---

ANGL12-CS19 (RS\AGR\AMPLATS\ANGL12-CS19 PHASE 3
IMPLEMENTATION AGR) AC/gvh 28.03.08



PHASE 3 IMPLEMENTATION
AGREEMENT



amongst



RUSTENBURG PLATINUM MINES
LIMITED





PLATEAU RESOURCES (PROPRIETARY)
LIMITED



and



RICHTRAU NO
179 (PROPRIETARY) LIMITED

(to be renamed Bokoni Platinum Holdings (Proprietary)
Limited)



---

ANGL12-CS19 (RS\AGR\AMPLATS\ANGL12-CS19 PHASE 3
IMPLEMENTATION AGR) AC/gvh

TABLE OFCONTENTS


|1.  | PARTIES                     | 1 
|--- | --------------------------- | --
|    |                             |   
|2.  | INTERPRETATION              | 1 
|    |                             |   
|3.  | RECORDAL                    | 25
|    |                             |   
|4.  | CONDITIONS
      PRECEDENT  | 26
|    |                             |   
|5.  | IMPLEMENTATION              | 36
|    |                             |   
|6.  | TERMINATION                 | 36
|    |                             |   
|7.  | POST-CLOSING
      DIVIDEND | 37
|    |                             |   
|8.  | COSTS                       | 37
|    |                             |   
|9.  | CONFIDENTIALITY             | 38
|    |                             |   
|10. | BREACH                      | 40
|    |                             |   
|11. | DOMICILIUM                  | 40
|    |                             |   
|12. | DISPUTE
      RESOLUTION    | 42
|    |                             |   
|13. | COUNTERPARTS                | 44
|    |                             |   
|14. | GOVERNING
      LAW         | 44
|    |                             |   
|15. | SEVERANCE                   | 44
|    |                             |   
|16. | GENERAL                     | 45

---oOo---

|SCHEDULE
      1 | - | DRAFT
      BEE PRINCIPLES ACKNOWLEDGMENT LETTER
|---------------- | - | ------------------------------------------------



---

ANGL12-CS19(RS\AGR\AMPLATS\ANGL12-CS19 PHASE 3
IMPLEMENTATION AGR) AC/gvh

PHASE 3 IMPLEMENTATION AGREEMENT

|1. | PARTIES
|-- | -------

|1.1 | PLATEAU RESOURCES (PROPRIETARY)
    LIMITED
|--- | -------------------------------------------
|    |                                            
|1.2 | RUSTENBURG PLATINUM MINES LIMITED          
|    |                                            
|1.3 | RICHTRAU NO 179 (PROPRIETARY)
  LIMITED    

|2. | INTERPRETATION
|-- | --------------

|2.1 | The headnotes to the clauses of this Agreement are
      inserted for reference purposes only and shall in no way govern or affect
      the interpretation hereof.
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                    
|2.2 | Unless inconsistent with the context, the expressions set
      forth below shall bear the following meanings:                                                     

| | AFSA      | Arbitration Foundation of Southern Africa                                         
| | ----------- | ----------------------------------------------------------------------------------
| |             |                                                                                   
| | Agreement | this Phase 3 Implementation Agreement, together with all
      the schedule hereto
| |             |                                                                                   
| | Anooraq   | Anooraq Resources Corporation, a public company
      incorporated in             



---

|ANGL12-CS19                
|---------------------------
|(RS\AGR\AMPLATS\ANGL12-CS19
|PHASE 3 IMPLEMENTATION AGR)
|AC/gvh                     
|Page 2                     

accordance with the laws of British Columbia, Canada,
      registration no. 10022-2033Anooraq Agreements
    the agreements and/or written documents recording, as at
      the Closing Date, the composition of the Anooraq Group, the relationship
      amongst the members of the Anooraq Group, and/or any other matter and/or
      issue of relevance to any of the contents hereof, and which agreements
      are:


| | 1. | the shareholders agreement entered into on 19 September
      2004 amongst Pelawan, Anooraq and the Pelawan Trust;                                                                                         
| | -- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |    |                                                                                                                                                                                                             
| | 2. | the subscription and shareholders agreement in respect
      of Pelawan (Pelawan Subscription and Shareholders Agreement), entered
      into on 19 September 2004 amongst Anooraq, the Pelawan
  Trust,



---

|ANGL12-CS19                
|---------------------------
|(RS\AGR\AMPLATS\ANGL12-CS19
|PHASE 3 IMPLEMENTATION AGR)
|AC/gvh                     
|Page 3                     

| |    | African Minerals Professionals (Proprietary) Limited,
      Tshanduko Investments (Proprietary) Limited, Siyanda Trust, Legakabje
      Mining & Exploration (Proprietary) Limited, Basadi-Ba-Bapedi Cultural
      Development Trust, Zonkizizwe Investment Trust, Isolomzi Investments
      (Proprietary) Limited, Ditau Investments Company (Proprietary) Limited,
      Prime Skill Development Trust, African Mining Development Trust, Mookodi
      Trading (Proprietary) Limited, Africa without Boundaries Mining
      (Proprietary) Limited, Leswika Womens Investments (Proprietary) Limited,
      Figure Eight Investments (Proprietary) Limited, Miracle Mile Investments
      74 (Proprietary) Limited and Pelawan;
| | -- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
| | 3. | the amendment to the Pelawan                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          



---

|ANGL12-CS19                
|---------------------------
|(RS\AGR\AMPLATS\ANGL12-CS19
|PHASE 3 IMPLEMENTATION AGR)
|AC/gvh                     
|Page 4                     

| |    | Subscription and Shareholders Agreement, entered into on
      29 September 2004;                                                                                                       
| | -- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |    |                                                                                                                                                                                          
| | 4. | the share exchange agreement entered into on 21 January
      2004 between Pelawan and Anooraq, as amended by the addenda thereto dated
      20 September 2004 and 11 November 2005; and
| |    |                                                                                                                                                                                          
| | 5. | the trust deed of the Pelawan Trust, entered into on 2
      September 2004                                                                                                              

Anooraq Due Diligence
    the due diligence investigation currently being
      undertaken by Anooraq and Plateau, and constituting a comprehensive
      technical, financial, legal and regulatory investigation into respectively
      Lebowa and the LPM Business, in order to establish whether there exists
      any fact and/or circumstances which, had Plateau had insight into such
      fact and/or




---

|ANGL12-CS19                
|---------------------------
|(RS\AGR\AMPLATS\ANGL12-CS19
|PHASE 3 IMPLEMENTATION AGR)
|AC/gvh                     
|Page 5                     

| |                     | circumstance, would have deterred Plateau from entering
      into any of the Transactional Agreements to which it is a party, either on
      the relevant terms and conditions, or at all                                                                                                   
| | ------------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |                     |                                                                                                                                                                                                                                                                                               
| | Anooraq Group     | the group of entities comprising Anooraq, the Anooraq
      Parties and their respective direct and indirect Subsidiary Companies,
      from time to time                                                                                                                                    
| |                     |                                                                                                                                                                                                                                                                                               
| | Anooraq Parties   | the Anooraq Parties, as defined in the Holdco
      Shareholders Agreement                                                                                                                                                                                                                   
| |                     |                                                                                                                                                                                                                                                                                               
| | APL               | Anglo Platinum Limited, a public company incorporated in
      accordance with the laws of the Republic, registration no. 1946/022452/06                                                                                                                                                      
| |                     |                                                                                                                                                                                                                                                                                               
| | APL Due Diligence | the due diligence investigation currently being
      undertaken by RPM in respect of the compliance by the Anooraq Parties with
      all requirements in respect of BEE (including, without limitation, the
      participation in all relevant structures by women and communities), and to



---

|ANGL12-CS19                
|---------------------------
|(RS\AGR\AMPLATS\ANGL12-CS19
|PHASE 3 IMPLEMENTATION AGR)
|AC/gvh                     
|Page 6                     

| |                        | establish whether there is any fact and/or circumstance
      which prevents Plateau from entering into and/or completing the
      Transactional Agreements to which it is party, in accordance with their
      terms and/or from complying fully and in all respects with all of its
      obligations (including, without limitation, its obligation to procure that
      the Anooraq Parties shall undertake various actions) arising in terms of
      and/or in connection with the Holdco Shareholders Agreement
| | ---------------------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |                        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
| | APL Group            | the group of entities comprising APL, RPM, Holdco, Opco,
      Lebowa and their respective direct and indirect Subsidiary Companies, from
      time to time                                                                                                                                                                                                                                                                                                                                                              
| |                        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
| | APL Old Order Rights | all old order rights (as defined in Schedule II of the
      MPRD Act) held, as at the Signature Date, by the companies comprising the
      APL Group, as at the Signature Date, including (without limitation) the
      Old Order                                                                                                                                                                                                                                                                                      



---

|ANGL12-CS19                
|---------------------------
|(RS\AGR\AMPLATS\ANGL12-CS19
|PHASE 3 IMPLEMENTATION AGR)
|AC/gvh                     
|Page 7                     

| |                                              | Rights, as set out in the list attached to the Holdco
      Shareholders Agreement as Schedule 6                                                                                                                                                   
| | -------------------------------------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |                                              |                                                                                                                                                                                                                                                     
| | BEE                                        | broad-based black economic empowerment, as envisaged in
      terms of the MPRD Act and/or the Charter                                                                                                                                              
| |                                              |                                                                                                                                                                                                                                                     
| | Boikgantsho Sale Assets                    | the Sale Assets, as defined in the Boikgantsho Sale of
      Rights Agreement                                                                                                                                                                       
| |                                              |                                                                                                                                                                                                                                                     
| | Boikgantsho Sale of Rights
      Agreement | the Boikgantsho Sale of Rights Agreement entered into, or
      to be entered into, amongst Plateau, RPM and Boikgantsho, in terms whereof
      Plateau and RPM shall respectively sell certain of the Boikgantsho Sale
      Assets to Boikgantsho
| |                                              |                                                                                                                                                                                                                                                     
| | Business                                   | collectively, the Ga-Phasha Business, the LPM Business,
      the Boikgantsho Sale Assets and the Kwanda Sale Assets                                                                                                                                
| |                                              |                                                                                                                                                                                                                                                     
| | Business Day                               | every day except Saturdays, Sundays and statutory
      holidays in the Republic                                                                                                                                                                    



---

|ANGL12-CS19                
|---------------------------
|(RS\AGR\AMPLATS\ANGL12-CS19
|PHASE 3 IMPLEMENTATION AGR)
|AC/gvh                     
|Page 8                     

| |                | and/or British Columbia                                                                                                                                                                                                                                                                           
| | -------------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |                |                                                                                                                                                                                                                                                                                                   
| | Charter      | the Broad Based Socio Economic Empowerment Charter for
      the South African Mining Industry (together with the Scorecard), dated 11
      October 2002, published in terms of the provisions of Section 100(2)(a) of
      the MPRD Act, under Government Gazette (No. 26661 of 13 August 2004)
| |                |                                                                                                                                                                                                                                                                                                   
| | Closing Date | the date being either:                                                                                                                                                                                                                                                                            

| | 1. | the first day of the calendar month immediately following
      the Fulfilment Date; or                                                                                                                    
| | -- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |    |                                                                                                                                                                                                            
| | 2  | in the event that the Fulfilment Date shall be on or
      after the sixth last Business Day of any month, the first day of the
      second calendar month immediately following the Fulfilment Date;
  or
| |    |                                                                                                                                                                                                            
| | 3  | the Fulfilment Date,                                                                                                                                                                                       



---

|ANGL12-CS19                
|---------------------------
|(RS\AGR\AMPLATS\ANGL12-CS19
|PHASE 3 IMPLEMENTATION AGR)
|AC/gvh                     
|Page 9                     

as elected by Plateau, by delivery to
RPM and Holdco of a Closing Date Notice, by no later than:

| | (a) | in the event that Plateau elects either of the dates
      contemplated in 1 and 2 above, the close of business on the Fulfilment
      Date; or         
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------
| |     |                                                                                                                                                          
| | (b) | in the event that Plateau elects the date contemplated in
      3 above, the date on which the Condition in clause 4.1.7 shall have been
      fulfilled,

provided that in the event that Plateau
  shall have failed to deliver the Closing Date Notice within the time periods
  specified above, the Closing Date shall be the first day of the calendar month
  immediately following the Fulfilment Date



---

|ANGL12-CS19                
|---------------------------
|(RS\AGR\AMPLATS\ANGL12-CS19
|PHASE 3 IMPLEMENTATION AGR)
|AC/gvh                     
|Page 10                    

| | Closing Date Notice     | a written notice by Plateau in which it specifies its
      election of the date which shall constitute the Closing Date                                                                                                                     
| | ------------------------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |                           |                                                                                                                                                                                                                                              
| | Companies Act           | the Companies Act, 1973 (Act 61 of 1973)                                                                                                                                                                                                     
| |                           |                                                                                                                                                                                                                                              
| | Competition Act         | the Competition Act, 1998 (Act 89 of 1998)                                                                                                                                                                                                   
| |                           |                                                                                                                                                                                                                                              
| | Competition Authorities | the Competition Commission, the Competition Tribunal
      and/or the Competition Appeal Court, as the case may be, established in
      terms of the Competition Act, and Competition Authority shall have a
      corresponding meaning  
| |                           |                                                                                                                                                                                                                                              
| | Conditions              | the conditions precedent in clause 4.1                                                                                                                                                                                                       
| |                           |                                                                                                                                                                                                                                              
| | Credits                 | the credits in respect of BEE to be received by APL
      (including, without limitation, those credits to be received by RPM and/or
      Lebowa), as at the Closing Date, in terms of paragraph 4.7 of the Charter
      and the Scorecard,



---

|ANGL12-CS19                
|---------------------------
|(RS\AGR\AMPLATS\ANGL12-CS19
|PHASE 3 IMPLEMENTATION AGR)
|AC/gvh                     
|Page 11                    

| |                         | directly and/or indirectly attributable to and/or arising
      as a result of the Transaction                               
| | ----------------------- | -----------------------------------------------------------------------------------------------------------------------------
| |                         |                                                                                                                              
| | Debt                  | Debt, as defined in the Holdco Shareholders Agreement                                                                       
| |                         |                                                                                                                              
| | Disclosure Letter     | the Disclosure Letter, as defined in the Holdco Sale of
      Shares Agreement                                               
| |                         |                                                                                                                              
| | Equity                | Equity, as defined in the Holdco Shareholders Agreement                                                                     
| |                         |                                                                                                                              
| | Financier             | any bank or other financial institution                                                                                      
| |                         |                                                                                                                              
| | Final Disclosure Date | 15 April 2008                                                                                                                
| |                         |                                                                                                                              
| | Fulfilment Date       | the date on which the last of the Conditions to be
      fulfilled shall have been fulfilled                                 
| |                         |                                                                                                                              
| | Ga-Phasha Business    | the business (together with all of its components, parts,
      assets and/or liabilities) of Micawber as at the Closing Date



---

|ANGL12-CS19                
|---------------------------
|(RS\AGR\AMPLATS\ANGL12-CS19
|PHASE 3 IMPLEMENTATION AGR)
|AC/gvh                     
|Page 12                    

Holdco
    Richtrau No 179 (Proprietary) Limited, a private company
      incorporated in accordance with the laws of the Republic, registration no.
      2007/016711/07Holdco Sale of Shares Agreement
    the Holdco Sale of Shares Agreement entered into, or to
      be entered into, between Plateau and RPM, in terms whereof RPM shall sell
      and Plateau shall purchase 20.92% of the entire issued share capital of
      Holdco and 51% of RPMs claim on loan account against HoldcoHoldco Shareholder Loan
      Agreement
    the Holdco Shareholder Loan Agreement, as defined in the
      Holdco Sale of Shares AgreementHoldco Shareholders Agreement
    the Holdco Shareholders Agreement entered into, or to be
      entered into amongst the PartiesInitial Funding Agreements
    the Initial Funding Agreements, as defined in the Holdco
      Shareholders




---

|ANGL12-CS19                
|---------------------------
|(RS\AGR\AMPLATS\ANGL12-CS19
|PHASE 3 IMPLEMENTATION AGR)
|AC/gvh                     
|Page 13                    

AgreementJSE
    the JSE Limited, a public company incorporated in
      accordance with the laws of the Republic, registration no. 2005/022939/06Kwanda
    Richtrau No 207 (Proprietary) Limited, a private company
      incorporated in accordance with the laws of the Republic, registration no.
      2008/003368/07Kwanda Sale Assets
    the Sale Assets, as defined in the Kwanda Sale of Rights
      AgreementKwanda Sale of Rights Agreement
    the Kwanda Sale of Rights Agreement entered into, or to
      be entered into, amongst RPM, Plateau and Kwanda, in terms whereof RPM and
      Plateau shall sell their respective undivided 50% shares of the Kwanda
      Sale Assets to KwandaLebowa
    Lebowa Platinum Mines Limited, a public company
      incorporated in




---

|ANGL12-CS19                
|---------------------------
|(RS\AGR\AMPLATS\ANGL12-CS19
|PHASE 3 IMPLEMENTATION AGR)
|AC/gvh                     
|Page 14                    

| |                                           | accordance with the laws of the Republic, registration
      no. 1963/006144/06                                                                                                                                                                                                                       
| | ----------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |                                           |                                                                                                                                                                                                                                                                                                       
| | LPM Business                            | the business (together with all of its components, parts,
      assets and/or liabilities) as a going concern, of Lebowa and/or Opco, as
      the case may be, as at the Closing Date, including (for the avoidance of
      doubt) the Rights to Mine held by Lebowa and/or Opco, as the case may be
| |                                           |                                                                                                                                                                                                                                                                                                       
| | Micawber                                | Micawber 277 (Proprietary) Limited, a private company
      duly incorporated in accordance with the laws of the Republic,
      registration no. 2002/016841/07                                                                                                                                      
| |                                           |                                                                                                                                                                                                                                                                                                       
| | Micawber Shareholders
      Agreement  | the Micawber Shareholders Agreement entered into on 22
      September 2004 amongst Pelawan, RPM and Micawber                                                                                                                                                                                        
| |                                           |                                                                                                                                                                                                                                                                                                       
| | Middelpunt Hill Funding
      Agreement | the funding agreement to be entered into between Opco and
      RPM, the terms and conditions of which will be based                                                                                                                                                                                  



---

|ANGL12-CS19                
|---------------------------
|(RS\AGR\AMPLATS\ANGL12-CS19
|PHASE 3 IMPLEMENTATION AGR)
|AC/gvh                     
|Page 15                    

| |                                          | on the term sheet attached to the Holdco Shareholders
      Agreement as Schedule 5                                                                                                                                                             
| | ---------------------------------------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |                                          |                                                                                                                                                                                                                                                  
| | Mining Rights                          | mining rights (as defined in terms of the MPRD Act)                                                                                                                                                                                              
| |                                          |                                                                                                                                                                                                                                                  
| | MPRD Act                               | the Mineral Petroleum and Resources Development Act, 2002
      (Act 28 of 2002)                                                                                                                                                                 
| |                                          |                                                                                                                                                                                                                                                  
| | New Order Rights                       | the Mining Rights into which the Old Order Rights shall
      be converted                                                                                                                                                                       
| |                                          |                                                                                                                                                                                                                                                  
| | Notarial Joint Venture
      Agreement | the Notarial Joint Venture Agreement entered into on 29
      September 2004 between RPM and Pelawan                                                                                                                                             
| |                                          |                                                                                                                                                                                                                                                  
| | Old Order Rights                       | the old order rights (as defined in Schedule II of the
      MPRD Act) forming part of respectively the LPM Business and the Ga-Phasha
      Business, as set out in the list attached to the Holdco Sale of Shares
      Agreement as Schedule 4



