Joint Venture other than on an
        arms length basis;                                                                                                                                                                                    
|     |                                                                                                                 |                                                                                                                                                                                                                                                                                                                                     
|10.8 |                                                                                                                 | any material transaction outside of
        the normal course of business;                                                                                                                                                                                                                                                          
|     |                                                                                                                 |                                                                                                                                                                                                                                                                                                                                     
|10.9 |                                                                                                                 | the appointment of the Manager, other
        than Plateau or its Affiliates.                                                                                                                                                                                                                                                       
|     |                                                                                                                 |                                                                                                                                                                                                                                                                                                                                     
|11.  | MANAGER
      The Participants shall decide on the appointment of
        a Manager for the Exploitation Phase.

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|12.    | JOINT VENTURE INFORMATION,
        MINING AND PROSPECTINGINFORMATION
|------ | --------------------------------------------------------------------
|       |                                                                     
|12.1   |                                                                     
|       |                                                                     
|12.1.1 |                                                                     
|       |                                                                     
|12.1.2 |                                                                     
|       |                                                                     
|12.2   |                                                                     

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|12.2.1 |  |  | is or becomes generally available to
        the public other than as a result of disclosure by such Participant in
        violation of this clause 12;                                                                                                                                                                                                                                                                                                                                                                                                        
|------ |  |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|       |  |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|12.2.2 |  |  | is or was independently developed by
        such Participant or on its behalf by personnel having no access to such
        knowledge or information at the time of independent development;                                                                                                                                                                                                                                                                                                                                                                   
|       |  |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|12.2.3 |  |  | is already in such Participants
        possession, provided that such knowledge or information was not supplied
        to such Participant by, or on behalf of, the Joint Venture, or any other
        Participant, and provided further, that such knowledge or information
        was not obtained from a source known to such Participant to be prohibited
        from disclosing such information to such Participant by a legal, contractual
        or fiduciary obligation to the Joint Venture, such Affiliate or such other
        Participants;
|       |  |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|12.2.4 |  |  | is required to be given, made or published
        by law or under the rules and regulations of any relevant stock exchange
        or any applicable regulatory authority, in which case, the Participant
        liable to so give, make or publish the same shall give the other Participant
        reasonable written notice thereof, along with drafts or copies thereof,
        as soon as is reasonably practicable;                                                                                                                                   

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|12.2.5 |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | is required to be disclosed by PPL or
        Plateau to an affiliate and/or to any provider of finance in order for
        such companies to take informed decisions regarding the Joint Venture;
        provided that PPL and Plateau shall procure that such companies agree
        to keep the information disclosed as strictly confidential.
|------ |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|       |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |                                                                                                                                                                                                                                                                                                                                                      
|12.3   |  | In the event that a Participant
        becomes legally compelled to disclose any such information, such Participant
        will provide the Joint Venture and the other Participants with prompt
        notice so that it may seek a protective order or other appropriate remedy
        and/or waive compliance with the provisions of this clause 12. In the
        event that such protective order or other remedy is not obtained, or that
        the Joint Venture or other Participants waives compliance with the provisions
        of this clause 12, such Participant may disclose without liability under
        this clause 12 only that portion of such information which such Participant,
        after receiving legal advice is legally required to be disclosed and shall
        co-operate with the Joint Venture and the other Participants at the Joint
        Ventures expense to obtain reliable assurance that confidential
        treatment will be afforded such information that is so disclosed.

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|13.  | EXECUTION
      In the event of any adjustment in the Participation
        Interest of the Participants, the Participants shall execute and deliver
        such instructions and documents as may be necessary to affect and give
        full legal effect to such adjustment of such Participation Interest.
|---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|     |                                                                                                                                                                                                                                                                                                                 
|14.  | COMMERCIAL PRODUCTION
        FROM THE MINE                                                                                                                                                                                                                                                                     
|     |                                                                                                                                                                                                                                                                                                                 
|14.1 |                                                                                                                                                                                                                                                                                                                 
|     |                                                                                                                                                                                                                                                                                                                 
|14.2 |                                                                                                                                                                                                                                                                                                                 

