---

WW ARQ YE Dec 2008 FS Notes - US GAAP Draft 2009-7-8
14/07/2009

EXECUTION COPY

CONVERSIONIMPLEMENTATION AGREEMENT

between

PELAWAN TRUST 
  IT Number 8411/2004(Pelawan
Trust)

and

CENTRAL PLAZA INVESTMENTS 78 (PROPRIETARY) LIMITED (TO BE
RENAMED PELAWAN FINANCE SPV (PROPRIETARY) LIMITED) Registration Number
2006/032879/07(Pelawan SPV)

and

PELAWAN INVESTMENTS (PROPRIETARY) LIMITED Registration
Number 2002/017920/07(Pelawan Investments)

and

ANOORAQ RESOURCES CORPORATION Registration Number
10022-2033(Anooraq)

and

PLATEAU RESOURCES (PROPRIETARY) LIMITED Registration
Number 1996/013879/07(Plateau)

and

RUSTENBURG PLATINUM MINES LIMITED Registration
Number 1931/003380/06(RPM)



---

|ARQ YE Dec 2008 FS Notes - US GAAP Draft 2009-7-8 | 2
|------------------------------------------------- | -
|14/07/2009                                        |  

TABLE OF CONTENTS

|    |                                                                  | Page
      No.
|--- | ---------------------------------------------------------------- | --------------
|    |                                                                  |               
|1.  | Definitions
      and interpretation                             | 3             
|    |                                                                  |               
|2.  | Introduction                                                     | 6             
|    |                                                                  |               
|3.  | RPM
      Funding Common Terms Agreement                         | 9             
|    |                                                                  |               
|4.  | Immediate
      notice requirements on or about the Closing Date | 9             
|    |                                                                  |               
|5.  | Conversion
      Notice                                          | 9             
|    |                                                                  |               
|6.  | Conversion
      and subscription                                | 10            
|    |                                                                  |               
|7.  | Forward
      Sales                                              | 15            
|    |                                                                  |               
|8.  | Subsequent
      notice requirements                             | 18            
|    |                                                                  |               
|9.  | Practical
      implementation                                   | 18            
|    |                                                                  |               
|10. | Co-operation
      and support                                   | 20            
|    |                                                                  |               
|11. | Restrictions                                                     | 22            
|    |                                                                  |               
|12. | Tag
      right                                                  | 22            
|    |                                                                  |               
|13. | Appointment
      of an Implementation Agent                     | 24            
|    |                                                                  |               
|14. | Breach                                                           | 25            



---

|ARQ YE Dec 2008 FS Notes - US GAAP Draft 2009-7-8 | 3
|------------------------------------------------- | -
|14/07/2009                                        |  

THIS AGREEMENT is dated 26 June 2009 and is made
between:

|(1) | PELAWAN TRUST, IT number 8411/2004, a trust
      settled and established under the laws of South Africa (Pelawan
      Trust);                                                                                                         
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                         
|(2) | CENTRAL PLAZA INVESTMENTS 78 (PROPRIETARY) LIMITED (to
      be renamed PELAWAN FINANCE SPV (PROPRIETARY) LIMITED), registration
      number 2006/032879/07, a company incorporated under the laws of South
      Africa (Pelawan SPV);
|    |                                                                                                                                                                                                                                         
|(3) | PELAWAN INVESTMENTS (PROPRIETARY) LIMITED,
      registration number 2002/01792/07, a company incorporated under the laws
      of South Africa (Pelawan Investments);                                                                  
|    |                                                                                                                                                                                                                                         
|(4) | ANOORAQ RESOURCES CORPORATION, registration number
      10022-2033, a company incorporated under the laws of Canada
      (Anooraq);                                                                                                   
|    |                                                                                                                                                                                                                                         
|(5) | PLATEAU RESOURCES (PROPRIETARY) LIMITED,
      registration number 1996/013879/07, a company incorporated under the laws
      of South Africa (Plateau); and                                                                           
|    |                                                                                                                                                                                                                                         
|(6) | RUSTENBURG PLATINUM MINES LIMITED, registration
      number 1931/003380/06, a company incorporated under the laws of South
      Africa (RPM).                                                                                         

The Parties agree as set out below.

|1. | Definitions and
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 | Agreementmeans this Conversion Implementation
      Agreement including Annexures;                                                                                                 
|----- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|      |                                                                                                                                                                                    
|1.1.1 | Annexuremeans the annexure attached to this
      Agreement;                                                                                                                       
|      |                                                                                                                                                                                    
|1.1.2 | B1 Preference Dividendmeans the "B1 Preference
      Dividend" as this term is defined under the RPM Pelawan SPV B1
      Preference Share Terms;                                  
|      |                                                                                                                                                                                    
|1.1.3 | B1 Preference Dividend Declaration Datemeans the
      "B1 Preference Dividend Declaration Date" as this term is defined
      under the RPM Pelawan SPV B1 Preference Share
Terms;



---

|ARQ YE Dec 2008 FS Notes - US GAAP Draft 2009-7-8 | 4
|------------------------------------------------- | -
|14/07/2009                                        |  

|1.1.4  | B1 Preference Dividend Payment Datemeans the
      "Preference Dividend Payment Date" as this term is defined under
      the RPM Pelawan SPV B1 Preference Share Terms;                                                                                                                                                                         
|------ | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|       |                                                                                                                                                                                                                                                                                                                                                  
|1.1.5  | B1 Preference Sharesmeans the 115 800 cumulative,
      convertible preference par value shares of R1.00 each and share premium of
      R9 498.14 each, in the share capital of Pelawan SPV, subscribed for by RPM
      and defined as the "RPM Pelawan SPV B1 Preference Shares" under the
      RPM Funding Common Terms Agreement;          
|       |                                                                                                                                                                                                                                                                                                                                                  
|1.1.6  | B2 Conversion Noticemeans the "B2 Conversion
      Notice" as this term is defined under the Pelawan SPV Plateau B2
      Preference Share Terms                                                                                                                                                                                                 
|       |                                                                                                                                                                                                                                                                                                                                                  
|1.1.7  | B2 Preference Dividendmeans the "B2 Preference
      Dividend" as this term is defined under the Pelawan SPV Plateau B2
      Preference Share Terms;                                                                                                                                                                                            
|       |                                                                                                                                                                                                                                                                                                                                                  
|1.1.8  | B2 Preference Dividend Declaration Datemeans the
      "B2 Preference Dividend Declaration Date" as this term is defined
      under the Pelawan SPV Plateau B2 Preference Share Terms;                                                                                                                                                          
|       |                                                                                                                                                                                                                                                                                                                                                  
|1.1.9  | B2 Preference Dividend Payment Datemeans the
      "Preference Dividend Payment Date" as this term is defined under
      the Pelawan SPV Plateau B2 Preference Share Terms;                                                                                                                                                                     
|       |                                                                                                                                                                                                                                                                                                                                                  
|1.1.10 | B2 Preference Sharesmeans the 115 800 cumulative,
      convertible preference par value shares of R1.00 each and a share premium
      of R4 836.29 each, in the share capital of Plateau, subscribed for by
      Pelawan SPV and defined as the "Pelawan SPV Plateau B2 Preference
      Shares" under the RPM Funding Common Terms Agreement;
|       |                                                                                                                                                                                                                                                                                                                                                  
|1.1.11 | B3 Conversion Noticemeans the "B3 Conversion
      Notice" as this term is defined under the Pelawan SPV Plateau B3
      Preference Share Terms;                                                                                                                                                                                                
|       |                                                                                                                                                                                                                                                                                                                                                  
|1.1.12 | B3 Preference Dividendmeans the "B3 Preference
      Dividend" as this term is defined under the Pelawan SPV Plateau B3
      Preference Share Terms;                                                                                                                                                                                            
|       |                                                                                                                                                                                                                                                                                                                                                  
|1.1.13 | B3 Preference Dividend Declaration Datemeans the
      "B3 Preference Dividend Declaration Date" as this term is defined
      under the Pelawan SPV Plateau B3 Preference Share
Terms;                                                                                                                                                          



