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EXECUTION COPY

OPERATING CASH FLOW SHORTFALL LOAN FACILITY AGREEMENT



of ZAR778,000,000



for



PLATEAU RESOURCES (PROPRIETARY) LIMITED

****

provided by



RUSTENBURG PLATINUM MINES LIMITED



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CONTENT

|Clause                              | Page                                     
|----------------------------------- | -----------------------------------------
|                                    |                                          
|1.                                  | INTERPRETATION                           
|2.                                  | INTRODUCTION                             
|3.                                  | COMMON
      TERMS AGREEMENT             
|4.                                  | FACILITY                                 
|5.                                  | PURPOSE                                  
|6.                                  | DRAWDOWNS                                
|7.                                  | REPAYMENT
      AND INTEREST             
|8.                                  | COMMITMENT
      FEE                     
|9.                                  | CONSEQUENCES
      OF AN EVENT OF DEFAULT
|SCHEDULE
      1 NOTICE OF DRAWDOWN | 13                                       

2

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OPERATING CASH FLOW SHORTFALL LOANFACILITY AGREEMENT

THIS AGREEMENT is dated 12 June 2009 and made between:

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

The Parties agree as set out below.

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

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

|1.1.1 | "Advance" means an advance made or to be made or
      deemed to be made by the Lender to the Borrower hereunder from the
      Facility and "Advances" will be construed accordingly;                                                                                                                                                                                                                                                                                                                                                                    
|----- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|1.1.2 | "Advance Date" means the date upon which the
      Lender makes an Advance to the Borrower in accordance with the provisions
      of clause 6 (Drawdowns) and "Advance Dates" shall be construed
      accordingly;                                                                                                                                                                                                                                                                                                                                      
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|1.1.3 | "Agreement" means this Operating Cash Flow
      Shortfall Loan Facility Agreement and its Schedules as read together with
      the RPM Funding Common Terms Agreement;                                                                                                                                                                                                                                                                                                                                                                                  
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|1.1.4 | "Available Guarantee Commitment" means the
      Guarantee Commitment less the aggregate amount of the Advances made or to
      be made under the Guarantee Facility pursuant to a Notice of Drawdown
      which has been issued but in respect of which the Advance Date has not yet
      occurred;                                                                                                                                                                                                                                                   
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|1.1.5 | "Available OCSF Commitment" means the OCSF
      Commitment less the aggregate amount of the OCSF Advances made or to be
      made under the OCSF Facility pursuant to a Notice of Drawdown which has
      been issued but in respect of which the Advance Date has not yet occurred,
      but excluding the amount of any deemed Advance made in respect of the
      commitment fee in terms of clause 8 (Commitment Fee) which deemed Advance
      shall not be taken into account for purposes of determining the Available
      OCSF Commitment;
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|1.1.6 | "Availability Period"
means:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              

| | (a) | in respect of the OCSF Facility, the period during which
      the OCSF Facility will be available commencing on the Closing Date and
      ending on the third anniversary of the Closing Date;
and
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

3

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| | (b) | in respect of the Guarantee Facility, the period during
      which the Guarantee Facility will be available commencing on the Closing
      Date and ending on the first anniversary of the Closing
  Date;
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|1.1.7  | "Base Case Model" means the Base Case Model (as
      defined in the RPM Funding Common Terms Agreement) in the form existing as
      at the Closing Date;             
|------ | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|       |                                                                                                                                                                         
|1.1.8  | "Commitment" means the OCSF Commitment and the
      Guarantee Commitment';                                                                                             
|       |                                                                                                                                                                         
|1.1.9  | "Existing Operational Guarantees" means a
      guarantee existing as at the Signature Date and disclosed in Schedule 6 of
      the RPM Funding Common Terms Agreement;
|       |                                                                                                                                                                         
|1.1.10 | "Facility" means:                                                                                                                                                       

| | (a) | the loan facility granted to the Borrower by the Lender
      in this Agreement in an aggregate principal amount equal to the OCSF
      Commitment ("the OCSF Facility"); and           
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |     |                                                                                                                                                                                          
| | (b) | the guarantee facility granted to the Borrower by the
      Lender in this Agreement in an aggregate principal amount equal to the
      Guarantee Commitment ("the Guarantee
Facility");