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|     |  | Contributory Participation Interest
        in the Joint Venture in accordance with 6.1.9.1 or 7.5 PPL shall not share
        in the Commercial Production and Proceeds (save for any Profits derived
        therefrom).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|---- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|     |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|14.3 |  | During the period of the Joint Venture
        during which project finance as required to bring the Mine into Commercial
        Production is being repaid RPM or any of its Affiliates shall have the
        right to purchase all of the Ore or Concentrate of the Joint Venture on
        arms length terms substantially in accordance with the draft contracts
        referred to in 23.3, the terms of which shall be amplified by reference
        to the results of the Bankable Feasibility Study, and failing agreement
        between the Parties then as determined by arbitration in accordance with
        clause 17. The decision whether the Joint Venture shall sell Ore or produce
        and sell Concentrate shall be decided upon during the finalisation of
        the Bankable Feasibility Study. After all project finance has been repaid
        the Participants shall be entitled to share in Commercial Production according
        to their respective Participation Interests subject to each Participant
        being liable for a proportionate share of the costs directly associated
        with the Commercial Production and provided that the Ore or Concentrate
        of all Participants (other than PPL) shall be offered for sale to RPM
        or an RPM Affiliate on arms length terms substantially in accordance
        with the draft contracts referred to in 23.3, the terms of which shall
        be amplified by reference of the Bankable Feasibility Study, and failing
        agreement between the Parties that as determined

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|     |               | by arbitration in accordance with clause
        17; provided that should PPL have acquired a Non-Contributory Participation
        Interest in accordance with 6.1.9.1 or 7.5 PPL shall not share in the
        Commercial Production and Proceeds (save for any Profit derived therefrom).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|---- | ------------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|     |               |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|14.4 |               | The Manager, subject to the overall
        direction of the Management Committee, shall dispose of all By-products
        on the best terms available from time to time, and materials produced
        by the Mine which are not Concentrate or By-products shall be disposed
        of in accordance with the methods stipulated in the EMPR for the Mine
        and in a cost effective manner.                                                                                                                                                                                                                                                                                                                                                                                                             
|     |               |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|15.  | FORCE MAJEURE
|     |               |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|15.1 |               | If any Party is prevented or restricted
        directly or indirectly from carrying out all or any of its obligations
        under this Agreement from any cause beyond the reasonable control of that
        Party (including without limiting the generality of the aforegoing, war,
        civil commotion, riot, insurrection, strikes, lock-outs, fire, explosion,
        flood and acts of God, or by invasion of or sit-ins at the JV Area, or
        where a Party is prevented from occupying or operating any part of the
        Mine by combination of workmen or interference by trades union), the Party
        so affected shall be relieved of its obligations hereunder during the
        period that such event and its consequences continue but only to the extent
        so prevented

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|     |  | and shall not be liable for any delay
        or failure in the performance of any obligations hereunder of loss of
        damages either general, special or consequential which the other Party
        may suffer due to or resulting from such delay or failure, provided always
        that written notice shall within 48 (FORTY EIGHT) hours of the occurrence
        constituting Force Majeure be given of any such inability to perform by
        the affected Party and provided further that the obligation to give such
        notice shall be suspended to the extent necessitated by such Force Majeure.
|---- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|     |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|15.2 |  | Any Party invoking Force Majeure shall
        use its best endeavours to terminate the circumstances giving rise to
        Force Majeure and upon termination of the circumstances giving rise thereto,
        shall forthwith give written notice thereof to the other Parties.                                                                                                                                                                                                                                                                                                                                         
|     |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|15.3 |  | If the full and proper implementation
        of this Agreement is precluded by any of the events or a combination of
        the events contemplated in clause 15.1 for a period of more than 6 (SIX)
        consecutive months at any one time, then and in such event the Parties
        shall endeavour to conclude new arrangements equitable to both of them
        and failing agreement being reached, the provisions of clause 16 below
        shall apply.                                                                                                                                                    

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|16.    | DISTRIBUTION OF ASSETS UPON LIQUIDATION
|------ | ---------------------------------------
|       |                                        
|16.1   |                                        
|       |                                        
|16.2   |                                        
|       |                                        
|16.3   |                                        
|       |                                        
|16.3.1 |                                        
|       |                                        
|16.3.2 |                                        