---

|ARQ YE Dec 2008 FS Notes - US GAAP Draft 2009-7-8 | 5
|------------------------------------------------- | -
|14/07/2009                                        |  

|1.1.14 | B3 Preference Dividend Payment Datemeans the
      "B3 Preference Dividend Payment Date" as this term is defined under
      the Pelawan SPV Plateau B3 Preference Share Terms;                                                                                                                                                                  
|------ | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|       |                                                                                                                                                                                                                                                                                                                                                  
|1.1.15 | B3 Preference Sharesmeans the 111 600 cumulative,
      convertible preference par value shares of R1.00 each and a share premium
      of R4 836.29 each, in the share capital of Plateau, subscribed for by
      Pelawan SPV and defined as the "Pelawan SPV Plateau B3 Preference
      Shares" under the RPM Funding Common Terms Agreement;
|       |                                                                                                                                                                                                                                                                                                                                                  
|1.1.16 | Companies Actmeans the Companies Act, 61 of 1973,
      as amended;                                                                                                                                                                                                                                                                              
|       |                                                                                                                                                                                                                                                                                                                                                  
|1.1.17 | Computershare Canadameans Computershare Trust
      Company of Canada, a trust company registered in Ontario and incorporated
      under the laws of Canada;                                                                                                                                                                                    
|       |                                                                                                                                                                                                                                                                                                                                                  
|1.1.18 | Computershare South Africameans Computershare
      Limited, registration number 2000/006082/06, a company incorporated under
      the laws of South Africa;                                                                                                                                                                                    
|       |                                                                                                                                                                                                                                                                                                                                                  
|1.1.19 | Conversion Noticemeans "Conversion Notice"
      as this term is defined under the RPM Pelawan SPV B1 Preference Share
      Terms;                                                                                                                                                                                                              
|       |                                                                                                                                                                                                                                                                                                                                                  
|1.1.20 | Final Conversion Datemeans "Final Conversion
      Date" as this term is defined under the RPM Pelawan SPV B1 Preference
      Share Terms;                                                                                                                                                                                                      
|       |                                                                                                                                                                                                                                                                                                                                                  
|1.1.21 | Issue Datemeans "Issue Date" as this term
      is defined under the RPM Pelawan SPV B1 Preference Share Terms;                                                                                                                                                                                                                                  
|       |                                                                                                                                                                                                                                                                                                                                                  
|1.1.22 | Market Valuemeans the 10 day VWAP for an Anooraq
      Common Share immediately preceding the date of the Conversion
    Notice;                                                                                                                                                                                                                 
|       |                                                                                                                                                                                                                                                                                                                                                  
|1.1.23 | Partiesmeans the parties to this Agreement, being
      Pelawan Trust, Pelawan SPV, Pelawan Investments, Anooraq, Plateau and
      RPM;                                                                                                                                                                                                         
|       |                                                                                                                                                                                                                                                                                                                                                  
|1.1.24 | Pelawan Cession and Pledge in Securitymeans the
      cession and pledge in securitatem debitidated on or about the
      Signature Date, to be granted by Pelawan Investments in favour of RPM for,
      inter alia, the obligations of Pelawan Investments under the
      Specified Pelawan Finance Documents;                               
|       |                                                                                                                                                                                                                                                                                                                                                  
|1.1.25 | Pelawan SPV Plateau B2 Preference Share Termsmeans the rights and privileges attaching to the B2 Preference Shares
      as set out in the                                                                                                                                                                                                       



---

|ARQ YE Dec 2008 FS Notes - US GAAP Draft 2009-7-8 | 6
|------------------------------------------------- | -
|14/07/2009                                        |  

|       | Pelawan SPV Plateau B2 Preference Share Subscription
      Agreement and embodied or to be embodied in the articles of association of
      Plateau;                                                                                                                                             
|------ | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|       |                                                                                                                                                                                                                                                                                                  
|1.1.26 | Pelawan SPV Plateau B3 Preference Share Termsmeans the rights and privileges attaching to the B3 Preference Shares
      as set out in the Pelawan SPV Plateau B3 Preference Share Subscription
      Agreement and embodied or to be embodied in the articles of association of
      Plateau;  
|       |                                                                                                                                                                                                                                                                                                  
|1.1.27 | RPM Funding Common Terms Agreementmeans the
      written common terms agreement dated on or about 12 June 2009 between
      inter aliaAnooraq, Pelawan Investments, Pelawan SPV and
  RPM;                                                                                                     
|       |                                                                                                                                                                                                                                                                                                  
|1.1.28 | RPM Pelawan SPV B1 Preference Share Termsmeans
      the rights and privileges attaching to the B1 Preference Shares as set out
      in the RPM Pelawan SPV B1 Preference Share Subscription Agreement and
      embodied or to be embodied in the articles of association of Pelawan
      SPV;
|       |                                                                                                                                                                                                                                                                                                  
|1.1.29 | SEDARmeans the System for Electronic Document
      Analysis and Retrieval, the electronic filing system for the disclosure
      documents of public companies and investment funds in Canada;                                                                                                  
|       |                                                                                                                                                                                                                                                                                                  
|1.1.30 | Signature Datemeans the date of the signature of
      the Party last signing this Agreement;                                                                                                                                                                                                    
|       |                                                                                                                                                                                                                                                                                                  
|1.1.31 | Specified Pelawan Finance Documentsmeans the
      'Specified Pelawan Finance Documents' as this term is defined under
      the Pelawan Cession and Pledge in Security;                                                                                                                         
|       |                                                                                                                                                                                                                                                                                                  
|1.1.32 | STT Actmeans Securities Transfer Tax Act, 25 of
      2007, as amended;                                                                                                                                                                                                                          
|       |                                                                                                                                                                                                                                                                                                  
|1.1.33 | VWAPmeans the volume weighted average price at
      which an Anooraq Common Share has traded on the JSE for the relevant prior
      period.                                                                                                                                                    

|2. | Introduction
|-- | ------------

|2.1 | Plateau has procured funding from a number of sources in
      order to meet its payment obligations under the Acquisition.  
|--- | -----------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                              
|2.2 | In this regard, RPM and Pelawan SPV have entered into the
      RPM Pelawan SPV B1 Preference Share Subscription
  Agreement.



---

|ARQ YE Dec 2008 FS Notes - US GAAP Draft 2009-7-8 | 7
|------------------------------------------------- | -
|14/07/2009                                        |  

|2.3 | Pelawan SPV and Plateau have entered into the Pelawan
      Plateau B2 Preference Share Subscription Agreement and the Pelawan Plateau
      B3 Preference Share Subscription Agreement.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|2.4 | The B2 Preference Shares and the B3 Preference Shares are
      inextricably linked with the B1 Preference Shares in that the Conversion
      of the B1 Preference Shares will automatically trigger a Conversion of a
      pro ratanumber of B2 Preference Shares and B3 Preference Shares.
      The B2 Preference Shares to B1 Preference Shares will Convert on a one to
      one basis i.e. in the ratio of 115 800:115 800 whereas the B3 Preference
      Shares to B1 Preference Shares will Convert in the ratio of 111 600:115
      800.                                                                                                                                                                             
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|2.5 | In accordance with the RPM Pelawan B1 Preference Share
      Terms, RPM has the right and option to require that the B1 Preference
      Shares (or part thereof) be Converted into such number of Pelawan SPV
      Ordinary Shares as determined for value in accordance with the Conversion
      formulae set out under the RPM Pelawan B1 Preference Share Terms, which
      option is capable of being exercised at any time after the Issue Date and
      before the Final Conversion Date pursuant to delivery by RPM to Pelawan
      SPV of a Conversion Notice or, in the absence of delivery of such
      Conversion Notice, the B1 Preference Shares will automatically Convert on
      the Final Conversion Date.
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|2.6 | The delivery of a Conversion Notice and the subsequent
      Conversion of the B1 Preference Shares will result in the concurrent
      delivery of both the B2 Conversion Notice (in accordance with the Pelawan
      SPV Plateau B2 Preference Share Terms) and the B3 Conversion Notice (in
      accordance with the Pelawan SPV Plateau B3 Preference Share Terms) and the
      automatic Conversion of a pro ratanumber of B2 Preference Shares
      and B3 Preference Shares into Plateau 2 Converted Shares and Plateau 3
      Converted Shares, respectively.                                                                                                                                                         
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|2.7 | In the circumstances of the
Conversion:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            

|2.7.1 | if it is determined in accordance with the Conversion
      formulae set out under the RPM Pelawan SPV B1 Preference Share Terms that
      a B1 Preference Dividend is payable then, Pelawan SPV must declare and pay
      the B1 Preference Dividend and, in turn, RPM must use all of the cash
      proceeds of the B1 Preference Dividend to subscribe for and Pelawan SPV
      must issue and allot the Pelawan SPV Subscription Shares;
  and
|----- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