|1.1.11 | "Guarantee Collateral Amount" means the amount of
      cash collateral which Opco is required to provide for an Opco Guarantee
      having used reasonable commercial endeavours to procure insurance coverage
      as an alternative to providing collateral in connection with such
      guarantee;                                                    
|------ | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|       |                                                                                                                                                                                                                                                                                                                                                              
|1.1.12 | "Guarantee Commitment" means R28 000 000 (twenty
      eight million Rand), to the extent not cancelled or reduced under this
      Agreement;                                                                                                                                                                                                               
|       |                                                                                                                                                                                                                                                                                                                                                              
|1.1.13 | "Guarantee Shortfall Contribution Amount" means
      the portion of the Guarantee Collateral Amount which the Borrower is
      required to contribute to Holdco under the Holdco Shareholders
      Agreement;                                                                                                                                             
|       |                                                                                                                                                                                                                                                                                                                                                              
|1.1.14 | "Global Intercreditor Agreement" means the global
      intercreditor agreement in the agreed form, dated on or about the date of
      this Agreement, between, inter alia, the Senior Agent, the Security
      Agent, the Borrower, RPM, Holdco, Opco, the Parent, N1C Resources, N2C
      Resources, the Opco Security SPV and the Plateau Security SPV;
|       |                                                                                                                                                                                                                                                                                                                                                              
|1.1.15 | "Holdco" means Richtrau No. 179 (Proprietary)
      Limited (Registration No. 2007/106711/07), a private company incorporated
      in accordance with the laws of South Africa;                                                                                                                                                                             
|       |                                                                                                                                                                                                                                                                                                                                                              
|1.1.16 | "Holdco Shareholders Agreement" means the written
      shareholders agreement dated 28 March 2008 between the Lender, the
      Borrower and Holdco;                                                                                                                                                                                                        
|       |                                                                                                                                                                                                                                                                                                                                                              
|1.1.17 | "Interest Rate" means 15.84% (nacq), subject to
      adjustment pursuant to clause 7 of the RPM Funding Common Terms Agreement
      (Changes to the calculation of Interest);                                                                                                                                                                              

4

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|1.1.18 | "Interim Repayment Date" means the date falling on
      the 6th(sixth) anniversary of the Closing Date;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|------ | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|1.1.19 | "Lebowa" means the Lebowa Platinum Mine operations
      conducted by Opco, including a PGM mine located on the Eastern Limb of the
      Bushveld Complex in South Africa, on the Diamand, Wintersveld, Jagdlust,
      Middelpunt, Umkoanesstad and Zeekoegat farms;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|1.1.20 | "Loan" means the aggregate principal amount of
      Advances for the time being outstanding hereunder;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|1.1.21 | "Notice of Drawdown" means a notice substantially
      in the form set out in Schedule 1 to be utilised in drawing down the
      Facility;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|1.1.22 | "OCSF Commitment" means R750 000 000 (seven
      hundred and fifty million Rand), to the extent not cancelled, reduced or
      transferred by it under this Agreement;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|1.1.23 | "Opco Guarantee" means a guarantee issued by Opco
      in replacement of an Existing Operational Guarantee, provided that such
      Opco Guarantee is a Permitted Guarantee for purposes of the RPM Funding
      Common Terms Agreement;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|1.1.24 | "Operating Cash Shortfall" means any operating
      expenditure and/or capital expenditure (including stay in business capital
      expenditure) of Opco arising in respect of Lebowa in order to finance the
      production schedule and project pipeline as set out in the Base Case
      Model, which Holdco, acting reasonably and in good faith and with
      reference to the latest cumulative consolidated quarterly management
      accounts of the Holdco Group delivered to the Lender pursuant to clause
      12.1.3 of the RPM Funding Common Terms Agreement, anticipates will fall
      due for payment prior to the next Repayment Date and cannot or is not
      reasonably expected to be able to be funded out of internally generated
      cash flows of Opco, but excluding any expenditure arising in respect of
      (a) Taxes, and/or (b) the acquisition of assets or other expenditure which
      is not related to such projects contemplated in the Base Case Model and
      (c) payments or projected payments required to be made to Holdco under the
      Finance Documents;
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|1.1.25 | "Operating Cash Shortfall Contribution Amount"
      means the portion of the Operating Cash Shortfall which the Borrower is
      required to contribute to Holdco in terms of the Holdco Shareholders
      Agreement;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|1.1.26 | "Party" means a party to this Agreement and
      "Parties" shall, as the context requires, be a reference to all of
      them;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|1.1.27 | "PGM" means platinum group metals, comprising
      platinum, palladium, rhodium, ruthenium, osmium and iridium;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|1.1.28 | "RPM Funding Common Terms Agreement" means the
      common terms agreement to be entered into or about the date of this
      Agreement between, inter alia, the Lender, the Borrower, Pelawan
      SPV and Anooraq Resources Corporation setting out, inter alia,
      certain common terms relating to the funding to be provided by the Lender
      to the Borrower and Pelawan SPV;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               