---

|ANGL12-CS19                
|---------------------------
|(RS\AGR\AMPLATS\ANGL12-CS19
|PHASE 3 IMPLEMENTATION AGR)
|AC/gvh                     
|Page 16                    

| | Opco                            | Richtrau No 177 (Proprietary) Limited, a private company
      incorporated in accordance with the laws of the Republic, registration no.
      2007/016001/07    
| | --------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |                                   |                                                                                                                                                                   
| | Opco Shareholder Loan Agreement | the Opco Shareholder Loan Agreement, as defined in the
      Holdco Sale of Shares Agreement                                                                      
| |                                   |                                                                                                                                                                   
| | Parties                         | collectively, RPM, Holdco and Plateau and a Party shall
      mean each or any of them, as the context requires                                                 
| |                                   |                                                                                                                                                                   
| | Pelawan                         | Pelawan Investments (Proprietary) Limited, a private
      company incorporated in accordance with the laws of the Republic,
      registration no. 2002/017920/07
| |                                   |                                                                                                                                                                   
| | Pelawan Trust                   | the Pelawan Trust, established in accordance with the
      trust deed dated 2 September 2004, Masters reference no. IT8411/2004                                 



---

|ANGL12-CS19                
|---------------------------
|(RS\AGR\AMPLATS\ANGL12-CS19
|PHASE 3 IMPLEMENTATION AGR)
|AC/gvh                     
|Page 17                    

PGMs
    collectively, platinum, palladium, rhodium, ruthenium,
      iridium, osmium and the metals and minerals mineralogically associated
      therewith, including but not limited to gold, silver, copper, nickel and
      cobalt together with any such metals and minerals which may be extracted
      from the normal mining of the abovementioned minerals in, on or under the
      relevant project areaPhase 3 Sale of Shares
    collectively:Agreements


| | - | the RPM Sale of Micawber Shares
      and Claims Agreement;    
| | - | ---------------------------------------------------------------
| |   |                                                                
| | - | the RPM Sale of Boikgantsho
      Shares and Claims Agreement; 
| |   |                                                                
| | - | the RPM Sale of Kwanda Shares
      Agreement;                 
| |   |                                                                
| | - | the Plateau Sale of Micawber
      Shares and Claims Agreement;
| |   |                                                                
| | - | the Plateau Sale of Boikgantsho                                



---

|ANGL12-CS19                
|---------------------------
|(RS\AGR\AMPLATS\ANGL12-CS19
|PHASE 3 IMPLEMENTATION AGR)
|AC/gvh                     
|Page 18                    

| |   | Shares and Claims Agreement; and                 
| | - | -------------------------------------------------
| |   |                                                  
| | - | the Plateau Sale of Kwanda Shares
      Agreement

| | Phase 3 Transactional
      Agreements | collectively:
| | ---------------------------------------- | -------------

| | - | the Boikgantsho Sale of Rights
      Agreement;               
| | - | --------------------------------------------------------------
| |   |                                                               
| | - | the Kwanda Sale of Rights
      Agreement;                    
| |   |                                                               
| | - | the RPM Sale of Micawber Shares
      and Claims Agreement;   
| |   |                                                               
| | - | the RPM Sale of Boikgantsho
      Shares and Claims Agreement;
| |   |                                                               
| | - | the RPM Sale of Kwanda Shares
      Agreement;                
| |   |                                                               
| | - | the Holdco Sale of Shares
      Agreement;                    
| |   |                                                               
| | - | the Plateau Sale of Micawber                                  



---

|ANGL12-CS19                
|---------------------------
|(RS\AGR\AMPLATS\ANGL12-CS19
|PHASE 3 IMPLEMENTATION AGR)
|AC/gvh                     
|Page 19                    

| |   | Shares and Claims Agreement;                                      
| | - | ------------------------------------------------------------------
| |   |                                                                   
| | - | the Plateau Sale of Boikgantsho Shares and Claims
      Agreement;
| |   |                                                                   
| | - | the Plateau Sale of Kwanda Shares Agreement; and                  
| |   |                                                                   
| | - | the Holdco Shareholders
      Agreement                          

Plateau
    Plateau Resources (Proprietary) Limited, a private
      company incorporated in accordance with the laws of the Republic,
      registration no. 1996/013879/07Plateau Sale of Boikgantsho
      Shares and Claims Agreement
    the Plateau Sale of Boikgantsho Shares and Claims
      Agreement entered into, or to be entered into, between Plateau and Holdco,
      in terms whereof Plateau shall sell and Holdco shall purchase 50% of the
      entire issued share capital of Boikgantsho and Plateaus claims against
      Boikgantsho on shareholders loan account


---

|ANGL12-CS19                
|---------------------------
|(RS\AGR\AMPLATS\ANGL12-CS19
|PHASE 3 IMPLEMENTATION AGR)
|AC/gvh                     
|Page 20                    

Plateau Sale of Kwanda Shares
      Agreement
    the Plateau Sale of Kwanda Shares Agreement entered into,
      or to be entered into, between Plateau and Holdco, in terms whereof
      Plateau shall sell and Holdco shall purchase 50% of the entire issued
      share capital of KwandaPlateau Sale of Micawber Shares
      and Claims Agreement
    the Plateau Sale of Micawber Shares and Claims Agreement
      entered into, or to be entered into, in terms whereof Plateau shall sell
      and Holdco shall purchase 50% of the entire issued share capital of
      Micawber and Plateaus claims against Micawber on shareholders loan
      accountRepublic
    the Republic of South AfricaRights to Mine
    all rights of whatsoever nature in and to any and all
      minerals at any time, including (without limitation) the Old Order Rights
      and the New Order Rights


---

|ANGL12-CS19                
|---------------------------
|(RS\AGR\AMPLATS\ANGL12-CS19
|PHASE 3 IMPLEMENTATION AGR)
|AC/gvh                     
|Page 21                    

| | RPM                                                       | Rustenburg Platinum Mines Limited, a public company
      incorporated in accordance with the laws of the Republic, registration no.
      1931/003380/06                                                                                                                                                                      
| | ----------------------------------------------------------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |                                                             |                                                                                                                                                                                                                                                                                                                                
| | RPM Sale of Boikgantsho
      Shares and Claims Agreement | the RPM Sale of Boikgantsho Shares and Claims Agreement
      entered into, or to be entered into, between RPM and Holdco, in terms
      whereof RPM shall sell and Holdco shall purchase 50% of the entire issued
      share capital of Boikgantsho and RPMs claims against Boikgantsho on
      shareholders loan account
| |                                                             |                                                                                                                                                                                                                                                                                                                                
| | RPM Sale of Kwanda Shares
      Agreement                 | the RPM Sale of Kwanda Shares Agreement entered into, or
      to be entered into, between RPM and Holdco, in terms whereof RPM shall
      sell and Holdco shall purchase 50% of the entire issued share capital of
      Kwanda                                                                                              
| |                                                             |                                                                                                                                                                                                                                                                                                                                
| | RPM Sale of Micawber Shares
      and Claims Agreement    | the RPM Sale of Micawber Shares and Claims Agreement
      entered into, or to                                                                                                                                                                                                                                                 



---

|ANGL12-CS19                
|---------------------------
|(RS\AGR\AMPLATS\ANGL12-CS19
|PHASE 3 IMPLEMENTATION AGR)
|AC/gvh                     
|Page 22                    

| |                                 | be entered, in terms whereof RPM shall sell and Holdco
      shall purchase 50% of the issued share capital of Micawber and RPMs
      claims against Micawber on shareholders loan account                                                                                                                                                      
| | ------------------------------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |                                 |                                                                                                                                                                                                                                                                                                                                                    
| | Scorecard                     | the scorecard for the Charter published pursuant to
      Section 100(2)(a) of the MPRD Act under Government Gazette (no. 26661 of
      13 August 2004)                                                                                                                                                                                           
| |                                 |                                                                                                                                                                                                                                                                                                                                                    
| | Senior Debt Funding Agreement | the Senior Debt Funding Agreement, as defined in the
      Holdco Shareholders Agreement                                                                                                                                                                                                                                                          
| |                                 |                                                                                                                                                                                                                                                                                                                                                    
| | Signature Date                | the date of last signature of this Agreement                                                                                                                                                                                                                                                                                                       
| |                                 |                                                                                                                                                                                                                                                                                                                                                    
| | Special Resolution            | the special resolution to be adopted by the shareholders
      of Micawber in order to amend the articles of association of Micawber to
      remove the restrictions in respect of the transferability of the Sale
      Shares (in respect of, and as defined in, both the RPM Sale of Micawber
      Shares and Claims Agreement and the Plateau



---

|ANGL12-CS19                
|---------------------------
|(RS\AGR\AMPLATS\ANGL12-CS19
|PHASE 3 IMPLEMENTATION AGR)
|AC/gvh                     
|Page 23                    

| |                                   | Sale of Micawber Shares and Claims Agreement)                                                                                                                                                   
| | --------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |                                   |                                                                                                                                                                                                 
| | Standby Facility Agreement      | the Standby Facility Agreement, as defined in the Holdco
      Shareholders Agreement                                                                                                          
| |                                   |                                                                                                                                                                                                 
| | Subsidiary Company              | a subsidiary company (which for purposes of this
      Agreement shall be deemed to include any company incorporated outside the
      Republic) as defined in section 1(3) of the Companies Act
| |                                   |                                                                                                                                                                                                 
| | Transaction                     | the Transaction to which the Transactional Agreements
      will give effect                                                                                                                    
| |                                   |                                                                                                                                                                                                 
| | Transactional Agreements        | the Transactional Agreements, as defined in the Holdco
      Sale of Shares Agreement                                                                                                           
| |                                   |                                                                                                                                                                                                 
| | Transaction Framework Agreement | the Transaction Framework Agreement entered into on 3
September 2007 by, amongst others, the Parties                                                                                            



---

|ANGL12-CS19                
|---------------------------
|(RS\AGR\AMPLATS\ANGL12-CS19
|PHASE 3 IMPLEMENTATION AGR)
|AC/gvh                     
|Page 24                    

| | Warranties | the Warranties, or any of them, as defined in the Holdco
      Sale of Shares Agreement.
| | ------------ | ----------------------------------------------------------------------------------------

|2.3 | If any provision in a definition is a substantive
      provision conferring rights or imposing obligations on any Party,
      notwithstanding that it is only in the definition clause, effect shall be
      given to it as if it were a substantive provision of this
  Agreement.                                                                                                                                    
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                                                           
|2.4 | Any reference to an enactment is to that enactment as at
      the Signature Date and, in the event that any right and/or obligation
      shall arise in terms of this Agreement, in respect of and/or in connection
      with such enactment after the Signature Date, such reference shall be to
      that enactment as amended and/or replaced as at the date for performance
      of such right and/or obligation.
|    |                                                                                                                                                                                                                                                                                                                                                                                                                           
|2.5 | Any reference in this Agreement to this Agreement or to
      any other agreement shall be construed as a reference to this Agreement or
      such other agreement as the same may have been, or may from time to time
      be, amended, varied, novated or supplemented.                                                                                                                                               
|    |                                                                                                                                                                                                                                                                                                                                                                                                                           
|2.6 | Unless inconsistent with the context, an expression which
      denotes:                                                                                                                                                                                                                                                                                                                                                  

|2.6.1 | any gender includes the other genders;                              
|----- | --------------------------------------------------------------------
|      |                                                                     
|2.6.2 | a natural person includes an artificial person and
      vice versa;



---

|ANGL12-CS19                
|---------------------------
|(RS\AGR\AMPLATS\ANGL12-CS19
|PHASE 3 IMPLEMENTATION AGR)
|AC/gvh                     
|Page 25                    

|2.6.3 | the singular includes the plural and vice
      versa.
|----- | ------------------------------------------------------

|2.7  | Where any term is defined within the context of any
      particular clause in this Agreement, the term so defined, unless it is
      clear from the clause in question that the term so defined has limited
      application to the relevant clause, shall bear the meaning ascribed to it
      for all purposes in terms of this Agreement, notwithstanding that that
      term has not been defined in this interpretation clause.
|---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                          
|2.8  | The rule of construction that, in the event of ambiguity,
      a contract shall be interpreted against the Party responsible for the
      drafting or preparation of such contract, shall not apply.                                                                                                                                                                                                                                   
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                          
|2.9  | Where any number of days is prescribed, those days shall
      be reckoned exclusively of the first and inclusively of the last day
      unless the last day falls on a day which is not a Business Day, in which
      event the last day shall be the next succeeding Business Day.                                                                                                                                                   
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                          
|2.10 | The schedule to this Agreement forms an integral part
      hereof and words and expressions defined in this Agreement shall bear,
      unless the context otherwise requires, the same meaning in such
      schedule.                                                                                                                                                                                                                 

|3. | RECORDAL
|-- | --------

|3.1 | RPM and Plateau (amongst others) have entered into the
      Transaction Framework Agreement and intend to undertake and complete the
      Transaction. To this end, the Parties intend procuring that
  each
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



---

|ANGL12-CS19                
|---------------------------
|(RS\AGR\AMPLATS\ANGL12-CS19
|PHASE 3 IMPLEMENTATION AGR)
|AC/gvh                     
|Page 26                    

|    | Transactional Agreement shall be entered into and
      completed in accordance with its terms.
|--- | -----------------------------------------------------------------------------------------------
|    |                                                                                                
|3.2 | The Parties:                                                                                   

|3.2.1 | intend the Phase 3 Transactional Agreements to be
      implemented in a certain sequence on the same date;                                                              
|----- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|      |                                                                                                                                                                          
|3.2.2 | wish, immediately upon the implementation of the Phase 3
      Transactional Agreements, to terminate certain agreements in relation to
      the Ga-Phasha Business; and
|      |                                                                                                                                                                          
|3.2.3 | wish to record their agreement in this regard, and in
      regard to certain ancillary matters, in
writing.                                                             

|4. | CONDITIONS
PRECEDENT
|-- | --------------------

|4.1 | This entire Agreement (save in respect of clauses 1 to 4
      (both inclusive) and clauses 8 to 16 (both inclusive), which shall be of
      immediate force and effect) shall be subject to the fulfilment of the
      Conditions that:
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|4.1.1 | by not later than 30 November 2008, or such later date as
      the Parties may agree in writing, the Transactional Agreements shall have
      been entered into by the parties to those agreements, and none of the
      Transactional Agreements to which Plateau is not a party shall have been
      amended without the prior written consent of
Plateau;
|----- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



---

|ANGL12-CS19                
|---------------------------
|(RS\AGR\AMPLATS\ANGL12-CS19
|PHASE 3 IMPLEMENTATION AGR)
|AC/gvh                     
|Page 27                    

|4.1.2 | by not later than 30 November 2008, or such later date as
      the Parties may agree in writing, the Kwanda Sale of Rights Agreement
      shall have become unconditional in all respects in accordance with its
      terms, save insofar as it may be conditional on this Agreement becoming
      unconditional,
|----- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|      |                                                                                                                                                                                                                                                                                                                      
|4.1.3 | either:                                                                                                                                                                                                                                                                                                              

4.1.3.1
    the suspensive condition contained in clause 6.1 of the
      Boikgantsho Sale of Rights Agreement shall have been fulfilled by not
      later than 31 March 2008, or such later date as the Parties may agree in
      writing; or4.1.3.2
    if the suspensive condition contained in clause 6.1 of
      the Boikgantsho Sale of Rights Agreement shall not have been timeously
      fulfilled, RPM, Plateau and Boikgantsho (Boikgantsho Parties) shall by
      not later than 30 November 2008, or such later date as the Parties may
      agree in writing, have entered into another written agreement which shall:


|4.1.3.2.1 | have become unconditional in all respects in accordance
      with its terms, save insofar as it may be conditional on this Agreement
      becoming unconditional; and           
|--------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|          |                                                                                                                                                                                   
|4.1.3.2.2 | insofar as possible, have the same commercial effect and
      result in the Boikgantsho Parties being in the same commercial position
      that they would have been in, had the



---

|ANGL12-CS19                
|---------------------------
|(RS\AGR\AMPLATS\ANGL12-CS19
|PHASE 3 IMPLEMENTATION AGR)
|AC/gvh                     
|Page 28                    

suspensive conditions contained in
respectively clauses 6.1 and 6.2 of the Boikgantsho Sale of Rights Agreement
been timeously fulfilled;

|4.1.4 | if the suspensive condition contained in clause 6.1 of
      the Boikgantsho Sale of Rights Agreement shall have been timeously
      fulfilled, the suspensive condition contained in clause 6.2.1 of the
      Boikgantsho Sale of Rights Agreement shall have been fulfilled by not
      later than 30 November 2008, or such later date as the Parties may agree
      in writing;                                                                                                                                                                                                         
|----- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|4.1.5 | by not later than 30 November 2008, or such later date as
      the Parties may agree in writing, RPM shall have completed the APL Due
      Diligence to its satisfaction. In the event that RPM shall have failed to
      deliver a written notice (confirming that it shall have completed the APL
      Due Diligence to its satisfaction) to Plateau by not later than the date
      specified above, RPM shall be deemed not to have completed the APL Due
      Diligence to its satisfaction, and the Condition in this clause 4.1.5
      shall be deemed not to have been fulfilled;
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|4.1.6 | by not later than 30 November 2008, or such later date as
      the Parties may agree in writing, Plateau and/or the Anooraq Parties, or
      any of them, shall have entered into the Initial Funding Agreements, and
      all conditions precedent to the advance of funds under the Initial Funding
      Agreements shall have been fulfilled, save insofar as they may be
      conditional on this Agreement becoming
unconditional;                                                                                                                                                    



---

|ANGL12-CS19                
|---------------------------
|(RS\AGR\AMPLATS\ANGL12-CS19
|PHASE 3 IMPLEMENTATION AGR)
|AC/gvh                     
|Page 29                    

|4.1.7 | by not later than 30 November 2008, or such later date as
      the Parties may agree in writing, Anooraq shall have confirmed in writing
      to RPM that:
|----- | ------------------------------------------------------------------------------------------------------------------------------------------------------------

|4.1.7.1 | Anooraq shall have entered into
      an agency and underwriting agreement (collectively, the Underwriting
      Agreements) providing for the offering and issuance of new shares in its
      share capital at an aggregate issue price of not less than the difference
      between, on the one hand, the aggregate of the Purchase Price (as defined
      in the Holdco Sale of Shares Agreement) and all Anooraqs costs in
      connection with and incidental to the negotiation and implementation of
      the Transaction and, on the other hand, the amount lent and advanced under
      the Senior Debt Funding Agreement; and
|------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|4.1.7.2 | the Underwriting Agreements shall
      have become unconditional in accordance with their respective terms, save
      insofar as they may be conditional on this Agreement becoming
      unconditional; and                                                                                                                                                                                                                                                                                                                                                                                                                                  
|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|4.1.7.3 | Anooraq shall have received the
      proceeds of such offering in accordance with the terms of the Underwriting
      Agreements;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              

|4.1.8 | by not later than 30 November 2008, or such later date as
      the Parties may agree in writing, the shareholders of Anooraq shall have
      passed all resolutions necessary in order to approve and implement
    the
|----- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