---

|ARQ YE Dec 2008 FS Notes - US GAAP Draft 2009-7-8 | 8
|------------------------------------------------- | -
|14/07/2009                                        |  

|2.7.2 | if it is determined in accordance with the Conversion
      formulae set out under the Pelawan SPV Plateau B2 Preference Share Terms
      that a B2 Preference Dividend is payable then, Plateau must declare and
      pay the B2 Preference Dividend and, in turn, Pelawan SPV must use all of
      the cash proceeds of the B2 Preference Dividend to subscribe for and
      Plateau must issue and allot the Plateau 2 Subscription Shares;
  and
|----- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|2.7.3 | if it is determined in accordance with the Conversion
      formulae set out under the Pelawan SPV Plateau B3 Preference Share Terms
      that a B3 Preference Dividend is payable then, Plateau must declare and
      pay the B3 Preference Dividend and, in turn, Pelawan SPV must use all of
      the cash proceeds of the B3 Preference Dividend to subscribe for and
      Plateau must issue and allot the Plateau 2 Subscription
  Shares.    

|2.8 | Furthermore, Anooraq, Pelawan SPV and Plateau have
      entered into the Plateau Forward Sale Agreement in terms of which Pelawan
      SPV sells to Anooraq:
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------

|2.8.1 | all of the Plateau 2 Shares which Pelawan SPV holds
      immediately following Conversion and subscription, if applicable, in
      exchange for the issue and allotment of such number Anooraq 2
      Consideration Shares; and
|----- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|      |                                                                                                                                                                                                                                   
|2.8.2 | all of the Plateau 3 Shares which Pelawan SPV holds
      immediately following Conversion and subscription, if applicable, in
      exchange for the issue and allotment of such number of Anooraq 3
      Consideration Shares, 

|     | in each case, for delivery and settlement by Anooraq on
      the Conversion Date.                                                                                                                                                                                                                                                                                                                                                                                                                                   
|---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|2.9  | Immediately following the implementation of the Plateau
      Forward Sale Agreement, Pelawan SPV will hold Anooraq 2 Consideration
      Shares and Anooraq 3 Consideration Shares and, in terms of the Pelawan
      Forward Sale Agreement, will buy back Pelawan SPV Designated Shares which
      RPM holds immediately following Conversion and subscription, if
      applicable, in exchange for the Anooraq 2 Consideration Shares, for
      delivery and settlement by Pelawan SPV on the Conversion Date.
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|2.10 | This Agreement sets out the terms and conditions
      applicable to the practical implementation of the Conversion, subscription
      and related transactions.                                                                                                                                                                                                                                                                                                                                                    



---

|ARQ YE Dec 2008 FS Notes - US GAAP Draft 2009-7-8 | 9
|------------------------------------------------- | -
|14/07/2009                                        |  

|3. | RPM Funding 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.                                                                                                                                                                      
|    |                                                                                                                                                                                                                                                                                                                                            
|3.3 | In the event of a conflict between the terms of this
      Agreement on the one hand and the Pelawan SPV Forward Sale Agreement or
      the Plateau Forward Sale Agreement on the other hand, the provisions of
      this Agreement shall prevail.                                                                                       

|4. | Immediate notice requirements on or about the Closing
      Date
|-- | ----------------------------------------------------------------

|4.1 | RPM and Pelawan Trust must jointly issue and file a news
      release on SEDAR on the Closing Date, the content of which will be agreed
      between RPM and Pelawan Trust in writing by no later than 2 days after the
      Signature Date, in accordance with section 3.1 of National Instrument
      62-103 The Early Warning System and Related Take-Over Bid and Insider
      Reporting Issues(NI 62-103).
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                                                     
|4.2 | Each of RPM and Pelawan Trust must file an early warning
      report on SEDAR in accordance with section 3.1 of NI 62-103 by no later
      than 2 Business Days after the Closing Date.                                                                                                                                                                                                                           
|    |                                                                                                                                                                                                                                                                                                                                                                                                                     
|4.3 | Anooraq must file a report of exempt distribution within
      10 days of the Closing Date in order for the distribution under the
      Plateau Forward Sale Agreement to fall within the prospectus exemption
      under BC Instrument 72-503 Distributions of Securities Outside of
      British Columbiaand shall provide a copy of such report to RPM by no
      later than 15 days after the Closing Date. 

|5. | Conversion Notice
|-- | -----------------

|5.1 | RPM will deliver a Conversion Notice to Pelawan SPV
      specifying the number of B1 Preference Shares that it wishes to Convert
      and the relevant Conversion Date.
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------



---

|ARQ YE Dec 2008 FS Notes - US GAAP Draft 2009-7-8 | 10
|------------------------------------------------- | --
|14/07/2009                                        |   

|5.2 | In accordance with the Conversion formulae set out under
      the RPM Pelawan SPV B1 Preference Share Terms, the Market Value of the
      Anooraq Common Shares will be applied by Pelawan SPV in determining
      inter alia:
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|5.2.1 | the number of B1 Preference Shares to be Converted into
      Pelawan SPV Converted Shares;                                                                                  
|----- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|      |                                                                                                                                                                              
|5.2.2 | the B1 Preference Dividend to be declared and paid by
      Pelawan SPV to RPM in respect of the B1 Preference Shares, if applicable;
      and                              
|      |                                                                                                                                                                              
|5.2.3 | the additional number of Pelawan SPV Subscription Shares
      to be subscribed for by RPM using all of the cash proceeds of the B1
      Preference Dividend, if applicable.

|5.3 | The number of B1 Preference Shares to be Converted will
      automatically trigger and determine the pro ratanumber of B2
      Preference Shares to be Converted and the pro ratanumber of B3
      Preference Shares to be Converted.                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|5.4 | It is anticipated that the Conversion and subscription
      processes set out in clauses 6.1, 6.2 and 6.3 below will be implemented
      concurrently, and in the context of each Conversion and subscription, in
      the sequence set out in these respective clauses.                                                                                                                                                                                                                                                                                                                                                                                                                            
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|5.5 | If following the application of the Conversion formulae
      as set out under the RPM Pelawan SPV B1 Preference Share Terms, Pelawan
      SPV Plateau B2 Preference Share Terms and Pelawan SPV Plateau B3
      Preference Share Terms (as the case may be), no B1 Preference Dividend, B2
      Preference Dividend or B3 Preference Dividend (as may be applicable) is to
      be declared and paid, the specific sub-clauses dealing with the
      declaration and payment of the relevant preference dividends and the
      subscription for additional ordinary shares in each of clauses 6.1, 6.2
      and 6.3 will be ignored for the purposes of implementation of the
      Conversion.

|6. | Conversion and
subscription
|-- | ---------------------------

|6.1 | B1 Preference
Shares
|--- | --------------------

|6.1.1 | If the B1 Preference Dividend is to be declared (as
      determined in accordance with clause 5.2), the directors of Pelawan SPV
      will pass the resolution substantially in the form of Annexure A in terms
      of which it declares the B1 Preference Dividend to RPM on the B1
      Preference Dividend Declaration Date.
|----- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