5

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|1.1.29 | "Signature Date" means the date of the signature
      of the Party last signing this Agreement;
|------ | ------------------------------------------------------------------------------------------------

|2. | INTRODUCTION
|-- | ------------

|2.1 | The ordinary shareholders of Holdco have agreed to
      advance shareholder loans to Holdco to fund:
|--- | -----------------------------------------------------------------------------------------------------

|2.1.1 | Operating Cash Shortfalls at Lebowa which may arise
      during the Availability Period in respect of the OCSF Facility. These
      shareholder loans will be applied by HoldCo to finance the production
      schedule and project pipeline as contemplated in the Base Case Model;
      and
|----- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|      |                                                                                                                                                                                                                                                                                                  
|2.1.2 | Guarantee Collateral Amounts which may be required to
      cash collateralise the Opco Guarantees,                                                                                                                                                                                              

|    | subject to the terms of this Agreement.                                                                                                                                                                                                                                                                                                                                                                                          
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                  
|2.2 | The Borrower requires a facility in order to enable it to
      meet its obligations referred to in clause 2.1 and the Lender is willing
      to provide such facility on the terms and conditions set out in this
      Agreement and subject to the relevant provisions of the Global
      Intercreditor Agreement which restrict the payment of interest and the
      repayment of the Loans by the Borrower to the
Lender.

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

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

|4. | FACILITY                                                                                                                                                                                                                                                                     
|-- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   |                                                                                                                                                                                                                                                                              
|   | Subject to the terms and conditions of this Agreement and
      the RPM Funding Common Terms Agreement, the Lender agrees to make the
      Facility available to the Borrower on the terms and conditions set out
      herein.                                             
|   |                                                                                                                                                                                                                                                                              
|5. | PURPOSE                                                                                                                                                                                                                                                                      
|   |                                                                                                                                                                                                                                                                              
|   | The Borrower shall apply all amounts borrowed by it under
      the Facility for the sole purpose of advancing a corresponding loan to
      Holdco in accordance with the provisions of the Holdco Shareholders Loan
      Agreement and the Plateau Funding Loan Agreement.
|   |                                                                                                                                                                                                                                                                              
|   | The Lender shall not be obliged to monitor or verify the
      application of any Advance.                                                                                                                                                                                   
|   |                                                                                                                                                                                                                                                                              
|6. | DRAWDOWNS                                                                                                                                                                                                                                                                    

|6.1 | Subject to the fulfilment of the conditions set out in
      Clause 4 (Conditions of Utilisation) of the RPM Funding Common Terms
      Agreement, the Lender shall, if required pursuant to the delivery of a
      duly completed Notice of Drawdown from time to time, make Advances to the
      Borrower during the applicable Availability Period
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

6

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|    | under the Facility which shall be drawn down by the
      Borrower in accordance with the provisions of this clause 6.
|--- | ----------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                       
|6.2 | The Facility may only be drawn down by the Borrower
      if:                                                         

|6.2.1 | in the case of a draw down of the OCSF Facility, an
      Operating Cash Shortfall arises and the Borrower is required to advance
      the relevant Operating Cash Shortfall Contribution Amount to Holdco in
      terms of the Holdco Shareholders Agreement;                                                                                                                                                                                                                                                                                                                                                                                                                                              
|----- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|6.2.2 | in the case of a draw down of the Guarantee Facility, the
      Borrower is required to advance the relevant Guarantee Shortfall
      Contribution Amount to Holdco in terms of the Holdco Shareholders
      Agreement;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|6.2.3 | unless otherwise agreed in writing between the Lender and
      the Borrower in respect of a specified proposed Advance (which agreement
      shall apply to the specified Advance only and not to future Advances), it
      submits a duly completed Notice of Drawdown to the Lender not less than 10
      (ten) Business Days (or such other period as the Lender and the Borrower
      may agree in writing in respect of a specified proposed Advance (which
      agreement shall apply to the specified Notice of Drawdown only and not to
      future Notices of Drawdown)) prior to the proposed Advance Date which
      Notice of Drawdown shall specify the amount of the Advance
  required;
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|6.2.4 | in the case of a draw down of the OCSF Facility, the
      amount of the proposed Advance does not exceed either
of:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          