---

|ANGL12-CS19                
|---------------------------
|(RS\AGR\AMPLATS\ANGL12-CS19
|PHASE 3 IMPLEMENTATION AGR)
|AC/gvh                     
|Page 30                    

|       | Transaction, and, where applicable, such resolutions
      shall have been registered;                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|------ | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|4.1.9  | by not later than 30 November 2008, or such later date as
      the Parties may agree in writing, the Parties shall have received the
      written unconditional approval of the applicable Competition Authority, in
      terms of Chapter 3 of the Competition Act, in respect of the Transaction
      and each of the relevant transactions contemplated in the Transactional
      Agreements, or if such approval shall be subject to any conditions, such
      conditions shall have been accepted in writing by the Parties;
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|4.1.10 | by not later than 30 November 2008, or such later date as
      the Parties may agree in writing, RPM and each of its direct and/or
      indirect shareholders, to the extent necessary, shall have obtained the
      written unconditional consent of the United Kingdom Treasury in respect of
      the entering into and completion in accordance with its terms of the
      Transaction;                                                                                                                                       
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|4.1.11 | by not later than 30 November 2008, or such later date as
      the Parties may agree in writing, if and to the extent necessary, the
      Parties shall have received the written consent of the Minister of
      Minerals and Energy in terms of Section 11 of the MPRD Act in respect of
      the sale and delivery of the Sale Shares (as defined in and in respect of
      each Phase 3 Sale of Shares Agreement) to
Holdco;                                                                                                  



---

|ANGL12-CS19                
|---------------------------
|(RS\AGR\AMPLATS\ANGL12-CS19
|PHASE 3 IMPLEMENTATION AGR)
|AC/gvh                     
|Page 31                    

|4.1.12 | by not later than 30 November 2008, or such later date as
      the Parties may agree in writing, the Parties shall respectively have
      obtained all necessary regulatory consents, including (without limitation)
      the consent of the South African Reserve Bank, the JSE, the Toronto Stock
      Exchange, the TSX Venture Exchange, the American Stock Exchange and/or any
      further and/or other regulatory authority required by the Parties, or any
      of them, in respect of the entering into and the completion of the Phase 3
      Transactional Agreements in accordance with their respective
  terms;
|------ | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|4.1.13 | by not later than 30 November 2008, or such later date as
      the Parties may agree in writing, RPM shall have procured that Lebowa
      shall have redeemed (and shall have paid all amounts due in respect of
      and/or pursuant to such redemption) all of the redeemable preference
      shares in the issued share capital of Lebowa;                                                                                                                                                                                                                                                                                   
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|4.1.14 | by not later than 30 November 2008, or such later date as
      the Parties may agree in writing, if and to the extent necessary, the
      Minister of Minerals and Energy shall have consented in writing to the
      change in Control of Micawber contemplated under the Plateau Sale of
      Micawber Shares and Claims Agreement, the RPM Sale of Micawber Shares and
      Claims Agreement and the Holdco Sale of Shares Agreement in terms of
                                                                                                                                                                          



---

|ANGL12-CS19                
|---------------------------
|(RS\AGR\AMPLATS\ANGL12-CS19
|PHASE 3 IMPLEMENTATION AGR)
|AC/gvh                     
|Page 32                    

|4.1.14.1 |  | the unregistered notarial mineral lease between the State
      and Micawber executed on 21 April 2004 under Protocol 124/2004 in respect
      of De Kamp 507 KS; and
|-------- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------
|         |  |                                                                                                                                                                       
|4.1.14.2 |  | the unregistered notarial mineral lease between the State
      and Micawber executed on 21 April 2004 under Protocol 124/2004 in respect
      of Avoca 472 KS;      

|       |                                                                                                                                                                                                                                                                                                                                                                                                                        
|------ | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|4.1.15 | by not later than 30 November 2008, or such later date as
      the Parties may agree in writing, the Special Resolution shall have been
      adopted by the requisite majority of the shareholders of Micawber, and
      shall have been duly registered in accordance with all relevant
      requirements;                                                                                                        
|       |                                                                                                                                                                                                                                                                                                                                                                                                                        
|4.1.16 | by not later than 30 November 2008, or such later date as
      the Parties may agree in writing, each of Anooraq, Pelawan and the Pelawan
      Trust shall have delivered to RPM an acknowledgement substantially in the
      form attached hereto as Schedule 1;                                                                                                                                                   
|       |                                                                                                                                                                                                                                                                                                                                                                                                                        
|4.1.17 | by not later than 30 November 2008, or such later date as
      the Parties may agree in writing, the Anooraq Agreements shall have been
      amended as required in terms of the Transactional Agreements and/or the
      Initial Funding Agreements and/or as otherwise required by Anooraq, to the
      reasonable satisfaction of Plateau and RPM as confirmed by Plateau and RPM
      respectively in writing;



---

|ANGL12-CS19                
|---------------------------
|(RS\AGR\AMPLATS\ANGL12-CS19
|PHASE 3 IMPLEMENTATION AGR)
|AC/gvh                     
|Page 33                    

|4.1.18 | by not later than 30 November 2008, or such later date as
      the Parties may agree in writing, if required to do so by notice in
      writing delivered to RPM by Plateau, RPM shall have amended the terms of
      the Holdco Shareholder Loan Agreement and the Opco Shareholder Loan
      Agreement (with the written approval of Plateau) to the extent required to
      replicate the relevant terms of the Senior Debt Funding
  Agreement;
|------ | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|4.1.19 | by not later than 30 November 2008, or such later date as
      the Parties may agree in writing and if required to do so by notice in
      writing delivered to RPM by Plateau, RPM shall
have:                                                                                                                                                                                                                                                       

|4.1.19.1 | subscribed for additional shares in Holdco and shall have
      procured that Holdco shall have subscribed for additional shares in Opco
      and contemporaneously shall have procured the repayment of a portion of
      the shareholders loans (equal to the aggregate subscription price of the
      additional shares subscribed for by Holdco and Opco respectively) recorded
      in the books of Holdco and Opco respectively, in order to achieve the Debt
      to Equity ratio as specified in Plateaus notice so as to procure,
      inter alia, that upon implementation of the Phase 3 Transactional
      Agreements, Plateau will hold not less than 51% of the issued share
      capital of Holdco and RPM will hold not more than 49% of the issued share
      capital of Holdco, provided that the amount of Debt in Holdco and Opco
      following the fulfilment of this Condition shall not be an amount greater
      than
|-------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



---

|ANGL12-CS19                
|---------------------------
|(RS\AGR\AMPLATS\ANGL12-CS19
|PHASE 3 IMPLEMENTATION AGR)
|AC/gvh                     
|Page 34                    

|         | R4 313 725 490 (four billion three hundred and thirteen
      million seven hundred and twenty five thousand four hundred and ninety
      Rand); and    
|-------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------
|         |                                                                                                                                                          
|4.1.19.2 | procured the amendment of the Transactional Agreements,
      to the extent required to give effect to the changes contemplated in
      clause 4.1.19.1;

|4.1.20 | by not later than the Final Disclosure Date, or such
      later date as the Parties may agree in writing, RPM shall have delivered
      the Disclosure Letter to Plateau;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|------ | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|4.1.21 | by not later than 30 April 2008, or such later date as
      the Parties may agree in writing, Plateau and Anooraq shall have completed
      the Anooraq Due Diligence to their satisfaction. In the event that Plateau
      and/or Anooraq shall have failed to deliver a written notice (confirming
      that they shall have completed the Anooraq Due Diligence to their
      satisfaction) to RPM by not later than the date specified above, Plateau
      and/or Anooraq shall be deemed not to have completed the Anooraq Due
      Diligence to their satisfaction, and the Condition in this clause 4.1.21
      shall be deemed not to have been fulfilled; and
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|4.1.22 | by not later than 30 November 2008, or such later date as
      the Parties may agree in writing and only if RPM shall have, after the
      Final Disclosure Date and in terms of clause 10.1.4 of the Holdco Sale of
      Shares Agreement, notified Plateau of the occurrence
  and/or                                                                                                                                                                                                                                                                                                                                                                                    



---

|ANGL12-CS19                
|---------------------------
|(RS\AGR\AMPLATS\ANGL12-CS19
|PHASE 3 IMPLEMENTATION AGR)
|AC/gvh                     
|Page 35                    

existence of any matter, fact, event,
circumstance or thing in respect of and/or in connection with the Business
(Notified Event), Plateau shall have delivered a written notice to RPM
indicating that it wishes, notwithstanding the Notified Event/s and without
prejudice to any of its rights in relation to the Notified Event/s, to proceed
with the closing of the Transaction; provided that Plateau shall be obliged to
give the said notice unless the Notified Event/s will, on or after the Closing
Date, constitute a material breach of a Warranty.

|4.2 | The Parties shall use their respective reasonable
      commercial endeavours to procure the fulfilment of the Conditions as soon
      as reasonably possible after the Signature Date. Without limiting the
      generality of the foregoing, Anooraq shall, from time to time, on the
      receipt of a request from RPM, disclose to RPM what progress it shall have
      made in respect of the terms and conditions of the Senior Debt Funding
      Agreement.                                                                                                                                                                                        
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|4.3 | If any Condition shall not have been fulfilled by the
      date specified in clause 4.1 for its fulfilment (or such later date as the
      Parties may have in writing agreed), this Agreement (save for clauses 1 to
      4 (both inclusive) and clauses 8 to 16 (both inclusive) which shall remain
      of full force and effect) shall lapse and shall be of no force and effect
      and none of the Parties shall have any claim against the others of them in
      terms hereof or arising from the failure of the Conditions, save for a
      claim arising as a result of a Partys failure to fulfil its obligations
      under this clause 4.



---

|ANGL12-CS19                
|---------------------------
|(RS\AGR\AMPLATS\ANGL12-CS19
|PHASE 3 IMPLEMENTATION AGR)
|AC/gvh                     
|Page 36                    

|5. | IMPLEMENTATION
|-- | --------------

|5.1 | On the Closing Date, the Phase 3 Transactional Agreements
      shall be implemented in the sequence set out
below:
|--- | -------------------------------------------------------------------------------------------------------------------

|5.1.1  | the Boikgantsho Sale of Rights Agreement;                         
|------ | ------------------------------------------------------------------
|       |                                                                   
|5.1.2  | the Kwanda Sale of Rights Agreement;                              
|       |                                                                   
|5.1.3  | the RPM Sale of Micawber Shares and Claims
    Agreement;         
|       |                                                                   
|5.1.4  | the RPM Sale of Boikgantsho Shares and Claims
      Agreement;    
|       |                                                                   
|5.1.5  | the RPM Sale of Kwanda Shares Agreement;                          
|       |                                                                   
|5.1.6  | the Holdco Sale of Shares Agreement;                              
|       |                                                                   
|5.1.7  | the Plateau Sale of Micawber Shares and Claims
      Agreement;   
|       |                                                                   
|5.1.8  | the Plateau Sale of Boikgantsho Shares and Claims
      Agreement;
|       |                                                                   
|5.1.9  | the Plateau Sale of Kwanda Shares Agreement;
and                  
|       |                                                                   
|5.1.10 | the Holdco Shareholders
Agreement.                               

|6. | TERMINATION                                                                                                                                                      
|-- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------
|   |                                                                                                                                                                  
|   | On the Closing Date and immediately after the
      implementation of the Phase 3 Transactional Agreements in terms of clause
      5, the Micawber Shareholders



---

|ANGL12-CS19                
|---------------------------
|(RS\AGR\AMPLATS\ANGL12-CS19
|PHASE 3 IMPLEMENTATION AGR)
|AC/gvh                     
|Page 37                    

|   | Agreement and the Notarial Joint Venture Agreement shall
      be terminated (to the extent that any such agreement shall have become
      unconditional) or shall lapse (to the extent that any such agreement shall
      remain conditional at the Closing Date), it being recorded that the
      Parties shall procure that the parties to such agreements will do all such
      things and sign all such documents as may be necessary to give effect to
      this clause 6.                                                                                                                                                                                                                                                                                                                                                                                     
|-- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|7. | POST-CLOSING DIVIDEND                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|   | The Parties record and agree that, in accordance with
      clause 9 of the Holdco Sale of Shares Agreement, Plateau shall procure
      that, by no later than 60 (sixty) days after the Closing Date, Holdco
      shall have declared and paid to RPM a special dividend equal to the
      aggregate net free cashflow of Holdco available for distribution to its
      shareholders (Profits) for the period up to, and as at, the day
      immediately preceding the Closing Date (the Dividend Due Date), and
      reckoned on the further basis that, inasfar as the Closing Date shall not
      be the first day of a calendar month, such dividend shall include the
      prorated Profits for the period from the first day of the calendar month
      in which the Closing Date shall have occurred up to and including the
      Dividend Due Date.
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|8. | COSTS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     

|8.1 | Each of the Parties shall bear its own costs of and
      incidental to the negotiation, preparation and execution of this
      Agreement.
|--- | -------------------------------------------------------------------------------------------------------------------------------------------



---

|ANGL12-CS19                
|---------------------------
|(RS\AGR\AMPLATS\ANGL12-CS19
|PHASE 3 IMPLEMENTATION AGR)
|AC/gvh                     
|Page 38                    

|8.2 | The Parties shall bear, in equal proportions, the filing
      fee and/or filing fees payable in respect of the notifications to be
      lodged with the Competition Authorities in order to fulfil the Condition
      contained in clause 4.1.9.
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|9. | CONFIDENTIALITY
|-- | ---------------

|9.1 | Each of the Parties shall at all times treat all
      information in connection with and/or relating to the Transaction and/or
      the Transactional Agreements and all matters incidental thereto
      (Confidential Information), as strictly confidential and shall not,
      without the prior written consent of the other Parties (which consent may,
      for the avoidance of doubt, be withheld in the unfettered discretion of
      such other Party) disclose such Confidential Information to any party,
      and/or make use of such Confidential Information for any purposes other
      than in connection with the Transactional Agreements and/or the completion
      thereof in accordance with their terms.
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|9.2 | Notwithstanding the stipulations of clause 9.1,
      information shall be deemed not to be Confidential Information, and the
      provisions of clause 9.1 shall not apply to a Party in connection with any
      information which:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   

|9.2.1 | is or becomes generally available to the public other
      than as a result of disclosure by such Party in violation of this clause
      9;
|----- | ---------------------------------------------------------------------------------------------------------------------------------------------
|      |                                                                                                                                              
|9.2.2 | is disclosed to such Party by any third party entitled so
      to disclose such Confidential Information;                                   



---

|ANGL12-CS19                
|---------------------------
|(RS\AGR\AMPLATS\ANGL12-CS19
|PHASE 3 IMPLEMENTATION AGR)
|AC/gvh                     
|Page 39                    

|9.2.3 | is required to be given, made or published by law or
      under the rules and regulations of any relevant stock exchange or any
      applicable regulatory authority, in which case, the Party liable to so
      give, make or publish same shall, to the extent reasonably possible, give
      the other Parties reasonable written notice thereof, along with drafts or
      copies thereof, as soon as is reasonably practicable, and, in the case of
      any disclosure required in terms of the Promotion of Access to Information
      Act, 2000 (Act No. 2 of 2000) (PAI Act), the Party liable to make such
      disclosure shall, inasfar as it shall be able, apply the principles of
      Chapter 4 of the PAI Act in order to avoid and/or limit the extent of any
      such disclosure, and such Party shall not make any disclosure which it
      shall not be legally obliged to make;
|----- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|9.2.4 | is required to be disclosed by any Party to any Financier
      in order for such Financier to take informed decisions regarding such
      Party, provided that such Party shall use its reasonable endeavours to
      procure that the Financier shall keep such information confidential;
      and                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|9.2.5 | is, in terms of usual commercial practice, disclosed in
      the ordinary course of its operations by any of the Parties to any of
      their direct and indirect shareholders (and/or to any direct and/or
      indirect subsidiary of any of its direct and/or indirect shareholders)
      and/or to any Financier for the purpose of and/or in connection with the
      making of any investment decisions, provided that the relevant Party
      shall                                                                                                                                                                                                                                                                                                                                                                                                                                                   



---

|ANGL12-CS19                
|---------------------------
|(RS\AGR\AMPLATS\ANGL12-CS19
|PHASE 3 IMPLEMENTATION AGR)
|AC/gvh                     
|Page 40                    

procure that such direct and indirect
shareholders and/or Financier shall comply mutatis mutandis with the
provisions of this clause 9.

|10. | BREACH
|--- | ------

|10.1 | Should any Party ("Defaulting Party") commit a breach of
      any of the provisions hereof, then any other Party ("Aggrieved Party")
      shall, if it wishes to enforce its rights hereunder, be obliged to give
      the Defaulting Party 30 days written notice to remedy the breach. If the
      Defaulting Party fails to comply with such notice, the Aggrieved Party
      shall be entitled to claim immediate payment and/or performance by the
      Defaulting Party of all of the Defaulting Party's obligations whether or
      not the due date for payment and/or performance shall have arrived, in
      either event without prejudice to the Aggrieved Partys rights to claim
      damages, it being recorded that the Aggrieved Party shall not be entitled
      to cancel this Agreement. The foregoing is without prejudice to such other
      rights as the Aggrieved Party may have at law.
|---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|10.2 | Notwithstanding anything to the contrary contained
      herein, no liability shall attach to any of the Parties in respect of any
      breach of this Agreement in relation to claims, losses or liabilities for
      any loss of profit or any other indirect, special or consequential
      loss.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     

|11. | DOMICILIUM
|--- | ----------

|11.1 | The Parties hereto choose domicilia citandi et executandi
      for all purposes of and in connection with this Agreement as
    follows:
|---- | -----------------------------------------------------------------------------------------------------------------------------------------



---

|ANGL12-CS19                
|---------------------------
|(RS\AGR\AMPLATS\ANGL12-CS19
|PHASE 3 IMPLEMENTATION AGR)
|AC/gvh                     
|Page 41                    

| | Plateau: | 82 Grayston Drive                     
| | -------- | --------------------------------------
| |          | Sandton                               
| |          | JOHANNESBURG                          
| |          | 2146                                  
| |          | Fax No. +27 11 883 0836               
| |          | Attention: The Chief Financial Officer
| |          |                                       
| |          |                                       
| | RPM:     | 13thFloor                             
| |          | 55 Marshall Street                    
| |          | JOHANNESBURG                          
| |          | 2001                                  
| |          | Fax No. +27 11 373 5111               
| |          | Attention: The Company Secretary      
| |          |                                       
| |          |                                       
| | Holdco:  | 13thFloor                             
| |          | 55 Marshall Street                    
| |          | JOHANNESBURG                          
| |          | 2001                                  
| |          | Fax No. +27 11 373-5111               
| |          | Attention: The Company Secretary      

|11.2 | Any Party hereto shall be entitled to change its
      domicilium from time to time, provided that any new domicilium selected by
      it shall be an address in the Republic other than a box number, and any
      such change shall only be effective upon receipt of notice in writing by
      the other Parties of such change.
|---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|     |                                                                                                                                                                                                                                                                                                                                       
|11.3 | All notices, demands, communications or payments intended
      for any Party shall be made or given at such Partys domicilium for the
      time being.                                                                                                                                                                             
|     |                                                                                                                                                                                                                                                                                                                                       
|11.4 | A notice sent by one Party to another Party shall be
      delivered by hand or sent by telefax and shall be deemed to be
      received:                                                                                                                                                                                             



