---

EXECUTION COPY

|RPM FUNDING COMMON TERMS AGREEMENT                
|--------------------------------------------------
|                                                  
|between                                           
|                                                  
|RUSTENBURG PLATINUM MINES LIMITED                 
|                                                  
|PLATEAU RESOURCES (PROPRIETARY) LIMITED           
|                                                  
|CENTRAL PLAZA INVESTMENTS 78 (PROPRIETARY) LIMITED
|                                                  
|ANOORAQ RESOURCES CORPORATION                     
|                                                  
|and                                               
|                                                  
|CERTAIN OTHERS                                    

---



---

CONTENT

|Clause | Page
|------ | ----

|1.  | INTERPRETATION                                                | 3 
|--- | ------------------------------------------------------------- | --
|2.  | INTRODUCTION
      AND APPLICATION OF THIS AGREEMENT          | 34
|3.  | THE
      RPM FACILITIES                                      | 35
|4.  | CONDITIONS
      OF UTILISATION                               | 36
|5.  | UTILISATIONS                                                  | 36
|6.  | ILLEGALITY
      AND MANDATORY PREPAYMENT                     | 36
|7.  | CHANGES
      TO THE CALCULATION OF INTEREST                  | 38
|8.  | TAX
      GROSS UP AND INDEMNITIES                            | 38
|9.  | INCREASED
      COSTS                                         | 40
|10. | GUARANTEE
      AND INDEMNITY                                 | 43
|11. | REPRESENTATIONS                                               | 46
|12. | INFORMATION
      UNDERTAKINGS                                | 53
|13. | GENERAL
      UNDERTAKINGS                                    | 56
|14. | EVENTS
      OF DEFAULT                                       | 70
|15. | RENUNCIATION
      OF BENEFITS                                | 75
|16. | CERTIFICATE
      OF INDEBTEDNESS                             | 76
|17. | CESSION                                                       | 76
|18. | ROLE
      OF THE SECURITY AGENT AND THE PLATEAU SECURITY SPV | 76
|19. | NOTICES
      AND DOMICILIA                                   | 77
|20. | GOVERNING
      LAW                                           | 79
|21. | JURISDICTION                                                  | 79
|22. | GENERAL                                                       | 79
|23. | COSTS
      AND EXPENSES                                      | 80

2

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RPM FACILITIES COMMON TERMSAGREEMENT

THIS AGREEMENT is dated 12 June 2009 and made between:

|(1)  | RUSTENBURG PLATINUM MINES LIMITEDa public company
      incorporated under the laws of South Africa with registration number
      1931/003380/06 (the Original Lender" or "RPM" );                                                                                
|---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|     |                                                                                                                                                                                                                                                                      
|(2)  | PLATEAU RESOURCES (PROPRIETARY) LIMITED, a private
      limited liability company incorporated under the laws of South Africa with
      registration no. 1996/013879/07 (Plateau);                                                                               
|     |                                                                                                                                                                                                                                                                      
|(3)  | CENTRAL PLAZA INVESTMENTS 78 (PROPRIETARY) LIMITED
      (to be renamed Pelawan Finance SPV (Proprietary) Limited), a private
      limited liability company incorporated under the laws of South Africa with
      registration no. 2006/032879/07 (Pelawan SPV);
|     |                                                                                                                                                                                                                                                                      
|(4)  | ANOORAQ RESOURCES CORPORATION, a public company
      incorporated under the laws of the Province of British Columbia, Canada
      with registration no. 10022-2033 (the Parent);                                                                                 
|     |                                                                                                                                                                                                                                                                      
|(5)  | N1C RESOURCES INC., a limited liability company
      incorporated under the laws of the Cayman Islands with registration no.
      CR-94610 (N1C Resources);                                                                                                      
|     |                                                                                                                                                                                                                                                                      
|(6)  | N2C RESOURCES INC., a limited liability company
      incorporated under the laws of the Cayman Islands with registration no.
      CR-94611 (N2C Resources or the Guarantor);                                                                                   
|     |                                                                                                                                                                                                                                                                      
|(7)  | PELAWAN TRUST, an inter vivostrust
      established under the laws of South Africa with Master's Reference No.
      IT.8411/2004 (Pelawan Trust);                                                                                                                
|     |                                                                                                                                                                                                                                                                      
|(8)  | PELAWAN INVESTMENTS (PROPRIETARY) LIMITED, a
      private limited liability company incorporated under the laws of South
      Africa with registration no. 2002/017920 (Pelawan
      Investments);                                                              
|     |                                                                                                                                                                                                                                                                      
|(9)  | MICAWBER 634 (PROPRIETARY) LIMITED, a private
      limited liability company incorporated under the laws of South Africa with
      registration no. 2007/025445/07 (the Plateau Security SPV);
      and                                                         
|     |                                                                                                                                                                                                                                                                      
|(10) | MICAWBER 603 (PROPRIETARY) LIMITED, a private
      limited liability company incorporated under the laws of South Africa with
  registration no. 2007/019599/07 (theOpco Security SPV).                                                                            

The Parties agree as set out below.

1. INTERPRETATION

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

|1.1.1 | Acceptable Bank means:
|----- | ------------------------
|      |                         
|      | (a)                     

3

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| | (b) | a South African bank or financial institution or the
      South African branch of a foreign bank or financial institution, in each
      case, which has a credit rating equivalent to the minimum of S & P or
      Fitch credit rating of AA-(zaf), or Moodys credit rating of Aa3za, a
      long-term national scale rating of A or higher by Standard & Poor's
      Rating Services or Fitch Ratings Ltd or A2 or higher by Moody's Investor
      Services Limited or a comparable rating from an internationally recognised
      credit rating agency; or
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
| | (c) | any other bank or financial institution approved by the
      Lender in writing;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    

|1.1.2  | Accounts Agreement means the accounts agreement
      in the agreed form, dated on or about the date of this Agreement, between
      the Account Bank, the Senior Agent, the Security Agent, RPM, Plateau,
      Holdco and Opco;                                                                                                                                                                                                                                                                                                                                                                                                               
|------ | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|1.1.3  | Account Bank means Standard Chartered Bank
      acting in its capacity as Account Bank or such other Account Bank that is
      an Acceptable Bank as shall be appointed pursuant to the Accounts
      Agreement and in either case, which is able to open and maintain bank
      accounts for the relevant members of the Plateau Group at a Johannesburg
      branch;                                                                                                                                                                                                                                                                      
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|1.1.4  | Accounting Principles means IFRS, or, in
      relation to the Original Financial Statements of the Parent only,
      generally accepted accounting practice as applied in Canada (but only in
      relation to the Original Financial Statements of the Parent).                                                                                                                                                                                                                                                                                                                                                                              
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|1.1.5  | Acquisition means the transaction pursuant to
      which the Parent will acquire an effective 51% interest in the Lebowa
      Platinum Mine operations and an additional 1% interest in certain other
      assets pursuant to the acquisition by Plateau of 51% of the shares in, and
      claims on shareholders loan account against, Holdco, which will, upon
      implementation of the transaction, own 100% issued share capital of Opco
      (which owns 100% of the Lebowa Platinum Mine operations), Lebowa Platinum
      Mines Limited and the Project Companies, for an aggregate cash
      consideration of ZAR2,600,000,000;
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|1.1.6  | "Acquisition Agreements" has the meaning given to
      it in the Senior Facilities Agreement;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|1.1.7  | "Acquisition Documents" has the meaning given to
      it in the Senior Facilities Agreement;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|1.1.8  | "Affiliate" means, in relation to any person, a
      subsidiary of that person or a Holding Company of that person or any other
      subsidiary of that Holding company;                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|1.1.9  | Agreement means this RPM Funding Common Terms
      Agreement and its Schedules;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|1.1.10 | Anooraq Common Shares means common shares,
      without par value, in the capital of the Parent as such shares are
      constituted on the date of this Agreement, as the same may be reorganized,
      reclassified or otherwise changed pursuant to any Share Adjustment
      Event;                                                                                                                                                                                                                                                                                                                                                       
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|1.1.11 | "Anooraq 2 Consideration Shares" means, at each
      Conversion Date, the number of Anooraq Common Shares to be issued and
      allotted to Pelawan SPV against delivery by Pelawan SPV of the Plateau 2
      Shares in accordance with the Plateau Forward Sale Agreement, provided
      that the                                                                                                                                                                                                                                                                                                                                             

4

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|       | aggregate number of such Anooraq 2 Consideration Shares
      issued under the Plateau Forward Sale Agreement shall not (subject to no
      Share Adjustment Event having occurred) exceed 115 800 000 Anooraq
      Ordinary Shares;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|------ | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|1.1.12 | "Anooraq 3 Consideration Shares" means, at each
      Conversion Date, the number of Anooraq Common Shares to be issued and
      allotted to Pelawan SPV against delivery by Pelawan SPV of the Plateau 3
      Shares in accordance with the Plateau Forward Sale Agreement, provided
      that the aggregate number of such Anooraq 3 Consideration Shares issued
      under the Plateau Forward Sale Agreement shall not (subject to no Share
      Adjustment Event having occurred) exceed 111 600 000 Anooraq Ordinary
      Shares;                                                                                                                                                                                                                                                                                                                                         
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|1.1.13 | "Anooraq Group" means the Parent, N1C Resources,
      N2C Resources, Plateau, Holdco and Opco and each of their direct and
      indirect Subsidiaries for the time being;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|1.1.14 | Anooraq Security Sharesmeans 56 691 303 Anooraq
      Common Shares, constituting 26% of all of the Anooraq Common Shares on a
      fully diluted basis, as at the Closing Date, or such other number of
      Anooraq Common Shares as will from time to time after the Closing Date
      constitute 26% of all the Anooraq Common Shares in issue as at that
      date;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|1.1.15 | Applicable Mine Plan means:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|       | (a)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|       | (b)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|1.1.16 | Auditors means one of PricewaterhouseCoopers,
      Ernst & Young, KPMG or Deloitte & Touche or such other firm
      approved in advance by the Lender (such approval not to be unreasonably
      withheld or delayed);                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|1.1.17 | Authorisation means any authorisation, consent,
      approval, resolution, licence, exemption, filing, agreement, certificate,
      notarisation, resolution, permit or registration or any exemption from any
      of the aforesaid, by, with or from any authority which has jurisdiction,
      control or authority over any party in connection with any Transaction
      Document, any of the steps, exercise of rights or performance of
      obligations under any Transaction Document or in connection with any
      aspect of the business or operations of a party (including without
      limitation, any approvals required from the Exchange Control Department of
      the South African Reserve Bank in relation to any Transaction Document or
      any transaction contemplated under any Transaction Document and all
      necessary Mining Licenses);
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|1.1.18 | Base Case Model means the financial model
      entitled LPM Opco Fin Model V4.2xls, or such other model as updated
      before the Closing Date setting out inter aliathe projected
      production (if applicable), income, expenditure, actual and projected
      cashflows, assets and liabilities of Opco, Holdco and Plateau for the
      period from 1 July 2009 to 30 June 2019 based on the Applicable Mine Plan
      and on prudent assumptions (and including computations
  and                                                                                                                                                                                                                                                                                                                                                                                  

5

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|       | methodology of calculating ratios contained therein) in
      the agreed form prepared by Plateau as at the Closing Date as amended from
      time to time in accordance with the terms of the Transaction Documents so
      as to be consistent with the Applicable Mine Plan from time to
  time;                                                                                                                              
|------ | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                    
|1.1.19 | "Borrower Cash Waterfall" means the cash waterfall
      and priority of payments relating to the Borrower Proceeds Account as
      provided for in the Global Intercreditor Agreement;                                                                                                                                                                                                                                           
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                    
|1.1.20 | Business Day means a day (other than a Saturday
      or Sunday) on which banks are open for general business in
      Johannesburg;                                                                                                                                                                                                                                                                                             
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                    
|1.1.21 | Borrower Proceeds Account means the Rand
      denominated bank account referred to in clause 13.30.2(a) and as defined
      in the Senior Facilities Agreement;                                                                                                                                                                                                                                                                
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                    
|1.1.22 | Capital Expenditure means any expenditure or
      obligation in respect of expenditure which, in accordance with the
      Accounting Principles, is treated as capital expenditure (and including
      the capital element of any expenditure or obligation incurred in
      connection with a finance lease) and, in the case of Opco, which is
      included in the Base Case Model or otherwise approved by the
  Lender;
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                    
|1.1.23 | Cash means, at any time, cash denominated in
      Rand or Dollars in hand or at bank and (in the latter case) credited to an
      account in the name of Plateau with an Acceptable Bank and to which
      Plateau is alone beneficially entitled and for so long as:                                                                                                                                                         
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                    
|       | (a)                                                                                                                                                                                                                                                                                                                                                                                                                                
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                    
|       | (b)                                                                                                                                                                                                                                                                                                                                                                                                                                
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                    
|       | (c)                                                                                                                                                                                                                                                                                                                                                                                                                                
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                    
|       | the cash is freely and immediately available to be
      applied in repayment or prepayment of the Facilities;                                                                                                                                                                                                                                                                                                                     
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                    
|1.1.24 | Cash Equivalent Investments means at any
      time:                                                                                                                                                                                                                                                                                                                                                                             
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                    
|       | (a)                                                                                                                                                                                                                                                                                                                                                                                                                                
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                    
|       | (b)                                                                                                                                                                                                                                                                                                                                                                                                                                
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                    
|       | (c)                                                                                                                                                                                                                                                                                                                                                                                                                                

6

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| | (i)   | issued by an issuer incorporated in the United States of
      America, the United Kingdom, South Africa, any member state of the
      European Economic Area or any Participating Member State;                                                                                                                                                                               
| | ----- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |       |                                                                                                                                                                                                                                                                                                                                                                                 
| | (ii)  | which matures not later than the next succeeding
      Repayment Date after the date on which the investment is made;
  and                                                                                                                                                                                                                                                     
| |       |                                                                                                                                                                                                                                                                                                                                                                                 
| | (iii) | which has a long-term national scale credit rating of
      either A-1 or higher by Standard & Poor's Rating Services or F1 or
      higher by Fitch Ratings Ltd or P-1 or higher by Moody's Investor Services
      Limited, or, if no rating is available in respect of the commercial paper,
      the issuer of which has an equivalent long-term national scale
    rating;

| | (d) | sterling bills of exchange eligible for rediscount at the
      Bank of England and accepted by an Acceptable Bank (or their
      dematerialised equivalent);                                                                                                                                                                                                                                                                                                                                                                                          
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
| | (e) | any investment in money market funds which (i) have a
      long term national scale credit rating of either A-1 or higher by Standard
      & Poor's Rating Services or F1 or higher by Fitch Ratings Ltd or P-1
      or higher by Moody's Investor Services Limited, (ii) invest substantially
      all their assets in securities of the types described in paragraphs (a) to
      (d) above and (iii) can be turned into Cash by not later than the next
      succeeding Repayment Date after the date on which the investment is made;
      or
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
| | (f) | any other debt security approved by the
  Lender,                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       

in each case, denominated in Rand and
to which any of Plateau, Holdco or Opco is alone (or together with any of the
other them) entitled at that time and which is not issued or guaranteed by any
member of the Plateau Group or the Anooraq Group or subject to any Security
(other than Security arising under the Transaction Security Documents) and the
proceeds of which are capable of being remitted to Plateau, Holdco or Opco;

|1.1.25 | Change of Control" means:
|------ | --------------------------
|       |                           
|       | (a)                       
|       |                           
|       | (b)                       
|       |                           
|       | (c)                       
|       |                           
|       | (d)                       
|       |                           
|       | (e)                       

7

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| | (f) | N1C Resources ceases to have legal and beneficial
      ownership of 100% of the issued equity share capital of N2C
    Resources;                                                                                                                                                                           
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |     |                                                                                                                                                                                                                                                                                                              
| | (g) | N2C Resources ceases to have legal and beneficial
      ownership of 100% of the issued equity share capital of Plateau except on
      a intra-day basis pursuant to the steps required to convert the
      convertible preference shares as contemplated by the Conversion
      Implementation Agreement;
| |     |                                                                                                                                                                                                                                                                                                              
| | (h) | Plateau ceases after the Closing Date to have legal and
      beneficial ownership of at least 51% of the issued equity share capital of
      Holdco;                                                                                                                                                       
| |     |                                                                                                                                                                                                                                                                                                              
| | (i) | Holdco ceases to have legal and beneficial ownership of
      100% of the issued equity share capital of Opco;                                                                                                                                                                                               
| |     |                                                                                                                                                                                                                                                                                                              
| | (j) | any person or group of persons acting in concert gains
      direct or indirect control of the Parent;                                                                                                                                                                                                       
| |     |                                                                                                                                                                                                                                                                                                              
| | (k) | any person or group of persons acting in concert gains
      direct or indirect control of Pelawan Investments (other than pursuant to
      an Excluded Change (as defined in the Holdco Shareholders
      Agreement as at the date of this Agreement)).                                                 

For the purposes of this
definition:

control in relation to a
person means:

| | (i)  | the power (whether by way of ownership of shares, proxy,
      contract, agency or otherwise) to: 
| | ---- | --------------------------------------------------------------------------------------------------
| |      |                                                                                                   
| |      | (A)                                                                                               
| |      |                                                                                                   
| |      | (B)                                                                                               
| |      |                                                                                                   
| |      | (C)                                                                                               
| |      |                                                                                                   
| | (ii) | the holding beneficially of more than 35% of the issued
      equity share capital of that person;

acting in concert means, a
group of persons who, pursuant to an agreement or understanding (whether formal
or informal), actively co-operate, through the acquisition directly or
indirectly of shares in a person by any of them, either directly or indirectly,
to obtain or consolidate control of that person;

equity share capital in
relation to a person, means that persons issued share capital (excluding any
part of that issued share capital that carries no right to participate beyond a
specified amount in a distribution of either profits or capital).

|1.1.26 | Closing Date means the Closing Dateas
      defined in the Phase 3 Implementation Agreement.
|------ | ------------------------------------------------------------------------------------------------

8

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|1.1.27 | Constitutional Documents means in respect of any
      person at any time, the then current and up-to-date constitutional
      documents of such person at such time (including, without limitation, such
      persons memorandum and articles of association, certificate of
      incorporation or commercial registration certificate);                                                                                                                                                                                                                                                                                                                                                                                                                                              
|------ | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|1.1.28 | "Conversion" means individually or collectively as
      the context may require: a) the conversion of the RPM Pelawan SPV B1
      Preference Shares into such number of Pelawan SPV Converted Shares as is
      contemplated in the RPM Pelawan SPV B1 Preference Share Subscription
      Agreement; b) the conversion of the Pelawan SPV Plateau B2 Preference
      Shares into such number of Plateau 2 Converted Shares as contemplated
      under the Pelawan SPV Plateau B2 Preference Share Agreement; and c) the
      conversion of the Pelawan SPV Plateau B3 Preference Shares into such
      number of Plateau 3 Converted Shares as contemplated under the Pelawan SPV
      Plateau B3 Preference Share Agreement; and Convertand Convertedwill be construed accordingly;
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|1.1.29 | "Conversion Date" means the "Conversion Date" as
      defined in the RPM Pelawan SPV B1 Subscription Agreement;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|1.1.30 | "Conversion Implementation Agreement" means the
      conversion implementation agreement date on or about the date of this
      Agreement entered into between, inter alia,RPM, Plateau, Pelawan
      Investments, Pelawan Trust, Pelawan SPV and the Parent;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|1.1.31 | Counter Indemnity Agreements means collectively,
      the Opco Counter Indemnity Agreements, the N2C Counter Indemnity Agreement
      and the Plateau Counter Indemnity Agreement;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|1.1.32 | CPI means the consumer price index as published
      from time to time by Statistics South Africa, which is referred to as
      Consumer Price Index (CPI) for all urban areas in Statistical Release
      P0141, or such index for CPI as determined by Statistics South Africa and
      as may replace or supersede the same, provided that if, after the
      Signature Date:                                                                                                                                                                                                                                                                                                                                                                                                    
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|       | (a)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|       | (b)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|1.1.33 | Default means an Event of Default or any event
      or circumstance specified in Clause 14 (Events of Default) which would
      (with the expiry of a grace period, the giving of notice, the making of
      any determination under the Finance Documents or any combination of any of
      the foregoing) be an Event of Default;                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|1.1.34 | Delegate means any delegate, agent, attorney or
      trustee appointed by the Plateau Security SPV, the Opco Security SPV or
      the Security Agent;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    

9

---

|1.1.35 | "Disclosure Schedule" means the disclosure
      schedule to be delivered to the Lender on or before the Closing
    Date;                      
|------ | ------------------------------------------------------------------------------------------------------------------------------------------------
|       |                                                                                                                                                 
|1.1.36 | Environmental Claim means any claim, proceeding,
      formal notice or investigation by any person in respect of any
      Environmental Law.
|       |                                                                                                                                                 
|1.1.37 | Environmental Law means any applicable law or
      regulation which relates to:                                                              

| | (a) | the pollution or protection of the environment;                                                   
| | --- | --------------------------------------------------------------------------------------------------
| |     |                                                                                                   
| | (b) | harm to or the protection of human health;                                                        
| |     |                                                                                                   
| | (c) | the conditions of the workplace; or                                                               
| |     |                                                                                                   
| | (d) | any emission or substance capable of causing harm to any
      living organism or the environment,

including, without limitation,
National Environmental Management Act, 1998 of South Africa and the National
Water Act, 1998 of South Africa.

|1.1.38 | Environmental Permits means any permit and other
      Authorisation and the filing of any notification, report or assessment
      required under any Environmental Law for the operation of the business of
      any member of the Plateau Group conducted on or from the properties owned
      or used by any member of the Plateau Group.  
|------ | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|       |                                                                                                                                                                                                                                                                                                                                                    
|1.1.39 | Environmental Report means the environmental
      compliance report prepared by Coffey Mining (South Africa) (Proprietary)
      Limited, trading as RSG Global and dated September 2008 relating to
      compliance by Lebowa with the Equator Principles and addressed to, and/or
      capable of being relied upon by, the Finance Parties.
|       |                                                                                                                                                                                                                                                                                                                                                    
|1.1.40 | Equator Principles means the framework for the
      management of environmental and social issues in project financing
      published at www.equator-principles.com.                                                                                                                                                                           
|       |                                                                                                                                                                                                                                                                                                                                                    
|1.1.41 | "Event of Default" means any event or circumstance
      specified in clause 14 (Events of Default);                                                                                                                                                                                                                                               
|       |                                                                                                                                                                                                                                                                                                                                                    
|1.1.42 | "Excluded Default" means a Senior Event of Default
      (as defined in the Global Intercreditor Agreement) which arises solely as
      a result of:                                                                                                                                                                                              

| | (a) | RPM failing to comply with its obligations under clause
      18.15(b) (RPM Undertaking relating to Disposals) of the Global
      Intercreditor Agreement; or                                                                 
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |     |                                                                                                                                                                                                                                
| | (b) | a "Change of Control" (as defined in the Senior
      Facilities Agreement) occurring because RPM has ceased to have legal and
      beneficial ownership of at least 25.1% of the issued equity share capital
      of Holdco;

|1.1.43 | Existing Operational Guarantee means a guarantee
      existing as at the Signature Date and disclosed in Schedule 5 (Existing
      Operational Guarantees).
|------ | ---------------------------------------------------------------------------------------------------------------------------------------------------------------

10

---

|1.1.44 | "Final Repayment date" means the date falling on
      the 9thanniversary of the Closing Date;
|------ | ----------------------------------------------------------------------------------------------
|       |                                                                                               
|1.1.45 | Finance Document means:                                                                     
|       |                                                                                               
|       | (a)                                                                                           
|       |                                                                                               
|       | (b)                                                                                           
|       |                                                                                               
|       | (c)                                                                                           
|       |                                                                                               
|       | (d)                                                                                           
|       |                                                                                               
|       | (e)                                                                                           
|       |                                                                                               
|       | (f)                                                                                           
|       |                                                                                               
|       | (g)                                                                                           
|       |                                                                                               
|       | (h)                                                                                           
|       |                                                                                               
|       | (i)                                                                                           
|       |                                                                                               
|       | (j)                                                                                           
|       |                                                                                               
|       | (k)                                                                                           
|       |                                                                                               
|       | (l)                                                                                           
|       |                                                                                               
|       | (m)                                                                                           
|       |                                                                                               
|       | (n)                                                                                           
|       |                                                                                               
|       | (o)                                                                                           
|       |                                                                                               
|       | (p)                                                                                           
|       |                                                                                               
|       | (q)                                                                                           
|       |                                                                                               
|       | (r)                                                                                           
|       |                                                                                               
|       | (s)                                                                                           
|       |                                                                                               
|       | (t)                                                                                           
|       |                                                                                               
|       | (u)                                                                                           
|       |                                                                                               
|       | (v)                                                                                           
|       |                                                                                               
|       | (w)                                                                                           
|       |                                                                                               
|       | (x)                                                                                           
|       |                                                                                               
|       | (y)                                                                                           
|       |                                                                                               
|       | (z)                                                                                           
|       |                                                                                               
|       | (aa)                                                                                          

11

---

| | (bb) | the Plateau Forward Sale Agreement;                                                            
| | ---- | -----------------------------------------------------------------------------------------------
| |      |                                                                                                
| | (cc) | the Pelawan Share for Share Agreement;                                                         
| |      |                                                                                                
| | (dd) | the Conversion Implementation Agreement; and                                                   
| |      |                                                                                                
| | (ee) | each utilisation request for a utilisation under any of
      the agreements specialised above;

and any other document designated as a
Finance Document by the Lender and Plateau;

|1.1.46 | Financial Indebtedness means any indebtedness
      for or in respect of:
|------ | ---------------------------------------------------------------------------
|       |                                                                            
|       | (a)                                                                        
|       |                                                                            
|       | (b)                                                                        
|       |                                                                            
|       | (c)                                                                        
|       |                                                                            
|       | (d)                                                                        
|       |                                                                            
|       | (e)                                                                        
|       |                                                                            
|       | (f)                                                                        
|       |                                                                            
|       | (g)                                                                        
|       |                                                                            
|       | (h)                                                                        
|       |                                                                            
|       | (i)                                                                        
|       |                                                                            
|       | (j)                                                                        