| | (a) | the Operating Cash Shortfall Contribution Amount required
      to be paid by the Borrower to Holdco on the proposed Advance Date;
    and
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------
| |     |                                                                                                                                           
| | (b) | the amount of the Available OCSF
  Commitment;                                                                                            

|6.2.5 | in the case of a draw down of the Guarantee Facility, the
      amount of the proposed Advance does not exceed either
of:
|----- | -------------------------------------------------------------------------------------------------------------------------

| | (a) | the Guarantee Shortfall Contribution Amount required to
      be paid by the Borrower to Holdco on the proposed Advance Date;
  and
| | --- | -----------------------------------------------------------------------------------------------------------------------------------
| |     |                                                                                                                                    
| | (b) | the amount of the Available Guarantee
  Commitment;                                                                                

|6.2.6 | in the case of a draw down of the OCSF Facility, the
      amount of the proposed Advance together with the aggregate amount of the
      Advances made to date in that Calculation Period does not exceed R450 000
      000 (four hundred and fifty million Rand). For purposes of this clause
      6.2.6 a Calculation Period shall mean each 12 month period commencing on
      the Closing Date;
|----- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|      |                                                                                                                                                                                                                                                                                                                                                                                                        
|6.2.7 | the proposed date for the making of such Advance is a
      Business Day within the applicable Availability Period;                                                                                                                                                                                                                                                                                    
|      |                                                                                                                                                                                                                                                                                                                                                                                                        
|6.2.8 | no Fundamental Event of Default (as defined in the Global
      Intercreditor Agreement) has occurred, other than a Fundamental Event of
      Default referred to in paragraph 4 of schedule 3 of the Global
      Intercreditor agreement;                                                                                                                                                           
|      |                                                                                                                                                                                                                                                                                                                                                                                                        
|6.2.9 | no Senior Enforcement Action (as defined in the Global
      Intercreditor Agreement) has occurred;                                                                                                                                                                                                                                                                                                    

7

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|6.2.10 | no event referred to in clause 6.2 of the RPM Funding
      Common Terms Agreement (Mandatory Prepayments: Change of Control) has
      occurred;                                                                                                                                                                                                                                                                                                                                                                                                                                     
|------ | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|6.2.11 | the Senior Discharge Date has not occurred; and                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|6.2.12 | the Borrower has not failed in respect of any previous
      Advance made to it under this Agreement to make a corresponding advance
      ("the Borrower Advance") to Holdco under and in accordance with the
      Plateau Funding Loan Agreement, and Holdco has not failed in respect of
      any previous Borrower Advance made to it by the Borrower under the Plateau
      Funding Loan Agreement to make a corresponding advance to Opco under the
      Opco Funding Loan Agreement, in each case unless such failure has been
      remedied to the Lender's satisfaction.

|6.3 | Unless otherwise agreed in writing between the Lender and
      the Borrower only one Notice of Drawdown may be submitted in any calendar
      month.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|6.4 | The Lender will make each Advance to the Borrower on the
      date specified in the relevant Notice of Drawdown by paying the amount of
      each Advance into the account nominated in the Notice of Drawdown, which
      account shall be either the Borrower Proceeds Account, or subject to
      clause 6.5, the Opco Business Account or the Holdco Business
    Account.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|6.5 | The parties agree that, unless and until the Lender
      notifies the Borrower otherwise, the Borrower shall be entitled to elect
      in the Notice of Drawdown whether it wishes an Advance to be paid into the
      Borrower Proceeds Account, the Opco Business Account or the Holdco
      Business Account. The Lender shall be entitled to at any time notify the
      Borrower that it shall only be entitled to elect the Borrower Proceeds
      Account for purposes of receiving payment of certain specified or all
      future Advances, which notice shall take effect in accordance with its
      terms. The payment of the amount of an Advance by the Lender into the Opco
      Business Account or the Holdco Business Account in accordance with an
      election made by the Borrower in the applicable Notice of Drawdown shall
      fully discharge the Lender's obligation to make such Advance in terms of
      this Agreement and shall for purposes of this Agreement be deemed to be
      payment of the Advance to the Borrower.
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|6.6 | The Borrower acknowledges and agrees
  that:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            