---

|ANGL12-CS19                
|---------------------------
|(RS\AGR\AMPLATS\ANGL12-CS19
|PHASE 3 IMPLEMENTATION AGR)
|AC/gvh                     
|Page 42                    

|11.4.1 | on the same day, if delivered by hand, provided that in
      the event that such day shall not be a Business Day, the notice shall be
      deemed to have been received on the next Business Day; and
|------ | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|       |                                                                                                                                                                                                        
|11.4.2 | on the same day of transmission if sent by telefax with
      receipt received confirming completion of
transmission.                                                                                  

|11.5 | Notwithstanding anything to the contrary herein contained
      a written notice or communication actually received by a Party shall be an
      adequate written notice or communication to it notwithstanding that it was
      not sent to or delivered at its chosen domicilium citandi et
      executandi.
|---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|12. | DISPUTE
RESOLUTION
|--- | ------------------

|12.1 | In the event of there being any dispute or difference
      between the Parties arising out of this Agreement, the said dispute or
      difference shall on written demand by any Party be submitted to
      arbitration in Johannesburg in accordance with the AFSA rules, which
      arbitration shall be administered by AFSA.                                                                                                                                                                                                                                            
|---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|12.2 | Should AFSA, as an institution, not be operating at that
      time or not be accepting requests for arbitration for any reason, then the
      arbitration shall be conducted in accordance with the AFSA rules for
      commercial arbitration (as last applied by AFSA) before an arbitrator
      appointed by agreement between the parties to the dispute or failing
      agreement, within 10 (ten) Business Days of the demand for arbitration,
      then any party to the dispute shall be entitled to forthwith call upon the
      chairperson of the Johannesburg



---

|ANGL12-CS19                
|---------------------------
|(RS\AGR\AMPLATS\ANGL12-CS19
|PHASE 3 IMPLEMENTATION AGR)
|AC/gvh                     
|Page 43                    

|     | Bar Council to nominate the arbitrator, provided that the
      person so nominated shall be an advocate of not less than 10 (ten) years
      standing as such. The person so nominated shall be the duly appointed
      arbitrator in respect of the dispute. In the event of the attorneys of the
      parties to the dispute failing to agree on any matter relating to the
      administration of the arbitration, such matter shall be referred to and
      decided by the arbitrator whose decision shall be final and binding on the
      parties to the dispute.
|---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|12.3 | Any party to the arbitration may appeal the decision of
      the arbitrator or arbitrators in terms of the AFSA rules for commercial
      arbitration. Should AFSA, as an institution, not be operating at the time
      or not be accepting requests for appeals for any reason, then the appeal
      shall be conducted in accordance with the AFSA rules for commercial
      arbitration (as last applied by AFSA).                                                                                                                                                   
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|12.4 | Nothing herein contained shall be deemed to prevent or
      prohibit a party to the arbitration from applying to the appropriate court
      for urgent relief or for judgment in relation to a liquidated
  claim.                                                                                                                                                                                                                                                                                                                                                          
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|12.5 | Any arbitration in terms of this clause 12 (including any
      appeal proceedings) shall be conducted in cameraand the Parties
      shall treat as confidential details of the dispute submitted to
      arbitration, the conduct of the arbitration proceedings and the outcome of
      the arbitration.                                                                                                                                                                                                                                                                 
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|12.6 | This clause 12 will continue to be binding on the Parties
      notwithstanding any termination or cancellation of this
  Agreement.                                                                                                                                                                                                                                                                                                                                                                                                                                          



---

|ANGL12-CS19                
|---------------------------
|(RS\AGR\AMPLATS\ANGL12-CS19
|PHASE 3 IMPLEMENTATION AGR)
|AC/gvh                     
|Page 44                    

|12.7 | The Parties agree that the written demand by a party to a
      dispute, in terms of clause 12.1, that such dispute or difference be
      submitted to arbitration, is to be deemed to be a legal process for the
      purpose of interrupting extinctive prescription in terms of the
      Prescription Act, 1969.
|---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|13. | COUNTERPARTS                                                                                                                                                                                                                                                                                    
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                 
|    | This Agreement may be executed in any number of
      counterparts and by the different Parties hereto on separate counterparts,
      each of which when so executed and delivered shall be an original, but all
      such counterparts together shall constitute one and the same instrument.

|14. | GOVERNING LAW                                                                                                                                                                                                                                                                                                                                                                                    
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                                  
|    | This Agreement shall be governed by and construed in
      accordance with the laws of the Republic. The Parties hereby irrevocably
      and unconditionally consent to the non-exclusive jurisdiction of the High
      Court of the Republic of South Africa (Witwatersrand Local Division) in
      respect of any matter arising in terms of and/or in connection with this
      Agreement.

|15. | SEVERANCE                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|    | If any provision of this Agreement, which is not material
      to its efficacy as a whole, is rendered void, illegal or unenforceable in
      any respect under any law, the validity, legality and enforceability of
      the remaining provisions shall not in any way be affected or impaired
      thereby and the Parties shall endeavour in good faith to agree an
      alternative provision to the void, illegal or unenforceable
    provision.



---

|ANGL12-CS19                
|---------------------------
|(RS\AGR\AMPLATS\ANGL12-CS19
|PHASE 3 IMPLEMENTATION AGR)
|AC/gvh                     
|Page 45                    

|16. | GENERAL
|--- | -------

|16.1 | This document, together with the Transactional Agreements
      constitutes the sole record of the agreement amongst the Parties and the
      parties to the respective Transactional Agreements, in regard to the
      subject matter thereof.                                                                                                                                                                    
|---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|     |                                                                                                                                                                                                                                                                                                                                                                                                                      
|16.2 | None of the Parties shall be bound by any express or
      implied term, representation, warranty, promise or the like, not recorded
      herein.                                                                                                                                                                                                                                                                   
|     |                                                                                                                                                                                                                                                                                                                                                                                                                      
|16.3 | No addition to, variation or consensual cancellation of
      this Agreement shall be of any force or effect unless in writing and
      signed by or on behalf of the Parties.                                                                                                                                                                                                                                      
|     |                                                                                                                                                                                                                                                                                                                                                                                                                      
|16.4 | No indulgence which any of the Parties (Grantor) may
      grant to any of the others (Grantee) shall constitute a waiver of any of
      the rights of the Grantor, who shall not thereby be precluded from
      exercising any rights against the Grantee which might have arisen in the
      past or which might arise in the future.                                                                       
|     |                                                                                                                                                                                                                                                                                                                                                                                                                      
|16.5 | The Parties undertake at all times to do all such things,
      to perform all such acts and to take all such steps and to procure the
      doing of all such things, the performance of all such actions and the
      taking of all such steps as may be open to them and necessary for or
      incidental to the putting into effect or maintenance of the terms,
      conditions and import of this Agreement.



---

|ANGL12-CS19                
|---------------------------
|(RS\AGR\AMPLATS\ANGL12-CS19
|PHASE 3 IMPLEMENTATION AGR)
|AC/gvh                     
|Page 46                    

|16.6 | None of the Parties shall be entitled to cede, delegate
      or otherwise transfer all or any of its rights, interest or obligations
      under and in terms of this Agreement except with the prior written consent
      of the other Parties.
|---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



THUS DONE and SIGNED at ___________________________ on this the
________________ day of ________________________ 2008.

For and on behalf of

PLATEAU RESOURCES (PROPRIETARY)
LIMITED

by

_____________________________________who warrants his
authority hereto



THUS DONE and SIGNED at ___________________________ on this the
________________ day of ________________________ 2008.

For and on behalf of

RUSTENBURG PLATINUM MINES
LIMITED

by

_____________________________________
  who warrants his authority hereto



---

|ANGL12-CS19                
|---------------------------
|(RS\AGR\AMPLATS\ANGL12-CS19
|PHASE 3 IMPLEMENTATION AGR)
|AC/gvh                     
|Page 47                    

THUS DONE and SIGNED at ___________________________ on this the
________________ day of ________________________ 2008.

For and on behalf of

RICHTRAU NO 179 (PROPRIETARY)
LIMITED

by

_____________________________________
  who warrants his authority hereto



---

|ANGL12-CS19                
|---------------------------
|(RS\AGR\AMPLATS\ANGL12-CS19
|PHASE 3 IMPLEMENTATION AGR)
|AC/gvh                     
|                           

SCHEDULE 1

DRAFT BEE PRINCIPLES ACKNOWLEDGMENT LETTER

ON THE LETTERHEAD OF EITHER ANOORAQ, PELAWAN OR THE
TRUSTEES

OF THE PELAWAN TRUST



[Date]

The Company Secretary Rustenburg Platinum Mines Limited

Dear Sirs

ACKNOWLEDGMENT LETTER

|1. | We refer to:
|-- | ------------

|1.1 | the shareholders agreement ("Holdco Shareholders
      Agreement") entered into amongst Rustenburg Platinum Mines Limited
      ("RPM"), Plateau Resources (Proprietary) Limited ("Plateau")
      and Richtrau No 179 (Proprietary) Limited (Holdco) (collectively,
      the Parties), which shall, amongst other things, govern RPM and
      Plateaus relationship as shareholders in Holdco; and
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                                             
|1.2 | the implementation agreement (Phase 3 Implementation
      Agreement) entered into amongst the Parties which, amongst other
      things, contains the conditions precedent to the implementation of the
      Holdco Shareholders Agreement and certain other transactional
      agreements.                                                                                                            

|2. | Schedule 2 to the Holdco Shareholders Agreement (BEE
      Principles Schedule) contains the BEE principles and pre-emptive
      rights that shall govern Plateau and RPMs relationship as shareholders in
      Holdco. Further, it contains
|-- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



---

|ANGL12-CS19                
|---------------------------
|(RS\AGR\AMPLATS\ANGL12-CS19
|PHASE 3 IMPLEMENTATION AGR)
|AC/gvh                     
|Page 2                     

|   | clauses which may result in Plateaus shareholding
      interest in Holdco being compulsorily disposed of and/or RPM being
      entitled to put its entire shareholding interest in Holdco to Plateau or
      its successor/s in title.                                                                                                                                                                                                                                                                                                                                                                                              
|-- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|3. | As envisioned in the conditions precedent contained in
      clause 4.1.16 of the Phase 3 Implementation Agreement, it is hereby
      confirmed that Anooraq/Pelawan/the trustees of the Pelawan Trust
      acknowledge/s and fully understand/s the terms of the BEE Principles
      Schedule. Further, Anooraq/Pelawan/the trustees of the Pelawan Trust
      acknowledge/s that all of the provisions of the BEE Principles Schedule
      and the restrictions therein contained are fair and reasonable and are
      part of the overall intention of the Parties in connection with the Holdco
      Shareholders Agreement.

Yours faithfully

............................................................Director/Trustee
for and on behalf ofANOORAQ RESOURCES CORPORATION / PELAWAN INVESTMENTS
(PROPRIETARY) LIMITED / THE PELAWAN TRUST

Received a copy hereof on this

the ____ day of
_______________

_____________________________ 
  Director for and on behalf of RUSTENBURG PLATINUM MINES LIMITED



---

ANGL12-CS19 
  (RS\AGR\AMPLATS\ANOORAQ ADDENDA\ 
  ANGL12-CS19 ADDENDUM TO IMPLEMENTATION AGR) 
  AC/gvh 
  06.05.09



**FIRST ADDENDUM TO THE PHASE 3**

IMPLEMENTATION AGREEMENT

amongst



RUSTENBURG PLATINUM MINES LIMITED



PLATEAU RESOURCES (PROPRIETARY) LIMITED



and



RICHTRAU NO 179 (PROPRIETARY) LIMITED

(to be renamed Bokoni PlatinumHoldings (Proprietary)
  Limited)



---

ANGL12-CS19 
  (RS\AGR\AMPLATS\ANOORAQ ADDENDA\ 
  ANGL12-CS19 ADDENDUM TO IMPLEMENTATION AGR) 
  AC/gvh

FIRST ADDENDUM TO THE PHASE 3 IMPLEMENTATION

AGREEMENT DATED 28 MARCH 2008

amongst

RUSTENBURG PLATINUM MINES LIMITED

PLATEAU RESOURCES (PROPRIETARY) LIMITED

and

RICHTRAU NO 179 (PROPRIETARY) LIMITED

(the Implementation Agreement)

|1. | AMENDMENTS TO THE AGREEMENT                                                                                                                                                                                     
|-- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   |                                                                                                                                                                                                                 
|   | The Implementation Agreement, together with its schedule,
      is hereby amended by the additions and deletions as indicated in the mark
      up of the Implementation Agreement annexed hereto as Schedule 1.
|   |                                                                                                                                                                                                                 
|2. | CONFORMED COPY                                                                                                                                                                                                  

Each of the signatories to this
  addendum hereby confirms and agrees that:

|2.1 | the conformed copy of the Implementation Agreement
      annexed hereto as Schedule 2, correctly incorporates the amendments made
      thereto in terms of clause 1; and
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                          
|2.2 | it shall, with effect from the date of last signature of
      this addendum, be bound by the terms and conditions as set out in such
      conformed copy.              



---

|ANGL12-CS19                                
|-------------------------------------------
|(RS\AGR\AMPLATS\ANOORAQ ADDENDA\           
|ANGL12-CS19 ADDENDUM TO IMPLEMENTATION AGR)
|AC/gvh                                     
|Page 2                                     

|3. | FULFILMENT OF CONDITIONS
      PRECEDENT                                                                                                                                                                                                                                                                                                                                                                            
|-- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   |                                                                                                                                                                                                                                                                                                                                                                                                                     
|   | Each of the signatories to this addendum hereby confirms
      and agrees that the conditions precedent contained in clauses 4.1.3.1;
      4.1.8; 4.1.12, 4.1.18 and 4.1.19 of the Implementation Agreement (as
      renumbered in accordance with clause 1) have, as at the date of last
      signature of this addendum, been fulfilled and if not fulfilled, are, to
      the extent possible, hereby waived.



THUS DONE and SIGNED at ___________________________ on this the
  ________________ day of ________________________ 2009.

For and on behalf of

RUSTENBURG PLATINUM MINES
  LIMITED

by

_____________________________________
  who warrants his authority hereto



---

|ANGL12-CS19                                
|-------------------------------------------
|(RS\AGR\AMPLATS\ANOORAQ ADDENDA\           
|ANGL12-CS19 ADDENDUM TO IMPLEMENTATION AGR)
|AC/gvh                                     
|Page 3                                     



THUS DONE and SIGNED at ___________________________ on this the
  ________________ day of ________________________ 2009.

For and on behalf of

PLATEAU RESOURCES (PROPRIETARY)
  LIMITED

by

_____________________________________
  who warrants his
  authority hereto



THUS DONE and SIGNED at ___________________________ on this the
  ________________ day of ________________________ 2009.

For and on behalf of

RICHTRAU NO 179 (PROPRIETARY)
  LIMITED

by

_____________________________________
  who warrants his authority hereto



---

|ANGL12-CS19                                
|-------------------------------------------
|(RS\AGR\AMPLATS\ANOORAQ ADDENDA\           
|ANGL12-CS19 ADDENDUM TO IMPLEMENTATION AGR)
|AC/gvh                                     

SCHEDULE 1

MARK UP OF THE IMPLEMENTATION AGREEMENT





---

ANGL12-CS19 
  (RS\AGR\AMPLATS\ANGL12-CS19 
  PHASE 3
  IMPLEMENTATION AGR) 
  AC/gvh 
  28.03.08





PHASE 3 IMPLEMENTATION AGREEMENT



amongst



RUSTENBURG PLATINUM MINES LIMITED



PLATEAU RESOURCES (PROPRIETARY) LIMITED



and



RICHTRAU NO 179 (PROPRIETARY) LIMITED

(to be renamed Bokoni Platinum Holdings (Proprietary)
  Limited)



---

ANGL12-CS19 
  (RS\AGR\AMPLATS\ANGL12-CS19 
  PHASE 3
  IMPLEMENTATION AGR) 
  AC/gvh

TABLE OFCONTENTS


|1.  | PARTIES                     | 1 
|--- | --------------------------- | --
|    |                             |   
|2.  | INTERPRETATION              | 1 
|    |                             |   
|3.  | RECORDAL                    | 23
|    |                             |   
|4.  | CONDITIONS
      PRECEDENT  | 24
|    |                             |   
|5.  | IMPLEMENTATION              | 34
|    |                             |   
|6.  | TERMINATION                 | 35
|    |                             |   
|7.  | POST-CLOSING
      DIVIDEND | 35
|    |                             |   
|8.  | COSTS                       | 35
|    |                             |   
|9.  | CONFIDENTIALITY             | 36
|    |                             |   
|10. | BREACH                      | 38
|    |                             |   
|11. | DOMICILIUM                  | 38
|    |                             |   
|12. | DISPUTE
      RESOLUTION    | 40
|    |                             |   
|13. | COUNTERPARTS                | 42
|    |                             |   
|14. | GOVERNING
      LAW         | 42
|    |                             |   
|15. | SEVERANCE                   | 42
|    |                             |   
|16. | GENERAL                     | 43

---oOo---

|SCHEDULE
      1 | - | DRAFT
      BEE PRINCIPLES ACKNOWLEDGMENT LETTER
|---------------- | - | ------------------------------------------------



---

ANGL12-CS19 
  (RS\AGR\AMPLATS\ANGL12-CS19 
  PHASE 3
  IMPLEMENTATION AGR) 
  AC/gvh

PHASE 3 IMPLEMENTATION AGREEMENT

|1. | PARTIES
|-- | -------

|1.1 | PLATEAU RESOURCES (PROPRIETARY)
      LIMITED
|--- | ---------------------------------------------
|    |                                              
|1.2 | RUSTENBURG PLATINUM MINES LIMITED            
|    |                                              
|1.3 | RICHTRAU NO 179 (PROPRIETARY)
      LIMITED  

|2. | INTERPRETATION
|-- | --------------

|2.1 | The headnotes to the clauses of this Agreement are
      inserted for reference purposes only and shall in no way govern or affect
      the interpretation hereof.
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                    
|2.2 | Unless inconsistent with the context, the expressions set
      forth below shall bear the following meanings:                                                     

AFSA
      Arbitration Foundation of Southern AfricaAgreement
      this Phase 3 Implementation Agreement, together with the
        schedule heretoAnooraq
      Anooraq Resources Corporation, a public company
        incorporated in


---

|ANGL12-CS19                
|---------------------------
|(RS\AGR\AMPLATS\ANGL12-CS19
|PHASE 3 IMPLEMENTATION AGR)
|AC/gvh                     
|Page 2                     

accordance with the laws of British Columbia, Canada,
        registration no. 10022-2033Anooraq Agreements
      the agreements and/or written documents recording, as at
        the Closing Date, the composition of the Anooraq Group, the relationship
        amongst the members of the Anooraq Group, and/or any other matter and/or
        issue of relevance to any of the contents hereof, and which agreements
        are:


| | 1. | the shareholders agreement entered into on 19 September
      2004 amongst Pelawan, Anooraq and the Pelawan Trust;                                                                                             
| | -- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |    |                                                                                                                                                                                                                 
| | 2. | the subscription and shareholders agreement in respect
      of Pelawan (Pelawan Subscription and Shareholders Agreement), entered
      into on 19 September 2004 amongst Anooraq, the Pelawan
      Trust,