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|16.3.3 |  |  | collect all debts due to
        the Joint Venture by persons other than the Participants;                                                                   
|------ |  |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------
|       |  |  |                                                                                                                                                              
|16.3.4 |  |  | realise the assets of the
        Joint Venture in whatever manner he deems fit, to the extent that he,
        in his sole discretion, deems necessary, to :
|       |  |  |                                                                                                                                                              
|       |  |  | –                                                                                                                                                            
|       |  |  |                                                                                                                                                              
|       |  |  | –                                                                                                                                                            
|       |  |  |                                                                                                                                                              
|       |  |  | –                                                                                                                                                            
|       |  |  |                                                                                                                                                              
|       |  |  | –                                                                                                                                                            

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|16.3.5 |                    |                                                                                                                                                                           | in the event of the proceeds of the
        realisation of the Joint Venture assets proving insufficient to meet the
        liabilities of the Joint Venture (other than any amounts due to the Participants),
        levy a contribution upon the Participants to contribute to that deficit
        in the proportion in which they bear the losses of the Joint Venture;                       
|------ | ------------------ | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|       |                    |                                                                                                                                                                           |                                                                                                                                                                                                                                                                                                                                                                                                     
|16.3.6 |                    |                                                                                                                                                                           | discharge all the liabilities of the
        Joint Venture to its creditors other than the Participants insofar as
        the proceeds of the realisation of the Joint Venture assets (if any),
        permit; and                                                                                                                                                                                
|       |                    |                                                                                                                                                                           |                                                                                                                                                                                                                                                                                                                                                                                                     
|16.3.7 |                    |                                                                                                                                                                           | compile and settle an account for the
        payment of claims owing by the Joint Venture to the Participants, the
        settlement of their claims against each other and the distribution of
        any assets remaining amongst the Participants in accordance with this
        16 with due account being taken of amounts owing by either of the Participants
        to the Joint Venture.
|       |                    |                                                                                                                                                                          
|17.    | DISPUTE RESOLUTION
|       |                    |                                                                                                                                                                          
|17.1   |                    | Any disputes between the
        Parties arising out of or in terms of or pursuant to the provisions of
        this Agreement will be resolved in the following manner :

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|17.1.1 |  |                                                                                                                                                                                                                                                                | matters which cannot be resolved at
        the Management Committee will be referred to the chief operating officer
        and CEO at the time of Anglo American Platinum Corporation Limited, Anooraq
        and the HDP Participant respectively;                                                                                                                                                                                                                                                                     
|------ |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|       |  |                                                                                                                                                                                                                                                                |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|17.1.2 |  |                                                                                                                                                                                                                                                                | if a matter referred to the chief operating
        officer and CEO of Anglo American Platinum Corporation Limited, Anooraq
        and the HDP Participant respectively in terms of clause 17.1.1 above is
        not resolved between them within 14 (FOURTEEN) days after the date on
        which it is referred to them, the matter will be referred to the respective
        chairmen at that time of Anglo American Platinum Corporation Limited,
        Anooraq and the HDP Participant for resolution by them;
|       |  |                                                                                                                                                                                                                                                                |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|17.1.3 |  |                                                                                                                                                                                                                                                                | any dispute to which the provisions
        of this clause 17 apply which is not resolved in terms of clauses 17.1.1
        and 17.1.2 will be referred to arbitration in accordance with the provisions
        of clauses 17.2 and 17.3 below.                                                                                                                                                                                                                                                                          
|       |  |                                                                                                                                                                                                                                                                |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|17.2   |  | Any dispute arising from
        or in connection with this Agreement shall be finally resolved in accordance
        with the Rules of the Arbitration Foundation of Southern Africa by an
        arbitrator or arbitrators agreed by the Parties or failing