12

---

|       | (k)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | the amount of any liability in respect of any guarantee
      for any of the items referred to in paragraphs (a) to (j) above;
|------ | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |                                                                                                                               
|1.1.47 | Finance Party means the Lender, the Plateau
      Security SPV and the Opco Security SPV;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |                                                                                                                               
|1.1.48 | "First Ranking Opco Debt Guarantee" means the debt
      guarantee in the form, dated on or about the date of this Agreement,
      issued by the Opco Security SPV in favour of Holdco for the obligations of
      Opco owed to Holdco under the Opco Funding Loan Agreement                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |                                                                                                                               
|1.1.49 | Force Majeure means circumstances or an event
      beyond the reasonable control of Plateau which, despite the exercise of
      diligent efforts, Plateau was unable to prevent, limit or minimise,
      including (without limitation) any act of God, any act or omission of a
      competent authority, war, (whether declared or not), military operations,
      insurrection or civil disorder, riot, strikes (except strikes by or
      affecting employees of Plateau as a result of any unlawful act or omission
      of Plateau), civil commotion, invasion, armed conflict, hostile act of
      foreign enemy, act of terrorism, sabotage, radiation, plague or epidemic,
      a continuing emergency situation, fire, lightning, explosion or any other
      such cause
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |                                                                                                                               
|1.1.50 | "Fourth Ranking Plateau Debt Guarantee means the
      debt guarantee in the agreed form, dated on or about the date of this
      Agreement, issued by the Plateau Security SPV in favour of RPM for the
      obligations of Plateau to RPM in respect of the RPM Plateau A Preference
      Shares;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |                                                                                                                               
|1.1.51 | Funds Flow Statement means a funds flow
      statement in the agreed form;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |                                                                                                                               
|1.1.52 | Global Intercreditor Agreement means the global
      intercreditor agreement in the agreed form, dated on or about the date of
      this Agreement, between the Senior Agent, the Security Agent, Plateau,
      RPM, Holdco, Opco, the Parent, N1C Resources, N2C Resources, the Opco
      Security SPV and the Plateau Security SPV;                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |                                                                                                                               
|1.1.53 | HDP means an "HDP" as defined in the Holdco
      Shareholders Agreement;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |                                                                                                                               
|1.1.54 | Holdco means Richtrau No. 179 (Proprietary)
      Limited (Registration No. 2007/106711/07), a private company incorporated
      in accordance with the laws of South Africa;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |                                                                                                                               
|1.1.55 | "Holdco Group" means Holdco, Opco and their direct
      and indirect Subsidiaries from time to time;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |                                                                                                                               
|1.1.56 | "Holdco Guarantee" means the written guarantee
      concluded or to be concluded between Holdco and RPM pursuant to which
      Holdco guarantees the obligations of Plateau in respect of the RPM Plateau
      A Preference Shares;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |                                                                                                                               
|1.1.57 | "Holdco Opco A Preference Shares" means 1000
      cumulative, redeemable preference par value shares of R1.00 in the share
      capital of Opco to be subscribed for by Holdco, having the rights and
      privileges set out in the Holdco Opco A Preference Share Subscription
      Agreement and the articles of association of Opco;                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |                                                                                                                               
|1.1.58 | Holdco Opco A Preference Share Subscription
      Agreement means the subscription agreement dated on or about the
      Signature Date between Opco                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        

13

---

|       | and Holdco in terms of which Holdco agrees to subscribe
      for the Holdco Opco A Preference Shares;                                                                                                                                                                                                                                                                                                                                                                              
|------ | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|1.1.59 | Holdco Sale of Shares Agreement means the sale
      of shares agreement, dated 28 March 2008, between Plateau, RPM and Anglo
      Platinum Limited, pursuant to which (taking into account the amendments to
      such agreement) Plateau will purchase and RPM will sell 11,93% of the
      issued share capital of, and 51% of RPMs claims on shareholders loan
      account against, Holdco for an aggregate cash consideration of
      ZAR2,600,000,000;               
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|1.1.60 | Holdco Security Documents means each of the
      documents listed as being a Holdco Security Document in Part 2 of Schedule
      2 (Transaction Security Documents) together with any other document
      entered into by Holdco creating or expressed to create any Security over
      all or any of its assets in respect of any of the obligations of Holdco
      under the RPM Funding Loan Agreement, the Plateau Funding Loan Agreement
      and the Holdco Guarantee;
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|1.1.61 | Holdco Shareholders Agreement means the written
      shareholders agreement dated 28 March 2008 between RPM, Plateau and
      Holdco;                                                                                                                                                                                                                                                                                                                                           
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|1.1.62 | Indexed means, in relation to any sum, that sum
      adjusted annually to take account of year-on-year changes in the CPI since
      30 June 2009;                                                                                                                                                                                                                                                                                                                              
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|1.1.63 | "Interim Repayment Date means the date falling on
      the 6th(sixth) anniversary of the Closing Date;                                                                                                                                                                                                                                                                                                                                                                            
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|1.1.64 | "JSE" means the securities exchange operated by
      the JSE Limited, registration number 2005/022939/06, a company
      incorporated under the laws of South Africa;                                                                                                                                                                                                                                                                                                             
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|1.1.65 | Lebowa means the Lebowa Platinum Mine operations
      including, a platinum group metals (comprising platinum, palladium,
      rhodium, ruthenium, osmium and iridium) mine located on the Eastern Limb
      of the Bushveld Complex in South Africa, on the Diamand, Wintersveld,
      Jagdlust, Middelpunt, Umkoanesstad and Zeekoegat farms;                                                                                                                               
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|1.1.66 | Legal Reservations means any matters which are
      set out as qualifications or reservations as to matters of law of general
      application in the legal opinions required to be delivered to the Lender
      pursuant to Clause 4 (Conditions of Utilisation);                                                                                                                                                                                                             
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|1.1.67 | Lender means:                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|       | (a)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|       | (b)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|       | which in each case has not ceased to be a Party in
      accordance with the terms of this Agreement;                                                                                                                                                                                                                                                                                                                                                                               
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|1.1.68 | Loan means the aggregate principal amount of
      advances for the time being outstanding under the Standby Facility and the
      OCSF Facility;                                                                                                                                                                                                                                                                                                                                
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|1.1.69 | Loan Commitment means:                                                                                                                                                                                                                                                                                                                                                                                                                                                            

14

---

| | (a) | in relation to the Original Lender in respect of the
      Standby Facility, an amount equal to 29/49 of the distributions received
      by RPM from Holdco in its capacity as an ordinary shareholder of Holdco or
      in its capacity as the lender under the RPM Holdco Loan Agreement, but
      excluding (for the avoidance of doubt) any distributions received in its
      capacity as a holder of preference shares in the share capital of
      Holdco;
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
| | (b) | in relation to the Original Lender in respect of the OCSF
      Facility, R750 000 000 (seven hundred and fifty million Rand);                                                                                                                                                                                                                                                                                                                                        
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
| | (c) | in relation to any other Lender, the amount of any Loan
      Commitment transferred to it under this Agreement and the applicable
      Finance Documents,                                                                                                                                                                                                                                                                                                           

to the extent not cancelled, reduced
or transferred by it under the Finance Documents;

|1.1.70 | "Mandatory Debt Refinance" means the refinancing
      of the Standby Facility, the OCSF Facility and the RPM Plateau A
      Preference Shares through the raising of external funding in accordance
      with the principles and procedures set out in Schedule 5;                                                                                                                                                                                                                                    
|------ | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|1.1.71 | Material Adverse Effect means a material adverse
      effect on:                                                                                                                                                                                                                                                                                                                                                                                                                                      
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|       | (a)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|       | (b)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|       | (c)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|1.1.72 | Mining Rights means mining rights (as defined
      under the MPRD Act);                                                                                                                                                                                                                                                                                                                                                                                                                               
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|1.1.73 | MPRD Act means the Mineral and Petroleum
      Resources Development Act, 2002 of South Africa;                                                                                                                                                                                                                                                                                                                                                                                                        
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|1.1.74 | "N2C Counter Indemnity Agreement" means the
      counter indemnity agreement, dated on or about the date of this Agreement,
      between N2C Resources and the Plateau Security SPV pursuant to which N2C
      Resources indemnifies and holds the Plateau Security SPV harmless in
      respect of claims made against the Plateau Security SPV under the Second
      Ranking Plateau Debt Guarantee, the Third Ranking Plateau Debt Guarantee
      and the Fourth Ranking Plateau Debt Guarantee;
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|1.1.75 | N2C Resources Shareholder Loan Agreement means
      the direct shareholder loan agreement in the agreed form, dated on or
      about the date of this Agreement, between N2C Resources as lender and
      Plateau as borrower                                                                                                                                                                                                                                                                       

15

---

|       | pursuant to which N2C Resources agrees to advance a
      shareholder loan to Plateau to enable Plateau to fund the payment to RPM
      of a portion of the purchase price for 11,93% of the issued share capital
      of Holdco under the Holdco Sale of Shares Agreement;                                                                                                                                                                                                         
|------ | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|1.1.76 | "N2C Security Documents" means each of the
      documents listed as being a N2C Resources Security Document in Part 4 of
      Schedule 2 (Transaction Security Documents) together with any other
      document entered into by N2C Resources creating or expressed to create any
      Security over all or any part of its assets in respect of any of the
      obligations of any of the Obligors or any member of the Borrower Group
      under any of the Finance Documents;
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|1.1.77 | New Order Rights means the Old Order Rights
      which are converted into Mining Rights pursuant to the Transitional
      Arrangements contemplated by Schedule II of the MPRD Act;                                                                                                                                                                                                                                                                                               
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|1.1.78 | Obligor means:                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|       | (a)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|       | (b)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|       | (c)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|       | (d)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|       | (e)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|       | (f)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|       | (g)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|1.1.79 | "Obligor's Agent" means Plateau, appointed to act
      on behalf of each Obligor and each other member of the Plateau Group which
      is party to the Finance Documents in relation to the Finance Documents
      pursuant to Clause 3.2 (Obligor's Agent);                                                                                                                                                                                                                       
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|1.1.80 | "OCSF Agreement means the operating cash flow
      shortfall loan facility agreement in the agreed form, dated on or about
      the date of this Agreement, between the Lender and Plateau pursuant to
      which the Lender has made or has agreed to make available to Plateau the
      OCSF Facility;                                                                                                                                                                         
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|1.1.81 | "OCSF Facility" means the operating cash flow
      shortfall loan facility in an amount of up to R778 000 000 which the
      Lender has agreed to make available to Plateau on the terms and conditions
      set out in this Agreement and the OCSF Agreement;                                                                                                                                                                                                                     
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|1.1.82 | Old Order Rights means the old order rights (as
      defined in Schedule II of the MPRD Act) forming part of, respectively, the
      business of Lebowa Platinum Mines Limited and/or Opco and/or Ga-Phasa
      Platinum Mine (Proprietary) Limited (including the right to mine) as set
      out in the list attached as Schedule 4 to the HoldCo Shares of Shares
      Agreement;                                                                                            
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|1.1.83 | Opco means Bokoni Platinum Mines (Proprietary)
      Limited (Registration No. 2007/016001/07), a private company duly
      incorporated according to the company laws of South
  Africa;                                                                                                                                                                                                                                                                                          

16

---

|1.1.84 | Opco Counter Indemnity Agreements
means                                                                                                                                                                                                                                                                                                                                                                                    
|------ | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|       |                                                                                                                                                                                                                                                                                                                                                                                                                              
|       | (a)                                                                                                                                                                                                                                                                                                                                                                                                                          
|       |                                                                                                                                                                                                                                                                                                                                                                                                                              
|       | (b)                                                                                                                                                                                                                                                                                                                                                                                                                          
|       |                                                                                                                                                                                                                                                                                                                                                                                                                              
|1.1.85 | Opco Funding Loan Agreementmeans the written
      agreement entitled Opco Funding Loan Agreement concluded or to be
      concluded between Opco and Holdco on or about the Signature
Date;                                                                                                                                                                                                                             
|       |                                                                                                                                                                                                                                                                                                                                                                                                                              
|1.1.86 | "Opco Funding Loan" means the aggregate principal
      amount of the loan outstanding from time to time under the Opco Funding
      Loan Agreement;                                                                                                                                                                                                                                                                        
|       |                                                                                                                                                                                                                                                                                                                                                                                                                              
|1.1.87 | "Opco Security Documents means each of the
      documents listed as being an Opco Security Document in Part 1 of Schedule
      2 (Transaction Security Documents) together with any other document
      entered into by Opco creating or expressed to create any Security over all
      or any of its assets in respect of the obligations of any member of the
      Borrower Group under any of the Finance Documents;
|       |                                                                                                                                                                                                                                                                                                                                                                                                                              
|1.1.88 | Original Financial Statements means:                                                                                                                                                                                                                                                                                                                                                                                       
|       |                                                                                                                                                                                                                                                                                                                                                                                                                              
|       | (a)                                                                                                                                                                                                                                                                                                                                                                                                                          
|       |                                                                                                                                                                                                                                                                                                                                                                                                                              
|       | (b)                                                                                                                                                                                                                                                                                                                                                                                                                          
|       |                                                                                                                                                                                                                                                                                                                                                                                                                              
|       | (c)                                                                                                                                                                                                                                                                                                                                                                                                                          
|       |                                                                                                                                                                                                                                                                                                                                                                                                                              
|       | (d)                                                                                                                                                                                                                                                                                                                                                                                                                          
|       |                                                                                                                                                                                                                                                                                                                                                                                                                              
|1.1.89 | Party means a party to this Agreement and
      Parties shall, as the context requires, be a reference to all of
      them;                                                                                                                                                                                                                                                                                             
|       |                                                                                                                                                                                                                                                                                                                                                                                                                              
|1.1.90 | Pelawan Dividend Trust means the Pelawan
      Dividend Trust, an inter vivos trust established under the laws of South
      Africa with Masters Reference No. IT8410/2004;                                                                                                                                                                                                                                              
|       |                                                                                                                                                                                                                                                                                                                                                                                                                              
|1.1.91 | Pelawan Group means collectively, Pelawan SPV,
      Pelawan Investments, Pelawan Dividend Trust, Pelawan Trust, the Parent and
      Plateau and their respective direct or indirect Subsidiaries for the time
      being;                                                                                                                                                                                               
|       |                                                                                                                                                                                                                                                                                                                                                                                                                              
|1.1.92 | "Pelawan Investments Guarantee Agreement" means
      the guarantee agreement dated on or about the date of this Agreement
      entered into between Pelawan Investments and RPM in terms of which Pelawan
      Investments                                                                                                                                                                                                

17

---

guarantees the obligations of Pelawan
SPV in respect of, inter alia, the RPM Pelawan B Preference Shares and
the Pelawan SPV Forward Sale Agreement;

|1.1.93  | "Pelawan Investments Security Documents" means
      each of the documents listed as being a Pelawan Investments Security
      Document in Part 5 of Schedule 2 (Transaction Security Documents) together
      with any other document entered into by Pelawan Investments creating or
      expressed to create any Security over all or any of its assets in respect
      of any of the obligations of any of the Obligors or member of the Borrower
      Group under any of the Finance Documents;
|------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|1.1.94  | "Pelawan SPV Converted Shares" means, at each
      Conversion Date, the number of Pelawan SPV Ordinary Shares into which the
      RPM Pelawan SPV B1 Preference Shares automatically Convert;                                                                                                                                                                                                                                                                                                          
|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|1.1.95  | "Pelawan SPV Designated Shares:means, at each
      Conversion Date, the sum of Pelawan SPV Converted Shares and Pelawan SPV
      Subscription Shares;                                                                                                                                                                                                                                                                                                                                                  
|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|1.1.96  | "Pelawan SPV Ordinary Shares" means the issued
      ordinary shares in the share capital of Pelawan SPV from time to time;                                                                                                                                                                                                                                                                                                                                                                              
|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|1.1.97  | "Pelawan SPV Plateau B2 Preference Shares" means
      the 115 800 cumulative, convertible preference par value share of R1.00
      each in the share capital of Plateau, having the rights and privileges set
      out in the Pelawan Plateau B2 Preference Subscription Agreement and the
      articles of association of Plateau;                                                                                                                                                                  
|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|1.1.98  | Pelawan SPV Plateau B2 Preference Share Subscription
      Agreement means the subscription agreement dated on or about the
      Signature Date between Pelawan SPV and Plateau in terms of which Pelawan
      SPV agrees to subscribe for the Pelawan Plateau B2 Preference Shares;                                                                                                                                                                                                                 
|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|1.1.99  | "Pelawan SPV Plateau B3 Preference Share" means
      the 111 600 cumulative, convertible preference par value share of R1.00 in
      the share capital of Plateau, having the rights and privileges set out in
      the Pelawan Plateau B3 Preference Subscription Agreement and the articles
      of association of Plateau;                                                                                                                                                                        
|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|1.1.100 | Pelawan SPV Plateau B3 Preference Share Subscription
      Agreement means the subscription agreement dated on or about the
      Signature Date between Pelawan SPV and Plateau in terms of which Pelawan
      SPV agrees to subscribe for the Pelawan Plateau B3 Preference Shares;                                                                                                                                                                                                                 
|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|1.1.101 | "Pelawan SPV Subscription Shares" means, at each
      Conversion Date, the additional number of Pelawan SPV Ordinary Shares that
      RPM will subscribe for using all of the cash proceeds of the B1 Preference
      Dividend;                                                                                                                                                                                                                                                                       
|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|1.1.102 | "Pelawan Share for Share Agreement" means the
      share for share agreement dated on or about the date of this Agreement
      entered into between Pelawan Investments and Pelawan SPV;                                                                                                                                                                                                                                                                                                               
|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|1.1.103 | Pelawan SPV Forward Sale Agreement means the
      forward sale agreement dated on or about the date of this Agreement
      between, inter alia, RPM, Pelawan SPV and Pelawan Investments;                                                                                                                                                                                                                                                                                                            

18

---

|1.1.104 | Permitted Acquisition means:                                                                                             
|------- | ---------------------------------------------------------------------------------------------------------------------------
|        |                                                                                                                            
|        | (a)                                                                                                                        
|        |                                                                                                                            
|        | (b)                                                                                                                        
|        |                                                                                                                            
|        | (c)                                                                                                                        
|        |                                                                                                                            
|        | (d)                                                                                                                        
|        |                                                                                                                            
|        | (e)                                                                                                                        
|        |                                                                                                                            
|1.1.105 | Permitted Disposal means any
      sale, lease, licence, transfer or other disposal which is on arm's length
      terms:
|        |                                                                                                                            
|        | (a)                                                                                                                        
|        |                                                                                                                            
|        | (b)                                                                                                                        
|        |                                                                                                                            
|        | (c)                                                                                                                        
|        |                                                                                                                            
|        | (d)                                                                                                                        
|        |                                                                                                                            
|        | (e)                                                                                                                        
|        |                                                                                                                            
|        | (f)                                                                                                                        
|        |                                                                                                                            
|        | (g)                                                                                                                        
|        |                                                                                                                            
|        | (h)                                                                                                                        
|        |                                                                                                                            
|        | (i)                                                                                                                        
|        |                                                                                                                            
|        | (j)                                                                                                                        
|        |                                                                                                                            
|1.1.106 | Permitted Distribution
      means:                                                                                      

19

---

| | (a) | the payment of the special dividend that Holdco is
      required to pay to RPM within 60 (sixty) days after the Closing Date in
      accordance with, and limited to the amount set out in, clause 7 of the
      Phase 3 Implementation Agreement;                                                                                                                                                                                                                                                                                                                            
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
| | (b) | the payment of the special dividend (if any) required to
      be paid by Plateau to the Pelawan SPV in the circumstances contemplated by
      the Pelawan SPV Plateau B Preference Share Subscription Agreement, which
      payment is funded out of Permitted Financial Indebtedness qualifying as
      such under paragraph (l) of the definition of Permitted Financial
      Indebtedness;                                                                                                                                                                             
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
| | (c) | the payment of a dividend to Holdco by Opco that is
      permitted under the Global Intercreditor Agreement;                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
| | (d) | the payment of a dividend to Holdco or to any direct or
      indirect Subsidiary of Holdco by any other member of the Holdco Group
      (other than Opco);                                                                                                                                                                                                                                                                                                                                                                                                                     
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
| | (e) | the payment of a dividend to Opco or any of its direct or
      indirect Subsidiaries;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
| | (f) | the payment of a dividend to Plateau and/or RPM by Holdco
      that is permitted under the Global Intercreditor Agreement;                                                                                                                                                                                                                                                                                                                                                                                                                                                      
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
| | (g) | the payment of a dividend by Plateau to N2C Resources
      that is permitted under the Global Intercreditor Agreement; and                                                                                                                                                                                                                                                                                                                                                                                                                                                      
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
| | (h) | the payment of a dividend by Plateau to RPM in connection
      with the Finance Documents that is permitted under the Global
      Intercreditor Agreement;                                                                                                                                                                                                                                                                                                                                                                                                                     
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
| | (i) | the payment by Plateau of the redemption amount to RPM in
      respect of the RPM Plateau A Preference Shares in an amount limited to the
      lesser of ZAR10,000,000 (Ten Million Rand) and the amount representing the
      unutilised subscription proceeds under the RPM Plateau A Preference Share
      Subscription Agreement which were not disbursed or required to be
      disbursed from the Disbursement Account (as defined in the Senior
      Facilities Agreement) following the implementation of the cash flows set
      out in the Funds Flow Statement;

|1.1.107 | Permitted Financial
      Indebtedness means Financial Indebtedness:
|------- | ----------------------------------------------------------------------
|        |                                                                       
|        | (a)                                                                   
|        |                                                                       
|        | (b)                                                                   
|        |                                                                       
|        | (c)                                                                   
|        |                                                                       
|        | (d)                                                                   

20

---

| | (e) | arising under a Permitted Loan or as permitted by Clause
      13.25 (Treasury Transactions);                                                                                                                                                                                                                                                                                                                                          
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                        
| | (f) | incurred by a Project Company under any Project Finance
      Borrowings or pursuant to a Permitted Loan from Holdco;                                                                                                                                                                                                                                                                                                                  
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                        
| | (g) | under finance or capital leases of vehicles, plant,
      equipment or computers, provided that the aggregate capital value of all
      such items so leased under outstanding leases by members of the Plateau
      Group does not exceed ZAR10,000,000 (Indexed) at any time;                                                                                                                                                      
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                        
| | (h) | which was incurred by Opco or a Project Company prior to
      the Signature Date and which has been disclosed in the Original Financial
      Statements and provided the principal amount thereof is not increased and
      provided further that the maturity date of such Financial Indebtedness is
      not extended or brought forward;                                                                                        
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                        
| | (i) | arising under a Permitted Guarantee or a Permitted Loan,
      or arising under an Existing Operational Guarantee;                                                                                                                                                                                                                                                                                                                     
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                        
| | (j) | for or in respect of any letters of credit, letters of
      guarantee, bonds or similar instruments issued by a bank or financial
      institution on behalf of Opco in connection with the requirements of Opco
      in the ordinary course of its business, provided that the total aggregate
      amount of actual or contingent indebtedness thereunder does not, at any
      time exceed ZAR20,000,000 (Twenty Million Rand);
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                        
| | (k) | for or in respect of any letters of credit, letters of
      guarantee, bonds or similar instruments issued by a bank or financial
      institution on behalf of a Project Company in connection with the
      requirements of that Project Company in the ordinary course of its
      business, provided that:                                                                                                                     
|
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                        
| |     | (i)                                                                                                                                                                                                                                                                                                                                                                                                                                    
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                        
| |     | (ii)                                                                                                                                                                                                                                                                                                                                                                                                                                   
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                        
| | (l) | for an amount required to be paid by Plateau as a special
      dividend to Pelawan SPV as determined in accordance with the provisions of
      the Pelawan SPV Plateau B Preference Share Subscription Agreement provided
      that such proceeds are used by Pelawan SPV to subscribe
  for                                                                                                                                        

21

---

| |     | ordinary shares in Plateau and Plateau will utilise such
      subscription proceeds to repay the Financial Indebtedness incurred by it
      in this regard;                                                                  
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |     |                                                                                                                                                                                                                                
| | (m) | not permitted by the preceding paragraphs or as a
      Permitted Transaction and the outstanding principal amount of which does
      not exceed ZAR50,000,000 (Indexed) in aggregate for the Plateau Group at
      any time;
| |     |                                                                                                                                                                                                                                
| | (n) | any other Financial Indebtedness incurred with the prior
      written consent of the Lender.                                                                                                                                  

|1.1.108 | Permitted Guarantee means:
|------- | ----------------------------

| | (a) | any guarantee arising under the Finance
  Documents;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
| | (b) | any guarantee or bond given by Opco in replacement of an
      Existing Operational Guarantee and for a guarantee amount equivalent to or
      less than the existing disclosed guarantee amount of each Existing
      Operational Guarantee, provided that:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
| |     | (i)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
| |     | (ii)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
| | (c) | any other guarantee or bond given by a member of the
      Plateau Group in favour of a third party for the obligations of Opco in
      connection with the requirements of Opco in the ordinary course of its
      business, provided that the total aggregate amount of actual or contingent
      indebtedness thereunder does not at any time exceed ZAR20,000,000
      (Indexed);                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
| | (d) | any guarantee or bond given by a member of the Plateau
      Group, other than Opco, in favour of a third party for the obligations of
      a Project Company in connection with the requirements of that Project
      Company in the ordinary course of its business, provided that if such
      instrument is issued by a member of the Plateau Group, the relevant member
      of the Plateau Group giving that guarantee or bond (the Guarantee
      Entity) has fully cash collateralised its exposure under the relevant
      instrument on the basis that (x) an amount equivalent to the total amount
      of its exposure under the relevant instrument is set aside by the
      Guarantee Entity and (y) the amount referred to in (x) is funded out of
      the proceeds of an amount which would otherwise have been available to be
      made as a Permitted Distribution by Opco to Holdco and by Holdco to
      Plateau and RPM or an amount which represents the proceeds of an equity
      subscription by N2C Resources in Plateau or a shareholder loan by N2C
      Resources to Plateau and in the case of a shareholder loan, on the basis
      that such shareholder loan is subordinated and subject to the same
      restrictions that apply to the N2C Resources shareholder loans under the
      Global Intercreditor Agreement; and

22

---

| | (e) | a guarantee given by any member of the Plateau Group with
      the prior written consent of the Lender;
| | --- | --------------------------------------------------------------------------------------------------------

|1.1.109 | Permitted Loan means:
|------- | -----------------------

| | (a) | any trade credit extended by any member of the Holdco
      Group to its customers on normal commercial terms and in the ordinary
      course of its trading activities;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
| | (b) | Financial Indebtedness which is referred to in the
      definition of, or otherwise constitutes, Permitted Financial Indebtedness
      (except under paragraph (e) of that definition);                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
| | (c) | any loan made under the terms of the Finance
      Documents;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
| | (d) | any loan made under the terms of the Opco Shareholder
      Loan Agreement (as defined in the Senior Facility Agreement) but only
      until the Closing Date;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
| | (e) | any loan made between Project Companies or a loan made by
      Holdco to a Project Company, but only to the extent that loan is made by
      Holdco out of the proceeds received by Holdco pursuant to a Permitted
      Disposal of the assets of a Project Company or the shares in a Project
      Company;                                                                                                                                                                                                                                                                                                                                           
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
| | (f) | a loan made by a member of the Holdco Group to an
      employee or director of any member of the Holdco Group or finance provided
      by a member of the Holdco Group in connection with a motor vehicle scheme
      if the amount of that loan and financing when aggregated with the amount
      of all loans to employees and directors by members of the Holdco Group and
      finance provided in connection with motor vehicle schemes does not exceed
      ZAR3,000,000 (Indexed) (or its equivalent) at any time;                                                                                                                           
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
| | (g) | a loan made by Holdco to Opco out of the proceeds
      received by Holdco pursuant to a Permitted Disposal of the assets of a
      Project Company or the shares in a Project Company which loan proceeds
      Opco shall use to prepay the Opco Funding Loan to Holdco, which prepayment
      proceeds Holdco shall use to proportionately prepay the RPM Funding Loan
      and the Plateau Funding Loan and which prepayment proceeds Plateau shall
      use to settle the Standby Facility and the OCSF Facility and to redeem the
      RPM Plateau A Preference Shares in accordance with clause 6 (Illegality
      and Mandatory Prepayments).