---

|ARQ YE Dec 2008 FS Notes - US GAAP Draft 2009-7-8 | 11
|------------------------------------------------- | --
|14/07/2009                                        |   

|6.1.2 | Pelawan SPV will procure bridge funding from its
      corporate bankers in an amount equal to the B1 Preference Dividend plus
      any costs, fees or expenses associated with such funding and pay an amount
      equal to the B1 Preference Dividend to RPM on the B1 Preference Dividend
      Payment Date.                                                                                                                                                                     
|----- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|6.1.3 | Against receipt of the cash proceeds of the B1 Preference
      Dividend, RPM must immediately use all of the cash proceeds thereof to
      subscribe for Pelawan SPV Subscription Shares.                                                                                                                                                                                                                                                                                            
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|6.1.4 | Pelawan SPV must issue and allot Pelawan SPV Subscription
      Shares to RPM under the authority of a resolution passed as a condition to
      the RPM Funding Common Terms Agreement (a copy of which is attached as
      Annexure B), and immediately use all of the cash proceeds paid by RPM for
      the Pelawan SPV Subscription Shares to settle the bridge funding procured
      from its corporate bankers in respect of the payment of the B1 Preference
      Dividend.
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|6.1.5 | Pelawan SPV must make such entries in its register of
      members, as are required to reflect RPM as the registered holder of the
      Pelawan SPV Subscription Shares, and must issue such new share
      certificates and other documents as may be required in connection with the
      subscription for the Pelawan SPV Subscription Shares.                                                                                                                                  
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|6.1.6 | Based on the application of the Conversion formulae (as
      determined in accordance with clause 5.2), a certain number of B1
      Preference Shares will automatically Convert into Pelawan SPV Converted
      Shares on the Conversion Date.                                                                                                                                                                                                                                     
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|6.1.7 | Pelawan SPV must make such entries in its register of
      members, as are required to reflect RPM as the registered holder of the
      Pelawan SPV Converted Shares, and must execute such replacement share
      certificates and other documents as may be required in connection with the
      Conversion of the B1 Preference Shares into Pelawan SPV Converted
      Shares.                                                                                                 
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|6.1.8 | RPM must surrender the share certificates in respect of
      those B1 Preference Shares that have Converted into Pelawan SPV Converted
      Shares to Pelawan SPV on the Conversion Date against receipt of
      confirmation of the updated register of members and the share certificates
      in respect of Pelawan SPV Designated Shares.                                                                                                                                      



---

|ARQ YE Dec 2008 FS Notes - US GAAP Draft 2009-7-8 | 12
|------------------------------------------------- | --
|14/07/2009                                        |   

|6.1.9 | Accordingly, RPM will be the registered holder and
      beneficial owner of the Pelawan SPV Designated Shares on the Conversion
      Date.
|----- | --------------------------------------------------------------------------------------------------------------------------------------------

|6.2 | B2 Preference
Shares
|--- | --------------------

|6.2.1 | The application of the Conversion formulae under the
      Pelawan SPV Plateau B2 Preference Share Terms relative to the Market Value
      of the Anooraq Common Shares at the Conversion Date will similarly
      determine:
|----- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|6.2.1.1 | the number of B2 Preference Shares to be Converted into
      Plateau 2 Converted Shares, being equal to the number of B1 Preference
      Shares Converting into Pelawan SPV Converted Shares as at the Conversion
      Date;
|------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|        |                                                                                                                                                                                                                                
|6.2.1.2 | the B2 Preference Dividend to be declared and paid by
      Plateau to Pelawan SPV in respect of the B2 Preference Shares, if
      applicable; and                                                                            
|        |                                                                                                                                                                                                                                
|6.2.1.3 | the additional number of Plateau 2 Subscription Shares to
      be subscribed for by Pelawan SPV using all of the cash proceeds of the B2
      Preference Dividend, if applicable.                                            

|6.2.2 | If the B2 Preference Dividend is to be declared (as
      determined in accordance with clause 6.2.1), the directors of Plateau will
      pass the resolution substantially in the form of Annexure C in terms of
      which it declares the B2 Preference Dividend to Pelawan SPV on the B2
      Preference Dividend Declaration Date.
|----- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|      |                                                                                                                                                                                                                                                                                                                                           
|6.2.3 | Plateau will procure bridge funding from its corporate
      bankers in an amount equal to the B2 Preference Dividend plus any costs,
      fees or expenses associated with such funding and pay an amount equal to
      the B2 Preference Dividend to Pelawan SPV on the B2 Preference Dividend
      Payment Date.                    
|      |                                                                                                                                                                                                                                                                                                                                           
|6.2.4 | Against receipt of the cash proceeds of the B2 Preference
      Dividend, Pelawan SPV must immediately use all of the cash proceeds
      thereof to subscribe for the Plateau 2 Subscription Shares.                                                                                                                                     
|      |                                                                                                                                                                                                                                                                                                                                           
|6.2.5 | Plateau must issue and allot the Plateau 2 Subscription
      Shares to Pelawan SPV under the authority of a resolution passed as a
      condition to RPM Funding Common Terms Agreement (a copy of which is
      attached as Annexure D), and immediately use the cash proceeds paid
    by                                            



---

|ARQ YE Dec 2008 FS Notes - US GAAP Draft 2009-7-8 | 13
|------------------------------------------------- | --
|14/07/2009                                        |   

|       | Pelawan SPV for the Plateau 2 Subscription Shares to
      settle the bridge funding procured from its corporate bankers in respect
      of the payment of the B2 Preference Dividend.                                                                                                                                                                                             
|------ | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|       |                                                                                                                                                                                                                                                                                                                                                                                     
|6.2.6  | Plateau must make such entries in its register of
      members, as are required to reflect Pelawan SPV as the registered holder
      of the Plateau 2 Subscription Shares, and must issue such new share
      certificates and other documents as may be required in connection with the
      subscription for the Plateau 2 Subscription Shares.                               
|       |                                                                                                                                                                                                                                                                                                                                                                                     
|6.2.7  | Based on the application of the Conversion formulae (as
      determined in accordance with clause 6.2.1), a certain number of B2
      Preference Shares will automatically Convert into Plateau 2 Converted
      Shares on the Conversion Date.                                                                                                                                  
|       |                                                                                                                                                                                                                                                                                                                                                                                     
|6.2.8  | Plateau must make such entries in its register of
      members, as are required to reflect Pelawan SPV as the registered holder
      of the Plateau 2 Converted Shares, and must execute such replacement share
      certificates and other documents as may be required in connection with the
      Conversion of the B2 Preference Shares into Plateau 2 Converted
    Shares.
|       |                                                                                                                                                                                                                                                                                                                                                                                     
|6.2.9  | Pelawan SPV must surrender the share certificates in
      respect of those B2 Preference Shares that have Converted into Plateau 2
      Converted Shares to Plateau on the Conversion Date against receipt of
      confirmation of the updated register of members and the share certificates
      in respect of the Plateau 2 Shares.                                          
|       |                                                                                                                                                                                                                                                                                                                                                                                     
|6.2.10 | Accordingly, Pelawan SPV will be the registered holder
      and beneficial owner of the Plateau 2 Shares on the Conversion
  Date.                                                                                                                                                                                                                                                 

|6.3 | B3 Preference
Shares
|--- | --------------------

|6.3.1 | The application of the Conversion formulae under the
      Pelawan SPV Plateau B3 Preference Share Terms relative to the Market Value
      of the Anooraq Common Shares at the Conversion Date will similarly
      determine:
|----- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|6.3.1.1 | the number of B3 Preference Shares to be Converted into
      Plateau 3 Converted Shares, being 963.7 B3 Preference Shares for every
      1000 B1 Preference Shares (or as calculated using the ratio of 111 600:115
      800) that Convert into Pelawan SPV Converted Shares as at the Conversion
      Date;
|------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