---

|ANGL12-CS19                
|---------------------------
|(RS\AGR\AMPLATS\ANGL12-CS19
|PHASE 3 IMPLEMENTATION AGR)
|AC/gvh                     
|Page 3                     

| |    | African Minerals Professionals (Proprietary) Limited,
      Tshanduko Investments (Proprietary) Limited, Siyanda Trust, Legakabje
      Mining & Exploration (Proprietary) Limited, Basadi-Ba-Bapedi Cultural
      Development Trust, Zonkizizwe Investment Trust, Isolomzi Investments
      (Proprietary) Limited, Ditau Investments Company (Proprietary) Limited,
      Prime Skill Development Trust, African Mining Development Trust, Mookodi
      Trading (Proprietary) Limited, Africa without Boundaries Mining
      (Proprietary) Limited, Leswika Womens Investments (Proprietary) Limited,
      Figure Eight Investments (Proprietary) Limited, Miracle Mile Investments
      74 (Proprietary) Limited and Pelawan;
| | -- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
| | 3. | the amendment to the Pelawan                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          



---

|ANGL12-CS19                
|---------------------------
|(RS\AGR\AMPLATS\ANGL12-CS19
|PHASE 3 IMPLEMENTATION AGR)
|AC/gvh                     
|Page 4                     

| |    | Subscription and Shareholders Agreement, entered into on
      29 September 2004;                                                                                                       
| | -- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |    |                                                                                                                                                                                          
| | 4. | the share exchange agreement entered into on 21 January
      2004 between Pelawan and Anooraq, as amended by the addenda thereto dated
      20 September 2004 and 11 November 2005; and
| |    |                                                                                                                                                                                          
| | 5. | the trust deed of the Pelawan Trust, entered into on 2
      September 2004                                                                                                              

Anooraq Due Diligence
      the due diligence investigation currently being
        undertaken by Anooraq and Plateau, and constituting a comprehensive
        technical, financial, legal and regulatory investigation into respectively
        Lebowa and the LPM Business, in order to establish whether there exists
        any fact and/or circumstances which, had Plateau had insight into such
        fact and/or


---

|ANGL12-CS19                
|---------------------------
|(RS\AGR\AMPLATS\ANGL12-CS19
|PHASE 3 IMPLEMENTATION AGR)
|AC/gvh                     
|Page 5                     

| |                     | circumstance, would have deterred Plateau from entering
      into any of the Transactional Agreements to which it is a party, either on
      the relevant terms and conditions, or at all                                                                                                   
| | ------------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |                     |                                                                                                                                                                                                                                                                                               
| | Anooraq Group     | the group of entities comprising Anooraq, the Anooraq
      Parties and their respective direct and indirect Subsidiary Companies,
      from time to time                                                                                                                                    
| |                     |                                                                                                                                                                                                                                                                                               
| | Anooraq Parties   | the Anooraq Parties, as defined in the Holdco
      Shareholders Agreement                                                                                                                                                                                                                   
| |                     |                                                                                                                                                                                                                                                                                               
| | APL               | Anglo Platinum Limited, a public company incorporated in
      accordance with the laws of the Republic, registration no. 1946/022452/06                                                                                                                                                      
| |                     |                                                                                                                                                                                                                                                                                               
| | APL Due Diligence | the due diligence investigation currently being
      undertaken by RPM in respect of the compliance by the Anooraq Parties with
      all requirements in respect of BEE (including, without limitation, the
      participation in all relevant structures by women and communities), and to



---

|ANGL12-CS19                
|---------------------------
|(RS\AGR\AMPLATS\ANGL12-CS19
|PHASE 3 IMPLEMENTATION AGR)
|AC/gvh                     
|Page 6                     

| |                        | establish whether there is any fact and/or circumstance
      which prevents Plateau from entering into and/or completing the
      Transactional Agreements to which it is party, in accordance with their
      terms and/or from complying fully and in all respects with all of its
      obligations (including, without limitation, its obligation to procure that
      the Anooraq Parties shall undertake various actions) arising in terms of
      and/or in connection with the Holdco Shareholders Agreement
| | ---------------------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |                        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
| | APL Group            | the group of entities comprising APL, RPM, Holdco, Opco,
      Lebowa and their respective direct and indirect Subsidiary Companies, from
      time to time                                                                                                                                                                                                                                                                                                                                                              
| |                        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
| | APL Old Order Rights | all old order rights (as defined in Schedule II of the
      MPRD Act) held, as at the Signature Date, by the companies comprising the
      APL Group, as at the Signature Date, including (without limitation) the
      Old Order                                                                                                                                                                                                                                                                                      



---

|ANGL12-CS19                
|---------------------------
|(RS\AGR\AMPLATS\ANGL12-CS19
|PHASE 3 IMPLEMENTATION AGR)
|AC/gvh                     
|Page 7                     

Rights, as set out in the list attached to the Holdco
        Shareholders Agreement as Schedule 5BEE
      broad-based black economic empowerment, as envisaged in
        terms of the MPRD Act and/or the CharterBoikgantsho
      Boikgantsho Platinum Mine (Proprietary) Limited, a
        private company incorporated in accordance with the laws of the Republic,
        registration no. 2003/012394/07Boikgantsho Sale Assets
      the Sale Assets, as defined in the Boikgantsho Sale of
        Rights AgreementBoikgantsho Sale of Rights
        Agreement
      the Boikgantsho Sale of Rights Agreement entered into, or
        to be entered into, amongst Plateau, RPM and Boikgantsho, in terms whereof
        Plateau and RPM shall respectively sell certain of the Boikgantsho Sale
        Assets to BoikgantshoBusiness
      collectively, the Ga-Phasha Business,


---

|ANGL12-CS19                
|---------------------------
|(RS\AGR\AMPLATS\ANGL12-CS19
|PHASE 3 IMPLEMENTATION AGR)
|AC/gvh                     
|Page 8                     

| |                   | the LPM Business, the Boikgantsho Sale Assets and the
      Kwanda Sale Assets                                                                                                                                                                                                                    
| | ----------------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |                   |                                                                                                                                                                                                                                                                                                   
| | Business Day    | every day except Saturdays, Sundays and statutory
      holidays in the Republic and/or British Columbia                                                                                                                                                                                          
| |                   |                                                                                                                                                                                                                                                                                                   
| | Charter         | the Broad Based Socio Economic Empowerment Charter for
      the South African Mining Industry (together with the Scorecard), dated 11
      October 2002, published in terms of the provisions of Section 100(2)(a) of
      the MPRD Act, under Government Gazette (No. 26661 of 13 August 2004)
| |                   |                                                                                                                                                                                                                                                                                                   
| | Closing Date    | the first day of the calendar month immediately following
      the Fulfilment Date                                                                                                                                                                                                               
| |                   |                                                                                                                                                                                                                                                                                                   
| | Companies Act   | the Companies Act, 1973 (Act 61 of 1973)                                                                                                                                                                                                                                                          
| |                   |                                                                                                                                                                                                                                                                                                   
| | Competition Act | the Competition Act, 1998 (Act 89 of 1998)                                                                                                                                                                                                                                                        



---

|ANGL12-CS19                
|---------------------------
|(RS\AGR\AMPLATS\ANGL12-CS19
|PHASE 3 IMPLEMENTATION AGR)
|AC/gvh                     
|Page 9                     

| | Competition Authorities | the Competition Commission, the Competition Tribunal
      and/or the Competition Appeal Court, as the case may be, established in
      terms of the Competition Act, and Competition Authority shall have a
      corresponding meaning                                                                                                 
| | ------------------------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |                           |                                                                                                                                                                                                                                                                                                                                             
| | Conditions              | the conditions precedent in clause 4.1                                                                                                                                                                                                                                                                                                      
| |                           |                                                                                                                                                                                                                                                                                                                                             
| | Credits                 | the credits in respect of BEE to be received by APL
      (including, without limitation, those credits to be received by RPM and/or
      Lebowa), as at the Closing Date, in terms of paragraph 4.7 of the Charter
      and the Scorecard, directly and/or indirectly attributable to and/or
      arising as a result of the Transaction
| |                           |                                                                                                                                                                                                                                                                                                                                             
| | Disclosure Letter       | the Disclosure Letter, as defined in the Holdco Sale of
      Shares Agreement                                                                                                                                                                                                                                                              
| |                           |                                                                                                                                                                                                                                                                                                                                             
| | Financier               | any bank or other financial institution                                                                                                                                                                                                                                                                                                     



---

|ANGL12-CS19                
|---------------------------
|(RS\AGR\AMPLATS\ANGL12-CS19
|PHASE 3 IMPLEMENTATION AGR)
|AC/gvh                     
|Page 10                    

| | Final Disclosure Date           | 15 April 2008                                                                                                                                                                                                                                                                                                       
| | --------------------------------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |                                   |                                                                                                                                                                                                                                                                                                                     
| | Fulfilment Date                 | the date on which the last of the Conditions to be
      fulfilled shall have been fulfilled                                                                                                                                                                                                                        
| |                                   |                                                                                                                                                                                                                                                                                                                     
| | Ga-Phasha Business              | the business (together with all of its components, parts,
      assets and/or liabilities) of Micawber as at the Closing Date                                                                                                                                                                                       
| |                                   |                                                                                                                                                                                                                                                                                                                     
| | Holdco                          | Richtrau No 179 (Proprietary) Limited, a private company
      incorporated in accordance with the laws of the Republic, registration no.
      2007/016711/07                                                                                                                                                      
| |                                   |                                                                                                                                                                                                                                                                                                                     
| | Holdco Sale of Shares Agreement | the Holdco Sale of Shares Agreement entered into, or to
      be entered into, between Plateau and RPM, in terms whereof RPM shall sell
      and Plateau shall purchase 9 631 ordinary shares of R1.00 each in the
      issued share capital of Holdco and 51% of RPMs claim on loan account
      against Holdco



---

|ANGL12-CS19                
|---------------------------
|(RS\AGR\AMPLATS\ANGL12-CS19
|PHASE 3 IMPLEMENTATION AGR)
|AC/gvh                     
|Page 11                    

Holdco Shareholder Loan
        Agreement
      the Holdco Shareholder Loan Agreement, as defined in the
        Holdco Sale of Shares AgreementHoldco Shareholders Agreement
      the Holdco Shareholders Agreement entered into, or to be
        entered into amongst the PartiesInitial Funding Agreements
      the Initial Funding Agreements, as defined in the Holdco
        Shareholders AgreementJSE
      the JSE Limited, a public company incorporated in
        accordance with the laws of the Republic, registration no. 2005/022939/06Kwanda
      Richtrau No 207 (Proprietary) Limited, a private company
        incorporated in accordance with the laws of the Republic, registration no.
        2008/003368/07Kwanda Sale Assets
      the Sale Assets, as defined in the Kwanda Sale of Rights
        Agreement


---

|ANGL12-CS19                
|---------------------------
|(RS\AGR\AMPLATS\ANGL12-CS19
|PHASE 3 IMPLEMENTATION AGR)
|AC/gvh                     
|Page 12                    

Kwanda Sale of Rights Agreement
      the Kwanda Sale of Rights Agreement entered into, or to
        be entered into, amongst RPM, Plateau and Kwanda, in terms whereof RPM and
        Plateau shall sell their respective undivided 50% shares of the Kwanda
        Sale Assets to KwandaLebowa
      Lebowa Platinum Mines Limited, a public company
        incorporated in accordance with the laws of the Republic, registration no.
        1963/006144/06LPM Business
      the business (together with all of its components, parts,
        assets and/or liabilities) as a going concern, of Lebowa and/or Opco, as
        the case may be, as at the Closing Date, including (for the avoidance of
        doubt) the Rights to Mine held by Lebowa and/or Opco, as the case may beMicawber
      Micawber 277 (Proprietary) Limited, a private company
        duly incorporated in


---

|ANGL12-CS19                
|---------------------------
|(RS\AGR\AMPLATS\ANGL12-CS19
|PHASE 3 IMPLEMENTATION AGR)
|AC/gvh                     
|Page 13                    

| |                                          | accordance with the laws of the Republic, registration
      no. 2002/016841/07                                                                              
| | ---------------------------------------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------
| |                                          |                                                                                                                                                              
| | Micawber Shareholders
      Agreement | the Micawber Shareholders Agreement entered into on 22
      September 2004 amongst Pelawan, RPM and Micawber                                               
| |                                          |                                                                                                                                                              
| | Mining Rights                          | mining rights (as defined in terms of the MPRD Act)                                                                                                          
| |                                          |                                                                                                                                                              
| | MPRD Act                               | the Mineral Petroleum and Resources Development Act, 2002
      (Act 28 of 2002)                                                                             
| |                                          |                                                                                                                                                              
| | New Order Rights                       | the Mining Rights into which the Old Order Rights shall
      be converted                                                                                   
| |                                          |                                                                                                                                                              
| | Notarial Joint Venture
      Agreement | the Notarial Joint Venture Agreement entered into on 29
      September 2004 between RPM and Pelawan                                                         
| |                                          |                                                                                                                                                              
| | Old Order Rights                       | the old order rights (as defined in Schedule II of the
      MPRD Act) forming part of respectively the LPM Business and the Ga-Phasha
      Business, as set



---

|ANGL12-CS19                
|---------------------------
|(RS\AGR\AMPLATS\ANGL12-CS19
|PHASE 3 IMPLEMENTATION AGR)
|AC/gvh                     
|Page 14                    

out in the list attached to the Holdco Sale of Shares
        Agreement as Schedule 4Opco
      Richtrau No 177 (Proprietary) Limited, a private company
        incorporated in accordance with the laws of the Republic, registration no.
        2007/016001/07Opco Shareholder Loan Agreement
      the Opco Shareholder Loan Agreement, as defined in the
        Holdco Sale of Shares AgreementParties
      collectively, RPM, Holdco and Plateau and a Party shall
        mean each or any of them, as the context requiresPelawan
      Pelawan Investments (Proprietary) Limited, a private
        company incorporated in accordance with the laws of the Republic,
        registration no. 2002/017920/07Pelawan Trust
      the Pelawan Trust, established in accordance with the
        trust deed dated


---

|ANGL12-CS19                
|---------------------------
|(RS\AGR\AMPLATS\ANGL12-CS19
|PHASE 3 IMPLEMENTATION AGR)
|AC/gvh                     
|Page 15                    

2 September 2004, Masters reference no. IT8411/2004PGMs
      collectively, platinum, palladium, rhodium, ruthenium,
        iridium, osmium and the metals and minerals mineralogically associated
        therewith, including but not limited to gold, silver, copper, nickel and
        cobalt together with any such metals and minerals which may be extracted
        from the normal mining of the abovementioned minerals in, on or under the
        relevant project areaPhase 3 Sale of Shares Agreements
      collectively:


| | - | the RPM Sale of Micawber Shares and Claims Agreement;   
| | - | --------------------------------------------------------
| |   |                                                         
| | - | the RPM Sale of Boikgantsho Shares and Claims Agreement;
| |   |                                                         
| | - | the RPM Sale of Kwanda Shares Agreement;                
| |   |                                                         
| | - | the Plateau Sale of Micawber                            



---

|ANGL12-CS19                
|---------------------------
|(RS\AGR\AMPLATS\ANGL12-CS19
|PHASE 3 IMPLEMENTATION AGR)
|AC/gvh                     
|Page 16                    

| |   | Shares and Claims Agreement;                                          
| | - | ----------------------------------------------------------------------
| |   |                                                                       
| | - | the Plateau Sale of Boikgantsho Shares and Claims
      Agreement; and
| |   |                                                                       
| | - | the Plateau Sale of Kwanda Shares Agreement                           

|Phase 3 Transactional Agreements | collectively:
|---------------------------------- | -------------

| | - | the Boikgantsho Sale of Rights Agreement;               
| | - | --------------------------------------------------------
| |   |                                                         
| | - | the Kwanda Sale of Rights Agreement;                    
| |   |                                                         
| | - | the RPM Sale of Micawber Shares and Claims Agreement;   
| |   |                                                         
| | - | the RPM Sale of Boikgantsho Shares and Claims Agreement;
| |   |                                                         
| | - | the RPM Sale of Kwanda Shares Agreement;                
| |   |                                                         
| | - | the Holdco Sale of Shares                               



---

|ANGL12-CS19                
|---------------------------
|(RS\AGR\AMPLATS\ANGL12-CS19
|PHASE 3 IMPLEMENTATION AGR)
|AC/gvh                     
|Page 17                    

| |   | Agreement;                                                        
| | - | ------------------------------------------------------------------
| |   |                                                                   
| | - | the Plateau Sale of Micawber Shares and Claims Agreement;         
| |   |                                                                   
| | - | the Plateau Sale of Boikgantsho Shares and Claims
      Agreement;
| |   |                                                                   
| | - | the Plateau Sale of Kwanda Shares Agreement; and                  
| |   |                                                                   
| | - | the Holdco Shareholders Agreement                                

Plateau
      Plateau Resources (Proprietary) Limited, a private
        company incorporated in accordance with the laws of the Republic,
        registration no. 1996/013879/07Plateau Sale of Boikgantsho 
        Shares and
        Claims Agreement
      the Plateau Sale of Boikgantsho Shares and Claims
        Agreement entered into, or to be entered into, between Plateau and Holdco,
        in terms whereof Plateau shall sell and Holdco shall purchase 50% of the
        entire issued share capital


---

|ANGL12-CS19                
|---------------------------
|(RS\AGR\AMPLATS\ANGL12-CS19
|PHASE 3 IMPLEMENTATION AGR)
|AC/gvh                     
|Page 18                    

of Boikgantsho and Plateaus claims against Boikgantsho
        on shareholders loan accountPlateau Sale of Kwanda Shares
        Agreement
      the Plateau Sale of Kwanda Shares Agreement entered into,
        or to be entered into, between Plateau and Holdco, in terms whereof
        Plateau shall sell and Holdco shall purchase 50% of the entire issued
        share capital of KwandaPlateau Sale of Micawber Shares 
        and Claims Agreement
      the Plateau Sale of Micawber Shares and Claims Agreement
        entered into, or to be entered into, in terms whereof Plateau shall sell
        and Holdco shall purchase 50% of the entire issued share capital of
        Micawber and Plateaus claims against Micawber on shareholders loan
        accountRepublic
      the Republic of South AfricaRights to Mine
      all rights of whatsoever nature in and to any and all
        minerals at any time, including (without limitation) the Old


---

|ANGL12-CS19                
|---------------------------
|(RS\AGR\AMPLATS\ANGL12-CS19
|PHASE 3 IMPLEMENTATION AGR)
|AC/gvh                     
|Page 19                    

| |                                                              | Order Rights and the New Order Rights                                                                                                                                                                                                                                                                                          
| | ------------------------------------------------------------ | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |                                                              |                                                                                                                                                                                                                                                                                                                                
| | RPM                                                        | Rustenburg Platinum Mines Limited, a public company
      incorporated in accordance with the laws of the Republic, registration no.
      1931/003380/06                                                                                                                                                                      
| |                                                              |                                                                                                                                                                                                                                                                                                                                
| | RPM Sale of Boikgantsho 
      Shares and Claims Agreement | the RPM Sale of Boikgantsho Shares and Claims Agreement
      entered into, or to be entered into, between RPM and Holdco, in terms
      whereof RPM shall sell and Holdco shall purchase 50% of the entire issued
      share capital of Boikgantsho and RPMs claims against Boikgantsho on
      shareholders loan account
| |                                                              |                                                                                                                                                                                                                                                                                                                                
| | RPM Sale of Kwanda Shares
      Agreement                  | the RPM Sale of Kwanda Shares Agreement entered into, or
      to be entered into, between RPM and Holdco, in terms whereof RPM shall
      sell and Holdco shall purchase 50% of the entire issued share capital of
      Kwanda                                                                                              
| |                                                              |                                                                                                                                                                                                                                                                                                                                
| | RPM Sale of Micawber Shares                                 | the RPM Sale of Micawber Shares and                                                                                                                                                                                                                                                                                            