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|     |                                                       | such agreement within 14 (FOURTEEN)
        days of the notification of the dispute appointed by the Foundation.                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|---- | ----------------------------------------------------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|     |                                                       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|17.3 |                                                       | Save in the case of manifest error the
        decision of the arbitrator(s) shall be final and binding on the Parties,
        and may be made an order of any Court of competent jurisdiction. Each
        of the Parties hereby submits itself to the jurisdiction of the Witwatersrand
        Local Division of the High Court of south Africa should the other Party
        wish to make the arbitrators decision an order of that Court.                                                                                                                                           
|     |                                                       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|18.  | PROHIBITED TRANSFERS AND RIGHT OF FIRST
      REFUSAL
|     |                                                       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|18.1 |                                                       | Except as provided in clauses 18.2,
        18.3 and 18.4 a Participant may not directly or indirectly, sell, transfer,
        assign or otherwise dispose of, or further grant a security interest or
        create a right of participation in or otherwise Encumber its Participation
        Interest under the Joint Venture or its rights under or in respect of
        this Agreement or any part thereof, and no Participant shall commit to
        do the same unless in each case approved by the other Participants in
        writing and any attempt to do so shall be void.
|     |                                                       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|18.2 |                                                       | In the event of the execution of an
        agreement providing for the acquisition (the Acquisition Agreement)
        by any third party (the Acquiring Third Party)                                                                                                                                                                                                                                                                                                                                                                                                                   

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|       |  | of a Participants
        (the Disposing Participant) Participation Interest
        in the Joint Venture, the other Participant (the Remaining Participant)
        shall have a right of first refusal to acquire same on the same terms
        and conditions as set out in the Acquisition Agreement, subject to the
        following terms :
|------ |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|       |  |                                                                                                                                                                                                                                                                                                                                                         
|18.2.1 |  |                                                                                                                                                                                                                                                                                                                                                         
|       |  |                                                                                                                                                                                                                                                                                                                                                         
|18.2.2 |  |                                                                                                                                                                                                                                                                                                                                                         
|       |  |                                                                                                                                                                                                                                                                                                                                                         
|18.2.3 |  |                                                                                                                                                                                                                                                                                                                                                         

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|18.3 |                       | In the event of a disposal of a Participants
        Participation Interest as provided for in clause 18.2, the Disposing Participant
        is obliged to procure that and the Acquisition Agreement will not be effective
        until the Acquiring Third Party (or Designated Third Party) has entered
        into an agreement with the other Participants (which agreement shall not
        constitute a release of the Disposing Participant from its obligations
        under this Agreement) whereby such Acquiring Third Party (or Designated
        Third Party) agrees to assume and be bound by all obligations and liabilities
        of the Disposing Participant and subject to all the restrictions of which
        the Disposing Participant in respect of the Joint Venture is subject under
        this Agreement.
|---- | --------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|     |                       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|18.4 |                       | A Participant shall on notice to the
        other Participants be entitled to Encumber part of its Participation Interest
        in the Joint Venture to a third party solely for the purposes of raising
        project finance in relation to the JV Area, subject to the provisions
        of 7.11.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|     |                       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|19.  | NOTICES AND DOMICILIA
|     |                       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|19.1 |                       | The Parties hereto choose domicilia
        citandi et executandifor all purposes of and in connection with this
        Agreement as follows:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  