---

|ARQ YE Dec 2008 FS Notes - US GAAP Draft 2009-7-8 | 14
|------------------------------------------------- | --
|14/07/2009                                        |   

|6.3.1.2 | the B3 Preference Dividend to be declared and paid by
      Plateau to Pelawan SPV in respect of the B3 Preference Shares, if
      applicable; and                                
|------- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|        |                                                                                                                                                                                    
|6.3.1.3 | the additional number of Plateau 3 Subscription Shares to
      be subscribed for by Pelawan SPV using all of the cash proceeds of the B3
      Preference Dividend, if applicable.

|6.3.2 | If the B3 Preference Dividend is to be declared (as
      determined in accordance with clause 6.3.1), the directors of Plateau will
      pass the resolution substantially in the form of Annexure E in terms of
      which it declares the B3 Preference Dividend to Pelawan SPV on the B3
      Preference Dividend Declaration Date.                                                                                                                                                     
|----- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|6.3.3 | Plateau will procure bridge funding from its corporate
      bankers in an amount equal to the B3 Preference Dividend plus any costs,
      fees or expenses associated with such funding and pay an amount equal to
      the B3 Preference Dividend to Pelawan SPV on the B3 Preference Dividend
      Payment Date.                                                                                                                                                                         
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|6.3.4 | Against receipt of the cash proceeds of the B3 Preference
      Dividend, Pelawan SPV must immediately use all of the cash proceeds
      thereof to subscribe for the Plateau 3 Subscription Shares.                                                                                                                                                                                                                                                                                          
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|6.3.5 | Plateau must issue and allot the Plateau 3 Subscription
      Shares to Pelawan SPV under the authority of a resolution passed as a
      condition to RPM Funding Common Terms Agreement (a copy of which is
      attached as Annexure D), and immediately use all of the cash proceeds paid
      by Pelawan SPV for the Plateau 3 Subscription Shares to settle the bridge
      funding procured from its corporate bankers in respect of the payment of
      the B3 Preference Dividend.
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|6.3.6 | Plateau must make such entries in its register of
      members, as are required to reflect Pelawan SPV as the registered holder
      of the Plateau 3 Subscription Shares, and must issue such new share
      certificates and other documents as may be required in connection with the
      subscription for the Plateau 3 Subscription Shares.                                                                                                                                          
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|6.3.7 | Based on the application of the Conversion formulae (as
      determined in accordance with clause 6.3.1), a certain number of B3
      Preference Shares                                                                                                                                                                                                                                                                                                                                      



---

|ARQ YE Dec 2008 FS Notes - US GAAP Draft 2009-7-8 | 15
|------------------------------------------------- | --
|14/07/2009                                        |   

|       | will automatically Convert into Plateau 3 Converted
      Shares on the Conversion Date.                                                                                                                                                                                                                                                                                            
|------ | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|       |                                                                                                                                                                                                                                                                                                                                                                                     
|6.3.8  | Plateau must make such entries in its register of
      members, as are required to reflect Pelawan SPV as the registered holder
      of the Plateau 3 Converted Shares, and must execute such replacement share
      certificates and other documents as may be required in connection with the
      Conversion of the B3 Preference Shares into Plateau 3 Converted
    Shares.
|       |                                                                                                                                                                                                                                                                                                                                                                                     
|6.3.9  | Pelawan SPV must surrender the share certificates in
      respect of those B3 Preference Shares that have Converted into Plateau 3
      Converted Shares to Plateau on the Conversion Date against receipt of
      confirmation of the updated register of members and the share certificates
      in respect of the Plateau 3 Shares.                                          
|       |                                                                                                                                                                                                                                                                                                                                                                                     
|6.3.10 | Accordingly, Pelawan SPV will be the registered holder
      and beneficial owner of the Plateau 3 Shares on the Conversion
  Date.                                                                                                                                                                                                                                                 

|7. | Forward Sales                                                                                                                                                                                                                             
|-- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   |                                                                                                                                                                                                                                           
|   | Following Conversion and subscription under clause 6, on
      each Conversion Date the relevant Parties will implement the Plateau
      Forward Sale Agreement and immediately, thereafter the Pelawan SPV Forward
      Sale Agreement.

|7.1 | Plateau Forward Sale Agreement
|--- | ------------------------------
|    |                               
|    | On each Conversion Date:      

|7.1.1 | in accordance with the Plateau Forward Sale Agreement as
      read with the Pelawan SPV Plateau B2 Preference Share Terms and the
      Pelawan SPV Plateau B3 Preference Share Terms, Pelawan SPV sells to
      Anooraq:
|----- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|7.1.1.1 | all of the Plateau 2 Shares held by Pelawan SPV in
      exchange for the issue and allotment by Anooraq of the Anooraq 2
      Consideration Shares; and       
|------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------
|        |                                                                                                                                                                 
|7.1.1.2 | all of the Plateau 3 Shares held by Pelawan SPV to
      Anooraq in exchange for the issue and allotment by Anooraq of the Anooraq
      3 Consideration Shares;

|7.1.2 | Pelawan SPV must deliver to
Anooraq:
|----- | ------------------------------------



---

|ARQ YE Dec 2008 FS Notes - US GAAP Draft 2009-7-8 | 16
|------------------------------------------------- | --
|14/07/2009                                        |   

|7.1.2.1 | the original share certificates in respect of the Plateau
      2 Shares and the Plateau 3 Shares, together with duly completed
      instruments of transfer required in terms of section 133(2) of the
      Companies Act signed by the registered owner of the Plateau 2 Shares and
      Plateau 3 Shares as transferor (and dated not more than 5 days before the
      Conversion Date) and specifying Anooraq as transferee;
|------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|        |                                                                                                                                                                                                                                                                                                                                                                                                                                     
|7.1.2.2 | a certified copy of resolutions of the directors of
      Pelawan SPV approving the transfer of the Plateau 2 Shares and the Plateau
      3 Shares (which resolution is included in the attached Annexure
  B);                                                                                                                                                                                                                    

|7.1.3 | Anooraq must:
|----- | -------------

|7.1.3.1 | issue and allot the Anooraq 2 Consideration Shares and
      the Anooraq 3 Consideration Shares to Pelawan SPV and provide Pelawan SPV
      with written proof thereof; and                                                                                           
|------- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|        |                                                                                                                                                                                                                                                                        
|7.1.3.2 | deliver to Pelawan SPV a certified copy of resolutions of
      the directors of Anooraq approving the issue and allotment of the Anooraq
      2 Consideration Shares and the Anooraq 3 Consideration Shares to Pelawan
      SPV, in the form attached as Annexure F;

|7.1.4 | Pelawan SPV (if considered a 'control person') must file
      a Notice of Intention to Distribute Securities 7 days in advance of the
      transfer of the Anooraq 2 Consideration Shares and the Anooraq 3
      Consideration Shares in accordance with Section 2.8 of National Instrument
      45-102 Resale of Securities(NI 45-201) and (if considered
      an 'insider') file an insider report within 3 days after the completion of
      any transfer.
|----- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|7.2 | Pelawan SPV Forward Sale
Agreement                                                                 
|--- | ---------------------------------------------------------------------------------------------------
|    |                                                                                                    
|    | On each Conversion Date (following the implementation of
      the Plateau Forward Sale Agreement):

|7.2.1 | in accordance with Pelawan SPV Forward Sale Agreement,
      Pelawan SPV will buy back the Pelawan SPV Designated Shares from RPM.
      Pelawan SPV will settle the purchase consideration by delivery of the
      Anooraq 2 Consideration Shares;
|----- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|      |                                                                                                                                                                                                                                                     
|7.2.2 | Pelawan SPV must deliver to
RPM:                                                                                                                                                                                                                    