|1.1.110 | Permitted Payment means a
      payment which is permitted under the Global Intercreditor Agreement;
|------- | ------------------------------------------------------------------------------------------------------
|        |                                                                                                       
|1.1.111 | Permitted Security means:                                                                           

| | (a) | any lien arising by operation of law and in the ordinary
      course of trading and not as a result of any default or omission by any
      member of the Plateau Group;                                                                                                                                   
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |     |                                                                                                                                                                                                                                                                                                             
| | (b) | any Security arising under any retention of title, hire
      purchase or conditional sale arrangement or arrangements having similar
      effect in respect of goods supplied to a member of the Plateau Group in
      the ordinary course of trading and on the supplier's standard or usual
      terms

23

---

| |     | and not arising as a result of any default or omission by
      any member of the Plateau Group;                                                                                                                                                                                                                                                                                                                                                                                                                                                        
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
| | (c) | any Security or Quasi-Security granted in respect of
      Project Finance Borrowings over either:                                                                                                                                                                                                                                                                                                                                                                                                                                                      
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
| |     | (i)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
| |     | (ii)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
| | (d) | any Quasi-Security arising as a result of a disposal
      which is a Permitted Disposal;                                                                                                                                                                                                                                                                                                                                                                                                                                                               
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
| | (e) | any Security securing indebtedness the outstanding
      principal amount of which (when aggregated with the outstanding principal
      amount of any other indebtedness which has the benefit of Security given
      by any member of the Plateau Group other than any permitted under clauses
      (a) to (d) above) does not exceed ZAR50,000,000 (Indexed) and provided
      such Security is not given over any assets which are expressed to be
      subject to any Transaction Security Document (other than a general
      notarial bond);
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
| | (f) | any Security or Quasi-Security arising as a consequence
      of any finance or capital lease permitted pursuant to paragraph (g) of the
      definition of Permitted Financial Indebtedness;                                                                                                                                                                                                                                                                                                                                                         
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
| | (g) | any Security over a bank account opened by Plateau,
      Holdco and/or Opco for the sole purpose of depositing provisions for the
      redemption of the RPM Preference Shares, but subject to such provisions
      being permitted under the Global Intercreditor Agreement and in particular
      the Borrower Cash Waterfall, the Holdco Cash Waterfall and the Opco Cash
      Waterfall (each as defined in the Global Intercreditor
  Agreement);                                                                                             
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
| | (h) | any Security created with the prior written approval of
      the Lender;                                                                                                                                                                                                                                                                                                                                                                                                                                                                               

|1.1.112 | Permitted Share Issue means
      an issue of:
|------- | ------------------------------------------------
|        |                                                 
|        | (a)                                             
|        |                                                 
|        | (b)                                             
|        |                                                 
|        | (c)                                             

24

---

|        | (d)                            | shares by the Parent to the participants in any stock
      option plan of the Parent in terms of such stock option plan and provided
      it does not give rise to a Change of Control;                                                                                                                                                                                                                       
|------- | ------------------------------ | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|        |                                |                                                                                                                                                                                                                                                                                                                                                                                                                 
|1.1.113 | Permitted Transaction means:
|        |                                |                                                                                                                                                                                                                                                                                                                                                                                                                 
|        | (a)                            | any Disposal required, Financial Indebtedness incurred,
      guarantee, indemnity or Security or Quasi-Security given, or other
      transaction arising, under the Transaction Documents, in each case, as
      contemplated by the Transaction Documents in the form they are on the
      Closing Date and subject always to the terms of this Agreement and the
      Global Intercreditor Agreement; and
|        |                                |                                                                                                                                                                                                                                                                                                                                                                                                                 
|        | (b)                            | any payments or other transactions set out in the
      Structure Memorandum (as defined in the Senior Facility Agreement);                                                                                                                                                                                                                                                                                     

|1.1.114 | Phase 3 Implementation Agreement means the Phase
      3 implementation agreement, dated 28 March 2008, between RPM, Plateau and
      Holdco which governs the implementation of the agreements giving effect to
      the Acquisition, including the Acquisition Agreements;                                                                                                                                                                                   
|------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|1.1.115 | Plateau Counter Indemnity Agreement means the
      counter indemnity agreement, dated on or about the date of this Agreement,
      between Plateau and the Plateau Security SPV pursuant to which Plateau
      indemnifies and holds the Plateau Security SPV harmless in respect of
      claims made against the Plateau Security SPV under, inter alia, the
      Second Ranking Plateau Debt Guarantee and the Third Ranking Plateau Debt
      Guarantee;
|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|1.1.116 | Plateau Forward Sale Agreement means the forward
      sale agreement dated on or about the date of this Agreement between,
      inter alia, Plateau, the Parent and Pelawan SPV;                                                                                                                                                                                                                                                                               
|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|1.1.117 | "Plateau Funding Loan" means the aggregate
      principal amount of the loan outstanding from time to time under the
      Plateau Finding Loan Agreement;                                                                                                                                                                                                                                                                                                        
|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|1.1.118 | "Plateau Funding Loan Agreement means the written
      agreement entitled Plateau Funding Loan Agreement concluded or to
      be concluded between Plateau and Holdco on or about the Signature Date;                                                                                                                                                                                                                                                         
|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|1.1.119 | Plateau Group means N1C Resources, N2C
      Resources, Plateau, Holdco, Opco and each of their respective direct of
      indirect Subsidiaries for the time being (and which will include with
      effect from the Closing Date the Holdco Group);                                                                                                                                                                                                           
|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|1.1.120 | Plateau Holdco A Preference Share Subscription
      Agreement means the subscription agreement dated on or about the
      Signature Date between Plateau and Holdco in terms of which Plateau agrees
      to subscribe for the Plateau Holdco A Preference Shares;                                                                                                                                                                                            
|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|1.1.121 | "Plateau Holdco A Preference Shares" means 510
      cumulative, redeemable preference par value shares of R1,00 each in the
      share capital of Holdco to be subscribed for by Plateau having the rights
      and privileges set out in the Plateau Holdco A Preference Share
      Subscription Agreement and the rights and privileges embodied or to
      embodied in the articles of association of Holdco;                                              

25

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|1.1.122 | "Plateau Ordinary Shares" means the issued
      ordinary shares in the share capital of Plateau from time to time;                                                                                                                                                                                                                                                                                                                                                      
|------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|1.1.123 | Plateau Security Documents means each of the
      documents listed as being a Plateau Security Document in Part 3 of
      Schedule 2 (Transaction Security Documents) together with any other
      document entered into by Plateau creating or expressed to create any
      Security over all or any of its assets in respect of any of the
      obligations of any of the Obligors or any member of the Borrower Group
      under any of the Finance Documents;
|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|1.1.124 | "Plateau 2 Converted Shares" means, at each
      Conversion Date, the number of Plateau Ordinary Shares into which the B2
      Preference Shares automatically Convert;                                                                                                                                                                                                                                                                                                
|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|1.1.125 | "Plateau 2 Shares" means, at each Conversion Date,
      the sum of the Plateau 2 Converted Shares and the Plateau 2 Subscription
      Shares;                                                                                                                                                                                                                                                                                                                          
|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|1.1.126 | "Plateau 2 Subscription Shares" means, at each
      Conversion Date, the additional number of Plateau Ordinary Shares that
      Pelawan SPV will subscribe for using all of the cash proceeds of the B2
      Preference Dividend;                                                                                                                                                                                                                                     
|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|1.1.127 | "Plateau 3 Converted Shares" means, at each
      Conversion Date, the number of Plateau Ordinary Shares into which the B3
      Preference Shares automatically Convert;                                                                                                                                                                                                                                                                                                
|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|1.1.128 | "Plateau 3 Shares" means, at each Conversion Date,
      the sum of the Plateau 3 Converted Shares and the Plateau 3 Subscription
      Shares;                                                                                                                                                                                                                                                                                                                          
|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|1.1.129 | "Plateau 3 Subscription Shares" means, at each
      Conversion Date, the additional number of Plateau Ordinary Shares that
      Pelawan SPV will subscribe for using all of the cash proceeds of the B3
      Preference Dividend;                                                                                                                                                                                                                                     
|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|1.1.130 | Project Company means Boikgantsho Platinum Mine
      (Proprietary) Limited, Ga-Phasa Platinum Mine (Proprietary) Limited, or
      Kwanda Platinum Mine (Proprietary) Limited;                                                                                                                                                                                                                                                                                        
|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|1.1.131 | Project Finance Borrowings means:                                                                                                                                                                                                                                                                                                                                                                                                                                      

| | (a) | any indebtedness to finance (or re-finance) a Project
      comprised of the ownership, development, construction and/or operation of
      assets of the Project Company which is incurred by a Project Company whose
      principal business is that Project and in respect of which the person or
      persons making that indebtedness available to that Project Company has no
      recourse whatsoever to any member of the Borrower Group (other than to
      that Project Company) in respect of that indebtedness whether directly or
      indirectly or by way of a guarantee (financial or completion guarantee or
      otherwise) from any member of the Borrower Group creating an obligation
      (whether actual or contingent) for Financial Indebtedness in respect of
      the Project Finance Borrowings other than to the extent arising under
      paragraph (d) of the definition of Permitted Guarantee or (c) of
      the definition of Permitted Security; or
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
| | (b) | any indebtedness the terms and conditions of which have
      been approved by the Lender and which the Lender has agreed in writing to
      treat as Project Finance Borrowings for the purposes of this
    Agreement;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           

26

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|1.1.132 | Quasi-Security has the meaning given to that
      term in Clause 13.14 (Negative pledge);            
|------- | --------------------------------------------------------------------------------------------------------
|        |                                                                                                         
|1.1.133 | "R", "Rand" or "ZAR" means South
      African Rand, the lawful currency of South Africa;               
|        |                                                                                                         
|1.1.134 | Relevant Jurisdiction means, in relation to an
      Obligor or any other member of the Anooraq Group:

| | (a) | its jurisdiction of incorporation;                                                                                                            
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------
| |     |                                                                                                                                               
| | (b) | any jurisdiction where any asset subject to or intended
      to be subject to the Transaction Security to be created by it is
      situated;
| |     |                                                                                                                                               
| | (c) | any jurisdiction where it conducts its business;
    and                                                                                      

the jurisdiction whose laws govern the
perfection of any of the Transaction Security Documents entered into by it;

|1.1.135 | Repayment Date" means 31 July and 31 January in
      each calendar year and  the Interim Repayment Date and the Final
      Repayment Date;                                                                                                                                                                                                                                                                
|------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|        |                                                                                                                                                                                                                                                                                                                                                                                                              
|1.1.136 | Repeating Representations means each of the
      representations set out in Clause 11.2 (Status) to Clause 11.7
      (Governing law and enforcement), Clause 11.11 (No default), Clause
      11.12.2 (No misleading information), Clause 11.13 (Original
      Financial Statements), Clause 11.18 (Ranking) to 11.20 (Legal and
      beneficial ownership);                                            
|        |                                                                                                                                                                                                                                                                                                                                                                                                              
|1.1.137 | "Reversionary Holdco Cession and Pledge" means a
      second ranking reversionary cession in securitatem debitidated on
      or about the date of this Agreement given by Holdco in favour of RPM for
      the obligations of Holdco under the Holdco Guarantee;                                                                                                                                          
|        |                                                                                                                                                                                                                                                                                                                                                                                                              
|1.1.138 | "RPM Funding Loan" means the aggregate principal
      amount of the loan outstanding from time to time under the RPM Funding
      Loan Agreement;                                                                                                                                                                                                                                                          
|        |                                                                                                                                                                                                                                                                                                                                                                                                              
|1.1.139 | "RPM Funding Loan Agreement means the written
      agreement entitled RPM Funding Loan Agreement concluded or to be
      concluded between RPM and Holdco on or about the Signature Date;                                                                                                                                                                                                               
|        |                                                                                                                                                                                                                                                                                                                                                                                                              
|1.1.140 | RPM Holdco A Preference Share Subscription
      Agreement means the subscription agreement dated on or about the
      Signature Date between RPM and Holdco in terms of which RPM agrees to
      subscribe for the RPM Holdco A Preference Shares;                                                                                                                                                      
|        |                                                                                                                                                                                                                                                                                                                                                                                                              
|1.1.141 | "RPM Holdco A Preference Shares means 490
      cumulative, redeemable preference par value shares of R1,00 each in the
      share capital of Holdco to be subscribed for by RPM, having the rights and
      privileges set out in the RPM Holdco A Preference Share Subscription
      Agreement and the rights and privileges embodied or to be embodied in the
      articles of association of Holdco;
|        |                                                                                                                                                                                                                                                                                                                                                                                                              
|1.1.142 | "RPM Pelawan SPV B1 Preference Shares" means 115
      800 cumulative convertible preference par value shares of R1.00 in the
      share capital of the Pelawan SPV, having the rights and privileges set out
      in the RPM Pelawan SPV B1 Preference Share Subscription Agreement and the
      rights and                                                                                              

27

---

|        | privileges embodied or to be embodied in the articles of
      association of the Pelawan SPV;                                                                                                                                                                                                                                                                                                            
|------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|        |                                                                                                                                                                                                                                                                                                                                                                                                           
|1.1.143 | "RPM Pelawan SPV B1 Preference Share Subscription
      Agreement means the subscription agreement dated on or about the
      Signature Date between RPM and Pelawan SPV in terms of which RPM agrees to
      subscribe for the RPM Pelawan SPV B1 Preference Shares;                                                                                                                                  
|        |                                                                                                                                                                                                                                                                                                                                                                                                           
|1.1.144 | "RPM Plateau A Preference Shares" means 1000
      cumulative, redeemable preference par value shares of R1.00 in the share
      capital of Plateau to subscribed for by RPM, having the rights and
      privileges set out in the RPM Plateau A Preference Share Subscription
      Agreement and the rights and privileges embodied or to be embodied in the
      articles of association of Plateau;
|        |                                                                                                                                                                                                                                                                                                                                                                                                           
|1.1.145 | "RPM Plateau A Preference Share Subscription
      Agreement means the subscription agreement dated on or about the
      Signature Date between RPM and Plateau in terms of which RPM agrees to
      subscribe for the RPM Plateau A Preference Shares;;                                                                                                                                               
|        |                                                                                                                                                                                                                                                                                                                                                                                                           
|1.1.146 | "RPM Preference Shares" means the RPM Holdco A
      Preference Shares, the RPM Plateau A Preference Shares and the RPM Pelawan
      B Preference Shares which RPM agrees to subscribe for pursuant to the
      Finance Documents;                                                                                                                                                                      
|        |                                                                                                                                                                                                                                                                                                                                                                                                           
|1.1.147 | "RPM Relevant Agreements" means:                                                                                                                                                                                                                                                                                                                                                                          

| | (a) | the Standby Facility Agreement;                                     
| | --- | --------------------------------------------------------------------
| |     |                                                                     
| | (b) | the OCSF Agreement;                                                 
| |     |                                                                     
| | (c) | the RPM Plateau A Preference Share Subscription
      Agreement; and
| |     |                                                                     
| | (d) | the RPM Pelawan B Preference Share Subscription
      Agreement;    
| |     |                                                                     
| | (e) | the Pelawan SPV Forward Sale Agreement;                             
| |     |                                                                     
| | (f) | the Pelawan Share for Share Agreement;                              
| |     |                                                                     
| | (g) | the Conversion Implementation
Agreement;                            

|1.1.148 | "Second Ranking Plateau Debt Guarantee" means the
      debt guarantee entered into on or about the date of this Agreement issued
      by the Plateau Security SPV in favour of the Lender for the obligations of
      the Obligor owed to the Finance Parties under the Standby Facility
      Agreement;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|------- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|1.1.149 | Security means (a) a mortgage, assignation,
      charge, pledge, lien, security assignment, hypothecation, cession
      conferring security, Encumbrance and Restriction or other security
      interest securing any obligation of any person or any other agreement or
      arrangement having a similar effect or (b) any arrangement under which
      money or claims to, or for the benefit of, a bank or other account may be
      applied, set off or made subject to a combination of accounts so as to
      effect discharge of any sum owed or payable to any person; or (c) any
      other type of preferential agreement or arrangement (including any title
      transfer and retention arrangement), the effect of which is the creation
      of a security interest;

28

---

|1.1.150 | Security Agent means Standard Chartered Bank
      acting in its capacity as security agent for the Secured Parties or such
      other security agent for the Secured Parties as shall be appointed
      pursuant to the Global Intercreditor Agreement;                                                          
|------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|        |                                                                                                                                                                                                                                                                                                                       
|1.1.151 | Security Provider means any provider of
      Transaction Security;                                                                                                                                                                                                                                                 
|        |                                                                                                                                                                                                                                                                                                                       
|1.1.152 | "Second Ranking Opco Debt Guarantee" means the
      debt guarantee in the agreed form, dated on or about the date of this
      Agreement, issued by the Opco Security SPV in favour of RPM for the
      obligations of Holdco in connection with the RPM Holdco A Preference
      Shares;                         
|        |                                                                                                                                                                                                                                                                                                                       
|1.1.153 | Security SPV Documents means collectively:                                                                                                                                                                                                                                                                          
|        |                                                                                                                                                                                                                                                                                                                       
|        | (a)                                                                                                                                                                                                                                                                                                                   
|        |                                                                                                                                                                                                                                                                                                                       
|        | (b)                                                                                                                                                                                                                                                                                                                   
|        |                                                                                                                                                                                                                                                                                                                       
|        | (c)                                                                                                                                                                                                                                                                                                                   
|        |                                                                                                                                                                                                                                                                                                                       
|1.1.154 | Security SPV Owner Trust means the Lebowa
      Acquisition Security SPV Owner Trust, an inter vivostrust
      established under the laws of South Africa;                                                                                                                                                         
|        |                                                                                                                                                                                                                                                                                                                       
|1.1.155 | Senior Agent has the meaning given to it in the
      Senior Facilities Agreement;                                                                                                                                                                                                                                  
|        |                                                                                                                                                                                                                                                                                                                       
|1.1.156 | Senior Facilities Agreement means the written
      agreement entitled Senior Term Loan Facilities Agreement concluded or to
      be concluded between inter alia Plateau and Standard Chartered Bank (as
      arranger, original lender, Senior Agent and Security Agent) on or about
      the Signature Date;
|        |                                                                                                                                                                                                                                                                                                                       
|1.1.157 | "Share Adjustment Event" means, in relation to the
      Anooraq Common Shares, any:                                                                                                                                                                                                                                  
|        |                                                                                                                                                                                                                                                                                                                       
|        | (a)                                                                                                                                                                                                                                                                                                                   
|        |                                                                                                                                                                                                                                                                                                                       
|        | (b)                                                                                                                                                                                                                                                                                                                   
|        |                                                                                                                                                                                                                                                                                                                       
|        | (c)                                                                                                                                                                                                                                                                                                                   
|        |                                                                                                                                                                                                                                                                                                                       
|        | (d)                                                                                                                                                                                                                                                                                                                   

29

---

|        |                                                                                                                                                                                                                                                                                                                                                                     | Shares, any change of the Anooraq Common Shares into
      other shares or any other reorganization of the Parent;
|------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------------
|        |                                                                                                                                                                                                                                                                                                                                                                     |                                                                                                                   
|1.1.158 | Signature Date means the date of the signature
      of the Party last signing this Agreement;                                                                                                                                                                                                                                                                   
|        |                                                                                                                                                                                                                                                                                                                                                                     |                                                                                                                   
|1.1.159 | South Africa means the Republic of South Africa
      as constituted from time to time;                                                                                                                                                                                                                                                                          
|        |                                                                                                                                                                                                                                                                                                                                                                     |                                                                                                                   
|1.1.160 | Standard Bank means The Standard Bank of South
      Africa Limited (Registration No. 1962/000738/06), a public company and
      registered bank incorporated according to the company and banking laws of
      South Africa;                                                                                                                                  
|        |                                                                                                                                                                                                                                                                                                                                                                     |                                                                                                                   
|1.1.161 | Standard Chartered Bank means Standard Chartered
      Bank, Johannesburg Branch (Registration No: 1962/000738/06), a company
      incorporated in England with limited liability by Royal Charter 1853,
      under reference ZC18.18 and registered as an external company in South
      Africa;                                                             
|        |                                                                                                                                                                                                                                                                                                                                                                     |                                                                                                                   
|1.1.162 | "Standby Facility" means the standby facility
      which the Lender has agreed to make available to Plateau on the terms and
      conditions set out in this Agreement and the Standby Facility Agreement;                                                                                                                                                       
|        |                                                                                                                                                                                                                                                                                                                                                                     |                                                                                                                   
|1.1.163 | "Standby Facility Agreement means the standby
      facility agreement in the agreed form, dated on or about the date of this
      Agreement, between the Lender and Plateau pursuant to which the Lender has
      made or has agreed to make available to Plateau the Standby Facility in
      accordance with clause 16 of the Holdco Shareholders Agreement;
|        |                                                                                                                                                                                                                                                                                                                                                                     |                                                                                                                   
|1.1.164 | Tax means any tax (including, for the avoidance
      of doubt, value added tax), levy, impost, duty or other charge or
      withholding of a similar nature (including any penalty or interest payable
      in connection with any failure to pay or any delay in paying any of the
      same);                                                              
|        |                                                                                                                                                                                                                                                                                                                                                                     |                                                                                                                   
|1.1.165 | "Third Ranking Opco Debt Guarantee" means the debt
      guarantee in the agreed form, dated on or about the date of this
      Agreement, issued by the Opco Security SPV in favour of RPM for the
      obligations of Plateau in connection with the RPM Plateau A Preference
      Shares;                                                                     
|        |                                                                                                                                                                                                                                                                                                                                                                     |                                                                                                                   
|1.1.166 | Third Ranking Plateau Debt Guarantee means the
      debt guarantee in the agreed form, dated on or about the date of this
      Agreement, issued by the Plateau Security SPV in favour of the Lender for
      the obligations of Plateau owed to the Lender under the OCSF Agreement;                                                                         
|        |                                                                                                                                                                                                                                                                                                                                                                     |                                                                                                                   
|1.1.167 | Transaction Accounts means collectively, the
      Disbursement Account, the Borrower Proceeds Account, the Borrower Business
      Account, the Holdco Business Account and the Opco Business Account (each
      as defined in the Senior Facility Agreement);                                                                                                 
|        |                                                                                                                                                                                                                                                                                                                                                                     |                                                                                                                   
|1.1.168 | Transaction Documents means collectively:                                                                                                                                                                                                                                                                                                                        
|        |                                                                                                                                                                                                                                                                                                                                                                     |                                                                                                                   
|        | (a)                                                                                                                                                                                                                                                                                                                                                                 | the Finance Documents;                                                                                            
|        |                                                                                                                                                                                                                                                                                                                                                                     |                                                                                                                   
|        | (b)                                                                                                                                                                                                                                                                                                                                                                 | the Holdco Shareholders Agreement;                                                                                
|        |                                                                                                                                                                                                                                                                                                                                                                     |                                                                                                                   
|        | (c)                                                                                                                                                                                                                                                                                                                                                                 | the Transaction Documents as defined in the Senior
      Facility                                                 
|        |                                                                                                                                                                                                                                                                                                                                                                     | Agreements;                                                                                                       

30

---

| | (d) | any other document designated in writing as a
      Transaction Document by the Lender and
Plateau;
| | --- | -----------------------------------------------------------------------------------------------------

|1.1.169 | "Transaction Security" means the
      Security created or expressed to be created in favour of the Opco Security
      SPV (or, where applicable in relation to the New Order Rights, the
      Security Agent, as principal creditor pursuant to the Global Intercreditor
      Agreement), the Plateau Security SPV or the Lender pursuant to the
      Transaction Security Documents;
|------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|        |                                                                                                                                                                                                                                                                                                                                                                                           
|1.1.170 | Transaction Security Documents means:                                                                                                                                                                                                                                                                                                                                                   

| | (a) | the Opco Security Documents;                 
| | --- | ---------------------------------------------
| |     |                                              
| | (b) | the Holdco Security Documents;               
| |     |                                              
| | (c) | the Plateau Security Documents,              
| |     |                                              
| | (d) | the N2C Resources Security Documents; and    
| |     |                                              
| | (e) | the Pelawan Investments Security
  Documents;

together with any other document
entered into by any Obligor creating or expressed to create any Security over
all or any part of its assets in respect of the obligations of any of the
Obligors under any of the Finance Documents;

|1.1.171 | Treasury Transactions means any
      derivative transaction entered into in connection with protection against
      or benefit from fluctuation in any rate or price;
|------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|1.2 | Any reference in this Agreement
to:
|--- | -----------------------------------

|1.2.1 | an affiliate means, in relation to any person, a
      subsidiary of that person or a holding company of that person or any other
      subsidiary of that holding company;                                                                                                                                                                                                                                                                                                                                                                                                                                            
|----- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|1.2.2 | arms length means terms that are fair and
      reasonable to the counterparty of a transaction and no more or less
      favourable to the other party to the relevant transaction as could
      reasonably be expected to be obtained in a comparable arms length
      transaction with a person that is not the ultimate holding company of such
      counterparty or an entity of which such counterparty or its ultimate
      holding company has direct or indirect control, or owns directly or
      indirectly more than 20% (twenty percent) of the share capital or similar
      rights of ownership;
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|1.2.3 | assets includes properties, revenues and rights
      of every description;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|1.2.4 | calendar month shall be construed as a named
      month, i.e. January, February, March, April, May, June, July, August,
      September, October, November and December;                                                                                                                                                                                                                                                                                                                                                                                                                                              
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|1.2.5 | a clause shall, subject to any contrary
      indication, be construed as a reference to a clause hereof;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|1.2.6 | guarantee means (other than in Clause 10
      (Guarantee and Indemnity)) any guarantee, letter of credit, bond,
      indemnity or similar assurance against loss, or any obligation, direct or
      indirect, actual or contingent, to purchase or assume any indebtedness of
      any person or to make an investment in or loan                                                                                                                                                                                                                                                                                  

31

---

|       | to any person or to purchase assets of any person where,
      in each case, such obligation is assumed in order to maintain or assist
      the ability of such person to meet its indebtedness;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|------ | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|1.2.7  | a Holding Company shall be construed in
      accordance with the Companies Act, No. 61 of 1973 (as amended);                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|1.2.8  | indebtedness includes any obligation (whether
      incurred as principal or as surety) for the payment or repayment of money,
      whether present or future, actual or contingent;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|1.2.9  | law shall be construed as any law (including
      common or customary law) or statute, constitution, decree, judgment,
      treaty, regulation, directive, bye-law, order or any other legislative
      measure of any government, supranational, local government, statutory or
      regulatory body or court;                                                                                                                                                                                                                                                                                                                                                                                      
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|1.2.10 | month means unless the context otherwise
      requires, a period starting on one day in a calendar month and ending on
      the numerically corresponding day in the next succeeding calendar month
      except that, where any such period would otherwise end on a day which is
      not a Business Day it shall end on the immediately preceding Business Day;
      provided that if a period starts on the last Business Day of a calendar
      month or if there is no numerically corresponding day in the month in
      which that period ends, that period shall end on the last Business Day in
      that later month (and references to months shall be construed
      accordingly);
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|1.2.11 | naca means nominal annual compounded annually in
      arrears;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|1.2.12 | nacq means nominal annual compounded quarterly
      in arrears;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|1.2.13 | a person shall be construed as a reference to
      any person, firm, company, trust, corporation, government, state or agency
      of a state or any association or partnership (whether or not having
      separate legal personality) of two or more of the foregoing;                                                                                                                                                                                                                                                                                                                                                                                                                              
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|1.2.14 | a regulation includes any regulation, rule,
      official directive, request or guideline (having the force of law) of any
      governmental, intergovernmental or supranational body, agency, department
      or regulatory, self-regulatory or other authority or
  organisation;                                                                                                                                                                                                                                                                                                                                                                                                                   
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|1.2.15 | repay (or any derivative form thereof) shall,
      subject to any contrary indication, be construed to include
      prepay or, as the case may be, the corresponding derivate form
      thereof;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|1.2.16 | a Schedule or Annexure shall, subject
      to any contrary indication, be construed as a reference to a schedule or
      annexure hereof;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|1.2.17 | a Subsidiary shall be construed in accordance
      with the Companies Act, No. 61 of 1973 (as amended);                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|1.2.18 | tax shall be construed so as to include any tax,
      levy, impost or other charge of a similar nature (including, without
      limitation, any penalty or interest payable in connection with any failure
      to pay or delay in paying any of the same)                                                                                                                                                                                                                                                                                                                                                                                                                                            
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|1.2.19 | a Default is continuing if it has not been
      remedied in accordance with the provisions of this Agreement or
    waived.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             