|6.6.1 | unless the Lender otherwise agrees in writing in relation
      to a specific Advance, the Lender shall not be obliged to make any payment
      pursuant to any Notice of Drawdown unless and until the Borrower shall
      have complied strictly with the requirements in respect thereof as set out
      in this clause 6;                                    
|----- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|      |                                                                                                                                                                                                                                                                                                                                                                     
|6.6.2 | no Advance or portion thereof repaid by the Borrower in
      accordance with the provisions of this Agreement or otherwise shall be
      available to be re- advanced by the Lender;                                                                                                                                                                              
|      |                                                                                                                                                                                                                                                                                                                                                                     
|6.6.3 | any Notice of Drawdown purportedly signed by an
      authorised signatory of the Borrower shall be deemed to be a valid Notice
      of Drawdown issued by the Borrower and each payment paid pursuant to such
      Notice of Drawdown to the Borrower from the Facility shall constitute a
      valid Advance to the Borrower and constitute part of the
  Loan;

8

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|6.6.4 | the Lender shall not incur any liability to the Borrower
      in the event of any Advance not being utilised for the purpose referred to
      in clause 3 (Purpose) and in such an event, the portion of those payments
      made from the Facility will nevertheless be regarded as constituting valid
      Advances.
|----- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

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

|7.1 | The balance of the Loan outstanding from time to time
      shall bear interest at the Interest Rate. Interest on the Loan outstanding
      from time to time shall accrue daily and be compounded quarterly in
      arrears and is calculated on the basis of the actual number of days
      elapsed and a year of 365 (three hundred and sixty five) days.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|7.2 | Accrued interest shall be paid by the Borrower to the
      Lender on each Repayment Date in accordance with clause 7.4. If any
      accrued interest is not permitted to be paid on a Repayment Date in
      accordance with the Global Intercreditor Agreement, then such interest
      shall be capitalised and form part of the Loan for interest calculation
      purposes, but shall, for the avoidance of doubt not be taken into account
      in determining the Available OSCF Commitment or the Available Guarantee
      Commitment.                                                                                                                                                                                                                                                                                                                                                                                                                
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|7.3 | If the Borrower fails to pay any amount payable by it
      under this Agreement on its due date, interest shall accrue on such
      outstanding amounts from the due date of payment up to the date of actual
      payment (both before and after judgment) at a rate which is 2% per annum
      higher than the Interest Rate. Any interest accruing under this Clause 0
      shall be immediately payable by the Borrower on demand by the Lender. An
      amount shall not be regarded as being due and payable for purposes of this
      clause in the event that there is not sufficient proceeds credited to the
      Borrower Proceeds Account in order for the Borrower to pay such amount to
      the Lender on that date in accordance with the terms of the Global
      Intercreditor Agreement (having regard to all prior payments which the
      Borrower is required to make in accordance with the Global Intercreditor
      Agreement).
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|7.4 | Subject to clause 6.1 and 6.2 of the RPM Funding Common
      Terms Agreement (Illegality and Mandatory Prepayments) the Loan together
      with accrued interest thereon (or a portion thereof, as the case may be)
      shall, on each Repayment Date, be repaid from the available proceeds, if
      any, (having regard to all prior payments which the Borrower is required
      to make from the Borrower Proceeds Account in accordance with the Borrower
      Cash Waterfall on that date) standing to the credit of the Borrower
      Proceeds Account subject to and in accordance with the Borrower Cash
      Waterfall relating to such account as provided for in the Global
      Intercreditor Agreement, provided that:                                                                                                                                                                                                                      

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

9

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|7.5 | The Borrower and the Lender agree that if the Loan and
      all other amounts outstanding under this Agreement have not been settled
      in full by the date falling 6 months prior to the Final Repayment Date
      they shall consult with each other with a view to agreeing alternative
      mechanisms to settle the Loan. Should the Borrower and the Lender not be
      able to agree such alternative mechanism for the settlement of the Loan,
      then the Loan shall be repayable in full on the Final Repayment
    Date.
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|7.6 | All payments to be made by the Borrower to the Lender in
      terms of this Agreement shall, subject to the Global Intercreditor
      Agreement, be, in the event of any payment not being made in full on its
      due date, appropriated in the first instance to the payment of any costs,
      charges or expenses, thereafter to interest then due and payable, and
      thereafter in reduction of the principal amount of the
  Loan.                                                                                            