---

|ARQ YE Dec 2008 FS Notes - US GAAP Draft 2009-7-8 | 17
|------------------------------------------------- | --
|14/07/2009                                        |   

|7.2.2.1 | an irrevocable and unconditional written instruction to
      its broker or CSDP to effect transfer of the Anooraq 2 Consideration
      Shares into the following account:                                                                                                                    
|------- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|        |                                                                                                                                                                                                                                                                                                
|        | Account name: RPM 
      CSDP: Standard Bank                                                                                                                                                                                                                                                   
|        | Contact person: Celeste Ponnen - 011 631 5736 
        SCA/Bank
      CSD account number: 1000186 
      Scrip account number: ZA0400621487 
      Settlement
      bank account number: ZA000067024                                                                                           
|        |                                                                                                                                                                                                                                                                                                
|7.2.2.2 | a certified copy of the special resolution of the
      shareholder of Pelawan SPV stating that the acquisition of Pelawan SPV
      Designated Shares is approved in accordance with section 85(2) of the
      Companies Act (which resolution is included in the attached Annexure
      G);
|        |                                                                                                                                                                                                                                                                                                
|7.2.2.3 | written confirmation from the directors of Pelawan SPV
      that the requirements of section 85(4) of the Companies Act have been
      complied with in relation to the acquisition by Pelawan SPV of the of
      Pelawan SPV Designated Shares; and                                        
|        |                                                                                                                                                                                                                                                                                                
|7.2.2.4 | a certified copy of the special resolution of the
      shareholder of Pelawan SPV in accordance with section 38(2A) of the
      Companies Act (which resolution is included in the attached Annexure
      G);                                                                               
|        |                                                                                                                                                                                                                                                                                                
|7.2.2.5 | a certified copy of the resolution directing the transfer
      secretary of Pelawan SPV to procure the cancellation of Pelawan SPV
      Designated Shares.                                                                                                                                   

|7.2.3 | RPM must deliver to Pelawan
SPV:
|----- | --------------------------------

|7.2.3.1 | the original share certificates in respect of Pelawan SPV
      Designated Shares, together with a duly completed instrument of transfer
      required in terms of section 133(2) of the Companies Act signed by the
      registered owner of the Designated Shares as transferor (and dated not
      more than 5 days before the Conversion Date) and Pelawan SPV as to the
      transferee;
|------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|        |                                                                                                                                                                                                                                                                                                                                                                                                  
|7.2.3.2 | a certified copy of resolutions of the directors of RPM
      approving the transfer of the Pelawan SPV Designated
  Shares.                                                                                                                                                                                                                                                                     



---

|ARQ YE Dec 2008 FS Notes - US GAAP Draft 2009-7-8 | 18
|------------------------------------------------- | --
|14/07/2009                                        |   

|8. | Subsequent notice
requirements
|-- | ------------------------------

|8.1 | If following the implementation of the transactions
      contemplated under the Pelawan SPV Forward Sale Agreement, RPM may become
      a 'control person' in relation to any transfer of Anooraq 2 Consideration
      Shares by it, it must file a Notice of Intention to Distribute Securities
      7 days in advance of any such transfer, in accordance with Section 2.8 of
      NI 45-102.                                                                                                                                                                                                                                                                                                                                               
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|8.2 | Furthermore, if following the implementation of the
      transactions contemplated under the Pelawan SPV Forward Sale Agreement,
      RPM acquires ownership of more than 10% of the Anooraq Common Shares, RPM
      will be construed as an 'insider' and, accordingly, it must file an
      insider report within 10 days of it becoming an insider and thereafter, by
      no later than 10 days after its acquires direct or indirect beneficial
      ownership of, or control over, any further Anooraq Common
Shares.                                                                                                                                                                                                                  
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|8.3 | If either RPM or Pelawan Trust acquire an additional 2%
      of the Anooraq Common Shares on a particular Conversion Date while still
      subject to the early warning reporting requirements, such Party, or both
      RPM and Pelawan Trust, as the case may be, must publish a news release, as
      contemplated in clause 4.1, on the Conversion Date and must file an early
      warning report, as contemplated in clause 4.2, by no later than 2 Business
      Days after the relevant Conversion Date. The obligation to publish the
      news release and file the early warning report will also arise in the
      event of a change in any material fact in respect of the most recently
      published early warning report.

|9. | Practical
implementation
|-- | ------------------------

|9.1 | Anooraq has proposed a process to facilitate the
      practical implementation of its obligation to issue and allot Anooraq 2
      Consideration Shares and Anooraq 3 Consideration Shares under the Plateau
      Forward Sale Agreement and Pelawan SPV's obligation to deliver the Anooraq
      2 Consideration Shares to RPM under the Pelawan SPV Forward Sale
      Agreement. The process set out under this clause 9 should not be construed
      as an attempt to circumvent or substitute any of the steps set out under
      clauses 4, 5, 6, 7 and 8 but instead it is intended to achieve an
      efficient issue, allotment and subsequent transfer of Anooraq 2
      Consideration Shares to RPM and Anooraq 3 Consideration Shares to Pelawan
      SPV without prejudice to the Parties respective rights and obligations set
      out under this Agreement, at law or any of the
Finance
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



---

|ARQ YE Dec 2008 FS Notes - US GAAP Draft 2009-7-8 | 19
|------------------------------------------------- | --
|14/07/2009                                        |   

Documents. The process to give effect
to this practical implementation is as follows:

|9.1.1 | On the Closing Date, Anooraq will deliver to
      Computershare Canada a reservation form substantially in form attached as
      Annexure H reserving for issuance and allotment all of the Anooraq 2
      Consideration Shares and the Anooraq 3 Consideration Shares;                                                                                                                                                                                                                                                                                                                             
|----- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|9.1.2 | Anooraq must file an exempt distribution report within
      the time limit and in the manner contemplated under clause 4.3;                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|9.1.3 | Each of RPM and Pelawan Trust (either individually or
      jointly) must issue and file a news release on the Closing Date (as
      contemplated under clause 4.1) and then file an early warning report by no
      later than 2 Business Days after the Closing Date (as contemplated under
      clause 4.2);                                                                                                                                                                                                                                                                                     
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|9.1.4 | RPM will provide Pelawan SPV with 15 days written notice
      of its intention to deliver a Conversion Notice (Advance Notice),
      which Advance Notice will stipulate the anticipated date for the delivery
      of the Conversion Notice by RPM to Pelawan SPV in accordance with the
      terms and conditions of the RPM Pelawan SPV B1 Preference Share
    Terms;                                                                                                                                                                                                                          
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|9.1.5 | On each Conversion Date, Anooraq will issue a direction
      (the Direction) to Computershare Canada substantially in the form
      attached as Annexure I directing Computershare Canada to issue and allot
      the Anooraq 2 Consideration Shares and Anooraq 3 Consideration Shares (as
      determined in accordance with the Conversion formulae set out under the
      RPM Pelawan SPV B1 Preference Share Terms as read with the Pelawan SPV
      Plateau B2 Preference Share Terms and the Pelawan SPV Plateau B3
      Preference Share Terms) to RPM and Pelawan SPV, respectively;   
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|9.1.6 | The Anooraq 2 Consideration Shares and the Anooraq 3
      Consideration Shares will be registered on Anooraq's shareholders register
      maintained and managed by Computershare Canada and thereafter, immediately
      transferred from such register to Anooraq's shareholders register
      maintained and managed by Computershare South Africa. Each of RPM and
      Pelawan SPV will, as soon as is practicable, submit a completed 'Register
      Removal Request' (Canadian Register to South African Register) to Anooraq,
      substantially in the form attached as Annexure J.
The



---

|ARQ YE Dec 2008 FS Notes - US GAAP Draft 2009-7-8 | 20
|------------------------------------------------- | --
|14/07/2009                                        |   

|      | 'Register Removal Request' form will facilitate the
      transfer of the Anooraq 2 Consideration Shares into the RPM nominated
      account (stipulated under clause 7.2.2.1);
|----- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|      |                                                                                                                                                                                 
|9.1.7 | Pelawan SPV must file an insider report by no later than
      10 days after it acquires the Anooraq 3 Consideration Shares i.e. the
      Conversion Date.                     