32

---

|1.3 | Unless inconsistent with the context or save where the
      contrary is expressly indicated:
|--- | ---------------------------------------------------------------------------------------------

|1.3.1 | if any provision in a definition is a substantive
      provision conferring rights or imposing obligations on any Party,
      notwithstanding that it appears only in this interpretation clause, effect
      shall be given to it as if it were a substantive provision of this
      Agreement;                   
|----- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|      |                                                                                                                                                                                                                                                                                                                        
|1.3.2 | when any number of days is prescribed in this Agreement,
      same 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 case the last day shall be the next succeeding Business
    Day;                   
|      |                                                                                                                                                                                                                                                                                                                        
|1.3.3 | in the event that the day for payment of any amount due
      in terms of this Agreement should fall on a day which is not a Business
      Day, the relevant day for payment shall be the previous Business
    Day;                                                                                                  
|      |                                                                                                                                                                                                                                                                                                                        
|1.3.4 | in the event that the day for performance of any
      obligation to be performed in terms of this Agreement (other than a
      payment obligation) should fall on a day which is not a Business Day, the
      relevant day for performance shall be the next succeeding Business
    Day;                           
|      |                                                                                                                                                                                                                                                                                                                        
|1.3.5 | any reference in this Agreement to an enactment is to
      that enactment as at the Signature Date and as amended or re-enacted from
      time to time;                                                                                                                                                              
|      |                                                                                                                                                                                                                                                                                                                        
|1.3.6 | any reference in this Agreement to this Agreement or any
      other agreement or document shall be construed as a reference to this
      Agreement or, as the case may be, such other agreement or document as same
      may have been, or may from time to time be, amended, varied, novated or
      supplemented;
|      |                                                                                                                                                                                                                                                                                                                        
|1.3.7 | save as expressly set out in this Agreement, no provision
      of this Agreement constitutes a stipulation for the benefit of any person
      who is not a Party to this Agreement;                                                                                                                                  

|1.3.8  | references to day/s or year/s shall be construed as
      Gregorian calendar day/s or year/s;
|------ | ---------------------------------------------------------------------------------------------
|       |                                                                                              
|1.3.9  | a reference to a Party includes that Partys
      successors-in-title and permitted assigns;
|       |                                                                                              
|1.3.10 | a time of day shall be construed as a reference to
      Johannesburg time.                  

|1.4 | Unless inconsistent with the context, an expression which
      denotes:
|--- | ------------------------------------------------------------------------

|1.4.1 | any one gender includes the other genders;                              
|----- | ------------------------------------------------------------------------
|      |                                                                         
|1.4.2 | a natural person includes an artificial person and vice
      versa; and
|      |                                                                         
|1.4.3 | the singular includes the plural and vice
  versa.                      

|1.5 | The schedules to this Agreement form an integral part
      hereof and words and expressions defined in this Agreement shall bear,
      unless the context otherwise requires, the same meaning in such schedules.
      To the extent that there is any conflict between the schedules to this
      Agreement and the provisions of this Agreement, the provisions of this
      Agreement shall prevail.
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

33

---

|1.6                                                     | 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 same meaning as
      ascribed to it for all purposes in terms of this Agreement,
      notwithstanding that that term has not been defined in this interpretation
      clause.      
|------------------------------------------------------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|                                                        |                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|1.7                                                     | The rule of construction that, in the event of ambiguity,
      the contract shall be interpreted against the Party responsible for the
      drafting thereof, shall not apply in the interpretation of this
      Agreement.                                                                                                                                                                                                                               
|                                                        |                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|1.8                                                     | The expiration or termination of this Agreement shall not
      affect such of the provisions of this Agreement as expressly provide that
      they will operate after any such expiration or termination or which of
      necessity must continue to have effect after such expiration or
      termination, notwithstanding that the clauses themselves do not expressly
      provide for this.                                                         
|                                                        |                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|1.9                                                     | This Agreement shall be binding on and enforceable by the
      estates, heirs, executors, administrators, trustees, permitted assigns or
      liquidators of the Parties as fully and effectually as if they had signed
      this Agreement in the first instance and reference to any Party shall be
      deemed to include such Partys estate, heirs, executors, administrators,
      trustees, permitted assigns or liquidators, as the case may be.
|                                                        |                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|1.10                                                    | The use of any expression in this Agreement covering a
      process available under South African law such as winding-up (without
      limitation eiusdem generis) shall, if any of the Parties to this
      Agreement is subject to the law of any other jurisdiction, be construed as
      including any equivalent or analogous proceedings under the law of such
      other jurisdiction.                                                           
|                                                        |                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|1.11                                                    | Where figures are referred to in numerals and in words,
      if there is any conflict between the two, the words shall
  prevail.                                                                                                                                                                                                                                                                                                                           
|                                                        |                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|1.12                                                    | The headings to the clauses and schedules of this
      Agreement are inserted for reference purposes only and shall in no way
      govern or affect the interpretation of nor modify nor amplify the terms of
      this Agreement nor any clause or schedule hereof.                                                                                                                                                                                      
|                                                        |                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|2. INTRODUCTION AND APPLICATION OF THIS
      AGREEMENT
|                                                        |                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|2.1                                                     | The Lender has agreed to provide the facilities and
      subscribe for the Preference Shares set out in Clause 3 (RPM
      Facilities).                                                                                                                                                                                                                                                                                                                    
|                                                        |                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|2.2                                                     | The Parties have agreed to enter into this Agreement to
      set out certain common definitions and provisions which are applicable to
      the RPM Relevant Agreements.                                                                                                                                                                                                                                                                                   
|                                                        |                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|2.3                                                     | Each RPM Relevant Agreement will be subject to the terms
      and conditions of that RPM Relevant Agreement and to the terms and
      conditions of this Agreement. The terms and conditions of this Agreement
      shall be incorporated by reference into each respective RPM Relevant
      Agreement.                                                                                                                                                 
|                                                        |                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|2.4                                                     | In the event of a conflict between the provisions of this
      Agreement and any Finance Document, the provisions of the Finance Document
      shall prevail.                                                                                                                                                                                                                                                                                              

34

---

|3. THE RPM FACILITIES AND PREFERENCE SHARE
      SUBSCRIPTIONS
|--------------------------------------------------------------
|                                                              
|3.1                                                           
|                                                              
|                                                              
|                                                              
|3.1.1                                                         
|                                                              
|3.1.2                                                         
|                                                              
|3.1.3                                                         
|                                                              
|3.1.4                                                         
|                                                              
|3.1.5                                                         
|                                                              
|3.2                                                           
|                                                              
|3.2.1                                                         

| | (a) | Plateau on its behalf to supply all information
      concerning itself contemplated by this Agreement to the Finance Parties
      and to give all notices and instructions, to make such agreements and to
      effect the relevant amendments, supplements and variations capable of
      being given, made or effected by any Obligor notwithstanding that they may
      affect the Obligor, without further reference to or the consent of that
      Obligor, provided that notwithstanding anything to the contrary contained
      in this Agreement or any other Finance Document, Plateau is not authorised
      to act on behalf of any Obligor without first obtaining the further
      written consent of such Obligor in relation to any matter (including
      without limitation the giving of notices and instructions and the making
      of agreements on behalf of such Obligor) which will or might reasonably be
      expected to increase the liability or obligations (whether actual or
      contingent) of the Obligor under the Finance Documents or otherwise
      materially prejudice the position of that Obligor under the Finance
      Documents; and
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
| | (b) | each Finance Party to give any notice, demand or other
      communication to that Obligor pursuant to the Finance Documents to
      Plateau,                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   

and in each case the Obligor shall be
bound as though the Obligor itself had given the notices and instructions or
executed or made the agreements or effected the amendments, supplements or
variations, or received the relevant notice, demand or other communication.

|3.2.2 | Every act, omission, agreement, undertaking, settlement,
      waiver, amendment, supplement, variation, notice or other communication
      given or made by the Obligors' Agent or given to the Obligors' Agent under
      any Finance Document on behalf of another Obligor or in connection with
      any Finance Document (whether or not known to any other Obligor and
      whether occurring before or after such other Obligor became an Obligor
      under any Finance Document) shall be binding for all purposes on that
      Obligor as if that Obligor had
|----- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

35

---

expressly made, given or concurred
with it. In the event of any conflict between any notices or other
communications of the Obligors' Agent and any other Obligor, those of the
Obligors' Agent shall prevail.

4. CONDITIONS OF UTILISATION

|4.1 | Documentary Conditions             
|--- | -----------------------------------
|    |                                    
|    | The Lender shall not be obliged
to:

|4.1.1 | subscribe for the RPM Preference Shares; or                            
|----- | -----------------------------------------------------------------------
|      |                                                                        
|4.1.2 | make any advance under the Standby Facility or the OCSF
      Facility,

unless the Lender has notified Plateau
that it has received all the documents and evidence listed in Schedule 1
(Conditions) in form and substance satisfactory to the Lender. The Lender must
give this notification to Plateau upon being so satisfied. This clause 4.1 is
without prejudice to any additional conditions to subscription for the RPM
Preference shares and/or utilisation of the Standby Facility or the OCSF
Facility set out in the other applicable Finance Documents.

5. UTILISATIONS

The proceeds received by Plateau,
Holdco and the Pelawan SPV pursuant to any advance by the Lender under the
Standby Facility or the OCSF Facility or the subscription by the Lender of the
RPM Preference Shares, shall be utilised in accordance with the terms of and for
the purpose set out in the relevant Finance Document and on the terms and
conditions set out in this Agreement.

6. ILLEGALITY AND MANDATORY PREPAYMENT

|6.1 | Illegality                                                                                                                                                                                                                                                                                                     
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                
|    | If it becomes unlawful in any applicable jurisdiction for
      the Lender to perform any of its obligations as contemplated by this
      Agreement, the Standby Facility Agreement or the OCSF Facility Agreement
      or to fund, issue or maintain a Loan or any advance made under such
      facilities:

|6.1.1 | the Lender shall promptly notify Plateau upon becoming
      aware of that event;                                                                                                                                                                                                                                                               
|----- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|      |                                                                                                                                                                                                                                                                                                                                                 
|6.1.2 | upon the Lender notifying Plateau, the Loan Commitments
      which are affected by that illegality will be immediately cancelled;
      and                                                                                                                                                                                                    
|      |                                                                                                                                                                                                                                                                                                                                                 
|6.1.3 | Plateau shall repay the Loans which are affected by that
      illegality on the next Repayment Date occurring after the Lender has
      notified Plateau or, if earlier, the date specified by the Lender in the
      notice delivered to Plateau (being no earlier than the last day of any
      applicable grace period permitted by law).

|6.2 | Mandatory Prepayments
|--- | ---------------------

|6.2.1 | Upon the occurrence of:
|----- | -----------------------
|      |                        
|      | (a)                    
|      |                        
|      | (b)                    

36

---

then (i) Plateau shall promptly notify
the Lender upon becoming aware of that event, and (ii) the Lender may (whether
or not Plateau has complied with (i)) cancel the Standby Facility and/or the
OCSF Facility and declare the Loans, together with accrued interest and all
other amounts accrued under the Standby Facility and/or the OCSF Facility
immediately due and payable, whereupon such facilities will be cancelled and all
such outstanding amounts will become immediately due and payable, subject to and
in accordance with the Borrower Cash Waterfall and the other provisions of the
Global Intercreditor Agreement.

|6.2.2 | The provisions of this clause 6.2 are without prejudice
      to any rights the Lender may be entitled to exercise in relation to the
      RPM Preference Shares in accordance with the applicable Finance Documents
      upon the occurrence of the events referred to in (a) and/or (b)
    above.
|----- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|6.3 | Opco Funding Loan                                                                                                                                                                                                                                                                                      
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                        
|    | Upon the occurrence of any prepayment of the Opco Funding
      Loan (including pursuant to a Permitted Disposal of the assets of a
      Project Company and the shares in a Project Company contemplated by
      paragraph 1.1.105(e) of the definition of Permitted Disposal), Plateau
      shall:

|6.3.1 | promptly notify the Lender upon becoming aware of that
      event;                                                                                                                                                                            
|----- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|      |                                                                                                                                                                                                                                                
|6.3.2 | procure that the proceeds of prepayment of the Opco
      Funding Loan are utilised towards proportionately prepaying the loans to
      RPM and Plateau under the RPM Funding Loan Agreement and the Plateau
      Funding Loan Agreement; and
|      |                                                                                                                                                                                                                                                
|6.3.3 | utilise the proceeds received by it under the Plateau
      Funding Loan Agreement to:                                                                                                                                                         
|      |                                                                                                                                                                                                                                                
|      | (a)                                                                                                                                                                                                                                            
|      |                                                                                                                                                                                                                                                
|      | (b)                                                                                                                                                                                                                                            
|      |                                                                                                                                                                                                                                                
|      | in accordance with the provisions of the Global
      Intercreditor Agreement and in particular, the Borrower Cash
      Waterfall.                                                                                                            

|6.4 | Mandatory Refinancing
|--- | ---------------------

|6.4.1 | Plateau shall be obliged to undertake the Mandatory Debt
      Refinance at any time during the period:                                                         
|----- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------
|      |                                                                                                                                                                 
|      | (a)                                                                                                                                                             
|      |                                                                                                                                                                 
|      | (b)                                                                                                                                                             
|      |                                                                                                                                                                 
|6.4.2 | The proceeds of the Mandatory Debt Refinance shall be
      applied towards the settlement of the Standby Facility and the OCSF
      Facility and to redeem RPM

37

---

Plateau A Preference Shares in
accordance with the provisions of the Global Intercreditor Agreement and in
particular, the Borrower Cash Waterfall.

|7. CHANGES TO THE CALCULATION OF
    INTEREST
|---------------------------------------------
|                                             
|7.1                                          
|                                             
|7.1.1                                        
|                                             
|7.1.2                                        
|                                             
|7.2                                          
|                                             
|7.2.1                                        
|                                             
|7.2.2                                        
|                                             
|8. TAX GROSS UP AND INDEMNITIES              
|                                             
|8.1                                          
|                                             
|8.1.1                                        
|                                             
|                                             
|                                             
|                                             
|                                             
|                                             
|                                             
|8.1.2                                        
|                                             
|8.2                                          
|                                             
|8.2.1                                        
|                                             
|8.2.2                                        

38

---

|      | Deduction) notify the Lender accordingly. Similarly, the
      Lender shall notify Plateau on becoming so aware in respect of a payment
      payable to it.                                                                                                                                                                                                                                                                                                   
|----- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|8.2.3 | If a Tax Deduction is required by law to be made by an
      Obligor, the amount of the payment due from that Obligor shall be
      increased to an amount which (after making any Tax Deduction) leaves an
      amount equal to the payment which would have been due if no Tax Deduction
      had been required.                                                                                                                                          
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|8.2.4 | If an Obligor is required to make a Tax Deduction, that
      Obligor shall make that Tax Deduction and any payment required in
      connection with that Tax Deduction within the time allowed and in the
      minimum amount required by law.                                                                                                                                                                                                              
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|8.2.5 | Within thirty days of making either a Tax Deduction or
      any payment required in connection with that Tax Deduction, the Obligor
      making that Tax Deduction shall deliver to the Finance Party evidence
      reasonably satisfactory to that Finance Party that the Tax Deduction has
      been made or (as applicable) any appropriate payment paid to the relevant
      taxing authority.                                                        
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|8.2.6 | The Finance Party and the Obligor which makes the payment
      to which that Finance Party is entitled shall co-operate in completing any
      procedural formalities (including, without limitation, the delivery of any
      necessary forms and certificates required by applicable law) necessary for
      that Obligor to obtain authorisation to make that payment without a Tax
      Deduction or to make that payment with a lesser Tax Deduction.
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|8.3   | Tax indemnity                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|8.3.1 | Plateau shall (within three Business Days of demand by a
      Finance Party) pay to that Finance Party an amount equal to the loss,
      liability or cost which that Finance Party determines will be or has been
      (directly or indirectly) suffered for or on account of Tax by that Finance
      Party in respect of a Finance Document.                                                                                                            
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|8.3.2 | Paragraph 8.3.1 above shall not apply with respect to any
      Tax assessed on a Finance Party:                                                                                                                                                                                                                                                                                                                                                               

| | (a) | under the law of the jurisdiction in which that Finance
      Party is incorporated or, if different, the jurisdiction (or
      jurisdictions) in which that Finance Party is treated as resident for tax
      purposes; or
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |     |                                                                                                                                                                                                                              
| | (b) | under the law of the jurisdiction in which that Finance
      Party's Facility Office is located in respect of amounts received or
      receivable in that jurisdiction,                                                    

if that Tax is imposed on or
calculated by reference to the net income received or receivable (but not any
sum deemed to be received or receivable) by that Finance Party;

| | (c) | to the extent a loss, liability or cost is compensated
      for by an increased payment under clause 8.2 (Tax gross-up); or                                      
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |     |                                                                                                                                                                   
| | (d) | to the extent a loss, liability or cost arises as a
      result of a failure by a Finance Party to comply with its filing
      obligations in relation to a Tax.

39

---

|8.3.3 | A Finance Party making, or intending to make a claim
      under paragraph 8.3.1 above shall promptly notify Plateau of the event
      which will give, or has given, rise to the
claim.
|----- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|8.4 | Tax Credit                                                                             
|--- | ---------------------------------------------------------------------------------------
|    |                                                                                        
|    | If an Obligor makes a Tax Payment and the Relevant
      Finance Party determines that:

|8.4.1 | a Tax Credit is attributable either to an increased
      payment of which that Tax Payment forms part or to that Tax Payment;
      and                                                                                                                                                                                                                                                                                                    
|----- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                             
|8.4.2 | that Finance Party has obtained, utilised and retained
      that Tax Credit,                                                                                                                                                                                                                                                                                                                                                               
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                             
|      | the Finance Party shall pay an amount to the Obligor
      which that Finance Party determines will leave it (after that payment) in
      the same after-Tax position as it would have been in had the Tax Payment
      not been required to be made by the Obligor. The Finance Party shall, on
      making such payment to the Obligor, notify the Finance Party that it has
      made such payment and of the amount of such
payment.

|8.5 | Stamp taxes                                                                                                                                                                                                                                                                                                             
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                         
|    | Plateau shall pay and, within three Business Days of
      demand, indemnify the each Finance Party against any cost, loss or
      liability (properly evidenced) that Finance Party incurs in relation to
      all stamp duty, registration and other similar Taxes payable in respect of
      any Finance Document.
|    |                                                                                                                                                                                                                                                                                                                         
|8.6 | Value added taxes                                                                                                                                                                                                                                                                                                       

|8.6.1 | Any amount payable under a Finance Document by an Obligor
      is exclusive of any value added tax or any other Tax of a similar nature
      which might be chargeable in connection with a supply made in respect of
      that amount. If any such Tax is chargeable on any supply made by a Finance
      Party to an Obligor under a Finance Document, the Obligor must, upon
      presentation of a valid invoice, pay to the Finance Party (in addition to
      and at the same time as paying the relevant amount) an amount equal to the
      amount of that Tax.
|----- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|8.6.2 | Where a Finance Document requires an Obligor to reimburse
      a Finance Party for any costs or expenses, the Obligor must also at the
      same time pay and indemnify the Finance Party against all value added tax
      or any other Tax of a similar nature incurred by the Finance Party in
      respect of those costs or expenses, but only to the extent that the
      Finance Party is not entitled to a credit or repayment from the relevant
      tax authority in respect of the Tax.                                                                       

9. INCREASED COSTS

|9.1 | Increased costs
|--- | ---------------

|9.1.1 | Subject to Clause 9.3 (Exceptions) Plateau shall, within
      three Business Days of a demand by the Lender, pay for the account of a
      Lender the amount of any Increased Costs incurred by the Lender or any of
      its Affiliates as a result of (i) the introduction of or any change in (or
      in the interpretation, administration or application of) any law or
      regulation or (ii) compliance with any law or regulation made after the
      date of this Agreement.
|----- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|9.1.2 | In this Agreement Increased Costs
  means:                                                                                                                                                                                                                                                                                                                                                                                                                                                 

40

---

| | (a) | a reduction in the rate of return from the Standby
      Facility or the OCSF Facility or on the Lender's (or its Affiliate's)
      overall capital;                                                                                                                                                                                                                              
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |     |                                                                                                                                                                                                                                                                                                                                                                                    
| | (b) | an additional or increased cost; or                                                                                                                                                                                                                                                                                                                                                
| |     |                                                                                                                                                                                                                                                                                                                                                                                    
| | (c) | a reduction of any amount due and payable under any
      Finance Document (but excluding the payments made in respect of the RPM
      Preference Shares, the relevant provisions relating to increased costs in
      respect of the RPM Preference Shares being set out in the respective
      subscription agreements pursuant to which such shares were issued to
      RPM),

which is incurred or suffered by the
Lender or any of its Affiliates to the extent that it is attributable to the
Lender having entered into its Loan Commitment or funding or performing its
obligations under any such Finance Document.

|9.2   | Increased cost claims                                                                                                                                                                             
|----- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|      |                                                                                                                                                                                                   
|9.2.1 | If the Lender intends to make a claim pursuant to Clause
      24.1 it shall notify Plateau of the event giving rise to the
  claim.                                                              
|      |                                                                                                                                                                                                   
|9.2.2 | The Lender shall, as soon as practicable after a demand
      by Plateau, provide a certificate confirming the amount of its Increased
      Costs and the basis for its claim of Increased Costs.
|      |                                                                                                                                                                                                   
|9.3   | Exceptions                                                                                                                                                                                        
|      |                                                                                                                                                                                                   
|9.3.1 | Clause 9.1 (Increased costs) does not apply to the extent
      any Increased Cost is:                                                                                                            

| | (a) | attributable to a Tax Deduction required by law to be
      made by Plateau;                                                                                                                                                                                      
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |     |                                                                                                                                                                                                                                                                   
| | (b) | compensated for by Clause 8.3 (Tax indemnity) (or would
      have been compensated for under Clause 8.3 (Tax indemnity) but was not so
      compensated solely because one of the exclusions in paragraph 8.3.2 of
      Clause 8.3 (Tax indemnity) applied); or
| |     |                                                                                                                                                                                                                                                                   
| | (c) | attributable to the wilful breach of or non compliance
      with, any law or regulation by the Lender or its
  Affiliates.                                                                                                                                       

|9.3.2 | In this Clause 9.3 reference to a Tax Deduction
      has the same meaning given to the term in Clause 8.1
  (Definitions)                                                                                                                                                                                                 
|----- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|      |                                                                                                                                                                                                                                                                                                                              
|9.4   | Currency indemnity                                                                                                                                                                                                                                                                                                           
|      |                                                                                                                                                                                                                                                                                                                              
|9.4.1 | If any sum due from an Obligor under the Finance
      Documents (a Sum), or any order, judgment or award given or made
      in relation to a Sum, has to be converted from the currency (the First
      Currency) in which that Sum is payable into another currency (the
      Second Currency) for the purpose of:
|      |                                                                                                                                                                                                                                                                                                                              
|      |                                                                                                                                                                                                                                                                                                                              
|      |                                                                                                                                                                                                                                                                                                                              
|      |                                                                                                                                                                                                                                                                                                                              
|      |                                                                                                                                                                                                                                                                                                                              
|      |                                                                                                                                                                                                                                                                                                                              

41

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conversion including any discrepancy
between (A) the rate of exchange used to convert that Sum from the First
Currency into the Second Currency and (B) the rate or rates of exchange
available to that person at the time of its receipt of that Sum.

|9.4.2 | Each Obligor waives any right it may have in any
      jurisdiction to pay any amount under the Finance Documents in a currency
      or currency unit other than that in which it is expressed to be
      payable.
|----- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|9.5 | Other indemnities
|--- | -----------------

|9.5.1 | Plateau shall within three Business Days of demand,
      indemnify each Finance Party against any cost, loss or liability incurred
      by it as a result of:
|----- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------
|      |                                                                                                                                                                
|      | (a)                                                                                                                                                            
|      |                                                                                                                                                                
|      | (b)                                                                                                                                                            
|      |                                                                                                                                                                
|      | (c)                                                                                                                                                            
|      |                                                                                                                                                                
|      | (d)                                                                                                                                                            
|      |                                                                                                                                                                
|      | (e)                                                                                                                                                            

|9.6 | Indemnity to the Security Agent, the Opco Security SPV
      and the Plateau Security SPV
|--- | -----------------------------------------------------------------------------------------

|9.6.1 | Each Obligor shall promptly indemnify the Security Agent,
      the Plateau Security SPV, the Opco Security SPV and every Delegate against
      any cost, loss or liability incurred by any of them (save if due to the
      gross negligence or wilful acts or omissions of the Security Agent, the
      Opco Security SPV, the Plateau Security SPV or a Delegate) as a result
      of:                                                                            
|----- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|      | (a)                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|      | (b)                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|      | (c)                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|9.6.2 | The Security Agent, the Opco Security SPV and/or the
      Plateau Security SPV may, in priority to any payment to the Secured
      Parties, indemnify itself out of the Secured Assets in respect of, and pay
      and retain, all sums necessary to give effect to the indemnity in this
      Clause 9.6 and shall have a lien on the Transaction Security and the
      proceeds of the enforcement of the Transaction Security for all monies
      payable to it.