|8. | COMMITMENT FEE
|-- | --------------

|8.1 | The Borrower shall pay to the Lender a commitment fee
      computed at the rate of 0.85% (nacq) on the aggregate amount of the
      Available OCSF Commitment and the Available Guarantee Commitment for the
      period from the date of this Agreement to and including the last day of
      the applicable Availability Period.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|8.2 | The accrued commitment fee shall be calculated daily and
      capitalised and form part of the Loan, and shall accordingly be paid in
      accordance with Clause 7 (Repayment and Interest). On each occasion that
      the accrued commitment fee is capitalised as aforesaid, the Borrower shall
      be deemed to have requested, and the Lender shall be deemed to have made,
      an Advance in an amount equal to the amount of such accrued commitment
      fee. The Lender's obligation to pay the amount of such deemed Advance
      shall be set off against the Borrower's obligation to pay the relevant
      commitment fee, both such obligations being simultaneously discharged. For
      the avoidance of doubt no actual exchange of money shall occur in respect
      of the payment of the commitment fee, such commitment fee having been
      capitalised and to be paid as part of the
Loan.

|9. | CONSEQUENCES OF AN EVENT OF DEFAULT
|-- | -----------------------------------

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

|9.1.1 | cancel all or part of the Commitments at which time they
      shall immediately be cancelled;
|----- | ----------------------------------------------------------------------------------------------
|      |                                                                                               
|9.1.2 | claim and recover from the Borrower (which amount shall
      be immediately due and payable):

| | (a) | the unpaid principal balance of the Loan;                                                                                                     
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------
| |     |                                                                                                                                               
| | (b) | all accrued and unpaid interest due and payable by the
      Borrower in accordance with the terms of this Agreement; and                     
| |     |                                                                                                                                               
| | (c) | any other amounts which are payable by the Borrower to
      the Lender under this Agreement (whether or not then due and payable on
      the

10

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basis that any and all such amounts
shall immediately be due and payable);

|9.1.3 | declare the Loan and all other amounts payable by the
      Borrower pursuant to this Agreement to be due and payable on demand of the
      Lender;                                                                                                                                                                                                      
|----- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|      |                                                                                                                                                                                                                                                                                                                                                           
|9.1.4 | exercise or direct the Security Agent, the Opco Security
      SPV and/or the Plateau Security SPV to exercise any or all of its rights,
      remedies, powers or discretions under the Finance Documents (including any
      rights, remedies, powers or discretions it may have under or in connection
      with the Transaction Security Documents),

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

11

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

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

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

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

12

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SCHEDULE 1

NOTICE OF DRAWDOWN

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

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

Dear Sirs

OPERATING CASH SHORTFALL FACILITY LOAN AGREEMENT DATED
[INSERT DATE OF AGREEMENT]: NOTICE OF DRAWDOWN

|1. | We refer to the Operating Cash Shortfall Loan Facility
      Agreement (the "Facility Agreement") dated [insert date of the
      facility agreement] and made between us. The terms defined in the
      Facility Agreement shall have the same meaning in this notice.       
|-- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   |                                                                                                                                                                                                                                                                                
|2. | This notice is irrevocable.                                                                                                                                                                                                                                                    
|   |                                                                                                                                                                                                                                                                                
|3. | We hereby give you notice that, pursuant to the Facility
      Agreement and on [Date of Drawdown] we wish to borrow an Advance in
      the amount of R[Insert Amount] under the OCSF/Guarantee Facility
      upon the terms and subject to the conditions contained therein.
|   |                                                                                                                                                                                                                                                                                
|4. | The amount of the proposed Advance we wish to borrow is
      required in relation to [insert details of Operating Cash Shortfall
      Amount/Guarantee Collateral Amount.]                                                                                                   
|   |                                                                                                                                                                                                                                                                                
|5. | Each of the conditions to draw down stipulated in clause
      6.2 of the Facility Agreement have been complied with.                                                                                                                                                          
|   |                                                                                                                                                                                                                                                                                
|6. | The amount of the proposed Advance together with the
      aggregate amount of the Advances made to date in the applicable
      Calculation Period is []                                                                                                                      
|   |                                                                                                                                                                                                                                                                                
|7. | We request that the Advance be paid into the [Borrower
      Proceeds Account / Holdco Business Account / Opco Business
  Account].                                                                                                                                            

Yours faithfully

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

13

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