|10. | Co-operation and
support
|--- | ------------------------

|10.1 | The Parties agree that they will co-operate fully to do
      all such further acts and execute any further documents as may be
      necessary or desirable to give full effect to the arrangements
      contemplated by this Agreement.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|10.2 | Pelawan Trust undertakes to RPM and Pelawan SPV that in
      the event of RPM notifying Pelawan Trust that an 'Enforcement Event' or
      'Specified Default' under (and as defined in) the Pelawan Cession and
      Pledge in Security has occurred, to immediately pass all necessary
      resolutions and take all necessary actions and sign all necessary
      documents to give full effect to the immediate transfer of registered
      ownership of the Anooraq Security Shares to Pelawan SPV. If Pelawan Trust
      fails to fulfil its obligations under this clause 10.2, Pelawan Trust
      hereby nominates, authorises and appoints RPM irrevocably and in rem
      suamas its true and lawful attorney and agent in Pelawan Trusts
      name, place and stead to do all such things, and to sign and execute such
      documents as may be necessary to:

|10.2.1 | transfer registered ownership of the Anooraq Security
      Shares to Pelawan SPV; and                                                       
|------ | ---------------------------------------------------------------------------------------------------------------------------------------------
|       |                                                                                                                                              
|10.2.2 | enable RPM and/or Pelawan SPV to exercise any of the
      rights granted to them under this Agreement or any of the Finance
      Documents.

|10.3 | Notwithstanding anything to the contrary herein
      contained, in the event of a full and final discharge of all obligations
      owed to RPM under the Specified Pelawan Finance Documents (the Final
      Discharge Date), as confirmed by RPM to Pelawan SPV in writing,
      Pelawan SPV undertakes to immediately transfer registered ownership or
      beneficial ownership, as the case may be, of any Anooraq Security Shares
      held by Pelawan SPV as at the Final Discharge Date, to Pelawan Investments
      irrespective of who or which entity owns the Pelawan SPV Ordinary Shares
      as at the Final Discharge Date.
|---- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



---

|ARQ YE Dec 2008 FS Notes - US GAAP Draft 2009-7-8 | 21
|------------------------------------------------- | --
|14/07/2009                                        |   

|10.4 | Pelawan Trust acknowledges that RPM has proposed certain
      amendments to the trust deed of the Pelawan Trust in order to address the
      issues identified in the marked up document entitled "WW Comments
      23-06-09" sent to representatives of the Pelawan Trust under cover of
      an e-mail dated 24 June 2009 at 09h47 with the subject heading "Pelawan
      Trust Deed". The Pelawan Trust, Pelawan Investments, Anooraq and RPM
      (being the parties referred to in clause 18 of the trust deed) undertake
      where it is within their respective power and control to do so, to use
      their respective reasonable commercial endeavours to procure
  that:
|---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|10.4.1 | such amendments, as may be acceptable to RPM acting
      reasonably, are agreed and confirmed in writing by the relevant parties to
      the trust deed (Specified Confirmation) by no later than 60 days
      after the Signature Date; and                                                                                                                                                                  
|------ | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|       |                                                                                                                                                                                                                                                                                                                                                                                                                  
|10.4.2 | to the extent required under Canadian securities law, the
      amendments reflected in the Specified Confirmation are placed before a
      general meeting of the shareholders of Anooraq for approval in accordance
      with the shareholder approval requirements, as soon as is practicable and,
      in any event, by no later than the first anniversary of the Closing Date
      (the Approval Date).

|10.5 | In the event that either:
|---- | -------------------------

|10.5.1 | the relevant parties fail for any reason to provide the
      Specified Confirmation within the specified time period; or                                                                              
|------ | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|       |                                                                                                                                                                                                        
|10.5.2 | to the extent required under Canadian securities law, the
      shareholders of Anooraq fail to approve the amendments reflected in the
      Specified Confirmation on or before the Approval Date; or
|       |                                                                                                                                                                                                        
|10.5.3 | if for any other reason the amendments to the trust deed
      set out in the Specified Confirmation cannot be effected on or before the
      Approval Date,                                          

then, any such failure will be a material
  breach of the terms of this Agreement. In this regard, the trustees of the Pelawan
  Trust agree to execute and deliver to RPM within 10 days of the Signature Date,
  the resolution attached as Annexure K as an acknowledgement of inter alia
  the terms and conditions of these clauses 10.4 and 10.5.



---

|ARQ YE Dec 2008 FS Notes - US GAAP Draft 2009-7-8 | 22
|------------------------------------------------- | --
|14/07/2009                                        |   

|11. | Restrictions
|--- | ------------

|11.1 | Anooraq, Pelawan Investments, Pelawan SPV and Pelawan
      Trust undertake to do everything within their power including without
      limitation the passing all necessary resolutions, the taking of all
      necessary actions and signing of all necessary documents to ensure that
      RPM's rights under this Agreement and/or the Specified Pelawan Finance
      Documents and in relation to the Anooraq 2 Consideration Shares are not
      prejudiced for any reason whatsoever including as a result of the
      occurrence of a Share Adjustment Event.
|---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|11.2 | Pelawan Investments, Pelawan SPV and Pelawan Trust
      undertake to do everything within their power including without limitation
      the passing all necessary resolutions, the taking of all necessary actions
      and signing of all necessary documents to ensure that the Anooraq Security
      Shares constitute, at any particular date for the duration of this
      Agreement, such number of Anooraq Common Shares as is equal to 26% of all
      the Anooraq Common Shares in issue on a fully diluted basis, as at that
      date.                  
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|11.3 | Without prejudice to the restrictions set out under
      clause 11.1, if a Share Adjustment Event does occur, the number of Anooraq
      Common Shares making up the Anooraq Security Shares, the Anooraq 2
      Consideration Shares and the Anooraq 3 Consideration Shares as reflected
      in the RPM Funding Common Terms Agreement will be increased or decreased,
      as may be appropriate, in accordance with the Share Adjustment
    Event.                                                                                                              

|12. | Tag right
|--- | ---------

|12.1 | Should Plateau or any member of the Pelawan Group (the
      Disposing Party) offer to sell any shares and/or claims (the Sale
      Interest) to a third party (the Acquiring Party) or, receive an
      offer in respect the acquisition of any Sale Interest from an Acquiring
      Party, which upon implementation of the transaction contemplated under the
      offer (the Proposed Transaction), would result in a Change of
      Control, then, in such circumstances, the Disposing Party
  must:
|---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|12.1.1 | immediately inform RPM in writing of the making of, or
      receipt of, the offer (Offer Notice) or, if the Disposing Party has
      failed, for whatever reason, to give such Offer Notice, RPM shall be
      entitled, on it becoming aware of the Proposed Transaction, to give notice
      in respect thereof to the Disposing Party, in which event such written
      notice given by RPM shall constitute the Offer Notice;
  and
|------ | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



---

|ARQ YE Dec 2008 FS Notes - US GAAP Draft 2009-7-8 | 23
|------------------------------------------------- | --
|14/07/2009                                        |   