42

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10. GUARANTEE AND INDEMNITY

|10.1 | Guarantee and indemnity                                                   
|---- | --------------------------------------------------------------------------
|     |                                                                           
|     | The Guarantor irrevocably and unconditionally jointly and
      severally:

|10.1.1 | guarantees to each Finance Party punctual performance by
      each other Obligor of all that Obligor's obligations under the Finance
      Documents (other obligations in relation to the B Preference Share
      Documents);                                                                                                                                                        
|------ | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|       |                                                                                                                                                                                                                                                                                                                                                                                         
|10.1.2 | undertakes with each Finance Party that whenever another
      Obligor does not pay any amount when due under or in connection with any
      Finance Document (other obligations in relation to the B Preference Share
      Documents), the Guarantor shall immediately on demand pay that amount as
      if it was the principal obligor; and                                       
|       |                                                                                                                                                                                                                                                                                                                                                                                         
|10.1.3 | indemnifies each Finance Party immediately on demand
      against any cost, loss or liability suffered by that Finance Party if any
      obligation guaranteed by it is or becomes unenforceable, invalid or
      illegal. The amount of the cost, loss or liability shall be equal to the
      amount which that Finance Party would otherwise have been entitled to
      recover.

|10.2 | Continuing Guarantee                                                                                                                                                                                                                                                                                      
|---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|     |                                                                                                                                                                                                                                                                                                           
|     | This guarantee is a continuing guarantee and will extend
      to the ultimate balance of sums payable by any Obligor under the Finance
      Documents (other than in relation to the B Preference Share Documents),
      regardless of any intermediate payment or discharge in whole or in
      part.
|     |                                                                                                                                                                                                                                                                                                           
|10.3 | Reinstatement                                                                                                                                                                                                                                                                                             
|     |                                                                                                                                                                                                                                                                                                           
|     | If any payment by an Obligor or any discharge given by a
      Finance Party (whether in respect of the obligations of any Obligor or any
      security for those obligations or otherwise) is avoided or reduced as a
      result of insolvency or any similar event:                                  

|10.3.1 | the liability of each Obligor shall continue as if the
      payment, discharge, avoidance or reduction had not occurred; and                                                                          
|------ | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|       |                                                                                                                                                                                                        
|10.3.2 | each Finance Party shall be entitled to recover the value
      or amount of that security or payment from each Obligor, as if the
      payment, discharge, avoidance or reduction had not
  occurred.

|10.4 | Waiver of defences                                                                                                                                                                                                                                                                                                                       
|---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|     |                                                                                                                                                                                                                                                                                                                                          
|     | The obligations of the Guarantor under this Clause 10
      will not be affected by an act, omission, matter or thing which, but for
      this Clause 10, would reduce, release or prejudice any of its obligations
      under this Clause 10 (without limitation and whether or not known to it or
      any Finance Party) including:

|10.4.1 | any time, waiver or consent granted to, or composition
      with, any Obligor or other person;                                                                           
|------ | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|       |                                                                                                                                                                           
|10.4.2 | the release of any other Obligor or any other person
      under the terms of any composition or arrangement with any creditor of any
      member of the Group;          
|       |                                                                                                                                                                           
|10.4.3 | the taking, variation, compromise, exchange, renewal or
      release of, or refusal or neglect to perfect, take up or enforce, any
      rights against, or security over

43

---

|       | assets of, any Obligor or other person or any
      non-presentation or non- observance of any formality or other requirement
      in respect of any instrument or any failure to realise the full value of
      any security;                       
|------ | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|       |                                                                                                                                                                                                                                                        
|10.4.4 | any incapacity or lack of power, authority or legal
      personality of or dissolution or change in the members or status of an
      Obligor or any other person;                                                                                    
|       |                                                                                                                                                                                                                                                        
|10.4.5 | any amendment, novation, supplement, extension (whether
      of maturity or otherwise) or restatement (in each case, however
      fundamental and of whatsoever nature) or replacement of a Finance Document
      or any other document or security;
|       |                                                                                                                                                                                                                                                        
|10.4.6 | any unenforceability, illegality or invalidity of any
      obligation of any person under any Finance Document or any other document
      or security; or                                                                                            
|       |                                                                                                                                                                                                                                                        
|10.4.7 | any insolvency or similar
proceedings.                                                                                                                                                                                                                 

|10.5 | Guarantor Intent                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|     | Without prejudice to the generality of Clause 10.4
      (Waiver of Defences), the Guarantor expressly confirms that it intends
      that this guarantee shall extend from time to time to any (however
      fundamental) variation, increase, extension or addition of or to any of
      the Finance Documents and/or any facility or amount made available under
      any of the Finance Documents for the purposes of or in connection with any
      of the following: acquisitions of any nature; increasing working capital;
      enabling investor distributions to be made; carrying out restructurings;
      refinancing existing facilities; refinancing any other indebtedness;
      making facilities available to new borrowers; any other variation or
      extension of the purposes for which any such facility or amount might be
      made available from time to time; and any fees, costs and/or expenses
      associated with any of the foregoing.
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|10.6 | Immediate recourse                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|     | The Guarantor waives any right it may have of first
      requiring any Finance Party (or any trustee or agent on its behalf) to
      proceed against or enforce any other rights or security or claim payment
      from any person before claiming from the Guarantor under this Clause 10.
      This waiver applies irrespective of any law or any provision of a Finance
      Document to the contrary.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|10.7 | Appropriations                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|     | Until all amounts which may be or become payable by the
      Obligors under or in connection with the Finance Documents have been
      irrevocably paid in full, each Finance Party (or any trustee or agent on
      its behalf) may without affecting the liability of the Guarantor under
      this Clause 10:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              

|10.7.1 | refrain from applying or enforcing any other moneys,
      security or rights held or received by that Finance Party (or any trustee
      or agent on its behalf) in respect of those amounts, or apply and enforce
      the same in such manner and order as it sees fit (whether against those
      amounts or otherwise) and the Guarantor shall not be entitled to the
      benefit of the same; and
|------ | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|       |                                                                                                                                                                                                                                                                                                                                                                                                             
|10.7.2 | hold in an interest-bearing suspense account any moneys
      received from the Guarantor or on account of the Guarantor's liability
      under this Clause 10.                                                                                                                                                                                                                                            

44

---

|10.8 | Deferral of Guarantors' rights                                                                                                                                                                                                                                                                                                                                    
|---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|     |                                                                                                                                                                                                                                                                                                                                                                   
|     | Until all amounts which may be or become payable by the
      Obligors under or in connection with the Finance Documents have been
      irrevocably paid in full and unless the Lender otherwise directs, the
      Guarantor will not exercise any rights which it may have by reason of
      payment by it of any amounts owing under the Finance
  Documents:

|10.8.1 | to be indemnified by an Obligor;                                                                                                                                                                                                                                                                             
|------ | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|       |                                                                                                                                                                                                                                                                                                              
|10.8.2 | to claim any contribution from any other guarantor of any
      Obligor's obligations under the Finance Documents; and/or                                                                                                                                                                                    
|       |                                                                                                                                                                                                                                                                                                              
|10.8.3 | to take the benefit (in whole or in part and whether by
      way of subrogation or otherwise) of any rights of the Finance Parties
      under the Finance Documents or of any other guarantee or security taken
      pursuant to, or in connection with, the Finance Documents by any Finance
      Party.

|     | If the Guarantor receives any benefit, payment or
      distribution in relation to such rights it shall hold that benefit,
      payment or distribution to the extent necessary to enable all amounts
      which may be or become payable to the Finance Parties by the Obligors
      under or in connection with the Finance Documents to be repaid in full on
      trust for the Finance Parties and shall promptly pay or transfer the same
      to the Lender or as the Lender may direct for application in accordance
      with the Global Intercreditor Agreement.
|---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|10.9 | Release of Guarantors' right of
  contribution                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|     | If the Guarantor (a Retiring Guarantor) ceases
      to be Guarantor in accordance with the terms of the Finance Documents for
      the purpose of any sale or other disposal of that Retiring Guarantor then
      on the date such Retiring Guarantor ceases to be a
  Guarantor:                                                                                                                                                                                                                                                                                          

|10.9.1 | that Retiring Guarantor is released by each other
      Guarantor from any liability (whether past, present or future and whether
      actual or contingent) to make a contribution to any other Guarantor
      arising by reason of the performance by any other Guarantor of its
      obligations under the Finance Documents; and                                                                                                                                                                                       
|------ | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|10.9.2 | each other Guarantor waives any rights it may have by
      reason of the payment by it of any amounts owing under the Finance
      Documents to take the benefit (in whole or in part and whether by way of
      subrogation or otherwise) of any rights of the Finance Parties under any
      Finance Document or of any other security taken pursuant to, or in
      connection with, any Finance Document where such rights or security are
      granted by or in relation to the assets of the Retiring
  Guarantor.

|10.10 | Additional security                                                                                                                                            
|----- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------
|      |                                                                                                                                                                
|      | This guarantee is in addition to and is not in any way
      prejudiced by any other guarantee or security now or subsequently held by
      any Finance Party.
|      |                                                                                                                                                                
|10.11 | Guarantee Limitations                                                                                                                                          

|10.11.1 | This guarantee does not apply to any liability to the
      extent that it would result in this guarantee constituting unlawful
      financial assistance within the meaning of Section 38 of the Companies
      Act, 1973 of South Africa or any equivalent
|------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

45

---

|        | and applicable provisions under the laws of the
      jurisdiction of incorporation of the relevant Guarantor.                                                                                                                                    
|------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|        |                                                                                                                                                                                                                                                   
|10.11.2 | The maximum amount recoverable by the Finance Parties
      from the Original Guarantor under this guarantee shall be limited to the
      amount of proceeds arising on the enforcement of the Transaction Security
      given by the Guarantor.

11. REPRESENTATIONS

|11.1 | General
|---- | -------

|11.1.1 | Save as otherwise expressly provided in this Agreement in
      relation to any particular representation and warranty, each Obligor makes
      the representations and warranties set out in this Clause 11 to each
      Finance Party and where applicable in relation to any representation and
      warranty, subject to the disclosures contained in the Disclosure
      Schedule.                                                                         
|------ | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|11.1.2 | The Finance Parties have entered into the Finance
      Documents on the strength of and relying on the representations and
      warranties set out in this Clause 11, each of which is a separate
      representation and warranty, given without prejudice to any other
      representation or warranty and is deemed to be a material representation
      or warranty (as applicable) inducing the Finance Parties to enter into the
      Finance Documents.

|11.2 | Status
|---- | ------

|11.2.1 | Save in respect of the Pelawan Trust, it and each of its
      Subsidiaries is a limited liability corporation, duly incorporated and
      validly existing under the law of its jurisdiction of
  incorporation.                                                                                                                      
|------ | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|       |                                                                                                                                                                                                                                                                                                                                         
|11.2.2 | The Pelawan Trust is trust validly existing and duly
      registered under the laws of South Africa.                                                                                                                                                                                                                                   
|       |                                                                                                                                                                                                                                                                                                                                         
|11.2.3 | It and each of its Subsidiaries has the power and all
      Authorisations under the laws of all applicable jurisdictions to own its
      assets and carry on its business as it is being conducted save to the
      extent a failure to have any such Authorisation is not reasonably likely
      to have a Material Adverse Effect.

|11.3 | Binding obligations               
|---- | ----------------------------------
|     |                                   
|     | Subject to the Legal
Reservations:

|11.3.1 | the obligations expressed to be assumed by it and each
      member of the Plateau Group in each Transaction Document to which it and
      each member of the Plateau Group is a party are legal, valid, binding and
      enforceable obligations; and                                                                                                                                                                        
|------ | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                 
|11.3.2 | (without limiting the generality of paragraph 11.3.1
      above), each Transaction Security Document to which it and each member of
      the Plateau Group has entered into creates (subject to registration of the
      Transaction Security Documents where necessary) the security interests
      which that Transaction Security Document purports to create and those
      security interests are valid and effective.

46

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|11.4 | Non-conflict with other obligations                                                                                                                                                                                                            
|---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|     |                                                                                                                                                                                                                                                
|     | The entry into and performance by it and each member of
      the Plateau Group of, and the transactions contemplated by, the
      Transaction Documents and the granting of the Transaction Security do not
      and will not conflict with:

|11.4.1 | any law or regulation applicable to it or each member of
      the Plateau Group;                                                                                                                                                                                                                                                                                                                                   
|------ | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|       |                                                                                                                                                                                                                                                                                                                                                                                                                     
|11.4.2 | the constitutional documents of it or any member of the
      Plateau Group; or                                                                                                                                                                                                                                                                                                                                     
|       |                                                                                                                                                                                                                                                                                                                                                                                                                     
|11.4.3 | any agreement or instrument binding upon it or any member
      of the Plateau Group or any of its or any member of the Plateau Group's
      material assets (material assets in this clause being assets which
      individually or collectively constitute material assets) or constitute a
      default or termination event (however described) under any such agreement
      or instrument binding on it.

|11.5 | Power and authority
|---- | -------------------

|11.5.1 | It and each member of the Plateau Group has the power to
      enter into, perform and deliver, and has taken all necessary action to
      authorise its and each member of the Plateau Groups entry into,
      performance and delivery of, the Transaction Documents to which it and
      each member of the Plateau Group is or will be a party and the
      transactions contemplated by those Transaction Documents.
|------ | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|       |                                                                                                                                                                                                                                                                                                                                                                                                                               
|11.5.2 | No limit on its or any member of the Plateau Group's
      powers will be exceeded as a result of the borrowing, grant of security or
      giving of guarantees or indemnities contemplated by the Transaction
      Documents to which it or a member of the Plateau Group is a
  party.                                                                                                                                    

|11.6 | Validity and admissibility in
  evidence
|---- | ----------------------------------------

|11.6.1 | All Authorisations required:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|------ | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|       | (a)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|       | (b)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|       | have been obtained or effected and are in full force and
      effect.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|11.6.2 | All Authorisations necessary for the conduct of the
      business, trade and ordinary activities of members of the Pelawan Group
      have been obtained or effected and are in full force and effect, save to
      the extent a failure to obtain or maintain any such Authorisation is not
      reasonably likely to have a Material Adverse Effect.                                                                                                                                                                                                                       
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|11.6.3 | Without limiting any other representation or warranty in
      this Agreement, no Authorisation, registration or declaration of, or
      filing with, any governmental authority or other person including
      applicable securities law authorities or stock exchanges is required by
      the Parent in connection with the execution and delivery by it of the
      Plateau Forward Sale Agreement or the observance and performance by it of
      its obligations under any Finance Document including the issuance of the
      Anooraq 2 Consideration Shares and the

47

---

Anooraq 3 Consideration Shares other
than the filing of a report on or before the 10th day after the
distribution of such shares in accordance with BC Instrument 72-503 
Distribution of Securities Outside British Columbia;

|11.7 | Governing law and
enforcement
|---- | -----------------------------

|11.7.1 | Subject to the Legal Reservations, the choice of
      governing law of the Finance Documents will be recognised and enforced in
      relation to each Obligor and each member of the Plateau Group in its
      Relevant Jurisdictions.                                                                                                                         
|------ | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|       |                                                                                                                                                                                                                                                                                                                                                                   
|11.7.2 | Any judgment obtained in relation to a Finance Document
      in the jurisdiction of the governing law of that Finance Document will,
      subject to compliance with any procedural requirements or Legal
      Reservations, be recognised and enforced in relation to each Obligor and
      each member of the Plateau Group in its Relevant
  Jurisdictions.

|11.8 | Insolvency
|---- | ----------
|     |           
|     | No:       

|11.8.1 | corporate action, legal proceeding or other procedure or
      step described in 14.7.1 (Insolvency proceedings); or
|------ | --------------------------------------------------------------------------------------------------------------------
|       |                                                                                                                     
|11.8.2 | creditors' process described in Clause 14.8 (Creditors'
      process),                                             

|     | has been taken or, to the knowledge of any Obligor,
      threatened in relation to any Obligor or a member of the Plateau Group;
      and none of the circumstances described in Clause 14.6 (Insolvency)
      applies to any Obligor or a member of the Plateau Group.                                                                                                                                                                     
|---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                
|11.9 | No filing or stamp taxes                                                                                                                                                                                                                                                                                                                                                                                                                       
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                
|     | Under the laws of its and each member of the Plateau
      Groups Relevant Jurisdiction it is not necessary that the Finance
      Documents be filed, recorded or enrolled with any court or other authority
      in that jurisdiction or that any stamp, registration, notarial or similar
      Taxes or fees be paid on or in relation to the Finance Documents or the
      transactions contemplated by the Finance Documents
  except:

|11.9.1 | registration of the Opco Security Documents referred to
      in paragraphs 2 to 4 of Part 1 of Schedule 2 (Transaction Security
      Document) at the applicable Deeds Registries in South Africa under the
      Deeds Registries Act, 1946 of South Africa or at the Mineral and Petroleum
      Titles and Registration Office (as applicable) and payment of associated
      fees;
|------ | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|       |                                                                                                                                                                                                                                                                                                                                                                                          
|11.9.2 | as expressly provided for in the Legal Reservations
      expressed in the Cayman Islands or Canadian legal opinions referred to in
      Schedule 1; and                                                                                                                                                                                                                                
|       |                                                                                                                                                                                                                                                                                                                                                                                          
|11.9.3 | filing of certain redacted Finance Documents (the
      redacted form to be approved by the Lender) in accordance with the
      requirements of the TSX Venture Exchange, which filing the Parent and
      Plateau undertake to make within the relevant prescribed time period and
      in accordance with the prescribed requirements for such
  filing,                            

which registrations, filings, taxes and
fees will be made and paid promptly after the date of the relevant Finance
Document.

48

---

|11.10 | Deduction of Tax                                                                                                                                                                                                                                                                                                                                                                     
|----- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|      |                                                                                                                                                                                                                                                                                                                                                                                      
|      | Neither it nor any member of the Plateau Group is
      required to make any deduction for or on account of Tax from any payment
      it may make under any Finance Document except in relation to the
      Guarantor, N1C Resources or the Parent only, as expressly provided for in
      the Legal Reservations expressed in any Cayman Islands or Canadian Legal
      Opinion.
|      |                                                                                                                                                                                                                                                                                                                                                                                      
|11.11 | No default                                                                                                                                                                                                                                                                                                                                                                           

|11.11.1 | No Event of Default and, on the date of this Agreement
      and the Closing Date, no Default is continuing or is reasonably likely to
      result from the making of any Loan or the entry into, the performance of,
      or any transaction contemplated by, any Transaction Document.                                                                                                                                                                                                                                                                               
|------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|11.11.2 | No other event or circumstance is outstanding which
      constitutes (or, with the expiry of a grace period, the giving of notice,
      the making of any determination or any combination of any of the
      foregoing, would constitute) a default or termination event (however
      described) under any other agreement or instrument which is binding on it
      or any member of the Plateau Group or to which its (or any member of the
      Plateau Groups) assets are subject which has or is reasonably likely to
      have a Material Adverse Effect.

|11.12 | No misleading information                                                 
|----- | --------------------------------------------------------------------------
|      |                                                                           
|      | Save as disclosed to the Lender prior to the date of this
      Agreement:

|11.12.1 | all material information provided to the Lender by or on
      behalf of the Parent or Plateau in connection with the Acquisition and/or
      the Pelawan Group on or before the date of this Agreement and not
      superseded before that date is accurate and not misleading in any material
      respect and all projections provided to the Lender on or before the date
      of this Agreement have been prepared in good faith on the basis of
      assumptions which were reasonable at the time at which they were prepared
      and supplied; and
|------- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|11.12.2 | all other information provided by any member of the
      Pelawan Group (including its advisers) to the Lender was true, complete
      and accurate in all material respects as at the date it was provided and
      is not misleading in any respect.                                                                                                                                                                                                                                                                                                         

|11.13 | Original Financial
Statements
|----- | -----------------------------

|11.13.1 | The Original Financial Statements were prepared in
      accordance with the Accounting Principles consistently applied.                                                                                                                                       
|------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|        |                                                                                                                                                                                                                                                                
|11.13.2 | The audited Original Financial Statements give a true and
      fair view of the financial condition and results of operations of the
      Anooraq Group, the Plateau Group, or the Holdco Group as the case may be,
      during the relevant financial year.
|        |                                                                                                                                                                                                                                                                
|11.13.3 | There has been no material adverse change in the assets,
      business or financial condition of any member of the Anooraq Group, the
      Plateau Group or the Holdco Group) since the date of the Original
      Financial Statements.                     
|        |                                                                                                                                                                                                                                                                
|11.13.4 | The Original Financial Statements of Plateau do not
      consolidate the results, assets or liabilities of any person or business
      which does not form part of the Plateau Group.                                                                        

49

---

|11.13.5 | Its and each member of the Plateau Groups most recent
      Annual Financial Statements, Semi-Annual Financial Statements and
      Quarterly Management Accounts delivered pursuant to Clause 12.1 (Financial
      Statements):                                                                                  
|------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|        |                                                                                                                                                                                                                                                                                                                     
|        | (a)                                                                                                                                                                                                                                                                                                                 
|        |                                                                                                                                                                                                                                                                                                                     
|        | (b)                                                                                                                                                                                                                                                                                                                 
|        |                                                                                                                                                                                                                                                                                                                     
|11.13.6 | The budgets and forecasts supplied under this Agreement
      were arrived at after careful consideration and have been prepared in good
      faith on the basis of recent historical information and on the basis of
      assumptions which were reasonable as at the date they were prepared and
      supplied.
|        |                                                                                                                                                                                                                                                                                                                     
|11.13.7 | Since the date of the most recent financial statements
      delivered pursuant to Clause 12.1 (Financial Statements) there has been no
      material adverse change in the business, assets or financial condition of
      any Obligor or any member of the Plateau
Group.                                       

|11.14 | No proceedings pending or threatened                                                                                                                                                                                                                                                                                                                                                                             
|----- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|      |                                                                                                                                                                                                                                                                                                                                                                                                                  
|      | No litigation, arbitration or administrative proceedings
      or investigations of, or before, any court, arbitral body or agency which,
      if adversely determined, are reasonably likely to have a Material Adverse
      Effect have (to the best of its knowledge and belief (having made due and
      careful enquiry)) been started or threatened against it or any member of
      the Pelawan Group.
|      |                                                                                                                                                                                                                                                                                                                                                                                                                  
|11.15 | No breach of laws                                                                                                                                                                                                                                                                                                                                                                                                

|11.15.1 | It has not (and no member of the Plateau Group has)
      breached any law (including any Mining Law) or regulation which breach has
      or is reasonably likely to have a Material Adverse Effect.                                                              
|------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|        |                                                                                                                                                                                                                                                                    
|11.15.2 | No labour disputes are current or, to the best of its
      knowledge and belief (having made due and careful enquiry), threatened
      against it or any member of the Pelawan Group which have or are reasonably
      likely to have a Material Adverse Effect.

|11.16 | Taxation
|----- | --------

|11.16.1 | It is not (and no member of the Plateau Group is)
      materially overdue in the filing of any Tax returns and it is not (and no
      member of the Plateau Group is) overdue in the payment of any amount in
      respect of Tax of ZAR5,000,000 (Indexed) (or its equivalent in any other
      currency) or more.                                                                  
|------- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|        |                                                                                                                                                                                                                                                                                                                                                                                          
|11.16.2 | No claims or investigations are being, or are reasonably
      likely to be, made or conducted against it (or any member of the Plateau
      Group) with respect to Taxes such that a liability of, or claim against,
      it or any member of the Plateau Group of ZAR5,000,000 (Indexed) (or its
      equivalent in any other currency) or more is reasonably likely to
      arise.
|        |                                                                                                                                                                                                                                                                                                                                                                                          
|11.16.3 | It (and each member of the Plateau Group) is resident for
      Tax purposes only in the jurisdiction of its
  incorporation.                                                                                                                                                                                                                                                            

50

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|11.17 | Security and Financial
  Indebtedness
|----- | -------------------------------------

|11.17.1 | No Security or Quasi-Security exists over all or any of
      its present or future assets or all or any of the present or future assets
      of any member of the Plateau Group other than as permitted by this
      Agreement.
|------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|        |                                                                                                                                                                                                                                   
|11.17.2 | No member of the Plateau Group has any Financial
      Indebtedness outstanding other than as permitted by this
  Agreement.                                                                                                      

|11.18 | Ranking                                                                                                                                                                                                                                  
|----- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|      |                                                                                                                                                                                                                                          
|      | The Transaction Security has or will have the ranking in
      priority which it is expressed to have in the Transaction Security
      Documents and it is not subject to any prior ranking or pari passuranking Security.              
|      |                                                                                                                                                                                                                                          
|11.19 | Good title to assets                                                                                                                                                                                                                     
|      |                                                                                                                                                                                                                                          
|      | It and each member of the Plateau Group has a good and
      valid title to, or valid leases or licences of, and all appropriate
      Authorisations to use, the assets necessary to carry on its business as
      presently conducted.
|      |                                                                                                                                                                                                                                          
|11.20 | Legal and beneficial
ownership                                                                                                                                                                                                           

|11.20.1 | It and each member of the Plateau Group is the sole legal
      and beneficial owner of the respective assets over which it purports to
      grant Security.                                                                                                             
|------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|        |                                                                                                                                                                                                                                                                           
|11.20.2 | Pelawan Trust is entitled and able to transfer registered
      and beneficial ownership in and to the Anooraq Security Shares to Pelawan
      SPV in accordance with the terms and conditions of the Pelawan Share for
      Share Agreement and the Pelawan Trust Deed.

|11.21 | Shares                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|----- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|      | The shares of any member of the Pelawan Group which are
      subject to the Transaction Security are fully paid and save as expressly
      provided for in the Transaction Documents, not subject to any option to
      purchase or similar rights (other than such rights applicable to the RPM
      Pelawan B Preference Shares as specifically set out in the Finance
      Documents). The Constitutional Documents of companies whose shares are
      subject to the Transaction Security do not and could not restrict or
      inhibit any transfer of those shares on creation or enforcement of the
      Transaction Security. Save as provided for in the Transaction Documents,
      there are no agreements in force which provide for the issue or allotment
      of, or grant any person the right to call for the issue or allotment of,
      any share or loan capital of any member of the Pelawan Group (including
      any option or right of pre-emption or conversion).
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|11.22 | Intellectual Property                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|      | It and each member of the Plateau
Group:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              

|11.22.1 | is the sole legal and beneficial owner of or has licensed
      to it on normal commercial terms all the Intellectual Property which is
      material in the context of its business and which is reasonably required
      by it in order to carry on its business as it is being
conducted;
|------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|        |                                                                                                                                                                                                                                                                                               
|11.22.2 | to the best of its knowledge and belief, after due and
      careful enquiry, does not, in carrying on its respective businesses,
      infringe any Intellectual Property                                                                                                                    

51

---

|        | of any third party in any respect which has or is
      reasonably likely to have a Material Adverse Effect; and                                       
|------- | -------------------------------------------------------------------------------------------------------------------------------------------------------
|        |                                                                                                                                                        
|11.22.3 | has taken all formal or procedural actions (including
      payment of fees) required to maintain any material Intellectual Property
      owned by it.