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|     |  | PPL                                                                                                                                                                                                                                                                                                                       | : | The Company Secretary        
|---- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | - | -----------------------------
|     |  |                                                                                                                                                                                                                                                                                                                           |   | 13th Floor                   
|     |  |                                                                                                                                                                                                                                                                                                                           |   | 55 Marshall Street           
|     |  |                                                                                                                                                                                                                                                                                                                           |   | JOHANNESBURG                 
|     |  |                                                                                                                                                                                                                                                                                                                           |   | 2001                         
|     |  |                                                                                                                                                                                                                                                                                                                           |   | SOUTH AFRICA                 
|     |  |                                                                                                                                                                                                                                                                                                                           |   | FAX : (011) 3735114          
|     |  |                                                                                                                                                                                                                                                                                                                           |   | EMAIL: rohanv@angloplat.com  
|     |  |                                                                                                                                                                                                                                                                                                                           |   |                              
|     |  |                                                                                                                                                                                                                                                                                                                           |   |                              
|     |  | Anooraq and Plateau                                                                                                                                                                                                                                                                                                       | : | President and CEO            
|     |  |                                                                                                                                                                                                                                                                                                                           |   | 1020  800 West Pender Street
|     |  |                                                                                                                                                                                                                                                                                                                           |   | Vancouver B.C.               
|     |  |                                                                                                                                                                                                                                                                                                                           |   | Canada                       
|     |  |                                                                                                                                                                                                                                                                                                                           |   | V6C 2V6                      
|     |  |                                                                                                                                                                                                                                                                                                                           |   | FAX : 604 684 8092           
|     |  |                                                                                                                                                                                                                                                                                                                           |   | EMAIL: ronaldt@hdgold.com    
|     |  |                                                                                                                                                                                                                                                                                                                           |   | jeffreym@hdgold.com          
|     |  |                                                                                                                                                                                                                                                                                                                           |   |                              
|19.2 |  | The Parties hereto shall be entitled
        to change their domiciliafrom time to time, provided that any
        new domiciliumselected shall be an address, other than a box number
        and any such change shall only be effective upon receipt of notice in
        writing by the other Parties of such change.
|     |  |                                                                                                                                                                                                                                                                                                                          
|19.3 |  | All notices, demands, communications
        or payments intended for any Party shall be made or given at such Party's
        domiciliumfor the time being.                                                                                                                                                             
|     |  |                                                                                                                                                                                                                                                                                                                          
|19.4 |  | A notice sent by one Party to another
        Party shall be deemed to have been received :                                                                                                                                                                                                                              

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|19.4.1 |                                                                                                                                                                                                           |                                                                                                                                                                                                                                                                                                                          | on the same day, if delivered by hand;              
|------ | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ | ----------------------------------------------------
|       |                                                                                                                                                                                                           |                                                                                                                                                                                                                                                                                                                          |                                                     
|19.4.2 |                                                                                                                                                                                                           |                                                                                                                                                                                                                                                                                                                          | on the same day, if sent by telex, email or telefax.
|       |                                                                                                                                                                                                           |                                                                                                                                                                                                                                                                                                                          |                                                     
|19.5   |                                                                                                                                                                                                           | Notwithstanding anything
        to the contrary herein contained a written notice or communication actually
        received by a Party shall be an adequate written notice or communication
        to it notwithstanding that it was not sent to or delivered at its chosen
        domicilium citandi et executandi.
|       |                                                                                                                                                                                                           |                                                                                                                                                                                                                                                                                                                         
|20.    | COSTS
      Each Party shall bear its own costs incurred in negotiating
        and drafting this Agreement.                                                                                             
|       |                                                                                                                                                                                                          
|21.    | GOVERNING LAW
      This Agreement shall be implemented in accordance with
        the laws of the applicable jurisdiction, and shall be interpreted in accordance
        with the laws of South Africa.

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|22.  | GENERAL
|---- | -------
|     |        
|22.1 |        
|     |        
|22.2 |        
|     |        
|22.3 |        
|     |        
|22.4 |        
|     |        
|22.5 |        

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|     |                                                                                                                                                                                                                                                                             | unenforceable provision shall not be
        of any force or effect and shall be severable from the rest of this Agreement
        (and from the Annexes hereto).                                                                                                                                                                                                                                             
|---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|     |                                                                                                                                                                                                                                                                             |                                                                                                                                                                                                                                                                                                                                                                                                               
|23.  | SUSPENSIVE CONDITIONS
      This Agreement, save for the provisions of clauses 17,
        19, 20, 21 and 22 and this 23, which shall be of immediate force and effect,
        shall be subject to the fulfilment of the following suspensive conditions,
        namely :
|     |                                                                                                                                                                                                                                                                             |                                                                                                                                                                                                                                                                                                                                                                                                               
|23.1 |                                                                                                                                                                                                                                                                             | the obtaining of all regulatory consents
        that may be required in law to conclude and/or implement the Joint Venture
        Project including but not limited to the JSE Securities Exchange, the
        London Stock Exchange, TSX and affiliated exchanges, the South African
        Competition Commission and the Competition Commission of the European
        Union, and in terms of the Act;
|     |                                                                                                                                                                                                                                                                             |                                                                                                                                                                                                                                                                                                                                                                                                               
|23.2 |                                                                                                                                                                                                                                                                             | the obtaining of the Board of Directors
        approval of Anglo American Platinum Corporation Limited, Anooraq, PPL
        and Plateau for this transaction;                                                                                                                                                                                                                                              
|     |                                                                                                                                                                                                                                                                             |                                                                                                                                                                                                                                                                                                                                                                                                               
|23.3 |                                                                                                                                                                                                                                                                             | the Parties reaching agreement on the
        final draft terms of a draft Sale of Concentrate Agreement and a draft
        of the Sale of Ore Agreement referred to in 14.3 to be annexed hereto
        as Annexes 2 and 3 respectively.                                                                                                                                                               