|12.1.2 | irrespective of the terms and conditions of the Offer
      Notice, it shall be a condition precedent to the Proposed Transaction that
      the Acquiring Party offers to purchase RPM's equity interest in Pelawan
      SPV or, in circumstances of Conversion, its holding of Anooraq Common
      Shares (or both) (collectively, its Equity Interest), at a purchase
      price and on terms and conditions substantially the same as that which the
      Acquiring Party has offered to acquire the Sale Interest from the
      Disposing Party. If the initial offer does not include an offer to acquire
      the Equity Interest, the Disposing Party shall procure that by no later
      than 15 days after delivery of the Offer Notice, the initial offer is
      revised to include an offer to RPM in relation to the Equity Interest.
      Should the nature of the offer be such that a calculation of a pro ratavalue in respect of the Equity Interest is incapable of being
      determined relative to the nature of the offer or, the Disposing Party,
      the Acquiring Party and RPM are unable to agree to an appropriate purchase
      price in respect of the Equity Interest, in either case, within a period
      of 30 days after delivery of the Offer Notice, the Disposing Party, the
      Acquiring Party and RPM will appoint an independent investment bank by
      agreement in writing or failing agreement, as nominated by the President
      of the South African Institute of Chartered Accountants. The independent
      investment bank will determine the purchase price of the Equity Interest
      and, in so doing, will act as an expert and not as an arbitrator and its
      decision shall be final and binding.
|------ | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|12.2 | The Disposing Party undertakes to procure that the offer,
      in respect of both the Equity Interest and the Sale Interest, is capable
      of acceptance by the Disposing Party and RPM, respectively, for a period
      of 30 days from the date of the determination of the purchase price of the
      Equity Interest or such longer period as the parties may agree in
      writing.                                                                                                                         
|---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|12.3 | Without prejudice to any of RPM's rights under the
      Transaction Documents or at law, RPM shall be entitled in its absolute
      discretion on 15 Business Days written notice to the Disposing Party to
      accept the offer from the Acquiring Party in relation to the Equity
      Interest provided that the offer in relation to the Sale Interest is also
      accepted by the Acquiring Party within the applicable 30 day time period
      or, such longer period as the parties may agree in writing.
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|12.4 | If RPM elects not to accept the offer in relation to its
      Equity Interest, and subject to any other restrictions under the
      Transaction Documents applicable to the Proposed Transaction, the
      Disposing Party shall be entitled to proceed with the Proposed Transaction
      on the same terms and conditions as set out under
the                                                                                                                                                                    



---

|ARQ YE Dec 2008 FS Notes - US GAAP Draft 2009-7-8 | 24
|------------------------------------------------- | --
|14/07/2009                                        |   

|     | Offer Notice (other than those terms and conditions
      specifically related to the Equity Interest).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|---- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|12.5 | If the terms and conditions applicable to the Proposed
      Transaction change subsequent to RPM's election or the offer is rejected
      or the Proposed Transaction is not concluded within a period of 60 days
      from the date of acceptance of the offer, the Disposing Party will not be
      entitled to and shall not sell the Sale Interest and, if it so wishes to
      sell the Sale Interest, it shall again be obliged to follow the procedure
      set out in this clause 12.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|12.6 | In the event of a Change of Control without the prior
      written consent of RPM, Plateau shall give written notice (Control
      Change Notice) of such breach to RPM, as soon as possible in the
      circumstances after such Change of Control has occurred or, in the event
      that Plateau has failed, for whatever reason, to give such Control Change
      Notice, RPM shall be entitled, on it becoming aware that such Change of
      Control has occurred, to give notice in respect thereof to Plateau, in
      which event such written notice given by RPM shall constitute the Control
      Change Notice. The Disposing Party must procure that the Acquiring Party
      makes an offer to RPM in respect of the Equity Interest as soon as
      reasonably practicable and, by no later than 15 days after delivery of the
      Control Change Notice. The purchase price in respect of the Equity
      Interest will be determined in the same manner as that contemplated under
      clause 12.1.2 and RPM will be entitled, without prejudice to any of its
      rights under the Transaction Documents or at law, to accept the offer
      within 30 days from the date of the determination of the purchase price of
      the Equity Interest or such longer period as the parties may agree in
      writing.
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|12.7 | If the Disposing Party is unable to procure that the
      Acquiring Party purchases the Equity Interest from RPM within such 30 day
      period or such longer period as the parties may agree in writing, then the
      transaction giving rise to the Change of Control will be void ab
      initio.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             

|13. | Appointment of an Implementation
  Agent
|--- | ----------------------------------------

|13.1 | RPM may in its absolute discretion elect to appoint an
      agent for the purposes of implementing the transactions contemplated under
      this Agreement in accordance with the terms and conditions of this
      Agreement (the Implementation Agent). The Parties agree to take all
      necessary actions and sign all necessary documents
to:
|---- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|13.1.1 | appoint the Implementation Agent for this
  purpose;
|------ | ----------------------------------------------------



---

|ARQ YE Dec 2008 FS Notes - US GAAP Draft 2009-7-8 | 25
|------------------------------------------------- | --
|14/07/2009                                        |   

|13.1.2 | provide the Implementation Agent with copies of all
      records, documents and information that may reasonably be required in
      order to give effect to the provisions of this Agreement;
|------ | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|       |                                                                                                                                                                                                
|13.1.3 | assist the Implementation Agent in procuring all relevant
      Authorisations, if applicable, for the purposes of executing the various
      transactions contemplated under this Agreement; 
|       |                                                                                                                                                                                                
|13.1.4 | authorise the Implementation Agent to take whatever steps
      may be necessary on behalf of the Parties to give effect to the provisions
      of this Agreement; and                        
|       |                                                                                                                                                                                                
|13.1.5 | generally assist the Implementation Agent in the
      performance of any obligations required to be performed by the
      Implementation Agent under this Agreement.                         

|14. | Breach
|--- | ------

|14.1 | If a Party breaches any material provision of this
      Agreement and remains in breach for 5 Business Days after written notice
      to that Party requiring that Party to rectify that breach, the aggrieved
      Party shall be entitled (without derogating from any of its other rights
      or remedies under this Agreement or subject to clause 14.2, at law) to sue
      for immediate specific performance of any of the defaulting Party's
      obligations under this Agreement, whether or not such obligation is then
      due, and to claim any damages it has suffered.
|---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|14.2 | No Party shall be entitled to cancel this
    Agreement.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      



---

|ARQ YE Dec 2008 FS Notes - US GAAP Draft 2009-7-8 | 26
|------------------------------------------------- | --
|14/07/2009                                        |   

|Signed at Jhb | on | 26 June             
                       2009
|------------- | -- | ------------------------------------------------
|              |    |                                                 
|Witness       |    | for Pelawan Trust                               
|              |    |                                                 
|*/s/ signed*  |    | */s/ signed*                                    
|              |    | duly authorised and warranting such             
|              |    | authority                                       
|              |    |                                                 
|              |    |                                                 
|Signed at Jhb | on | 26 June             
                       2009
|              |    |                                                 
|Witness       |    | for Central Plaza Investments 78                
|              |    | (Proprietary) Limited (to be renamed            
|              |    | Pelawan Finance SPV (Proprietary)               
|              |    | Limited)                                        
|              |    |                                                 
|*/s/ signed*  |    | */s/ signed*                                    
|              |    | duly authorised and warranting such             
|              |    | authority                                       
|              |    |                                                 
|              |    |                                                 
|Signed at Jhb | on | 26 June             
                       2009
|              |    |                                                 
|Witness       |    | for Pelawan Investments (Proprietary)           
|              |    | Limited                                         
|              |    |                                                 
|*/s/ signed*  |    | */s/ signed*                                    
|              |    | duly authorised and warranting such             
|              |    | authority                                       
|              |    |                                                 
|              |    |                                                 
|Signed at Jhb | on | 26 June             
                       2009
|              |    |                                                 
|Witness       |    | for Anooraq Resources Corporation               
|              |    |                                                 
|*/s/ signed*  |    | */s/ signed*                                    
|              |    | duly authorised and warranting such             
|              |    | authority                                       



---

|ARQ YE Dec 2008 FS Notes - US GAAP Draft 2009-7-8 | 27
|------------------------------------------------- | --
|14/07/2009                                        |   

|Signed at Jbh | on | 26 June             
                       2009 
|------------- | -- | -------------------------------------------------
|              |    |                                                  
|Witness       |    | for Plateau Resources (Proprietary)
      Limited
|              |    |                                                  
|*/s/ signed*  |    | */s/ signed*                                     
|              |    | duly authorised and
      warranting such        
|              |    | authority                                        
|              |    |                                                  
|              |    |                                                  
|Signed at Jhb | on | 26 June             
                       2009 
|              |    |                                                  
|Witness       |    | for Rustenburg Platinum Mines
      Limited      
|              |    |                                                  
|*/s/ signed*  |    | */s/ signed*                                     
|              |    | duly authorised and
      warranting such        
|              |    | authority                                        



---