|11.23 | Accounting reference date                                                                    
|----- | ---------------------------------------------------------------------------------------------
|      |                                                                                              
|      | The financial year end of each member of the Pelawan
      Group is 31 December in each year.
|      |                                                                                              
|11.24 | No adverse
consequences                                                                      

|11.24.1 | It is not necessary under the laws of its or any member
      of the Plateau Groups Relevant Jurisdictions:                                                                                                                  
|------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|        |                                                                                                                                                                                                                               
|        | (a)                                                                                                                                                                                                                           
|        |                                                                                                                                                                                                                               
|        | (b)                                                                                                                                                                                                                           
|        |                                                                                                                                                                                                                               
|        | that any Finance Party should be licensed, qualified or
      otherwise entitled to carry on business in any of such Relevant
      Jurisdictions.                                                                            
|        |                                                                                                                                                                                                                               
|11.24.2 | No Finance Party is or will be deemed to be resident,
      domiciled or carrying on business in any Relevant Jurisdiction by reason
      only of the execution, performance and/or enforcement of any Finance
      Document

|11.25 | Immunity
|----- | --------

|11.25.1 | The entry into by it and each member of the Anooraq Group
      of each Finance Document to which it is a party constitutes, and the
      exercise by it and each member of the Anooraq Group of its respective
      rights and performance of its respective obligations under each Finance
      Document will constitute, private and commercial acts performed for
      private and commercial purposes.
|------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|        |                                                                                                                                                                                                                                                                                                                                                                                                                
|11.25.2 | It and each member of the Anooraq Group will not be
      entitled to claim immunity from suit, execution, attachment or other legal
      process in any proceedings taken in any Relevant Jurisdiction in relation
      to any Finance Document.                                                                                                                                                            

|11.26 | Issued share capital                                                                                                                                                                                                                             
|----- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|      |                                                                                                                                                                                                                                                  
|      | The issued share capital of the Pelawan SPV, the Parent
      and Plateau will be as set out in the group structure diagram referred to
      in Schedule 1 in the agreed form to be delivered to the Lender on or
      before the Closing Date.
|      |                                                                                                                                                                                                                                                  
|11.27 | Times when representations
made                                                                                                                                                                                                                  

|11.27.1 | All the representations and warranties in this Clause 11
      are made by each applicable Obligor on the date of this Agreement and on
      the Closing Date.                                                                                                                                                                                                                                    
|------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|        |                                                                                                                                                                                                                                                                                                                                                                                                    
|11.27.2 | The Repeating Representations are deemed to be made by
      each applicable Obligor on the date of each Notice of Drawdown (as defined
      in the Standby Facility Agreement and the OCSF Facility Agreement), on
      each date an advance is made under the Standby Facility or the OCSF
      Facility and on each Repayment Date (except that those contained in
      paragraphs 11.13.1 -

52

---

11.13.4 of Clause 11.13 (Original
Financial Statements) will cease to be so made once subsequent financial
statements have been delivered under this Agreement).

|11.27.3 | Each representation or warranty deemed to be made after
      the date of this Agreement shall be deemed to be made by reference to the
      facts and circumstances existing at the date the representation or
      warranty is deemed to be made.
|------- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|12. | INFORMATION UNDERTAKINGS                                                                                                                                                                          
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                   
|    | The undertakings in this Clause 12 remain in force from
      the date of this Agreement for so long as any amount is outstanding under
      the Finance Documents or any Commitment is in
force.

|12.1   | ***
|------ | ---
|       |    
|12.1.1 | ***
|       |    
|12.1.2 | ***
|       |    
|12.1.3 | ***
|       |    
|12.1.4 | ***

53

---

|12.1.5 | ***
|------ | ---
|       |    
|12.2   | ***
|       |    
|12.2.1 | ***
|       |    
|12.2.2 | ***

54

---

|12.2.3 | ***
|------ | ---
|       |    
|       |    
|12.3   | ***
|       |    
|12.4   | ***
|       |    
|12.4.1 | ***
|       |    
|12.4.2 | ***
|       |    
|12.4.3 | ***
|       |    
|12.4.4 | ***
|       |    
|12.4.5 | ***
|       |    
|12.4.6 | ***

55

---

|12.4.7 | ***
|------ | ---

|12.5                                                                                                                                                                                               | Notification of default                                                                       
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ----------------------------------------------------------------------------------------------
|                                                                                                                                                                                                   |                                                                                               
|12.5.1                                                                                                                                                                                             |                                                                                               
|                                                                                                                                                                                                   |                                                                                               
|12.5.2                                                                                                                                                                                             |                                                                                               
|                                                                                                                                                                                                   |                                                                                               
|13. GENERAL UNDERTAKINGS                                                                                                                                                                          
|                                                                                                                                                                                                   |                                                                                               
|The undertakings in this Clause 13 remain in force from
      the date of this Agreement for so long as any amount is outstanding under
      the Finance Documents or any Commitment is in force.
|                                                                                                                                                                                                   |                                                                                               
|13.1                                                                                                                                                                                               | Authorisations                                                                                
|                                                                                                                                                                                                   |                                                                                               
|                                                                                                                                                                                                   | Each Obligor shall (and shall ensure that each member of
    the Plateau Group will) promptly:
|                                                                                                                                                                                                   |                                                                                               
|13.1.1                                                                                                                                                                                             |                                                                                               
|                                                                                                                                                                                                   |                                                                                               
|13.1.2                                                                                                                                                                                             |                                                                                               
|                                                                                                                                                                                                   |                                                                                               
|                                                                                                                                                                                                   | any Authorisation required under any law or regulation of
      a Relevant Jurisdiction to:   
|                                                                                                                                                                                                   |                                                                                               
|                                                                                                                                                                                                   |                                                                                               
|                                                                                                                                                                                                   |                                                                                               
|                                                                                                                                                                                                   |                                                                                               
|                                                                                                                                                                                                   |                                                                                               
|                                                                                                                                                                                                   |                                                                                               
|                                                                                                                                                                                                   |                                                                                               
|13.2                                                                                                                                                                                               | Environmental compliance                                                                      
|                                                                                                                                                                                                   |                                                                                               
|13.2.1                                                                                                                                                                                             |                                                                                               
|                                                                                                                                                                                                   |                                                                                               
|                                                                                                                                                                                                   |                                                                                               
|                                                                                                                                                                                                   |                                                                                               
|                                                                                                                                                                                                   |                                                                                               
|                                                                                                                                                                                                   |                                                                                               
|                                                                                                                                                                                                   |                                                                                               
|                                                                                                                                                                                                   |                                                                                               

56

---

|       | where failure to do so has or is reasonably likely to
      have a Material Adverse Effect.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|------ | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|13.2.2 | Each Obligor (other than the Parent) shall (and the
      Parent and Plateau shall ensure that Opco and each Project Company will)
      conduct its business in a manner which substantially complies, and enables
      each Finance Party and its Affiliates to comply, with the Equator
      Principles, to the extent applicable. Each Obligor shall provide the
      Lender with all documentation reasonably requested by the Lender to
      confirm such compliance.                                                                                                                       
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|13.2.3 | Opco and each Project Company shall (and the Parent and
      Plateau shall ensure that Opco and each Project Company will) comply in
      all material respects with all recommended actions set out in the
      Environmental Report relating to compliance with the Equator Principles,
      including, but not limited to the various LPM Management Commitments set
      out in the Environmental Report and summarised in the table with headings
      Principle 1: Review and Categorisation to Principal 9: Independent
      Monitoring and Reporting of the Environmental Report.
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|13.2.4 | Plateau shall:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|       | (a)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|       | (b)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   

|13.3 | Environmental claims                                                                                                    
|---- | ------------------------------------------------------------------------------------------------------------------------
|     |                                                                                                                         
|     | Each Obligor shall (through Plateau), promptly upon
      becoming aware of the same, inform the Lender in writing
  of:

|13.3.1 | any Environmental Claim against any member of the Plateau
      Group which is current, pending or threatened; and                                                            
|------ | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|       |                                                                                                                                                                               
|13.3.2 | any facts or circumstances which are reasonably likely to
      result in any Environmental Claim being commenced or threatened against
      any member of the Plateau Group,

|     | where the claim, if determined against that member of the
      Plateau Group, has or is reasonably likely to have a Material Adverse
      Effect.                                                                                                                              
|---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|     |                                                                                                                                                                                                                                                                                  
|13.4 | Compliance with laws                                                                                                                                                                                                                                                             
|     |                                                                                                                                                                                                                                                                                  
|     | Each Obligor shall (and the Parent and Plateau shall
      ensure that each member of the Plateau Group will) comply in all respects
      with all laws to which it may be subject, if failure so to comply has or
      is reasonably likely to have a Material Adverse Effect.
|     |                                                                                                                                                                                                                                                                                  
|13.5 | Taxation                                                                                                                                                                                                                                                                         

|13.5.1 | Each Obligor shall (and the Parent and Plateau shall
      ensure that each member of the Plateau Group will) pay and discharge all
      Taxes imposed upon
|------ | ------------------------------------------------------------------------------------------------------------------------------------------------------------

57

---

it or its assets within the time
period allowed without incurring penalties unless and only to the extent that:

| | (a) | such payment is being contested in good faith;                                                                                                                                                                                                    
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |     |                                                                                                                                                                                                                                                   
| | (b) | adequate reserves are being maintained for those Taxes
      and the costs required to contest them which have been disclosed in its
      latest financial statements delivered to the Lender under Clause 12.1
      (Financial statements); and
| |     |                                                                                                                                                                                                                                                   
| | (c) | such payment can be lawfully withheld and failure to pay
      those Taxes does not have or is not reasonably likely to have a Material
      Adverse Effect.                                                                                     

|13.5.2 | No member of the Anooraq Group or the Plateau Group may
      change its residence for Tax purposes, provided that the Parent may change
      its residence for Tax purposes if the Lender has confirmed that it is
      satisfied that the change to the Parents residence for Tax purposes will
      not result in any negative tax consequences (including the imposing of any
      withholding tax on any member of the Plateau Group).
|------ | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|13.6   | Merger                                                                                                                                                                                                                                                                                                                                                                                                                                          
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|       | No Obligor shall (and the Parent and Plateau shall ensure
      that no other member of the Plateau Group will) enter into any
      amalgamation, demerger, merger, consolidation or corporate reconstruction
      other than a Permitted Transaction.                                                                                                                                                                                        
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|13.7   | Change of business                                                                                                                                                                                                                                                                                                                                                                                                                              
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|       | The Parent and Plateau shall procure that no substantial
      change is made to the general nature of the business of the Parent, the
      Obligors or the Plateau Group taken as a whole from that carried on by
      such entity at the Closing Date.                                                                                                                                                                                      
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|13.8   | Acquisitions                                                                                                                                                                                                                                                                                                                                                                                                                                    
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|13.8.1 | Except as permitted under paragraph 13.8.2 below, no
      Obligor (other than the Parent) shall (and the Parent and Plateau shall
      ensure that no other member of the Plateau Group will):                                                                                                                                                                                                                                                
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|       | (a)                                                                                                                                                                                                                                                                                                                                                                                                                                             
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|       | (b)                                                                                                                                                                                                                                                                                                                                                                                                                                             
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|13.8.2 | Paragraph 13.8.1 above does not apply to an acquisition
      of a company, of shares, securities or a business or undertaking (or, in
      each case, any interest in any of them) or the incorporation of a company
      which is:                                                                                                                                                                                                          
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|13.9   | Joint ventures                                                                                                                                                                                                                                                                                                                                                                                                                                  
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|       | No Obligor (other than the Parent) shall (and the Parent
      and Plateau shall ensure that no member of the Plateau Group will), except
      with the prior written consent of the Lender:                                                                                                                                                                                                                                                   

58

---

|13.9.1 | enter into, invest in or acquire (or agree to acquire)
      any shares, stocks, securities or other interest in any Joint Venture;
      or                                                                                                                     
|------ | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|       |                                                                                                                                                                                                                                                                  
|13.9.2 | transfer any assets or lend to or guarantee or give an
      indemnity for or give Security for the obligations of a Joint Venture or
      maintain the solvency of or provide working capital to any Joint Venture
      (or agree to do any of the foregoing).

|13.10 | Holding Companies                                                                                                                               
|----- | ------------------------------------------------------------------------------------------------------------------------------------------------
|      |                                                                                                                                                 
|      | N1C Resources, N2C Resources and Plateau shall not trade,
      carry on any business, own any assets or incur any liabilities except
      for:

|13.10.1 | the provision of administrative services (excluding
      treasury services) to other members of the Anooraq Group of a type
      customarily provided by a Holding Company to its Subsidiaries;                                                                                                                                                                                                                                       
|------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|        |                                                                                                                                                                                                                                                                                                                                                                                                                                         
|13.10.2 | ownership of shares in its Subsidiaries, intra-Group
      debit balances, intra- Group credit balances and other credit balances in
      bank accounts, Cash and Cash Equivalent Investments but only if those
      shares (other than share in Excluded Subsidiaries), credit balances, Cash
      and Cash Equivalent Investments are subject to the Transaction Security
      (in form and substance satisfactory to the Lender);
|        |                                                                                                                                                                                                                                                                                                                                                                                                                                         
|13.10.3 | any liabilities under the Transaction Documents to which
      it is a party and professional fees and administration costs in the
      ordinary course of business as a holding
company.                                                                                                                                                                                                                                              

|13.11 | Mining Licenses and New Order Rights                                                  
|----- | --------------------------------------------------------------------------------------
|      |                                                                                       
|      | Each Obligor shall ensure that, subject to clause 13.28
      (Conditions Subsequent):

|13.11.1 | each member of the Plateau Group, other than the Project
      Companies, has been granted all Mining Licences and New Order Rights
      required by it for the lawful conduct of its business and which are
      material for the conduct of its business;                                                                                                                                                                                                     
|------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|13.11.2 | the Mining Licences and New Order Rights which are
      material to the conduct of any member of the Plateau Groups business,
      other than that of the Project Companies, are in full force and effect and
      that each member of the Plateau Group, to the extent applicable to it, is
      in compliance in all material respects with all provisions thereof;
    and                                                                                
|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|13.11.3 | all relevant steps are taken to ensure that each Project
      Company applies for and obtains all Mining Licenses and New Order Rights
      required by it for the lawful conduct of its business and which are
      material for the conduct of its business and that once such Mining
      Licenses and New Order Rights are obtained, to the extent applicable to
      it, it is in compliance in all material respects with all provisions
      thereof.

|13.12 | Preservation of assets                                                                                                                                                                                                                                                                          
|----- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|      |                                                                                                                                                                                                                                                                                                 
|      | Each Obligor (other than the Parent) shall (and the
      Parent and Plateau shall ensure that each member of the Plateau Group
      will) maintain in good working order and condition (ordinary wear and tear
      excepted) all of its assets necessary in the conduct of its
    business.

59

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|13.13 | Pari passu ranking                                                                                                                                                                                                                                                                                                                                                                                                 
|----- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|      |                                                                                                                                                                                                                                                                                                                                                                                                                    
|      | Each Obligor shall ensure that at all times any unsecured
      and unsubordinated claims of a Finance Party against it or any member of
      the Plateau Group under the Finance Documents rank at least pari passuwith the claims of all its other unsecured and unsubordinated
      creditors except those creditors whose claims are mandatorily preferred by
      laws of general application to companies.
|      |                                                                                                                                                                                                                                                                                                                                                                                                                    
|13.14 | Negative pledge                                                                                                                                                                                                                                                                                                                                                                                                    
|      |                                                                                                                                                                                                                                                                                                                                                                                                                    
|      | In this Clause 13.14, Quasi-Security means a
      transaction described in paragraph 13.14.2 below.                                                                                                                                                                                                                                                                                                             
|      |                                                                                                                                                                                                                                                                                                                                                                                                                    
|      | Except as permitted under paragraph 13.14.3
  below:                                                                                                                                                                                                                                                                                                                                                               

|13.14.1 | No Obligor shall (and the Parent and Plateau shall ensure
      that no other member of the Plateau Group will) create or permit to
      subsist any Security over any of its assets.
|------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|        |                                                                                                                                                                                       
|13.14.2 | No Obligor shall (and the Parent and Plateau shall ensure
      that no other member of the Plateau Group
will):                                                                      

| | (a) | sell, transfer or otherwise dispose of any of its assets
      on terms whereby they are or may be leased to or re-acquired by an Obligor
      or any other member of the Plateau Group;
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |     |                                                                                                                                                                                          
| | (b) | sell, transfer or otherwise dispose of any of its
      receivables on recourse terms;                                                                                                   
| |     |                                                                                                                                                                                          
| | (c) | enter into any arrangement under which money or the
      benefit of a bank or other account may be applied, set-off or made subject
      to a combination of accounts; or              
| |     |                                                                                                                                                                                          
| | (d) | enter into any other preferential arrangement having a
      similar effect,                                                                                                             

in circumstances where the arrangement
or transaction is entered into primarily as a method of raising Financial
Indebtedness or of financing the acquisition of an asset.

|13.14.3 | Paragraphs 13.14.1 and 13.14.2 above do not apply to any
      Security or (as the case may be) Quasi-Security, which is:
|------- | -------------------------------------------------------------------------------------------------------------------------
|        |                                                                                                                          
|        | (a)                                                                                                                      
|        |                                                                                                                          
|        | (b)                                                                                                                      
|        |                                                                                                                          
|        | (c)                                                                                                                      

|13.15   | Disposals                                                                                                                                                                                                                                                                                                                                                             
|------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|        |                                                                                                                                                                                                                                                                                                                                                                       
|13.15.1 | Except as permitted under paragraph 13.15.2 below, no
      Obligor shall (and the Parent and Plateau shall ensure that no member of
      the Plateau Group will) enter into a single transaction or a series of
      transactions (whether related or not) and whether voluntary or involuntary
      to sell, lease, transfer or otherwise dispose of any
  asset.

60

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|13.15.2 | Paragraph 13.15.1 above does not apply to any sale,
      lease, transfer or other disposal which is:
|------- | -----------------------------------------------------------------------------------------------------
|        |                                                                                                      
|        | (a)                                                                                                  
|        |                                                                                                      
|        | (b)                                                                                                  
|        |                                                                                                      
|        | (c)                                                                                                  

|13.16 | Arm's length basis
|----- | ------------------

|13.16.1 | Except as permitted by paragraph 13.16.2 below, no
      Obligor (other than the Parent) shall (and the Parent and Plateau shall
      ensure no member of the Plateau Group will) enter into any transaction
      with any person except on arm's length terms and for fair market
    value.
|------- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|        |                                                                                                                                                                                                                                                                                                
|13.16.2 | The following transactions shall not be a breach of this
      Clause 13.16:                                                                                                                                                                                                                   
|        |                                                                                                                                                                                                                                                                                                
|        | (a)                                                                                                                                                                                                                                                                                            
|        |                                                                                                                                                                                                                                                                                                
|        | (b)                                                                                                                                                                                                                                                                                            
|        |                                                                                                                                                                                                                                                                                                
|        | (c)                                                                                                                                                                                                                                                                                            

|13.17 | Loans or credit
|----- | ---------------

|13.17.1 | Except as permitted under paragraph 13.17.2 below, no
      Obligor (other than the Parent) shall (and the Parent and Plateau shall
      ensure that no member of the Plateau Group will) be a creditor in respect
      of any Financial Indebtedness.
|------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|        |                                                                                                                                                                                                                                                         
|13.17.2 | Paragraph 13.17.1 above does not apply to:                                                                                                                                                                                                              
|        |                                                                                                                                                                                                                                                         
|        | (a)                                                                                                                                                                                                                                                     
|        |                                                                                                                                                                                                                                                         
|        | (b)                                                                                                                                                                                                                                                     

|13.18 | No Guarantees or
indemnities
|----- | ----------------------------

|13.18.1 | Except as permitted under paragraph 13.18.2 below, no
      Obligor (other than the Parent) shall (and the Parent and Plateau shall
      ensure that no member of the Plateau Group will) incur or allow to remain
      outstanding any guarantee in respect of any obligation of any
    person.
|------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|        |                                                                                                                                                                                                                                                                                                    
|13.18.2 | Paragraph 13.18.1 does not apply to:                                                                                                                                                                                                                                                               
|        |                                                                                                                                                                                                                                                                                                    
|        | (a)                                                                                                                                                                                                                                                                                                
|        |                                                                                                                                                                                                                                                                                                    
|        | (b)                                                                                                                                                                                                                                                                                                

|13.19 | Dividends and share
redemption
|----- | ------------------------------

|13.19.1 | Except as permitted under paragraph 13.19.2 below,
      Plateau shall not (and the Parent and Plateau will ensure that no other
      member of the Plateau Group (other than N1C Resources or N2C Resources)
      will):
|------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

61

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| | (a) | declare, make or pay any dividend, charge, fee or other
      distribution (or interest on any unpaid dividend, charge, fee or other
      distribution) (whether in cash or in kind) on or in respect of its share
      capital (or any class of its share capital);
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |     |                                                                                                                                                                                                                                                                       
| | (b) | repay or distribute any dividend or share premium
      reserve;                                                                                                                                                                                                      
| |     |                                                                                                                                                                                                                                                                       
| | (c) | pay or allow any member of the Plateau Group to pay any
      management, advisory or other fee to or to the order of any of the direct
      or indirect shareholders of any member of the Plateau Group or any of
      their respective Affiliates; or             
| |     |                                                                                                                                                                                                                                                                       
| | (d) | redeem, repurchase, defease, retire or repay any of its
      share capital or resolve to do so.                                                                                                                                                                      

|13.19.2 | Paragraph 13.19.1 above does not apply to:
|------- | ------------------------------------------
|        |                                           
|        | (a)                                       
|        |                                           
|        | (b)                                       
|        |                                           
|        | (c)                                       

|13.20 | Financial Indebtedness
|----- | ----------------------

|13.20.1 | Except as permitted under paragraph 13.20.2 below, no
      Obligor (other than the Parent) shall (and the Parent and Plateau shall
      ensure that no member of the Plateau Group will) incur or allow to remain
      outstanding any Financial Indebtedness.
|------- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|        |                                                                                                                                                                                                                                                                  
|13.20.2 | Paragraph 13.20.1 above does not apply to Financial
      Indebtedness which is:                                                                                                                                                                                 
|        |                                                                                                                                                                                                                                                                  
|        | (a)                                                                                                                                                                                                                                                              
|        |                                                                                                                                                                                                                                                                  
|        | (b)                                                                                                                                                                                                                                                              

|13.21 | Share capital                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|----- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|      | No Obligor shall (and the Parent and Plateau shall ensure
      no member of the Plateau Group will) issue any shares except pursuant
      to:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|      | (a)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|      | (b)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|13.22 | Access                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|      | If a Default is continuing or the Lender reasonably
      suspects a Default is continuing or may occur, then each Obligor shall,
      and the Parent and Plateau shall ensure that each member of the Plateau
      Group will, (not more than once in every financial year unless the Lender
      reasonably suspects a Default is continuing or may occur) permit the
      Lender and/or the Plateau Security SPV and/or the Opco Security SPV and/or
      accountants or other professional advisers and contractors of the Lender,
      the Security Agent and/or the Plateau Security SPV and/or the Opco
      Security SPV free access at all reasonable times and on reasonable notice
      to (a) the premises, assets, books, accounts and records of each member of
      the Pelawan group and (b) meet and discuss matters with senior management
      of the Pelawan Group.

62

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|13.23   | Amendments                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|13.23.1 | No Obligor shall (and the Parent and Plateau shall ensure
      that no member of the Plateau Group will) amend, vary, novate, supplement,
      supersede, waive or terminate any term of a Transaction Document or,
      except in the form of the Transaction Documents as at the Signature Date,
      enter into any agreement with any direct or indirect shareholders of the
      Parent holding more than 10 per cent. of the issued share capital of the
      Parent, or any of their Affiliates which is not a member of the Pelawan
      Group except in writing and with the consent of the Lender, and subject to
      any applicable restrictions in the Global Intercreditor
  Agreement.
|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|13.23.2 | Plateau shall promptly supply to the Lender a copy of any
      document relating to any of the matters referred to in paragraph 13.23.1
      above.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        

|13.24 | Financial assistance                                                                                                                                                                                                                                                                                                                                                                                 
|----- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|      |                                                                                                                                                                                                                                                                                                                                                                                                      
|      | Each Obligor shall (and the Parent and Plateau shall
      procure each member of the Plateau Group will) comply in all respects with
      Section 38 of the South African Companies Act, 1973 and any equivalent
      legislation in other jurisdictions including in relation to the execution
      of the Transaction Security Documents and payment of amounts due under
      this Agreement.
|      |                                                                                                                                                                                                                                                                                                                                                                                                      
|13.25 | Treasury Transactions                                                                                                                                                                                                                                                                                                                                                                                
|      |                                                                                                                                                                                                                                                                                                                                                                                                      
|      | No Obligor shall (and the Parent and Plateau will procure
      that no members of the Plateau Group will) enter into any Treasury
      Transaction, other than:                                                                                                                                                                                                                                    

|13.25.1 | the hedging transactions contemplated by the Plateau
      Hedging Letter and the Structure Memorandum and documented by the Plateau
      Hedging Documents (each as defined in the Senior Facility
    Agreement);
|------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|        |                                                                                                                                                                                                                     
|13.25.2 | spot delivery foreign exchange contracts entered into in
      the ordinary course of business and not for speculative purposes
  and                                                                               
|        |                                                                                                                                                                                                                     
|13.25.3 | any other Treasury Transaction which is entered into to
      hedge actual or projected exposures arising in the ordinary course of
      trading of Opco or a Project Company.                                     

|13.26 | Finance Documents
|----- | -----------------

|13.26.1 | The Obligors shall ensure that:
|------- | -------------------------------
|        |                                
|        | (a)                            
|        |                                
|        |                                
|        |                                
|        |                                
|        |                                
|        | (b)                            

63

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| |     | Document in favour of any member of the Plateau Group
      other than pursuant to the Finance Documents                               
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------
| |     |                                                                                                                                        
| | (c) | any member of the Pelawan Group who is a party to any
      Transaction Security Document complies with its obligations
    thereunder.

|13.26.2 | The Lender, the Security Agent, the Opco Security SPV or
      the Plateau Security SPV shall at all times be entitled and be capable
      (directly or indirectly) of exercising and enforcing the rights given or
      purported to be given under or in connection with the Transaction Security
      Documents.
|------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|        |                                                                                                                                                                                                                                                                                                                       
|13.26.3 | No member of the Anooraq Group shall exercise any of its
      rights under any Finance Document, if such exercise would be contrary to
      the provisions of the Global Intercreditor Agreement.                                                                                                                   
|        |                                                                                                                                                                                                                                                                                                                       
|13.26.4 | Except for Permitted Payments and a Permitted
      Distribution under paragraph (i) of the definition of Permitted
      Distribution, no Obligor shall (and the Parent and Plateau shall
      ensure that no member of the Plateau Group
will):                                                                  

| | (a) | repay or prepay any principal amount (or capitalised
      interest) outstanding under the Finance Documents;
| | --- | -------------------------------------------------------------------------------------------------------------
| |     |                                                                                                              
| | (b) | pay any interest or any other amounts payable in
      connection with the Finance Documents; or             
| |     |                                                                                                              
| | (c) | purchase, redeem, defease or discharge any amount
      outstanding with respect to the Finance
Documents.   

|13.26.5 | All payments to be made under the RPM Funding Loan
      Agreement and the Plateau Funding Loan Agreement shall be made on a pro
      rata and pari passubasis to RPM and Plateau
respectively.                                
|------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|        |                                                                                                                                                                                                                                 
|13.26.6 | All payments to be made by Holdco in respect of the RPM
      Holdco A Preference Shares and the Plateau Holdco A Preference Shares
      shall be made on a pro rata and pari passubasis to RPM and Plateau
      respectively.

|13.27 | Further assurance
|----- | -----------------

|13.27.1 | Each Obligor (other than the Parent) shall (and the
      Parent and Plateau shall procure that each member of the Pelawan Group
      will) promptly do all such acts or execute all such documents (including
      assignments, transfers, mortgages, charges, notices, powers of attorney
      and instructions) as the Security Agent and/or the Plateau Security SPV
      may reasonably specify (and in such form as the Security Agent and/or the
      Plateau Security SPV may reasonably require in favour of the Security
      Agent and/or the Plateau Security SPV and/or the Opco Security SPV or its
      nominee(s)):
|------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|        | (a)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       

64

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| | (b) | to confer on the Security Agent and/or the Plateau
      Security SPV and/or the Opco Security SPV or confer on the Finance
      Parties, Security over any property and assets of each member of the
      Pelawan Group, (other than the Project Companies) located in any
      jurisdiction equivalent or similar to the Security intended to be
      conferred by or pursuant to the Transaction Security Documents;
    and/or
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                       
| | (c) | to facilitate the realisation of the assets which are, or
      are intended to be, the subject of the Transaction
  Security.                                                                                                                                                                                                                                                                                                        

|13.27.2 | Each Obligor (other than Parent) shall (and the Parent
      and Plateau shall procure that each member of the Pelawan Group will)
      promptly do all such acts or execute all such documents (including the
      execution of any and all powers of attorney, notices and instructions) as
      the Security Agent may specify (and in such form as the Security Agent may
      require) in favour of the Opco Security SPV or its nominees to confer on
      the Opco Security SPV, Security over any mills or plants constructed
      (including in the form of a special notarial bond over such identifiable
      assets comprising the whole or any portion of the mills or plants or any
      component thereof).
|------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|13.28 | Conditions subsequent
|----- | ---------------------

|13.28.1 | The Parent and Plateau shall procure that:                                                                                                                                                                                                           
|------- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|        |                                                                                                                                                                                                                                                      
|        | (a)                                                                                                                                                                                                                                                  
|        |                                                                                                                                                                                                                                                      
|        | (b)                                                                                                                                                                                                                                                  
|        |                                                                                                                                                                                                                                                      
|13.28.2 | The Parent and Plateau shall procure that:                                                                                                                                                                                                           
|        |                                                                                                                                                                                                                                                      
|        | (a)                                                                                                                                                                                                                                                  
|        |                                                                                                                                                                                                                                                      
|        | (b)                                                                                                                                                                                                                                                  
|        |                                                                                                                                                                                                                                                      
|13.28.3 | The steps taken in 13.28.2 above shall, to the extent
      applicable, include the application for any Ministerial or other consents
      that may be required for the lodgement and/or registration of the relevant
      Opco Security Documents.