---

|ANGL12-CS19                
|---------------------------
|(RS\AGR\AMPLATS\ANGL12-CS19
|PHASE 3 IMPLEMENTATION AGR)
|AC/gvh                     
|Page 20                    

| | and Claims Agreement           | Claims Agreement entered into, or to be entered, in terms
      whereof RPM shall sell and Holdco shall purchase 50% of the issued share
      capital of Micawber and RPMs claims against Micawber on shareholders
      loan account                                                                                                           
| | ------------------------------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |                                 |                                                                                                                                                                                                                                                                                                                                                    
| | Scorecard                     | the scorecard for the Charter published pursuant to
      Section 100(2)(a) of the MPRD Act under Government Gazette (no. 26661 of
      13 August 2004)                                                                                                                                                                                           
| |                                 |                                                                                                                                                                                                                                                                                                                                                    
| | Senior Debt Funding Agreement | the Senior Debt Funding Agreement, as defined in the
      Holdco Shareholders Agreement                                                                                                                                                                                                                                                          
| |                                 |                                                                                                                                                                                                                                                                                                                                                    
| | Signature Date                | 28 March 2008                                                                                                                                                                                                                                                                                                                                      
| |                                 |                                                                                                                                                                                                                                                                                                                                                    
| | Special Resolution            | the special resolution to be adopted by the shareholders
      of Micawber in order to amend the articles of association of Micawber to
      remove the restrictions in respect of the transferability of the Sale
      Shares (in respect of, and as defined in, both the RPM Sale of Micawber
      Shares and Claims Agreement and the Plateau



---

|ANGL12-CS19                
|---------------------------
|(RS\AGR\AMPLATS\ANGL12-CS19
|PHASE 3 IMPLEMENTATION AGR)
|AC/gvh                     
|Page 21                    

| |                                   | Sale of Micawber Shares and Claims Agreement)                                                                                                                                                   
| | --------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |                                   |                                                                                                                                                                                                 
| | Subsidiary Company              | a subsidiary company (which for purposes of this
      Agreement shall be deemed to include any company incorporated outside the
      Republic) as defined in section 1(3) of the Companies Act
| |                                   |                                                                                                                                                                                                 
| | Transaction                     | the Transaction to which the Transactional Agreements
      will give effect                                                                                                                    
| |                                   |                                                                                                                                                                                                 
| | Transactional Agreements        | the Transactional Agreements, as defined in the Holdco
      Sale of Shares Agreement                                                                                                           
| |                                   |                                                                                                                                                                                                 
| | Transaction Framework Agreement | the Transaction Framework Agreement entered into on 3
      September 2007 by, amongst others, the Parties                                                                                      
| |                                   |                                                                                                                                                                                                 
| | Warranties                      | the Warranties, or any of them, as defined in the Holdco
      Sale of Shares Agreement.                                                                                                        



---

|ANGL12-CS19                
|---------------------------
|(RS\AGR\AMPLATS\ANGL12-CS19
|PHASE 3 IMPLEMENTATION AGR)
|AC/gvh                     
|Page 22                    

|2.3 | If any provision in a definition is a substantive
      provision conferring rights or imposing obligations on any Party,
      notwithstanding that it is only in the definition clause, effect shall be
      given to it as if it were a substantive provision of this
      Agreement.                                                                                                                                
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                                                           
|2.4 | Any reference to an enactment is to that enactment as at
      the Signature Date and, in the event that any right and/or obligation
      shall arise in terms of this Agreement, in respect of and/or in connection
      with such enactment after the Signature Date, such reference shall be to
      that enactment as amended and/or replaced as at the date for performance
      of such right and/or obligation.
|    |                                                                                                                                                                                                                                                                                                                                                                                                                           
|2.5 | Any reference in this Agreement to this Agreement or to
      any other agreement shall be construed as a reference to this Agreement or
      such other agreement as the same may have been, or may from time to time
      be, amended, varied, novated or supplemented.                                                                                                                                               
|    |                                                                                                                                                                                                                                                                                                                                                                                                                           
|2.6 | Unless inconsistent with the context, an expression which
      denotes:                                                                                                                                                                                                                                                                                                                                                  

|2.6.1 | any gender includes the other genders;                        
|----- | --------------------------------------------------------------
|      |                                                               
|2.6.2 | a natural person includes an artificial person and vice versa;
|      |                                                               
|2.6.3 | the singular includes the plural and vice
      versa.        

|2.7 | Where any term is defined within the context of any
      particular clause in this Agreement, the term so defined, unless it is
      clear from the clause in
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------



---

|ANGL12-CS19                
|---------------------------
|(RS\AGR\AMPLATS\ANGL12-CS19
|PHASE 3 IMPLEMENTATION AGR)
|AC/gvh                     
|Page 23                    

|     | question that the term so defined has limited application
      to the relevant clause, shall bear the meaning ascribed to it for all
      purposes in terms of this Agreement, notwithstanding that that term has
      not been defined in this interpretation clause.             
|---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|     |                                                                                                                                                                                                                                                                                       
|2.8  | The rule of construction that, in the event of ambiguity,
      a contract shall be interpreted against the Party responsible for the
      drafting or preparation of such contract, shall not apply.                                                                                
|     |                                                                                                                                                                                                                                                                                       
|2.9  | Where any number of days is prescribed, those days shall
      be reckoned exclusively of the first and inclusively of the last day
      unless the last day falls on a day which is not a Business Day, in which
      event the last day shall be the next succeeding Business Day.
|     |                                                                                                                                                                                                                                                                                       
|2.10 | The schedule to this Agreement forms an integral part
      hereof and words and expressions defined in this Agreement shall bear,
      unless the context otherwise requires, the same meaning in such
      schedule.                                                              

|3. | RECORDAL
|-- | --------

|3.1 | RPM and Plateau (amongst others) have entered into the
      Transaction Framework Agreement and intend to undertake and complete the
      Transaction. To this end, the Parties intend procuring that each
      Transactional Agreement shall be entered into and completed in accordance
      with its terms.
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                   
|3.2 | The Parties:                                                                                                                                                                                                                                                                                                      



---

|ANGL12-CS19                
|---------------------------
|(RS\AGR\AMPLATS\ANGL12-CS19
|PHASE 3 IMPLEMENTATION AGR)
|AC/gvh                     
|Page 24                    

|3.2.1 | intend the Phase 3 Transactional Agreements to be
      implemented in a certain sequence on the same date;                                                              
|----- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|      |                                                                                                                                                                          
|3.2.2 | wish, immediately upon the implementation of the Phase 3
      Transactional Agreements, to terminate certain agreements in relation to
      the Ga-Phasha Business; and
|      |                                                                                                                                                                          
|3.2.3 | wish to record their agreement in this regard, and in
      regard to certain ancillary matters, in
      writing.                                                       

|4. | CONDITIONS
      PRECEDENT
|-- | --------------------------

|4.1 | This entire Agreement (save in respect of clauses 1 to 4
      (both inclusive) and clauses 8 to 16 (both inclusive), which shall be of
      immediate force and effect) shall be subject to the fulfilment of the
      Conditions that:
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|4.1.1 | by not later than 30 June 2009, or such later date as the
      Parties may agree in writing, the Transactional Agreements shall have been
      entered into by the parties to those agreements, and none of the
      Transactional Agreements to which Plateau is not a party shall have been
      amended without the prior written consent of Plateau;
|----- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|      |                                                                                                                                                                                                                                                                                                                                                             
|4.1.2 | by not later than 30 June 2009, or such later date as the
      Parties may agree in writing, the Kwanda Sale of Rights Agreement shall
      have become unconditional in all respects in accordance with its terms,
      save insofar as it may be conditional on this Agreement becoming
      unconditional,                                           



---

|ANGL12-CS19                
|---------------------------
|(RS\AGR\AMPLATS\ANGL12-CS19
|PHASE 3 IMPLEMENTATION AGR)
|AC/gvh                     
|Page 25                    

|4.1.3 | either:
|----- | -------

|4.1.3.1 | the suspensive condition contained in clause 6.1 of the
      Boikgantsho Sale of Rights Agreement shall have been fulfilled by not
      later than 31 March 2008, or such later date as the Parties may agree in
      writing; or                                                                                                                                              
|------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|        |                                                                                                                                                                                                                                                                                                                                                                                   
|4.1.3.2 | if the suspensive condition contained in clause 6.1 of
      the Boikgantsho Sale of Rights Agreement shall not have been timeously
      fulfilled, RPM, Plateau and Boikgantsho (Boikgantsho Parties) shall by
      not later than 30 June 2009, or such later date as the Parties may agree
      in writing, have entered into another written agreement which
      shall:

|4.1.3.2.1 | have become unconditional in all respects in accordance
      with its terms, save insofar as it may be conditional on this Agreement
      becoming unconditional; and                                                                                                                                                                 
|--------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|          |                                                                                                                                                                                                                                                                                                                                         
|4.1.3.2.2 | insofar as possible, have the same commercial effect and
      result in the Boikgantsho Parties being in the same commercial position
      that they would have been in, had the suspensive conditions contained in
      respectively clauses 6.1 and 6.2 of the Boikgantsho Sale of Rights
      Agreement been timeously fulfilled;

|4.1.4 | if the suspensive condition contained in clause 6.1 of
      the Boikgantsho Sale of Rights Agreement shall have been timeously
      fulfilled, the
|----- | ----------------------------------------------------------------------------------------------------------------------------------------------------



---

|ANGL12-CS19                
|---------------------------
|(RS\AGR\AMPLATS\ANGL12-CS19
|PHASE 3 IMPLEMENTATION AGR)
|AC/gvh                     
|Page 26                    

|      | suspensive condition contained in clause 6.2.1 of the
      Boikgantsho Sale of Rights Agreement shall have been fulfilled by not
      later than 30 June 2009, or such later date as the Parties may agree in
      writing;                                                                                                                                                                                                                                                                                                                                                              
|----- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|4.1.5 | by not later than 30 June 2009, or such later date as the
      Parties may agree in writing, RPM shall have completed the APL Due
      Diligence to its satisfaction. In the event that RPM shall have failed to
      deliver a written notice (confirming that it shall have completed the APL
      Due Diligence to its satisfaction) to Plateau by not later than the date
      specified above, RPM shall be deemed not to have completed the APL Due
      Diligence to its satisfaction, and the Condition in this clause 4.1.5
      shall be deemed not to have been fulfilled;
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|4.1.6 | by not later than 30 June 2009, or such later date as the
      Parties may agree in writing, the Initial Funding Agreements shall have
      been entered into by the respective parties thereto, and all conditions
      precedent to the advance of funds under the Initial Funding Agreements
      shall have been fulfilled, save insofar as they may be conditional on this
      Agreement becoming unconditional;                                                                                                                                                                 
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|4.1.7 | by not later than 30 June 2009, or such later date as the
      Parties may agree in writing, the shareholders of Anooraq shall have
      passed all resolutions necessary in order to approve and implement the
      Transaction, and, where applicable, such resolutions shall have been
      registered;                                                                                                                                                                                                                                                                              



---

|ANGL12-CS19                
|---------------------------
|(RS\AGR\AMPLATS\ANGL12-CS19
|PHASE 3 IMPLEMENTATION AGR)
|AC/gvh                     
|Page 27                    

|4.1.8  | by not later than 30 June 2009, or such later date as the
      Parties may agree in writing, the Parties shall have received the written
      unconditional approval of the applicable Competition Authority, in terms
      of Chapter 3 of the Competition Act, in respect of the Transaction and
      each of the relevant transactions contemplated in the Transactional
      Agreements, or if such approval shall be subject to any conditions, such
      conditions shall have been accepted in writing by the Parties;
|------ | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|4.1.9  | by not later than 30 June 2009, or such later date as the
      Parties may agree in writing, RPM and each of its direct and/or indirect
      shareholders, to the extent necessary, shall have obtained the written
      unconditional consent of the United Kingdom Treasury in respect of the
      entering into and completion in accordance with its terms of the
      Transaction;                                                                                                                                       
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|4.1.10 | by not later than 30 June 2009, or such later date as the
      Parties may agree in writing, if and to the extent necessary, the Parties
      shall have received the written consent of the Minister of Minerals and
      Energy in terms of Section 11 of the MPRD Act in respect of the sale and
      delivery of the Sale Shares (as defined in and in respect of each Phase 3
      Sale of Shares Agreement) to Holdco;                                                                                                  
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|4.1.11 | by not later than 30 June 2009, or such later date as the
      Parties may agree in writing, the Parties shall respectively have obtained
      all necessary regulatory consents, including (without limitation)
      the                                                                                                                                                                                                                                                                                                       



---

|ANGL12-CS19                
|---------------------------
|(RS\AGR\AMPLATS\ANGL12-CS19
|PHASE 3 IMPLEMENTATION AGR)
|AC/gvh                     
|Page 28                    

|       | consent of the South African Reserve Bank, the JSE, the
      Toronto Stock Exchange, the TSX Venture Exchange, the American Stock
      Exchange and/or any further and/or other regulatory authority required by
      the Parties, or any of them, in respect of the entering into and the
      completion of the Phase 3 Transactional Agreements in accordance with
      their respective terms;                                                     
|------ | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|4.1.12 | by not later than 30 June 2009, or such later date as the
      Parties may agree in writing, RPM shall have procured that Lebowa shall
      have redeemed all of the redeemable preference shares in the issued share
      capital of Lebowa and shall have sufficient funds available for the
      payment of any unpaid redemption proceeds arising from such
      redemption;                                                                       
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|4.1.13 | by not later than 30 June 2009, or such later date as the
      Parties may agree in writing, if and to the extent necessary, the Minister
      of Minerals and Energy shall have consented in writing to the change in
      control of Micawber contemplated under the Plateau Sale of Micawber Shares
      and Claims Agreement, the RPM Sale of Micawber Shares and Claims Agreement
      and the Holdco Sale of Shares Agreement in terms of
      

|4.1.13.1 | the unregistered notarial mineral lease between the State
      and Micawber executed on 21 April 2004 under Protocol 124/2004 in respect
      of De Kamp 507 KS; and
|-------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------



---

|ANGL12-CS19                
|---------------------------
|(RS\AGR\AMPLATS\ANGL12-CS19
|PHASE 3 IMPLEMENTATION AGR)
|AC/gvh                     
|Page 29                    

|4.1.13.2 | the unregistered notarial mineral lease between the State
      and Micawber executed on 21 April 2004 under Protocol 124/2004 in respect
      of Avoca 472 KS;
|-------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------

|4.1.14 | by not later than 30 June 2009, or such later date as the
      Parties may agree in writing, the Special Resolution shall have been
      adopted by the requisite majority of the shareholders of Micawber, and
      shall have been duly registered in accordance with all relevant
      requirements;                                                                                                        
|------ | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|       |                                                                                                                                                                                                                                                                                                                                                                                                                    
|4.1.15 | by not later than 30 June 2009, or such later date as the
      Parties may agree in writing, each of Anooraq, Pelawan and the Pelawan
      Trust shall have delivered to RPM an acknowledgement substantially in the
      form attached hereto as Schedule 1;                                                                                                                                                   
|       |                                                                                                                                                                                                                                                                                                                                                                                                                    
|4.1.16 | by not later than 30 June 2009, or such later date as the
      Parties may agree in writing, the Anooraq Agreements shall have been
      amended as required in terms of the Transactional Agreements and/or the
      Initial Funding Agreements and/or as otherwise required by Anooraq, to the
      reasonable satisfaction of Plateau and RPM as confirmed by Plateau and RPM
      respectively in writing;
|       |                                                                                                                                                                                                                                                                                                                                                                                                                    
|4.1.17 | by not later than 30 June 2009, or such later date as the
      Parties may agree in writing, if required to do so by notice in writing
      delivered to RPM by Plateau, RPM shall have amended the terms of the
      Holdco Shareholder Loan Agreement and the Opco Shareholder Loan Agreement
      (with the written approval of Plateau) to the
      extent                                                



---

|ANGL12-CS19                
|---------------------------
|(RS\AGR\AMPLATS\ANGL12-CS19
|PHASE 3 IMPLEMENTATION AGR)
|AC/gvh                     
|Page 30                    

|       | required to replicate the relevant terms of the Senior
      Debt Funding Agreement;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|------ | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|4.1.18 | by not later than the Final Disclosure Date, or such
      later date as the Parties may agree in writing, RPM shall have delivered
      the Disclosure Letter to Plateau;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|4.1.19 | by not later than 30 April 2008, or such later date as
      the Parties may agree in writing, Plateau and Anooraq shall have completed
      the Anooraq Due Diligence to their satisfaction. In the event that Plateau
      and/or Anooraq shall have failed to deliver a written notice (confirming
      that they shall have completed the Anooraq Due Diligence to their
      satisfaction) to RPM by not later than the date specified above, Plateau
      and/or Anooraq shall be deemed not to have completed the Anooraq Due
      Diligence to their satisfaction, and the Condition in this clause 4.1.19
      shall be deemed not to have been fulfilled;                    
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|4.1.20 | by not later than 30 June 2009, or such later date as the
      Parties may agree in writing and only if RPM shall have, after the Final
      Disclosure Date and in terms of clause 10.1.4 of the Holdco Sale of Shares
      Agreement, notified Plateau of the occurrence and/or existence of any
      matter, fact, event, circumstance or thing in respect of and/or in
      connection with the Business (Notified Event), Plateau shall have
      delivered a written notice to RPM indicating that it wishes,
      notwithstanding the Notified Event/s and without prejudice to any of its
      rights in relation to the Notified Event/s, to proceed with the
      closing



---

|ANGL12-CS19                
|---------------------------
|(RS\AGR\AMPLATS\ANGL12-CS19
|PHASE 3 IMPLEMENTATION AGR)
|AC/gvh                     
|Page 31                    

|       | of the Transaction; provided that Plateau shall be
      obliged to give the said notice unless the Notified Event/s will, on or
      after the Closing Date, constitute a material breach of a
      Warranty;
|------ | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|       |                                                                                                                                                                                                                 
|4.1.21 | by not later than 30 June 2009, or such later date as the
      Parties may agree in writing:                                                                                                                   

|4.1.21.1 | Opco shall have repaid to Holdco an amount of R1 764 705
      883, in settlement of a portion of the loan outstanding in terms of the
      Opco Shareholder Loan Agreement;                                                    
|-------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|         |                                                                                                                                                                                                                                  
|4.1.21.2 | Holdco shall have repaid to RPM an amount of R1 764 705
      883, in settlement of a portion of the loan outstanding in terms of the
      Holdco Shareholder Loan Agreement;                                                   
|         |                                                                                                                                                                                                                                  
|4.1.21.3 | RPM shall have subscribed for, and Holdco shall have
      allotted and issued to RPM, 17 548 ordinary shares of R1 each in the share
      capital of Holdco, for an aggregate subscription price of R1 764 705
      883;      
|         |                                                                                                                                                                                                                                  
|4.1.21.4 | Holdco shall have subscribed for, and Opco shall have
      allotted and issued to Holdco, 17 548 ordinary shares of R1 each in the
      share capital of Opco, for an aggregate subscription price of R1 764 705
      883; and