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|     | Should the suspensive conditions
        not be fulfilled within a period of 6 (SIX) months from the Signature
        Date, or such extended period as the Parties may agree in writing or waived
        in writing by all of the Parties, this Agreement shall lapse and cease
        to be of any further force or effect. The Parties shall, notwithstanding
        the time limits in this clause 23, be obliged to use reasonable endeavours
        to procure fulfilment of the suspensive conditions as soon as possible
        after the Signature Date.
|---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|24.  | CESSION
      None of the Parties shall be entitled to cede or assign
        any of their rights or obligations under this Agreement without the prior
        written consent of the other Parties, subject to the provisions of clause
        18.4.                                                                                                                                                                                                                                                                                                               
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|25   | SUPPORT AND HARDSHIP                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|25.1 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       

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|25.2 |  | Where circumstances arise which were
        not contemplated or visualised by the Parties at the commencement date
        of this Agreement, or which render impracticable the implementation of
        this Agreement the Parties will meet and negotiate in good faith to establish
        a modus operandi for the attainment and fulfilment of the fundamental
        purpose of this Agreement which is to form a Joint Venture for the exploitation
        of the PGMs in, on, and under the JV Area, and will endeavour to
        reconcile any divergent interests between themselves.                      
|---- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|     |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|25.3 |  | Without detracting from the further
        provisions of this clause 25, the Parties agree that if during the term
        of this Agreement there is a significant change in the general situation
        from that existing at the Effective Date thereof which results in one
        or more of the Parties being placed in an inequitable or unfavourable
        position, the Parties shall consult together with a view to agreeing in
        a spirit of mutual trust and understanding what modification, if any,
        to the present Agreement would be appropriate to take account of such
        change.
|     |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|25.4 |  | The Parties undertake to act towards
        one another in all respects relating to this Agreement, in utmost good
        faith.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|     |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|25.5 |  | Should the Mineral and Petroleum Resources
        Development Act became effective at any time during the period of this
        Agreement the Parties shall negotiate amendments to this Agreement as
        may be required to place the                                                                                                                                                                                                                                                                                                                                                                                

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|     |        | Parties in the same commercial position
        that they would have been under this Agreement, should the said Act not
        have been effective. Without limiting the generality of the aforegoing
        should Plateau apply for conversion of the prospecting permit issued to
        the Joint Venture Participants in terms of section 6 of the Act to a new
        form prospecting right in terms of the said Act when effective, it shall
        ensure that the conversion is applied for in the names of the Joint Venture
        Participants in accordance with their respective Participation Interests
        at the time.                                                                                                                                                                                      
|---- | ------ | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|     |        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|26.  | BREACH
|     |        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|26.1 |        | If at any time a Participant (the Affected
        party) is placed under judicial management, in liquidation,
        or under winding up, whether voluntary, compulsory, final or provisional,
        or compounds or enters into an arrangement of compromise with its creditors,
        the other Participants shall have the right to acquire all (but not part
        only) of the Participation Interest in the Joint Venture then held by
        the Affected party, upon written notice to that effect given by the other
        party to the Affected party after the occurrence of the events envisaged
        herein, at a price which will be determined as a fair selling price by
        an independent expert appointed by the auditors of the Joint Venture,
        subject to the provisions of clause 7.15.