65

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|13.28.4 | Plateau shall procure that any documents required by the
      Lender (including powers of attorney) relating to the Opco Security
      Documents referred to in paragraphs 2 to 4 of Part 1 of Schedule 2
      (Transaction Security Document) which are not delivered on or
      before the Closing Date are signed and delivered to the Lender and all
      other steps are taken to allow for the Lender to lodge such Opco Security
      Documents for registration at the applicable Deeds Registries under the
      Deeds Registries Act, 1946 of South Africa and that all associated fees
      are paid.
|------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|13.28.5 | Each Obligor (other than the Parent) shall (and the
      Parent and Plateau shall procure that each member of the Pelawan Group
      shall) take all such action as is available to it (including making all
      filings and registrations) as may be necessary for the purpose of the
      creation, perfection, protection or maintenance of any Security conferred
      or intended to be conferred on the Plateau Security SPV, the Opco Security
      SPV or any other Finance Party by or pursuant to the Finance
    Documents.                                                                           

|13.29 | Account Bank                                                                                                                                                                                                                                                                       
|----- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|      |                                                                                                                                                                                                                                                                                    
|      | The Parent and Plateau shall ensure that all bank
      accounts of Plateau shall be opened and maintained with the Account Bank
      in accordance with the provisions of the Finance Documents and are subject
      to valid Security under the Transaction Security Documents.
|      |                                                                                                                                                                                                                                                                                    
|13.30 | Accounts                                                                                                                                                                                                                                                                           

|13.30.1 | By no later than 10 (ten) Business Days prior to the
      Closing Date, Plateau shall open a disbursement account (the
      Disbursement Account) in South Africa with the Account Bank
      denominated in Rand and shall maintain the Disbursement Account for a
      period of not less than 30 (thirty) days following the Closing
  Date.
|------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|        |                                                                                                                                                                                                                                                                                                                                                     
|13.30.2 | With effect from the Closing Date and thereafter until
      the date on which all the obligations and liabilities (other than
      contingent liabilities) of the Obligors under the Finance Documents are
      discharged in full and no Finance Party has any Loan Commitment, Plateau
      shall:                                            

| | (a) | open and maintain a proceeds account (the Borrower
      Proceeds Account) in South Africa in its name with the Account Bank
      denominated in Rand;                    
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |     |                                                                                                                                                                              
| | (b) | open and maintain a business account (the Borrower
      Business Account) in South Africa in its name with Standard Bank
      denominated in Rand;                       
| |     |                                                                                                                                                                              
| | (c) | ensure that Holdco opens and maintains a business account
      (the Holdco Business Account) in South Africa in its name with
      Standard Bank denominated in Rand; and
| |     |                                                                                                                                                                              
| | (d) | ensure that Opco opens and maintains a business account
      (the Opco Business Account) in South Africa in its name with
      Standard Bank.                            

|13.30.3 | Plateau shall:
|------- | --------------
|        |               
|        | (a)           

66

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| |     | the proceeds of Permitted Financial Indebtedness referred
      to in paragraph (l) of the definition of Permitted Financial
      Indebtedness shall be paid and provided that account is opened solely for
      that purpose and is closed immediately after that purpose is achieved and
      that Permitted Financial Indebtedness discharged and a bank account into
      which provisions for the redemption of the RPM Preference Shares may be
      paid, but only to the extent such provision is permitted under the Global
      Intercreditor Agreement;                                                                 
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
| | (b) | ensure that Holdco does not open or maintain any bank,
      deposit, savings or other account except for the Holdco Business Account
      and a bank account into which provisions for the redemption of the RPM
      Preference Shares may be paid, but only to the extent such provision is
      permitted under the Global Intercreditor Agreement; and                                                                                                                                                                                                                                                                             
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
| | (c) | ensure that Opco does not open or maintain any bank,
      deposit, savings or other account except for the Opco Business Account, or
      any other account which holds Cash or Cash Equivalent Investments so long
      as those Cash or Cash Equivalent Investments become subject to the
      Transaction Security in form and substance satisfactory to the Lender as
      soon as is reasonably practicable, and a bank account into which
      provisions for the redemption of the RPM Preference Shares may be paid,
      but only to the extent such provision is permitted under the Global
      Intercreditor Agreement,

in each case, without the prior
written consent of the Lender.

|13.30.4 | Each Transaction Account shall be a separate account at
      the Account Bank or Standard Bank, as the case may be.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|13.30.5 | If Plateau or Holdco receives any moneys for crediting to
      a Transaction Account in a currency other than in the currency of that
      Transaction Account, Plateau shall request the Account Bank or Standard
      Bank as the case may be, to convert these moneys into the relevant
      currency of account at the Applicable Spot Rate of Exchange.
      Applicable Spot Rate of Exchange means the Account Banks or
      Standard Banks spot rate of exchange quoted by the Account Bank or
      Standard Bank (as applicable) as a market related rate for the purchase of
      the relevant currency with Rands in the Johannesburg foreign exchange
      market at or about 11:00 a.m. Johannesburg time on a particular
  day.
|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|13.30.6 | Plateau shall at all times indemnify and keep indemnified
      Lender, the Security Agent and the Plateau Security SPV fully and
      effectually from and against all liabilities, costs and expenses which it
      may incur to the Account Bank or Standard Bank, as the case may be, (or
      their affiliates and/or nominees) in connection with the opening,
      operation or closure of any Transaction Account, including transaction
      charges, save to the extent that such liabilities, costs and expenses
      result from the negligence or wilful default of the Lender, the Security
      Agent or the Plateau Security SPV (as the case may
be).                                                                            

|13.31 | Withdrawals
|----- | -----------

|13.31.1 | No payments to, or withdrawals from, any Transaction
      Account (other than the Disbursement Account) shall be made after the
      Closing Date except as expressly permitted by this Clause 13.31 or clause
      13.33.
|------- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

67

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|13.31.2 | None of Plateau, Holdco or Opco may make any withdrawal
      from any Transaction Account:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|        | (a)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|        | (b)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|13.31.3 | If, at any time an Event of Default is continuing, the
      Lender may, by written notice to the Account Bank or Standard Bank, as the
      case may be, specify that no withdrawals from the Borrower Proceeds
      Account or the Borrower Business Account maintained with such bank may be
      made without the prior written consent of the Lender.                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|13.31.4 | If, at any time a Fundamental Event of Default has
      occurred the Lender may, by written notice to the Account Bank or Standard
      Bank, as the case may be, specify that no withdrawals from all or any of
      the Transaction Accounts maintained with such bank may be made without the
      prior written consent of the Lender.                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|13.31.5 | All amounts withdrawn from any Transaction Account by
      Plateau, Holdco or Opco, as the case may be, for application in or towards
      making a specific payment or meeting a specific liability specified in the
      Global Intercreditor Agreement shall be applied in or towards making that
      payment or meeting that liability as specified in the Global Intercreditor
      Agreement, and for no other purpose provided that if, at any time there
      are proceeds standing to the credit of the Opco Business Account which are
      not immediately required to meet any liabilities of Opco, Opco shall be
      entitled to withdraw such amounts from the Opco Business Account and
      invest such amounts in Cash or Cash Equivalent Investments only once a
      calendar month though.
|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|13.31.6 | Clauses 13.31.1 and 13.31.2 shall not prevent the Lender,
      by notice to the Account Bank or Standard Bank, as the case may be,
      Plateau and (if applicable) Holdco or Opco, as the case may be, from
      permitting transfers between any Transaction Account after the occurrence
      of a Default or Event of Default and before it is waived or
    remedied.                                                                                                                                                                                                                                                                                                                                                                                                                                            
|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|13.31.7 | None of the restrictions on the withdrawal of funds from
      a Transaction Account contained in this Clause 13.31 shall affect the
      obligations of Plateau or any other Obligor to make all payments of any
      amount required to be made by each of them, on the due date for payment
      thereof in accordance with the Finance
Documents.                                                                                                                                                                                                                                                                                                                                                                                                                                                                  

|13.32 | Access to books and
records
|----- | ---------------------------

|13.32.1 | Plateau irrevocably grants the Lender or any of its
      appointed representatives access to review the books and records of its
      Transaction Accounts on reasonable prior notice. Plateau authorises the
      Account Bank and Standard Bank to give the Lender, unrestricted access on
      reasonable prior notice to review such books and records relating to the
      Transaction Accounts held by the Account Bank and Standard Bank for the
      purpose of monitoring compliance with the Finance
  Documents.
|------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

68

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|13.32.2 | Nothing in this Clause 13.32 shall require the Account
      Bank to disclose to any person any books, records or other information
      which the Account Bank would not be required to disclose to
  Plateau.
|------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|13.33 | Proceeds Accounts, Opco Business Account and Borrower
      Business Account
|----- | ----------------------------------------------------------------------------

|13.33.1 | Plateau shall procure that all proceeds from:                              
|------- | ---------------------------------------------------------------------------
|        |                                                                            
|        | (a)                                                                        
|        |                                                                            
|        | (b)                                                                        
|        |                                                                            
|        | (c)                                                                        
|        |                                                                            
|        | (d)                                                                        
|        |                                                                            
|        | is paid directly into the Borrower Proceeds Account in
      cleared funds.
|        |                                                                            
|13.33.2 | Plateau shall procure that all proceeds from:                              
|        |                                                                            
|        | (a)                                                                        
|        |                                                                            
|        | (b)                                                                        
|        |                                                                            
|        | (c)                                                                        
|        |                                                                            
|        | is paid directly into the Holdco Business Account in
      cleared funds.  
|        |                                                                            
|13.33.3 | Plateau shall procure that:                                                
|        |                                                                            
|        | (a)                                                                        
|        |                                                                            
|        | (b)                                                                        
|        |                                                                            
|13.33.4 | Plateau shall:                                                             
|        |                                                                            
|        | (a)                                                                        

69

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| | (b) | cause to be applied the balance outstanding to the credit
      of the Borrower Business Account in cleared funds for the purposes of
      meeting its administrative, operating and Capital Expenditure;                                                                  
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |     |                                                                                                                                                                                                                                                                             
| | (c) | ensure that Holdco causes to be applied the balance
      standing to the credit of the Holdco Business Account in cleared funds for
      the purposes, and in the order of priority, set out in the Holdco Cash
      Waterfall in the Global Intercreditor Agreement; and
| |     |                                                                                                                                                                                                                                                                             
| | (d) | ensure that Opco causes to be applied the balance
      standing to the credit of the Opco Business Account in cleared funds for
      the purposes, and in the order of priority, set out in the Opco Cash
      Waterfall in the Global Intercreditor
Agreement.          

|13.34 | Anooraq listing                                                                                                                                                                                                                                                                   
|----- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|      |                                                                                                                                                                                                                                                                                   
|      | The Parent undertakes to use reasonable commercial
      endeavours to transfer the primary listing of the Anooraq Common Shares
      from the TSX-V (Toronto Stock Exchange Venture Exchange) to the TSX main
      board as soon as reasonably possible after the Closing Date.
|      |                                                                                                                                                                                                                                                                                   
|13.35 | Amendments to Senior Finance Documents                                                                                                                                                                                                                                            
|      |                                                                                                                                                                                                                                                                                   
|      | No Obligor shall agree to any amendments to or variation
      of the Senior Finance Documents (as defined in the Global Intercreditor
      Agreement) without the prior written consent of the Lender, which consent
      shall not be unreasonably withheld.                  
|      |                                                                                                                                                                                                                                                                                   
|13.36 | Reduction of Pelawan Investments shareholding in the
      Parent                                                                                                                                                                                                                 

|13.36.1 | Pelawan Investments and the Parent will use their
      reasonable commercial endeavours to, as soon as reasonably practical after
      the Closing Date, obtain the approval of the South African Reserve Bank
      and the National Treasury (to the extent required) to reduce the minimum
      shareholding held by Pelawan Investments in the Parent to below 51%. Upon
      such approvals being granted, all proceeds received by Pelawan Investments
      and/or the Parent pursuant to the sale and/or issue of Anooraq Common
      Shares shall be injected into Plateau by way of shareholder
loan.
|------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|13.36.2 | If Plateau, the Parent and the Lender have:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|        | (a)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|        | (b)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|        | then Plateau may utilise such proceeds to fund its
      portion of the funding required for such project or dedicated use of
      proceeds, failing which Plateau shall utilise such proceeds to settle all
      or a portion of the Standby Facility and the OCSF Facility and to redeem
      the RPM Plateau A Preference Shares in accordance with the provisions of
      the Global Intercreditor Agreement and in particular, the Borrower Cash
      Waterfall.                                                                                                                                          

|14. EVENTS OF DEFAULT                                                                                                                   
|----------------------------------------------------------------------------------------------------------------------------------------
|                                                                                                                                        
|Each of the events or circumstances set out in this
      Clause 14 is an Event of Default (save for Clause 14.18
      (Acceleration)).

70

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|14.1 | Non-payment                                                                                                                                                                                                                  
|---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|     |                                                                                                                                                                                                                              
|     | An Obligor or member of the Pelawan Group does not pay on
      the due date any amount payable pursuant to a Finance Document at the
      place at and in the currency in which it is expressed to be payable
      unless:

|14.1.1 | its failure to pay is caused by an administrative or
      technical error; and
|------ | -------------------------------------------------------------------------------
|       |                                                                                
|14.1.2 | payment is made within 2 (two) Business Days of its due
      date.            

|14.2 | Information Undertakings and other
    obligations
|---- | --------------------------------------------------

|14.2.1 | Plateau or the Parent does not comply with the provisions
      of Clause 12 (Information Undertakings), provided that where no time
      period is specified for the delivery of documents or information under
      Clause 12 non delivery of such documents or information shall only be an
      Event of Default if such documents or information are not delivered within
      5 (five) Business Days of the occurrence of the relevant event giving rise
      to the notification or delivery obligation.
|------ | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|14.2.2 | An Obligor or member of the Plateau Group does not comply
      with any provision of any Transaction Security
Document.                                                                                                                                                                                                                                                                                                                                                                                            

|14.3 | Other obligations
|---- | -----------------

|14.3.1 | An Obligor or member of the Plateau Group does not comply
      with any provision of the Transaction Documents (other than those referred
      to in Clause 14.1 (Non-payment) and Clause 14.2 (Information Undertakings
      and other obligations)).            
|------ | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|       |                                                                                                                                                                                                                                                                      
|14.3.2 | No Event of Default under paragraph 14.3.1 above will
      occur if the failure to comply is capable of remedy and is remedied within
      7 (seven) Business Days of the Lender giving notice to Plateau or Plateau
      becoming aware of the failure to comply.

|14.4 | Misrepresentation                                                                                                                                                                                                                                                                                                                                                   
|---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|     |                                                                                                                                                                                                                                                                                                                                                                     
|     | Any representation or statement made or deemed to be made
      by an Obligor or member of the Pelawan Group in the Finance Documents or
      any other document delivered by or on behalf of any Obligor under or in
      connection with any Finance Document is or proves to have been materially
      incorrect or misleading when made or deemed to be made.
|     |                                                                                                                                                                                                                                                                                                                                                                     
|14.5 | Cross default                                                                                                                                                                                                                                                                                                                                                       

|14.5.1 | Any Financial Indebtedness of any Obligor or any member
      of the Plateau Group is not paid when due or within any originally
      applicable grace period.                                                                                     
|------ | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|       |                                                                                                                                                                                                                                                     
|14.5.2 | Any Financial Indebtedness of any Obligor or any member
      of the Plateau Group is declared to be or otherwise becomes due and
      payable prior to its specified maturity as a result of an event of default
      (however described).       
|       |                                                                                                                                                                                                                                                     
|14.5.3 | Any commitment for any Financial Indebtedness of any
      Obligor or any member of the Plateau Group is cancelled or suspended by a
      creditor of any member of the Plateau Group as a result of an event of
      default (however described).

71

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|14.5.4 | Any creditor of any Obligor or any member of the Plateau
      Group becomes entitled to declare any Financial Indebtedness of any
      Obligor or any member of the Plateau Group due and payable prior to its
      specified maturity as a result of an event of default (however
      described).
|------ | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|       |                                                                                                                                                                                                                                                                                                        
|14.5.5 | No Event of Default will occur under this Clause 14.5
      if:                                                                                                                                                                                                                                        
|       |                                                                                                                                                                                                                                                                                                        
|       | (a)                                                                                                                                                                                                                                                                                                    
|       |                                                                                                                                                                                                                                                                                                        
|       | (b)                                                                                                                                                                                                                                                                                                    

|14.6 | Insolvency
|---- | ----------

|14.6.1 | An Obligor or a member of the Plateau Group, other than a
      Project Company, is unable or admits inability to pay its debts as they
      fall due or is deemed to or declared to be unable to pay its debts under
      applicable law, suspends or threatens to suspend making payments on any of
      its debts or, by reason of actual or anticipated financial difficulties,
      commences negotiations with one or more of its creditors with a view to
      rescheduling any of its indebtedness.
|------ | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|14.6.2 | The value of the assets of any Obligor or any member of
      the Plateau Group, other than a Project Company, is less than its
      liabilities (taking into account contingent and prospective liabilities,
      but excluding any liabilities which are subordinated to the liabilities of
      the Obligor to the Lender).                                                                                                                                                                               
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|14.6.3 | A moratorium is declared in respect of any indebtedness
      of any Obligor or any member of the Plateau Group, other than a Project
      Company. If a moratorium occurs, the ending of the moratorium will not
      remedy any Event of Default caused by that
moratorium.                                                                                                                                                                                                                                 

|14.7 | Insolvency proceedings
|---- | ----------------------

|14.7.1 | Any corporate action, legal proceedings or other
      procedure or step is taken in relation to:
|------ | -------------------------------------------------------------------------------------------------
|       |                                                                                                  
|       | (a)                                                                                              
|       |                                                                                                  
|       | (b)                                                                                              
|       |                                                                                                  
|       | (c)                                                                                              

72

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|       | Obligor or any member of the Plateau Group, other than a
      Project Company, or any of its assets; or
|------ | --------------------------------------------------------------------------------------------------------
|       |                                                                                                         
|       | (d)                                                                                                     
|       |                                                                                                         
|       | or any analogous procedure or step is taken in any
      jurisdiction.                                  
|       |                                                                                                         
|14.7.2 | Paragraph 14.7.1 shall not apply to:                                                                    
|       |                                                                                                         
|       | (a)                                                                                                     
|       |                                                                                                         
|       | (b)                                                                                                     
|       |                                                                                                         
|       | (c)                                                                                                     

|14.8   | Creditors' process                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|------ | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|14.8.1 | Any expropriation, attachment, distress or execution or
      any analogous process in any jurisdiction affects any asset or assets of
      any Obligor or any member of the Plateau Group, other than a Project
      Company, and is not discharged either (x) within 10 (ten) days or (y)
      within such other period as agreed to in writing by the Lender on or
      before the lapse of the 10 (ten) day period referred to in (x), provided,
      for the avoidance of doubt, the Lender is not obliged to agree to any such
      extended period.
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|14.8.2 | Paragraph 14.8.1 shall not apply if the fair value of the
      relevant asset or assts is, in relation to Opco, ZAR5,000,000 (Indexed) or
      less, or in relation to Holdco or Plateau, ZAR1,000,000 (Indexed) or
      less.                                                                                                                                                                                                                                                                                                                               
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|14.9   | Unlawfulness and invalidity                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|14.9.1 | It is or becomes unlawful for an Obligor or any other
      member of the Plateau Group that is a party to any Transaction Document to
      perform any of its obligations under the Transaction Documents or any
      Transaction Security created or expressed to be created or evidenced by
      the Transaction Security Documents ceases to be effective.                                                                                                                                                                                               
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|14.9.2 | Any obligation or obligations of any Obligor or any
      member of the Plateau Group under any Transaction Document are not
      (subject to the Legal Reservations) or cease to be legal, valid, binding
      or enforceable and the                                                                                                                                                                                                                                                                                                                        

73

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|       | cessation individually or cumulatively materially and
      adversely affects the interests of the Lender under the Finance
      Documents.                                                                                                            
|------ | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|       |                                                                                                                                                                                                                                                         
|14.9.3 | Any Transaction Document ceases to be in full force and
      effect or any Transaction Security ceases to be legal, valid, binding,
      enforceable or effective or is alleged by a party to it (other than a
      Finance Party) to be ineffective.

|14.10 | Intercreditor Agreements                                                                                                                                                                                                                                                                                                                                                                 
|----- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|      |                                                                                                                                                                                                                                                                                                                                                                                          
|      | Any party to the Global Intercreditor Agreement (other
      than a Finance Party) fails to comply in any material respects with the
      provisions of, or does not perform its obligations under the Global
      Intercreditor Agreement; or a representation or warranty given by that
      party in the Global Intercreditor Agreement is incorrect in any material
      respect.
|      |                                                                                                                                                                                                                                                                                                                                                                                          
|14.11 | Cessation of business                                                                                                                                                                                                                                                                                                                                                                    
|      |                                                                                                                                                                                                                                                                                                                                                                                          
|      | Any Obligor or any member of the Plateau Group suspends
      or ceases to carry on (or threatens to suspend or cease to carry on) all
      or a material part of its business, unless it is a temporary suspension of
      the business of Opco:                                                                                                                                      

|14.11.1 | which is required by law and provided such business
      resumes within 30 (thirty) days of the temporary suspension; or                                                                                        
|------- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|        |                                                                                                                                                                                                                  
|14.11.2 | which arises as a result of Force Majeure but the Lender
      is satisfied (in its sole discretion) that there is adequate business
      interruption insurance in place for the whole period of
  suspension..

|14.12 | Mining Licenses and New Order Rights                                                                                                                                                                                                                                                                                                                                                                                                               
|----- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|      | Any Mining Licence or New Order Right which is material
      to the business of any member of the Plateau Group is materially and
      adversely amended or is terminated or not renewed (in each case, without a
      replacement being put in place with which the Lender is satisfied) or is
      otherwise adversely appealed or challenged.                                                                                               
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|14.13 | Audit qualification                                                                                                                                                                                                                                                                                                                                                                                                                                
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|      | The Auditors of any Obligor or any member of the Plateau
      Group qualify the audited annual consolidated financial statements of that
      Obligor or that member of the Plateau Group.                                                                                                                                                                                                                                                       
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|14.14 | Expropriation                                                                                                                                                                                                                                                                                                                                                                                                                                      
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|      | The authority or ability of any Obligor or any member of
      the Plateau Group to conduct its business is limited or wholly or
      substantially curtailed by any seizure, expropriation, nationalisation,
      intervention, restriction or other action by or on behalf of any
      governmental, regulatory or other authority or other person in relation to
      any Obligor or any member of the Plateau Group or any of its
  assets.
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|14.15 | Repudiation and rescission of
  agreements                                                                                                                                                                                                                                                                                                                                                                                                         

|14.15.1 | Any Obligor or any member of the Plateau Group (or any
      other relevant party) rescinds or repudiates a Finance Document or any of
      the Transaction Security or evidences an intention to rescind or repudiate
      a Finance Document or any Transaction Security.
|------- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

74

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|14.15.2 | Any party to the Transaction Documents rescinds or
      repudiates any of those agreements or instruments in whole or in part
      where to do so has or is, in the reasonable opinion of the Lender, likely
      to have a material adverse effect on the interests of the Lenders under
      the Finance Documents.
|------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|14.16 | Litigation                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|----- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|      | Any litigation, arbitration, administrative,
      governmental, regulatory or other investigations, proceedings or disputes
      are commenced or threatened in relation to the Transaction Documents or
      the transactions contemplated in the Transaction Documents or against any
      Obligor or any member of the Plateau Group or its assets which is
      reasonably likely to be adversely determined and would reasonably be
      expected to have a Material Adverse Effect.                                                                                                                  
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|14.17 | Material adverse change                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|      | Any event or circumstance occurs which the Lender
      reasonably believes has or is reasonably likely to have a Material Adverse
      Effect.                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|14.18 | Senior Debt                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|      | A Senior Event of Default (as defined in the Global
      Intercreditor Agreement) other than an Excluded Default occurs and is
      continuing, it being recorded that, notwithstanding anything to the
      contrary contained in this Agreement no Event of Default shall occur under
      any provision of this Agreement solely as result of the occurrence of an
      Excluded Default unless the Senior Agent is instructed to take any of the
      actions referred to in clause 28.20 (Acceleration) of the Senior Facility
      Agreement as a result of the occurrence of such Excluded
Default.
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|14.19 | Anooraq listing                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|      | The listing of the Anooraq Common Shares on any
      applicable stock exchange is suspended, other than a suspension from the
      TSX-V (Toronto Stock Exchange Venture Exchange) pursuant to a transfer of
      such listing to the TSX main board, the Johannesburg Stock Exchange or
      AMEX (the American Stock Exchange) .                                                                                                                                                                                                                                                                           

15. PAYMENTS

|15.1 | All payments to be made by any Obligor to the
      Lender in terms of any Finance Document shall be made directly into the
      Lenders bank account held with Standard Bank (Account: Rustenburg
      Platinum Mines Limited; Account No: 000 000 0175 722 ; Branch:
      Johannesburg Branch ; Branch code: 000 205) or such other bank account in
      South Africa of which, or in such other manneras, the Lender may
      notify the Obligor's Agent in writing from time to time.
|---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|15.2 | All payments to be made to the Lender in terms
      of this Agreement shall be made free of exchange, any other costs, charges
      or expenses and without any deduction, set-off or counterclaim whatsoever.                                                                                                                                                                                                                                                                               

|16. RENUNCIATION OF BENEFITS                                                                                                                                                                                                                        
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|                                                                                                                                                                                                                                                    
|Each Obligor renounces all benefits of the exceptions of
      excussion, division, no value received, non numeratae pecuniae,
      non causa debiti, and errore calculi, the meaning and
      effect of which it declares it understands.