---

|ANGL12-CS19                
|---------------------------
|(RS\AGR\AMPLATS\ANGL12-CS19
|PHASE 3 IMPLEMENTATION AGR)
|AC/gvh                     
|Page 32                    

|4.1.21.5 | and after implementation of the provisions of clauses
      4.1.21.1 to 4.1.21.4 (both inclusive), the issued share capital of both
      Holdco and Opco shall comprise 17 648 ordinary shares of R1 each and the
      claim on loan account of the shareholder of each of Holdco and Opco
      against such companies shall be equal to an amount of R3 333 333;
      and
|-------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|4.1.22 | by not later than 30 June 2009, or such later date as the
      Parties may agree in writing, a special resolution shall have been passed
      by the shareholder of Plateau and registered by the Registrar of Companies
      approving, in terms of section 228 of the Companies Act, and authorising
      Plateaus directors to enter into, the transactions recorded in
      collectively, the Boikgantsho Sale of Rights Agreement, the Kwanda Sale of
      Rights Agreement, the Plateau Sale of Micawber Shares and Claims
      Agreement, the Plateau Sale of Boikganthso Shares and Claims Agreement and
      the Plateau Sale of Kwanda Shares Agreement.
|------ | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|4.2 | The Conditions in clauses:
|--- | --------------------------

|4.2.1 | 4.1.8 to 4.1.11 (both inclusive) and 4.1.13 relate to
      compulsory regulatory approvals and may not be waived by any of the
      Parties;             
|----- | -----------------------------------------------------------------------------------------------------------------------------------------------------------
|      |                                                                                                                                                            
|4.2.2 | 4.1.1 to 4.1.4 (both inclusive); 4.1.6; 4.1.7; 4.1.16;
      4.1.17; 4.1.21 and 4.1.22 are imposed for the benefit of all the Parties,
      and may not be



---

|ANGL12-CS19                
|---------------------------
|(RS\AGR\AMPLATS\ANGL12-CS19
|PHASE 3 IMPLEMENTATION AGR)
|AC/gvh                     
|Page 33                    

|      | waived except by unanimous written agreement amongst the
      Parties at any time prior to the dates respectively specified for their
      fulfilment;                                                                                                              
|----- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|      |                                                                                                                                                                                                                                                                       
|4.2.3 | 4.1.5 and 4.1.15 are inserted for the benefit of RPM and
      may be waived only by RPM, by way of notice in writing to both Plateau and
      Holdco, at any time prior to the dates respectively specified for their
      fulfilment; and                         
|      |                                                                                                                                                                                                                                                                       
|4.2.4 | 4.1.12; 4.1.14; 4.1.18; 4.1.19 and 4.1.20 are inserted
      for the benefit of Plateau and may be waived only by Plateau, by way of
      notice in writing to both RPM and Holdco, at any time prior to the dates
      respectively specified for their fulfilment.

|4.3 | The Parties shall use their respective reasonable
      commercial endeavours to procure the fulfilment of the Conditions as soon
      as reasonably possible after the Signature Date. Without limiting the
      generality of the foregoing, Anooraq shall, from time to time, on the
      receipt of a request from RPM, disclose to RPM what progress it shall have
      made in respect of the terms and conditions of the Senior Debt Funding
      Agreement.                                 
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|4.4 | If any Condition shall not have been fulfilled, or waived
      by the Party, or Parties, entitled to effect such waiver, as the case may
      be, by the date specified in clause 4.1 for its fulfilment (or such later
      date as the Parties may have in writing agreed), this Agreement (save for
      clauses 1 to 3 (both inclusive), clause 4.3, this clause 4.4 and clauses 8
      to 16 (both inclusive) which shall remain of full force and effect) shall
      lapse and shall be of no



---

|ANGL12-CS19                
|---------------------------
|(RS\AGR\AMPLATS\ANGL12-CS19
|PHASE 3 IMPLEMENTATION AGR)
|AC/gvh                     
|Page 34                    

force and effect and none of the
  Parties shall have any claim against the others of them in terms hereof or
  arising from the failure of the Conditions, save for a claim arising as a result
  of a Partys failure to comply with its obligations under this clause 4.

|5. | IMPLEMENTATION                                                                                                           
|-- | -------------------------------------------------------------------------------------------------------------------------
|   |                                                                                                                          
|   | On the Closing Date, the Phase 3 Transactional Agreements
      shall be implemented in the sequence set out
      below:

|5.1  | the Boikgantsho Sale of Rights Agreement;                         
|---- | ------------------------------------------------------------------
|     |                                                                   
|5.2  | the Kwanda Sale of Rights Agreement;                              
|     |                                                                   
|5.3  | the RPM Sale of Micawber Shares and Claims
      Agreement;       
|     |                                                                   
|5.4  | the RPM Sale of Boikgantsho Shares and Claims
      Agreement;    
|     |                                                                   
|5.5  | the RPM Sale of Kwanda Shares Agreement;                          
|     |                                                                   
|5.6  | the Plateau Sale of Micawber Shares and Claims
      Agreement;   
|     |                                                                   
|5.7  | the Plateau Sale of Boikgantsho Shares and Claims
      Agreement;
|     |                                                                   
|5.8  | the Plateau Sale of Kwanda Shares Agreement;                      
|     |                                                                   
|5.9  | the Holdco Sale of Shares Agreement; and                          
|     |                                                                   
|5.10 | the Holdco Shareholders
      Agreement.                         



---

|ANGL12-CS19                
|---------------------------
|(RS\AGR\AMPLATS\ANGL12-CS19
|PHASE 3 IMPLEMENTATION AGR)
|AC/gvh                     
|Page 35                    

|6. | TERMINATION                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|-- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|   | On the Closing Date and immediately after the
      implementation of the Phase 3 Transactional Agreements in terms of clause
      5, the Micawber Shareholders Agreement and the Notarial Joint Venture
      Agreement shall be terminated (to the extent that any such agreement shall
      have become unconditional) or shall lapse (to the extent that any such
      agreement shall remain conditional at the Closing Date), it being recorded
      that the Parties shall procure that the parties to such agreements will do
      all such things and sign all such documents as may be necessary to give
      effect to this clause 6.
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|7. | POST-CLOSING DIVIDEND                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|   | The Parties record and agree that, in accordance with
      clause 9 of the Holdco Sale of Shares Agreement, Plateau shall procure
      that, by no later than 60 (sixty) days after the Closing Date, Holdco
      shall have declared and paid to RPM a special dividend equal to the
      aggregate net free cashflow of Holdco available for distribution to its
      shareholders for the period up to, and as at, the day immediately
      preceding the Closing Date.                                                                                                                                                                       
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|8. | COSTS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  

|8.1 | Each of the Parties shall bear its own costs of and
      incidental to the negotiation, preparation and execution of this
      Agreement.
|--- | -------------------------------------------------------------------------------------------------------------------------------------------



---

|ANGL12-CS19                
|---------------------------
|(RS\AGR\AMPLATS\ANGL12-CS19
|PHASE 3 IMPLEMENTATION AGR)
|AC/gvh                     
|Page 36                    

|8.2 | The Parties shall bear, in equal proportions, the filing
      fee and/or filing fees payable in respect of the notifications to be
      lodged with the Competition Authorities in order to fulfil the Condition
      contained in clause 4.1.8.
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|9. | CONFIDENTIALITY
|-- | ---------------

|9.1 | Each of the Parties shall at all times treat all
      information in connection with and/or relating to the Transaction and/or
      the Transactional Agreements and all matters incidental thereto
      (Confidential Information), as strictly confidential and shall not,
      without the prior written consent of the other Parties (which consent may,
      for the avoidance of doubt, be withheld in the unfettered discretion of
      such other Party) disclose such Confidential Information to any party,
      and/or make use of such Confidential Information for any purposes other
      than in connection with the Transactional Agreements and/or the completion
      thereof in accordance with their terms.
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|9.2 | Notwithstanding the stipulations of clause 9.1,
      information shall be deemed not to be Confidential Information, and the
      provisions of clause 9.1 shall not apply to a Party in connection with any
      information which:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   

|9.2.1 | is or becomes generally available to the public other
      than as a result of disclosure by such Party in violation of this clause
      9;
|----- | ---------------------------------------------------------------------------------------------------------------------------------------------
|      |                                                                                                                                              
|9.2.2 | is disclosed to such Party by any third party entitled so
      to disclose such Confidential Information;                                   



---

|ANGL12-CS19                
|---------------------------
|(RS\AGR\AMPLATS\ANGL12-CS19
|PHASE 3 IMPLEMENTATION AGR)
|AC/gvh                     
|Page 37                    

|9.2.3 | is required to be given, made or published by law or
      under the rules and regulations of any relevant stock exchange or any
      applicable regulatory authority, in which case, the Party liable to so
      give, make or publish same shall, to the extent reasonably possible, give
      the other Parties reasonable written notice thereof, along with drafts or
      copies thereof, as soon as is reasonably practicable, and, in the case of
      any disclosure required in terms of the Promotion of Access to Information
      Act, 2000 (Act No. 2 of 2000) (PAI Act), the Party liable to make such
      disclosure shall, inasfar as it shall be able, apply the principles of
      Chapter 4 of the PAI Act in order to avoid and/or limit the extent of any
      such disclosure, and such Party shall not make any disclosure which it
      shall not be legally obliged to make;
|----- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|9.2.4 | is required to be disclosed by any Party to any Financier
      in order for such Financier to take informed decisions regarding such
      Party, provided that such Party shall use its reasonable endeavours to
      procure that the Financier shall keep such information confidential;
      and                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|9.2.5 | is, in terms of usual commercial practice, disclosed in
      the ordinary course of its operations by any of the Parties to any of
      their direct and indirect shareholders (and/or to any direct and/or
      indirect subsidiary of any of its direct and/or indirect shareholders)
      and/or to any Financier for the purpose of and/or in connection with the
      making of any investment decisions, provided that the relevant Party
      shall                                                                                                                                                                                                                                                                                                                                                                                                                                                   



---

|ANGL12-CS19                
|---------------------------
|(RS\AGR\AMPLATS\ANGL12-CS19
|PHASE 3 IMPLEMENTATION AGR)
|AC/gvh                     
|Page 38                    

procure that such direct and indirect
  shareholders and/or Financier shall comply mutatis mutandis with the
  provisions of this clause 9.

|10. | BREACH
|--- | ------

|10.1 | Should any Party ("Defaulting Party") commit a breach of
      any of the provisions hereof, then any other Party ("Aggrieved Party")
      shall, if it wishes to enforce its rights hereunder, be obliged to give
      the Defaulting Party 30 days written notice to remedy the breach. If the
      Defaulting Party fails to comply with such notice, the Aggrieved Party
      shall be entitled to claim immediate payment and/or performance by the
      Defaulting Party of all of the Defaulting Party's obligations whether or
      not the due date for payment and/or performance shall have arrived, in
      either event without prejudice to the Aggrieved Partys rights to claim
      damages, it being recorded that the Aggrieved Party shall not be entitled
      to cancel this Agreement. The foregoing is without prejudice to such other
      rights as the Aggrieved Party may have at law.
|---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|10.2 | Notwithstanding anything to the contrary contained
      herein, no liability shall attach to any of the Parties in respect of any
      breach of this Agreement in relation to claims, losses or liabilities for
      any loss of profit or any other indirect, special or consequential
      loss.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     

|11. | DOMICILIUM
|--- | ----------

|11.1 | The Parties hereto choose domicilia citandi et executandi
      for all purposes of and in connection with this Agreement as
      follows:
|---- | -------------------------------------------------------------------------------------------------------------------------------------------



---

|ANGL12-CS19                
|---------------------------
|(RS\AGR\AMPLATS\ANGL12-CS19
|PHASE 3 IMPLEMENTATION AGR)
|AC/gvh                     
|Page 39                    

| | Plateau: | 82 Grayston Drive                     
| | -------- | --------------------------------------
| |          | Sandton                               
| |          | JOHANNESBURG                          
| |          | 2146                                  
| |          | Fax No. +27 11 883 0836               
| |          | Attention: The Chief Financial Officer
| |          |                                       
| |          |                                       
| | RPM:     | 13thFloor                             
| |          | 55 Marshall Street                    
| |          | JOHANNESBURG                          
| |          | 2001                                  
| |          | Fax No. +27 11 373 5111               
| |          | Attention: The Company Secretary      
| |          |                                       
| |          |                                       
| | Holdco:  | 13thFloor                             
| |          | 55 Marshall Street                    
| |          | JOHANNESBURG                          
| |          | 2001                                  
| |          | Fax No. +27 11 373-5111               
| |          | Attention: The Company Secretary      

|11.2 | Any Party hereto shall be entitled to change its
      domicilium from time to time, provided that any new domicilium selected by
      it shall be an address in the Republic other than a box number, and any
      such change shall only be effective upon receipt of notice in writing by
      the other Parties of such change.
|---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|     |                                                                                                                                                                                                                                                                                                                                       
|11.3 | All notices, demands, communications or payments intended
      for any Party shall be made or given at such Partys domicilium for the
      time being.                                                                                                                                                                             
|     |                                                                                                                                                                                                                                                                                                                                       
|11.4 | A notice sent by one Party to another Party shall be
      delivered by hand or sent by telefax and shall be deemed to be
      received:                                                                                                                                                                                             



---

|ANGL12-CS19                
|---------------------------
|(RS\AGR\AMPLATS\ANGL12-CS19
|PHASE 3 IMPLEMENTATION AGR)
|AC/gvh                     
|Page 40                    

|11.4.1 | on the same day, if delivered by hand, provided that in
      the event that such day shall not be a Business Day, the notice shall be
      deemed to have been received on the next Business Day; and
|------ | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|       |                                                                                                                                                                                                        
|11.4.2 | on the same day of transmission if sent by telefax with
      receipt received confirming completion of
      transmission.                                                                            

|11.5 | Notwithstanding anything to the contrary herein contained
      a written notice or communication actually received by a Party shall be an
      adequate written notice or communication to it notwithstanding that it was
      not sent to or delivered at its chosen domicilium citandi et
      executandi.
|---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|12. | DISPUTE
      RESOLUTION
|--- | ------------------------

|12.1 | In the event of there being any dispute or difference
      between the Parties arising out of this Agreement, the said dispute or
      difference shall on written demand by any Party be submitted to
      arbitration in Johannesburg in accordance with the AFSA rules, which
      arbitration shall be administered by AFSA.                                                                                                                                                                                                                                            
|---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|12.2 | Should AFSA, as an institution, not be operating at that
      time or not be accepting requests for arbitration for any reason, then the
      arbitration shall be conducted in accordance with the AFSA rules for
      commercial arbitration (as last applied by AFSA) before an arbitrator
      appointed by agreement between the parties to the dispute or failing
      agreement, within 10 (ten) Business Days of the demand for arbitration,
      then any party to the dispute shall be entitled to forthwith call upon the
      chairperson of the Johannesburg



---

|ANGL12-CS19                
|---------------------------
|(RS\AGR\AMPLATS\ANGL12-CS19
|PHASE 3 IMPLEMENTATION AGR)
|AC/gvh                     
|Page 41                    

|     | Bar Council to nominate the arbitrator, provided that the
      person so nominated shall be an advocate of not less than 10 (ten) years
      standing as such. The person so nominated shall be the duly appointed
      arbitrator in respect of the dispute. In the event of the attorneys of the
      parties to the dispute failing to agree on any matter relating to the
      administration of the arbitration, such matter shall be referred to and
      decided by the arbitrator whose decision shall be final and binding on the
      parties to the dispute.
|---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|12.3 | Any party to the arbitration may appeal the decision of
      the arbitrator or arbitrators in terms of the AFSA rules for commercial
      arbitration. Should AFSA, as an institution, not be operating at the time
      or not be accepting requests for appeals for any reason, then the appeal
      shall be conducted in accordance with the AFSA rules for commercial
      arbitration (as last applied by AFSA).                                                                                                                                                   
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|12.4 | Nothing herein contained shall be deemed to prevent or
      prohibit a party to the arbitration from applying to the appropriate court
      for urgent relief or for judgment in relation to a liquidated
      claim.                                                                                                                                                                                                                                                                                                                                                      
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|12.5 | Any arbitration in terms of this clause 12 (including any
      appeal proceedings) shall be conducted in cameraand the Parties
      shall treat as confidential details of the dispute submitted to
      arbitration, the conduct of the arbitration proceedings and the outcome of
      the arbitration.                                                                                                                                                                                                                                                                 
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|12.6 | This clause 12 will continue to be binding on the Parties
      notwithstanding any termination or cancellation of this
      Agreement.                                                                                                                                                                                                                                                                                                                                                                                                                                      



---

|ANGL12-CS19                
|---------------------------
|(RS\AGR\AMPLATS\ANGL12-CS19
|PHASE 3 IMPLEMENTATION AGR)
|AC/gvh                     
|Page 42                    

|12.7 | The Parties agree that the written demand by a party to a
      dispute, in terms of clause 12.1, that such dispute or difference be
      submitted to arbitration, is to be deemed to be a legal process for the
      purpose of interrupting extinctive prescription in terms of the
      Prescription Act, 1969.
|---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|13. | COUNTERPARTS                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|    | This Agreement may be executed in any number of
      counterparts and by the different Parties hereto on separate counterparts,
      each of which when so executed and delivered shall be an original, but all
      such counterparts together shall constitute one and the same
      instrument.                                                                                                                                                        
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|14. | GOVERNING LAW                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|    | This Agreement shall be governed by and construed in
      accordance with the laws of the Republic. The Parties hereby irrevocably
      and unconditionally consent to the non-exclusive jurisdiction of the High
      Court of the Republic of South Africa (Witwatersrand Local Division) in
      respect of any matter arising in terms of and/or in connection with this
      Agreement.                                                             
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|15. | SEVERANCE                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|    | If any provision of this Agreement, which is not material
      to its efficacy as a whole, is rendered void, illegal or unenforceable in
      any respect under any law, the validity, legality and enforceability of
      the remaining provisions shall not in any way be affected or impaired
      thereby and the Parties shall endeavour in good faith to agree an
      alternative provision to the void, illegal or unenforceable
      provision.