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|26.2   |  | Upon determination of the
        price for the Participation Interest in question as envisaged in clause
        26.1, the other Participants shall be entitled within 60 (SIXTY) days
        thereafter on written notice to the Affected party to elect whether or
        not they wish to proceed with the acquisition of such Participation Interest
        and if they elect so to proceed they shall within that 60 (SIXTY) day
        period effect payment to the Affected party in cash of the price so determined
        for the Participation Interest (but less the amount of any monies that
        may be owing by the Affected party to the other Participants) against
        delivery thereof in such form as will be suitable for securing transfer
        thereof in accordance with the laws of South Africa.
|------ |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|       |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|26.3   |  | If at any time any Participant
        commits any material breach of the terms and conditions of this Agreement
        and fails to remedy such breach within 60 (SIXTY) days after the receipt
        of written notice from the other Participants requiring it to remedy such
        default, the other Participants shall have the right at their option,
        but without detracting from their further or alternative rights and remedies
        and without prejudice to any claim which they may have for damages for
        breach of contract or otherwise, to cancel this Agreement, in which event
        :                                                                                                                                                                                                         
|       |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|26.3.1 |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           

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|26.3.2 |  |                                                                                                                                                                                                                                                 | the Defaulting Participant shall be
        released from all of its obligations under this Agreement, except where
        such obligations arose from events which occurred prior to breach;                                                                      
|------ |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|       |  |                                                                                                                                                                                                                                                 |                                                                                                                                                                                                                                                                     
|26.3.3 |  |                                                                                                                                                                                                                                                 | subject to the provisions of clause
        7.15, the non-defaulting Participants may take transfer of the defaulting
        Participants Participation Interest and the provisions of clause
        26.1 above shall apply mutatis mutandis in relation thereto.
|       |  |                                                                                                                                                                                                                                                 |                                                                                                                                                                                                                                                                     
|26.4   |  | Notwithstanding the provisions
        of clause 26.3, no Participant shall be entitled to exercise or enforce
        any remedy against another Participant in relation to any breach of the
        terms and conditions of this Agreement :
|       |  |                                                                                                                                                                                                                                                 |                                                                                                                                                                                                                                                                     
|26.4.1 |  |                                                                                                                                                                                                                                                 | if this Agreement specifies the steps
        to be taken in the event of such breach, unless it takes such steps;                                                                                                                                                  
|       |  |                                                                                                                                                                                                                                                 |                                                                                                                                                                                                                                                                     
|26.4.2 |  |                                                                                                                                                                                                                                                 | if this Agreement specifies an alternative
        remedy for such breach;                                                                                                                                                                                          
|       |  |                                                                                                                                                                                                                                                 |                                                                                                                                                                                                                                                                     
|26.4.3 |  |                                                                                                                                                                                                                                                 | unless the said breach is fundamental,
        material, and goes to the root of this Agreement.                                                                                                                                                                    

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|26.5 |  | Should Anooraq be in breach of any of
        its obligations in this Agreement, PPL shall be entitled to give written
        notice to Anooraq to remedy such default within a period of 60 (SIXTY)
        days from the date of receipt of such notice, failing which PPL shall
        be entitled, without prejudice to their further or alternative rights
        or remedies at law, to sue for specific performance and/or claim damages.
|---- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|     |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|26.6 |  | Anooraq hereby guarantees to PPL the
        proper and punctual performance by Plateau of all of the obligations imposed
        upon Plateau in terms of this Agreement.                                                                                                                                                                                                                                                                         

THUS DONE AND EXECUTED at SANDTON on the day, month and year first aforewritten,
  in the presence of the undersigned witnesses.

AS WITNESSES :

|1. |  |  | (1) |  | q.q.
|-- |  |  | --- |  | ----
|   |  |  |     |  |     
|   |  |  |     |  |     
|2. |  |  | (2) |  | q.q.
|   |  |  |     |  |     
|   |  |  |     |  |     
|   |  |  | (3) |  | q.q.
|   |  |  |     |  |     

QUOD ATTESTOR

NOTARY PUBLIC

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