---

|ANGL12-CS19                
|---------------------------
|(RS\AGR\AMPLATS\ANGL12-CS19
|PHASE 3 IMPLEMENTATION AGR)
|AC/gvh                     
|Page 43                    

|16. | GENERAL
|--- | -------

|16.1 | This document, together with the Transactional Agreements
      constitutes the sole record of the agreement amongst the Parties and the
      parties to the respective Transactional Agreements, in regard to the
      subject matter thereof.                                                                                                                                                                    
|---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|     |                                                                                                                                                                                                                                                                                                                                                                                                                      
|16.2 | None of the Parties shall be bound by any express or
      implied term, representation, warranty, promise or the like, not recorded
      herein.                                                                                                                                                                                                                                                                   
|     |                                                                                                                                                                                                                                                                                                                                                                                                                      
|16.3 | No addition to, variation or consensual cancellation of
      this Agreement shall be of any force or effect unless in writing and
      signed by or on behalf of the Parties.                                                                                                                                                                                                                                      
|     |                                                                                                                                                                                                                                                                                                                                                                                                                      
|16.4 | No indulgence which any of the Parties (Grantor) may
      grant to any of the others (Grantee) shall constitute a waiver of any of
      the rights of the Grantor, who shall not thereby be precluded from
      exercising any rights against the Grantee which might have arisen in the
      past or which might arise in the future.                                                                       
|     |                                                                                                                                                                                                                                                                                                                                                                                                                      
|16.5 | The Parties undertake at all times to do all such things,
      to perform all such acts and to take all such steps and to procure the
      doing of all such things, the performance of all such actions and the
      taking of all such steps as may be open to them and necessary for or
      incidental to the putting into effect or maintenance of the terms,
      conditions and import of this Agreement.



---

|ANGL12-CS19                
|---------------------------
|(RS\AGR\AMPLATS\ANGL12-CS19
|PHASE 3 IMPLEMENTATION AGR)
|AC/gvh                     
|Page 44                    

|16.6 | None of the Parties shall be entitled to cede, delegate
      or otherwise transfer all or any of its rights, interest or obligations
      under and in terms of this Agreement except with the prior written consent
      of the other Parties.
|---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



THUS DONE and SIGNED at ___________________________ on this the
  ________________ day of ________________________ 2008.



For and on behalf of

PLATEAU RESOURCES (PROPRIETARY)
  LIMITED

by

_____________________________________
  who warrants his
  authority hereto



THUS DONE and SIGNED at ___________________________ on this the
  ________________ day of ________________________ 2008.



For and on behalf of

RUSTENBURG PLATINUM MINES
  LIMITED

by

_____________________________________
  who warrants his authority hereto



---

|ANGL12-CS19                
|---------------------------
|(RS\AGR\AMPLATS\ANGL12-CS19
|PHASE 3 IMPLEMENTATION AGR)
|AC/gvh                     
|Page 45                    



THUS DONE and SIGNED at ___________________________ on this the
  ________________ day of ________________________ 2008.



For and on behalf of

RICHTRAU NO 179 (PROPRIETARY)
  LIMITED

by

_____________________________________
  who warrants his authority hereto



---

|ANGL12-CS19                
|---------------------------
|(RS\AGR\AMPLATS\ANGL12-CS19
|PHASE 3 IMPLEMENTATION AGR)
|AC/gvh                     
|                           

SCHEDULE 1

DRAFT BEE PRINCIPLES ACKNOWLEDGMENT LETTER

ON THE LETTERHEAD OF EITHER ANOORAQ, PELAWAN OR THE
  TRUSTEES

OF THE PELAWAN TRUST

[Date]

The Company Secretary 
  Rustenburg Platinum Mines Limited

Dear Sirs

ACKNOWLEDGMENT LETTER

|1. | We refer to:
|-- | ------------

|1.1 | the shareholders agreement ("Holdco Shareholders
      Agreement") entered into amongst Rustenburg Platinum Mines Limited
      ("RPM"), Plateau Resources (Proprietary) Limited ("Plateau")
      and Richtrau No 179 (Proprietary) Limited (Holdco) (collectively,
      the Parties), which shall, amongst other things, govern RPM and
      Plateaus relationship as shareholders in Holdco; and
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                                             
|1.2 | the implementation agreement (Phase 3 Implementation
      Agreement) entered into amongst the Parties which, amongst other
      things, contains the conditions precedent to the implementation of the
      Holdco Shareholders Agreement and certain other transactional
      agreements.                                                                                                            

|2. | Schedule 2 to the Holdco Shareholders Agreement (BEE
      Principles Schedule) contains the BEE principles and pre-emptive
      rights that shall govern Plateau and RPMs relationship as shareholders in
      Holdco. Further, it contains clauses which may result in Plateaus
      shareholding interest in Holdco being
|-- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



---

|ANGL12-CS19                
|---------------------------
|(RS\AGR\AMPLATS\ANGL12-CS19
|PHASE 3 IMPLEMENTATION AGR)
|AC/gvh                     
|Page 2                     

|   | compulsorily disposed of and/or RPM being entitled to put
      its entire shareholding interest in Holdco to Plateau or its successor/s
      in title.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|-- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|3. | As envisioned in the conditions precedent contained in
      clause 4.1.15 of the Phase 3 Implementation Agreement, it is hereby
      confirmed that Anooraq/Pelawan/the trustees of the Pelawan Trust
      acknowledge/s and fully understand/s the terms of the BEE Principles
      Schedule. Further, Anooraq/Pelawan/the trustees of the Pelawan Trust
      acknowledge/s that all of the provisions of the BEE Principles Schedule
      and the restrictions therein contained are fair and reasonable and are
      part of the overall intention of the Parties in connection with the Holdco
      Shareholders Agreement.

Yours faithfully

......................................................................
  Director/Trustee
  for and on behalf ofANOORAQ RESOURCES CORPORATION / PELAWAN INVESTMENTS
    (PROPRIETARY) LIMITED / THE PELAWAN TRUST

Received a copy hereof on this

the ____ day of
  _______________

_____________________________ 
  Director for and on behalf of RUSTENBURG PLATINUM MINES LIMITED



---

|ANGL12-CS19                                
|-------------------------------------------
|(RS\AGR\AMPLATS\ANOORAQ ADDENDA\           
|ANGL12-CS19 ADDENDUM TO IMPLEMENTATION AGR)
|AC/gvh                                     

SCHEDULE 2

CONFORMED COPY OF THE IMPLEMENTATION AGREEMENT





---

ANGL12-CS19 
  (RS\AGR\AMPLATS\ANOORAQ ADDENDA\ 
  ANGL12-CS19 SECOND ADDENDUM TO IMPLEMENTATION AGR) 
  AC 
  10.06.09



SECOND ADDENDUM TO THE PHASE 3

IMPLEMENTATION AGREEMENT



amongst



RUSTENBURG PLATINUM MINES LIMITED



PLATEAU RESOURCES (PROPRIETARY) LIMITED



and



RICHTRAU NO 179 (PROPRIETARY) LIMITED



---

ANGL12-CS19 
  (RS\AGR\AMPLATS\ANOORAQ ADDENDA\ 
  ANGL12-CS19 SECOND ADDENDUM TO IMPLEMENTATION AGR) 
  AC

SECOND ADDENDUM TO THE PHASE 3 IMPLEMENTATION

AGREEMENT DATED 28 MARCH 2008

amongst

RUSTENBURG PLATINUM MINES LIMITED

PLATEAU RESOURCES (PROPRIETARY) LIMITED

and

RICHTRAU NO 179 (PROPRIETARY) LIMITED

(the Implementation Agreement)

AMENDMENT TO THE AGREEMENT

The Implementation Agreement is hereby amended by the deletion
  of clause 4.1.21

and the substitution therefor of the following:

|4.1.21 | by not later than 30 June 2009,
      or such later date as the Parties may agree in writing:
|------- | ---------------------------------------------------------------------------------------------

|4.1.21.1 | Opco shall have repaid to Holdco an amount of R1 764 705
      783, in settlement of a portion of the loan outstanding in terms of the
      Opco Shareholder Loan Agreement;
|-------- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------



---

|ANGL12-CS19                                       
|--------------------------------------------------
|(RS\AGR\AMPLATS\ANOORAQ ADDENDA\                  
|ANGL12-CS19 SECOND ADDENDUM TO IMPLEMENTATION AGR)
|AC                                                
|Page 2                                            

|4.1.21.2 | Holdco shall have repaid to RPM an amount of R1 764 705
      783, in settlement of a portion of the loan outstanding in terms of the
      Holdco Shareholder Loan Agreement;                                                                                                                                                                                                      
|-------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|         |                                                                                                                                                                                                                                                                                                                                                                                     
|4.1.21.3 | RPM shall have subscribed for, and Holdco shall have
      allotted and issued to RPM, 17 548 ordinary shares of R1 each in the share
      capital of Holdco, for an aggregate subscription price of R1 810 223
      017;                                                                                                                                                         
|         |                                                                                                                                                                                                                                                                                                                                                                                     
|4.1.21.4 | Holdco shall have subscribed for, and Opco shall have
      allotted and issued to Holdco, 17 548 ordinary shares of R1 each in the
      share capital of Opco, for an aggregate subscription price of R1 810 223
      017; and                                                                                                                                                   
|         |                                                                                                                                                                                                                                                                                                                                                                                     
|4.1.21.5 | and after implementation of the provisions of clauses
      4.1.21.1 to 4.1.21.4 (both inclusive), the issued share capital of both
      Holdco and Opco shall comprise 17 648 ordinary shares of R1 each and the
      claim on loan account of the shareholder of each of Holdco and Opco
      against such companies shall be equal to an amount of R5 294 117 746;
      and.



---

|ANGL12-CS19                                       
|--------------------------------------------------
|(RS\AGR\AMPLATS\ANOORAQ ADDENDA\                  
|ANGL12-CS19 SECOND ADDENDUM TO IMPLEMENTATION AGR)
|AC                                                
|Page 3                                            

THUS DONE and SIGNED at ___________________________ on this the
  ________________ day of ________________________ 2009.

For and on behalf of

RUSTENBURG PLATINUM MINES
  LIMITED

by

_____________________________________
  who warrants his
  authority hereto





THUS DONE and SIGNED at ___________________________ on
  this the ________________ day of ________________________ 2009.

For and on behalf of

PLATEAU RESOURCES (PROPRIETARY)
  LIMITED

by

_____________________________________
  who warrants his authority hereto



---

|ANGL12-CS19                                       
|--------------------------------------------------
|(RS\AGR\AMPLATS\ANOORAQ ADDENDA\                  
|ANGL12-CS19 SECOND ADDENDUM TO IMPLEMENTATION AGR)
|AC                                                
|Page 4                                            



THUS DONE and SIGNED at ___________________________ on this the
  ________________ day of ________________________ 2009.

For and on behalf of

RICHTRAU NO 179 (PROPRIETARY)
  LIMITED

by

_____________________________________
  who warrants his authority hereto



---

ANGL12-CS19 
  (RS\AGR\AMPLATS\ANOORAQ ADDENDA\ 
  ANGL12-CS19 THIRD ADDENDUM TO IMPLEMENTATION AGR) 
  AC 
  26.06.09





THIRD ADDENDUM TO THE PHASE 3

IMPLEMENTATION AGREEMENT



amongst



RUSTENBURG PLATINUM MINES LIMITED



PLATEAU RESOURCES (PROPRIETARY) LIMITED



and



RICHTRAU NO 179 (PROPRIETARY) LIMITED



---

ANGL12-CS19 
  (RS\AGR\AMPLATS\ANOORAQ ADDENDA\ 
  ANGL12-CS19 THIRD ADDENDUM TO IMPLEMENTATION AGR) 
  AC

THIRD ADDENDUM TO THE PHASE 3 IMPLEMENTATION

AGREEMENT DATED 28 MARCH 2008

amongst

RUSTENBURG PLATINUM MINES LIMITED

PLATEAU RESOURCES (PROPRIETARY) LIMITED

and

RICHTRAU NO 179 (PROPRIETARY) LIMITED

(the Implementation Agreement)

|1. | AMENDMENTS TO THE IMPLEMENTATION
      AGREEMENT
|-- | ------------------------------------------------

|1.1 | Clause 3.2 of the Implementation Agreement is hereby
      amended by the insertion of the phrase (other than the Boikgantsho Sale
      of Rights Agreement and the Kwanda Sale of Rights Agreement) immediately
      after the phrase Phase 3 Transactional Agreements where its appears in
      clauses 3.2.1 and 3.2.2.
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                  
|1.2 | Clause 4 of the Agreement is hereby amended
      by:                                                                                                                                                                                                                                                                            

|1.2.1 | the deletion of clauses 4.1.2 to 4.1.4 (both inclusive)
      and clause 4.1.9;
|----- | -------------------------------------------------------------------------------



---

|ANGL12-CS19                                      
|-------------------------------------------------
|(RS\AGR\AMPLATS\ANOORAQ ADDENDA\                 
|ANGL12-CS19 THIRD ADDENDUM TO IMPLEMENTATION AGR)
|AC                                               
|Page 2                                           

|1.2.2 | the renumbering of the existing clauses 4.1.5 to 4.1.8
      (both inclusive) as clauses 4.1.2 to 4.1.5 (both inclusive) and the
      renumbering of the existing clauses 4.1.10 to 4.1.22 (both inclusive) as
      clauses 4.1.6 to 4.1.18 (both inclusive);                                                                                 
|----- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|      |                                                                                                                                                                                                                                                                                                                                                 
|1.2.3 | the deletion of the phrase this clause 4.1.5 where it
      appears in the renumbered clause 4.1.2 and its substitution therefor of
      the phrase this clause 4.1.2;                                                                                                                                                                     
|      |                                                                                                                                                                                                                                                                                                                                                 
|1.2.4 | the deletion of the phrase this clause 4.1.19 where it
      appears in the renumbered clause 4.1.15 and its substitution therefor of
      the phrase this clause 4.1.15;                                                                                                                                                                  
|      |                                                                                                                                                                                                                                                                                                                                                 
|1.2.5 | the deletion of the phrase and after implementation of
      the provisions of clauses 4.1.21.1 to 4.1.21.4 (both inclusive) where it
      appears in the renumbered clause 4.1.17 and its substitution therefor of
      the phrase and after implementation of the provisions of clauses 4.1.17.1
      to 4.1.17.4 (both inclusive); and
|      |                                                                                                                                                                                                                                                                                                                                                 
|1.2.6 | the deletion of clause 4.2 and its substitution therefore
      of the following:                                                                                                                                                                                                                                                               

| | 4.2 | The Conditions in clauses:
| | ---- | --------------------------

| | 4.2.1 | 4.1.5 to 4.1.7 (both inclusive) and 4.1.9 relate to
      compulsory regulatory approvals and may not be waived by any of the
      Parties;
| | ----- | --------------------------------------------------------------------------------------------------------------------------------------------



---

|ANGL12-CS19                                      
|-------------------------------------------------
|(RS\AGR\AMPLATS\ANOORAQ ADDENDA\                 
|ANGL12-CS19 THIRD ADDENDUM TO IMPLEMENTATION AGR)
|AC                                               
|Page 3                                           

| | 4.2.2 | 4.1.1; 4.1.3; 4.1.4; 4.1.12; 4.1.13; 4.1.17 and 4.1.18
      are imposed for the benefit of all the Parties, and may not be waived
      except by unanimous written agreement amongst the Parties at any time
      prior to the dates respectively specified for their fulfilment;
| | ----- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |       |                                                                                                                                                                                                                                                                                     
| | 4.2.3 | 4.1.2 and 4.1.11 are inserted for the benefit of RPM and
      may be waived only by RPM, by way of notice in writing to both Plateau and
      Holdco, at any time prior to the dates respectively specified for their
      fulfilment; and                                       
| |       |                                                                                                                                                                                                                                                                                     
| | 4.2.4 | 4.1.8; 4.1.10; 4.1.14; 4.1.15 and 4.1.16 are inserted for
      the benefit of Plateau and may be waived only by Plateau, by way of notice
      in writing to both RPM and Holdco, at any time prior to the dates
      respectively specified for their fulfilment..             

|1.3 | Clause 5 of the Implementation Agreement is hereby
      amended by the deletion of the phrase On the Closing Date, the Phase 3
      Transactional Agreements shall be implemented in the sequence set out
      below: and its substitution therefor of the phrase Save for the
      Boikgantsho Sale of Rights Agreement and the Kwanda Sale of Rights
      Agreement (which shall be implemented only in accordance with their
      respective terms and conditions), the Phase 3 Transactional Agreements
      shall be implemented on the Closing Date in the sequence set out
      below:
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



---

|ANGL12-CS19                                      
|-------------------------------------------------
|(RS\AGR\AMPLATS\ANOORAQ ADDENDA\                 
|ANGL12-CS19 THIRD ADDENDUM TO IMPLEMENTATION AGR)
|AC                                               
|Page 4                                           

|1.4 | Clauses 5.1 and 5.2 of the Implementation Agreement are
      hereby deleted.                                                                                                                                                                                                                                     
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                   
|1.5 | Clause 6 of the Implementation Agreement is hereby
      amended by the insertion of the phrase (other than the Boikgantsho Sale
      of Rights Agreement and the Kwanda Sale of Rights Agreement) immediately
      after the phrase Phase 3 Transactional Agreements where it appears in
      that clause.
|    |                                                                                                                                                                                                                                                                                                                   
|1.6 | Clause 8.2 is hereby amended by the deletion of the
      phrase clause 4.1.8 where it appears in that clause and its substitution
      therefore with the phrase clause 4.1.5.                                                                                                                              

|2. | FULFILMENT OF CONDITIONS
      PRECEDENT
|-- | ----------------------------------------

|2.1 | As a result of the renumbering of the sub-clause numbers
      in clause 4.1 of the Implementation Agreement, in accordance with clause
      1.2.2 above, the recordal of those conditions precedent that have been
      fulfilled or waived, as specified in clause 3 of the First Addendum to the
      Implementation Agreement dated 12 May 2009 (First Addendum), is
      incorrect.                                                                                                             
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|2.2 | Accordingly, each of the signatories to this addendum
      hereby agrees to the deletion of clause 3 of the First Addendum and hereby
      confirms and agrees that the conditions precedent contained in clauses
      4.1.5; 4.1.8, 4.1.14 and 4.1.15 of the Implementation Agreement (as
      renumbered in accordance with clause 1.2.2 above) have, as at the date of
      last signature of this addendum, been fulfilled and if not fulfilled, are,
      to the extent possible, hereby waived.



---

|ANGL12-CS19                                      
|-------------------------------------------------
|(RS\AGR\AMPLATS\ANOORAQ ADDENDA\                 
|ANGL12-CS19 THIRD ADDENDUM TO IMPLEMENTATION AGR)
|AC                                               
|Page 5                                           

|2.3 | Further, each of the signatories to this addendum hereby
      confirms and agrees that it is not necessary to fulfil the condition
      precedent contained in clause 4.1.6 (as
      renumbered).
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



THUS DONE and SIGNED at ___________________________ on this the
  ________________ day of ________________________2009.

For and on behalf of

RUSTENBURG PLATINUM MINES
  LIMITED

by

_____________________________________
  who warrants his authority hereto



---

|ANGL12-CS19                                      
|-------------------------------------------------
|(RS\AGR\AMPLATS\ANOORAQ ADDENDA\                 
|ANGL12-CS19 THIRD ADDENDUM TO IMPLEMENTATION AGR)
|AC                                               
|Page 6                                           



THUS DONE and SIGNED at ___________________________ on this the
  ________________ day of ________________________ 2009.

For and on behalf of

PLATEAU RESOURCES (PROPRIETARY)
  LIMITED

by

_____________________________________
  who warrants his
  authority hereto



THUS DONE and SIGNED at ___________________________ on this the
  ________________ day of ________________________ 2009.

For and on behalf of

RICHTRAU NO 179 (PROPRIETARY)
  LIMITED

by

_____________________________________
  who warrants his authority hereto



---