75

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|17. CERTIFICATE OF INDEBTEDNESS                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|A certificate signed by any director or manager of the
      Lender (whose appointment need not be proved) as to the existence of and
      the amount of indebtedness by an Obligor to the Lender, that such amount
      is due and payable, the amount of interest accrued thereon and as to any
      other fact, matter or thing relating to the Obligor's indebtedness to the
      Lender in terms of a Finance Document, shall be prima facieproof
      of the contents and correctness thereof.
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|18. CESSION                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              

|18.1 | No Obligor shall be entitled to cede, assign or delegate
      all, or any part of its rights and/or obligations, as the case may be,
      under this Agreement without the prior written consent of the
    Lender.                                                                                                                                                                                                                                                                                                                                                         
|---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|18.2 | Subject to the SCB Pre-Emptive Right (as defined in the
      Global Intercreditor Agreement) and to any consents required in terms of
      the Global Intercreditor Agreement, the Lender shall be entitled to cede,
      assign or delegate all or otherwise transfer, or any part of its rights
      and/or obligations, as the case may be, under any Finance Document and/or
      all or any of the RPM Preference Shares to one or more persons without the
      consent of any Obligor and each Obligor consents to any splitting of
      claims which may arise.
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|18.3 | If, following a transfer pursuant to clause 18.2 there is
      more than one Lender, such Lenders shall be entitled to enter into such
      inter-creditor arrangements as they deem fit and/or to appoint an agent(s)
      to act on their behalf in relation to all or any of the Finance Documents
      on such terms and conditions as they deem fit, subject to the Global
      Intercreditor Agreement.                                                                                                                                                            

19. ROLE OF THE SECURITY AGENT AND THE PLATEAU SECURITY SPV

|19.1 | Role of Plateau Security SPV and Opco Security
      SPV                                                                                                                                                                                                                                                                                                   
|---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|     |                                                                                                                                                                                                                                                                                                                                                            
|     | Each Party acknowledges that the Plateau Security SPV and
      the Opco Security SPV have been established to hold the Transaction
      Security and that the taking of any enforcement action by the Plateau
      Security SPV or the Opco Security SPV in relation thereto shall be taken
      in accordance with the Global Intercreditor Agreement.
|     |                                                                                                                                                                                                                                                                                                                                                            
|19.2 | No fiduciary duties                                                                                                                                                                                                                                                                                                                                        
|     |                                                                                                                                                                                                                                                                                                                                                            
|     | Nothing in this Agreement constitutes the Plateau
      Security SPV or the Opco Security SPV as a trustee or fiduciary of any
      other person.                                                                                                                                                                                                         
|     |                                                                                                                                                                                                                                                                                                                                                            
|19.3 | Responsibility for documentation                                                                                                                                                                                                                                                                                                                           
|     |                                                                                                                                                                                                                                                                                                                                                            
|     | None of the Security Agent, the Opco Security SPV or the
      Plateau Security SPV:                                                                                                                                                                                                                                                                       

|19.3.1 | is responsible for the adequacy, accuracy and/or
      completeness of any information (whether oral or written) supplied by an
      Obligor or any other person given in or in connection with any Finance
      Document or the transactions contemplated in the Finance Documents;
    or
|------ | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|       |                                                                                                                                                                                                                                                                                              
|19.3.2 | is responsible for the legality, validity, effectiveness,
      adequacy or enforceability of any Finance Document or the Transaction
      Security or any other agreement, arrangement or document entered into,
      made or executed                                                    

76

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in anticipation of or in connection
with any Finance Document or the Transaction Security.

|19.4 | Exclusion of liability
|---- | ----------------------

|19.4.1 | Without limiting paragraph 19.4.2 below, none of the
      Security Agent, the Opco Security SPV or the Plateau Security SPV will be
      liable (including, without limitation, for negligence or any other
      category of liability whatsoever) for any action taken by it under or in
      connection with any Finance Document or the Transaction Security, unless
      directly caused by its gross negligence or wilful misconduct.                                                                                                                                                                                                                                                             
|------ | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|19.4.2 | No Party (other than the Security Agent, the Opco
      Security SPV or the Plateau Security SPV (as applicable)) may take any
      proceedings against any officer, employee or agent of the Security Agent
      or the Plateau Security SPV, in respect of any claim it might have against
      the Security Agent, the Opco Security SPV or Plateau Security SPV or in
      respect of any act or omission of any kind by that officer, employee or
      agent in relation to any Finance Document or any Transaction Document and
      any officer, employee or agent of the Security Agent, or the Plateau
      Security SPV may rely on this Clause as a stipulatio
  alteri.                  
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|19.4.3 | The Security Agent, the Opco Security SPV and the Plateau
      Security SPV will not be liable for any delay (or any related
      consequences) in crediting an account with an amount required under the
      Finance Documents to be paid by the Security Agent, the Opco Security SPV
      or the Plateau Security SPV if the Security Agent, the Opco Security SPV
      or the Plateau Security SPV have taken all necessary steps as soon as
      reasonably practicable to comply with the regulations or operating
      procedures of any recognised clearing or settlement system used by the
      Security Agent, the Opco Security SPV or the Plateau Security SPV for that
      purpose.

20. NOTICES AND DOMICILIA

|20.1 | Notices
|---- | -------

|20.1.1 | Each Party chooses the addresses set out opposite its
      name below as its addresses to which any written notice in connection with
      the Finance Documents may be addressed.
|------ | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (a) | Lender:                                     
| | --- | --------------------------------------------
| |     |                                             
| |     | Rustenburg Platinum Mines Limited           
| |     | 13thFloor                                   
| |     | 55 Marshall Street                          
| |     | Johannesburg                                
| |     | 2001                                        
| |     |                                             
| |     | Telefax No.: +27 11 373 5111                
| |     |                                             
| |     | Email: companysecretary@angloplat.com       
| |     |                                             
| |     | Attention: The Company Secretary            
| |     |                                             
| | (b) | Plateau Security SPV                        
| |     |                                             
| |     | GMG Trust Company (SA) (Proprietary) Limited
| |     | 5th Floor, the Terraces                     

77

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25 Protea Road Claremont

Telefax No. 086 649 2700

Attention: Sally Clifton

with a copy to the Lender

| | (c) | Opco Security SPV:                                                                                 
| | --- | ---------------------------------------------------------------------------------------------------
| |     |                                                                                                    
| |     | GMG Trust Company (SA) (Proprietary) Limited 5th
      Floor, the Terraces 25 Protea Road Claremont
| |     |                                                                                                    
| |     | Telefax No. 086 649 2700                                                                           
| |     |                                                                                                    
| |     | Attention: Sally Clifton                                                                           
| |     |                                                                                                    
| |     | with a copy to the Lender                                                                          

| | (d) | each Obligor (c/o the Obligor's Agent)               
| | --- | -----------------------------------------------------
| |     |                                                      
| |     | Plateau Resources (Proprietary) Limited              
| |     | 4thFloor 82 Grayston Drive, off
      Esterhysen Lane
| |     | Sandton                                              
| |     | 2146                                                 
| |     |                                                      
| |     | Telefax No.: +27 11 883 0836                         
| |     |                                                      
| |     | Email:
      iemrahn@anooraqresources.co.za          
| |     |                                                      
| |     | Attention: The Company Secretary,                    
| |     |                                                      
| |     | with a copy to:                                      
| |     |                                                      
| |     | Hunter Dicksinson                                    
| |     | No. 1020, 800 West Street                            
| |     | Vancouver, BC V6C 2V6                                
| |     |                                                      
| |     | Telefax No.: +1 604 684 8092                         
| |     |                                                      
| |     | Attention: Mr. Ronald W. Thiessen                    

|20.1.2 | Any notice or communication required or permitted to be
      given in terms of a Finance Document shall be valid and effective only if
      in writing but it shall be competent to give notice by telefax transmitted
      to its telefax number set out opposite its name above.                                                                                                      
|------ | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|       |                                                                                                                                                                                                                                                                                                                                                                                            
|20.1.3 | Any Party may by written notice to the other Parties
      change its chosen addresses and/or telefax number for the purposes of
      clause 20.1.1 to any other address(es) and/or telefax number, provided
      that the change shall become effective on the fourteenth day after the
      actual or deemed receipt of the notice by the other Party pursuant to
      clause 20.1.4.
|       |                                                                                                                                                                                                                                                                                                                                                                                            
|20.1.4 | Any notice given in terms of this Agreement
  shall:                                                                                                                                                                                                                                                                                                                                       

78

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| | (a) | if sent by a courier service be deemed to have been
      received by the addressee on the 7th (seventh) Business Day following the
      date of such sending;                  
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |     |                                                                                                                                                                                  
| | (b) | if delivered by hand be deemed to have been received by
      the addressee on the date of delivery;                                                                             
| |     |                                                                                                                                                                                  
| | (c) | if transmitted by facsimile be deemed to have been
      received by the addressee on the first Business Day after the date of
      transmission, unless the contrary is proved.

|20.1.5 | 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 address
      and/or telefax number.
|------ | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|20.2 | Domicilia
|---- | ---------

|20.2.1 | Each of the Parties chooses its physical address referred
      to in clause 20.1 as its domicilium citandi et executandiat which
      address documents in legal proceedings in connection with the Finance
      Documents may be served.                                                                                                                                
|------ | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|       |                                                                                                                                                                                                                                                                                                                                                                             
|20.2.2 | Any Party may by written notice to the other Parties
      change its domiciliumfrom time to time to another address, not
      being a post office box or a poste restante, in South Africa;
      provided that any such change shall only be effective on the fourteenth
      day after deemed receipt of the notice by the other Party pursuant to
      clause 20.1.4.

|21. GOVERNING LAW                                                                                                            
|-----------------------------------------------------------------------------------------------------------------------------
|                                                                                                                             
|The entire provisions of this Agreement shall be governed
      by and construed in accordance with the laws of South Africa.
|                                                                                                                             
|22. JURISDICTION                                                                                                             

|22.1 | Each Obligor hereby irrevocably and unconditionally
      consents to the non-exclusive jurisdiction of the South Gauteng High
      Court, Johannesburg (or any successor to that division) in regard to all
      matters arising from the Finance Documents.                                                                                                                     
|---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|     |                                                                                                                                                                                                                                                                                                                                                                                     
|22.2 | Clause 22.1 is for the benefit of the Finance Parties
      only. As a result, no Finance Party shall be prevented from taking
      proceedings relating to any matter arising from the Finance Documents in
      any other courts with jurisdiction. To the extent allowed by law, the
      Finance Parties may take concurrent proceedings in any number of
      jurisdictions

23. GENERAL

|23.1 | The Finance Documents contain the entire agreement
      between the Parties in regard to the subject matter thereof.                                                                                                                                                                                              
|---- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|     |                                                                                                                                                                                                                                                                                                                    
|23.2 | No Party shall be bound by or have any claim or right of
      action arising from any express or implied term, undertaking,
      representation, warranty, promise or the like not included or recorded in
      a Finance Document whether it induced the contract and/or whether it was
      negligent or not.
|     |                                                                                                                                                                                                                                                                                                                    
|23.3 | No variation, amendment or consensual cancellation of a
      Finance Document or any provision or term and no extension of time, waiver
      or relaxation or suspension of                                                                                                                                      

79

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|     | any of the provisions or terms of a Finance Document
      shall be binding or have any force and effect unless reduced to writing
      and signed by or on behalf of the relevant parties thereto and the Lender.
      Any such extension, waiver or relaxation or suspension which is so given
      or made shall be construed as relating strictly to the matter in respect
      whereof it was made or given.       
|---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|     |                                                                                                                                                                                                                                                                                                                                                                                                                             
|23.4 | No extension of time or waiver or relaxation of any of
      the provisions or terms of a Finance Document shall operate as an estoppel
      against another Party in respect of its rights under this
  Agreement.                                                                                                                                                                                                        
|     |                                                                                                                                                                                                                                                                                                                                                                                                                             
|23.5 | No failure by either Party to enforce any provision of a
      Finance Document shall constitute a waiver of such provision or affect in
      any way such Partys right to require the performance of such provision at
      any time in the future, nor shall a waiver of a subsequent breach nullify
      the effectiveness of the provision itself.                                                                  
|     |                                                                                                                                                                                                                                                                                                                                                                                                                             
|23.6 | If any clause or term of a Finance Document should be
      invalid, unenforceable, defective or illegal for any reason whatsoever,
      then the remaining terms and provisions of a Finance Document shall be
      deemed to be severable therefrom and shall continue in full force and
      effect unless such invalidity, unenforceability, defect or illegality goes
      to the root of a Finance Document.      
|     |                                                                                                                                                                                                                                                                                                                                                                                                                             
|23.7 | 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 the Finance Documents.

24. COSTS AND EXPENSES

|24.1 | Transaction expenses
|---- | --------------------

|24.1.1 | Each party, other than the Opco Security SPV and the
      Plateau Security SPV shall bear its own costs and expenses (including
      legal fees) incurred in connection with the negotiation, preparation,
      printing, execution, and perfection of this Agreement and any other
      documents referred to in this Agreement and the Transaction Security
      Documents.
|------ | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|       |                                                                                                                                                                                                                                                                                                                                                                                   
|24.1.2 | Plateau shall bear the agreed costs and expenses
      (including legal fees) incurred by the Security Agent, the Plateau
      Security SPV, the Opco Security SPV or any Delegate in connection with the
      negotiation, preparation, printing, execution, and perfection
of:                                                                                                
|       |                                                                                                                                                                                                                                                                                                                                                                                   
|       | (a)                                                                                                                                                                                                                                                                                                                                                                               
|       |                                                                                                                                                                                                                                                                                                                                                                                   
|       | (b)                                                                                                                                                                                                                                                                                                                                                                               

|24.2 | Amendment costs                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|     | If an Obligor requests an amendment, waiver or consent
      Plateau shall, within 3 (three) Business Days of demand, reimburse each
      Finance Party for the amount of all costs and expenses (including legal
      fees) reasonably incurred by each Finance Party (or in the case of the
      Security Agent and/or the Plateau Security SPV and/or the Opco Security
      SPV, by any Delegate) in responding to, evaluating, negotiating or
      complying with that request or requirement.

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|24.3 | Security Agents and the Plateau Security SPVs
      ongoing costs
|---- | -------------------------------------------------------------------

|24.3.1 | In the event of (i) a Default or (ii) the Security Agent,
      the Opco Security SPV or the Plateau Security SPV considering it necessary
      or expedient or (iii) the Security Agent, the Opco Security SPV or the
      Plateau Security SPV being requested by an Obligor or the Lender to
      undertake duties which the Security Agent or the Opco Security SPV, the
      Plateau Security SPV and Plateau agree to be of an exceptional nature
      and/or outside the scope of the normal duties of the Security Agent or the
      Opco Security SPV, the Plateau Security SPV under the Finance Documents,
      Plateau shall pay to the Security Agent and/or the Opco Security SPV, the
      Plateau Security SPV any additional remuneration that may be agreed
      between them.                                                                                                                        
|------ | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|24.3.2 | If the Security Agent, the Opco Security SPV or the
      Plateau Security SPV, as the case may be, and Plateau fail to agree upon
      the nature of the duties or upon any additional remuneration, that dispute
      shall be determined by an investment bank (acting as an expert and not as
      an arbitrator) selected by the Security Agent or the Opco Security SPV the
      Plateau Security SPV, as the case may be, and approved by Plateau or,
      failing approval, nominated (on the application of the Security Agent or
      the Opco Security SPV, the Plateau Security SPV, as the case may be) by
      the President for the time being of the Law Society of the Northern
      Provinces (the costs of the nomination and of the investment bank being
      payable by Plateau) and the determination of any investment bank shall be
      final and binding upon the parties to this
Agreement.

|24.4 | Enforcement and preservation costs                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|     | Subject to any binding court order to the contrary,
      Plateau shall, within 3 (three) Business Days of demand, pay to the Lender
      the amount of all costs and expenses (including legal fees) incurred by it
      in connection with the enforcement of or the preservation of any rights
      under any Finance Document and the Transaction Security and any
      proceedings instituted by or against the Opco Security SPV or the Put SPV
      the Plateau Security SPV as a consequence of taking or holding the
      Transaction Security or enforcing these rights.

25. COUNTERPARTS

Any Finance Document may be executed in any number of
counterparts, and this shall have the same effect as if the signatures on the
counterparts were on a single copy of the Finance Document.

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|SIGNED at _______________ on this the ____
      day of __________ 2009.
|------------------------------------------------------------------------
|                                                                        
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|SIGNED at _______________ on this the ____
      day of __________ 2009.
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|SIGNED at _______________ on this the ____
      day of __________ 2009.
|                                                                        
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|SIGNED at _______________ on this the ____
      day of __________ 2009.
|------------------------------------------------------------------------
|                                                                        
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|SIGNED at _______________ on this the ____
      day of __________ 2009.
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|SIGNED at _______________ on this the ____
      day of __________ 2009.
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|SIGNED at _______________ on this the ____
      day of __________ 2009.
|------------------------------------------------------------------------
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|SIGNED at _______________ on this the ____
      day of __________ 2009.
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|SIGNED at _______________ on this the ____
      day of __________ 2009.
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|SIGNED at _______________ on this the ____
      day of __________ 2009.
|------------------------------------------------------------------------
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SCHEDULE 1

CONDITIONS

1. OBLIGORS

|1.1 | A copy of the Constitutional Documents of each Obligor,
      Holdco and Opco.          
|--- | ----------------------------------------------------------------------------------------
|    |                                                                                         
|1.2 | A copy of a resolution of the board of directors of each
      Obligor, Holdco and Opco:

|1.2.1 | approving the terms of, and the transactions contemplated
      by, the Transaction Documents to which it is a party and resolving that it
      execute, deliver and perform the Transaction Documents to which it is a
      party;                                                            
|----- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|      |                                                                                                                                                                                                                                                                                                  
|1.2.2 | authorising a specified person or persons to execute the
      Transaction Documents to which it is a party on its behalf;                                                                                                                                                                       
|      |                                                                                                                                                                                                                                                                                                  
|1.2.3 | authorising a specified person or persons, on its behalf,
      to sign and/or despatch all documents and notices (including, if relevant,
      any Notice of Drawdown) to be signed and/or despatched by it under or in
      connection with the Transaction Documents to which it is a
party;
|      |                                                                                                                                                                                                                                                                                                  
|1.2.4 | in the case of Holdco, Opco or an Obligor (other than
      Plateau), authorising Plateau to act as its agent in connection with the
      Transaction Documents; and                                                                                                                            
|      |                                                                                                                                                                                                                                                                                                  
|1.2.5 | in the case of Opco and Holdco containing a statement
      that the board is satisfied that the requirements set out in section
      38(2A)(a) have been met.                                                                                                                                  

|1.3 | A specimen of the signature of each person authorised by
      the resolutions referred to in paragraph 1.2 above in relation to the
      Transaction Documents and related documents.                                                                                                                                                                                                 
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                         
|1.4 | A certificate of each Obligor, Holdco and Opco (signed by
      a director, or a trustee in the case of the Pelawan Trust) confirming that
      borrowing or guaranteeing or securing, as appropriate, in terms of the
      Transaction Documents to which it is a party would not cause any
      borrowing, guarantee, security or similar limit binding on it to be
      exceeded.
|    |                                                                                                                                                                                                                                                                                                                                                                                         
|1.5 | A certificate of an authorised signatory of each Obligor,
      Holdco and Opco certifying that each copy document relating to it
      specified in this paragraph 1 of Schedule 1 is correct, complete and in
      full force and effect and has not been amended or superseded as at a date
      no earlier than the date of this Agreement.                                       
|    |                                                                                                                                                                                                                                                                                                                                                                                         
|1.6 | Evidence that the shareholder(s) of Opco, Holdco, Plateau
      and Pelawan SPV have passed the necessary ordinary and special resolutions
      in order to:                                                                                                                                                                                                                           

|1.6.1 | give effect to the issuance of the respective preference
      shares pursuant to the Finance Documents; and                                                                      
|----- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|      |                                                                                                                                                                                   
|1.6.2 | in the case of Opco and Holdco sanction the granting of
      financial assistance pursuant to the Transaction Documents under section
      38(2A)(b) of the Companies Act, 1973;

in a form agreed by the Lender, and
that the special resolutions have been registered with the Registrar of
Companies.

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2. Plateau Security SPV

|2.1 | A copy of the Constitutional Documents of the Plateau
      Security SPV.          
|--- | -----------------------------------------------------------------------------------
|    |                                                                                    
|2.2 | A copy of a resolution of the board of directors of the
      Plateau Security SPV:

|2.2.1 | approving the terms of, and the transactions contemplated
      by, the Finance Documents to which it is a party and resolving that it
      execute, deliver and perform the Finance Documents to which it is a
      party;               
|----- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|      |                                                                                                                                                                                                                                             
|2.2.2 | authorising a specified person or persons to execute the
      Finance Documents to which it is a party on its behalf; and                                                                                                                  
|      |                                                                                                                                                                                                                                             
|2.2.3 | authorising a specified person or persons, on its behalf,
      to sign and/or despatch all documents and notices to be signed and/or
      despatched by it under or in connection with the Finance Documents to
      which it is a party.

|2.3 | A specimen of the signature of each person authorised by
      the resolution referred to in paragraph 2.2 above in relation to the
      Finance Documents and related documents.
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

3. Opco Security SPV

|3.1 | A copy of the Constitutional Documents of the Opco
      Security SPV.          
|--- | --------------------------------------------------------------------------------
|    |                                                                                 
|3.2 | A copy of a resolution of the board of directors of the
      Opco Security SPV:

|3.2.1 | approving the terms of, and the transactions contemplated
      by, the Finance Documents to which it is a party and resolving that it
      execute, deliver and perform the Finance Documents to which it is a
      party;               
|----- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|      |                                                                                                                                                                                                                                             
|3.2.2 | authorising a specified person or persons to execute the
      Finance Documents to which it is a party on its behalf; and                                                                                                                  
|      |                                                                                                                                                                                                                                             
|3.2.3 | authorising a specified person or persons, on its behalf,
      to sign and/or despatch all documents and notices to be signed and/or
      despatched by it under or in connection with the Finance Documents to
      which it is a party.

|3.3 | A specimen of the signature of each person authorised by
      the resolution referred to in paragraph 3.2 above in relation to the
      Finance Documents and related documents.
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

4. Transaction Documents

A copy of each of the following Transaction Documents executed
by the parties to those documents:

|4.1 | Each Finance Document executed by the parties to
    it.       
|--- | ---------------------------------------------------------------
|    |                                                                
|4.2 | The Acquisition Documents.                                     
|    |                                                                
|4.3 | The Plateau Holdco Ordinary Share Subscription
      Agreement.
|    |                                                                
|4.4 | The Community Trust Documents.                                 
|    |                                                                
|4.5 | The ESOP Documents.                                            
|    |                                                                
|4.6 | The Holdco Opco Ordinary Share Subscription
    Agreement.     

87

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|4.7 | The Shareholder Loan Documents (as defined in he Senior
      Facilities Agreement).
|--- | ------------------------------------------------------------------------------------
|    |                                                                                     
|4.8 | The Anooraq Shareholders
Agreement.                                                 

5. Transaction Security

|5.1 | A copy of all notices required to be sent under the
      Transaction Security Documents executed by the relevant parties and duly
      acknowledged by the addressee.                                                                                                                                                                                                                                                                          
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|5.2 | A copy of all notices and acknowledgements required to be
      given under Section 43 of the Short-term Insurance Act, 1998 of South
      Africa as a consequence of the cession of any rights to Insurances
      pursuant to any Transaction Security Document.                                                                                                                                                                              
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|5.3 | The originals of all share certificates, transfers and
      stock transfer forms or equivalent required to be delivered in accordance
      with the terms of any Transaction Security Document duly executed by the
      relevant party in blank in relation to the assets subject to or expressed
      to be subject to the Transaction Security and other documents of title to
      be provided under the Transaction Security
Documents.

|6. Shareholder Loans and Subscriptions                                                                                                                                                          
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|                                                                                                                                                                                                
|Evidence that the N2C Resources Shareholder Loan has been
      advanced to Plateau by N2C Resources by payment into the Disbursement
      Account in accordance with the Funds Flow Statement.
|                                                                                                                                                                                                
|7. Legal opinions                                                                                                                                                                               
|                                                                                                                                                                                                
|The following legal opinions, each addressed to the
      Lender, the Plateau Security SPV and the Opco Security SPV in a form
      acceptable to the Lender:                                  

|7.1 | A legal opinion of Cliffe Dekker Hofmeyr Inc, legal
      advisers to Plateau as to the power, capacity and authority of Plateau to
      enter into the Transaction Documents to which it is a party under South
      African law, including, Plateau, the power, capacity and authority to
      allot and issue relevant preference shares pursuant to the Finance
      Documents.                                                    
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                            
|7.2 | A legal opinion of Adams & Adams, legal advisors to
      Pelawan Investments, the Pelawan Trust and Pelawan SPV ("the Pelawan
      Entities")as to the power capacity and authority of the Pelawan
      Entities to enter into the Transaction Documents to which they are a party
      under South African law, including the power, capacity and authority to
      allot and issue the RPM Pelawan B Preference Shares              
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                            
|7.3 | A legal opinion of Britannia Corporate Management as to
      the capacity and authority of N1C Resources and N2C Resources to enter
      into the Transaction Documents to which they are a party, and the
      legality, validity and enforceability of the Transaction Documents under
      the law of the Cayman Islands.                                                                                                           
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                            
|7.4 | A legal opinion of McCarthy Tertault legal advisers to
      the Parent as to the legality, validity and enforceability of the
      Transaction Documents, as well as the capacity and authority of the Parent
      to enter into the Transaction Documents to which it is a party under the
      law of the Province of British Columbia, Canada substantially in the form
      distributed to the Lender prior to the Signature
Date.

88

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8. Authorisations

|8.1 | A copy of the Authorisation of the Exchange Control
      Department of the South African Reserve Bank approving (to the extent
      required) the borrowings by Plateau under the Finance Documents, the
      Security to be provided by the Obligors under the Transaction Security
      Documents and the Debt Guarantees to be provided by the Plateau Security
      SPV and the Opco Security SPV.
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                                            
|8.2 | A copy of any other Authorisation or other document,
      opinion or assurance which the Lender notifies Plateau is necessary or
      desirable in connection with the entry into and performance of the
      transactions contemplated by any Transaction Documents or for the validity
      and enforceability of any Transaction Document.                                                          

9. Other documents and evidence

|9.1 | A Funds Flow Statement in a form agreed by the Parent and
      the Lender detailing the proposed movement of funds on or before the
      Closing Date in relation to the transactions contemplated by the
      Transaction Documents.
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                         
|9.2 | The Group Structure Chart which shows the Anooraq Group
      assuming the Closing Date has occurred.                                                                                                                                   
|    |                                                                                                                                                                                                                                         
|9.3 | A copy of the PriceWaterhouseCoopers tax
  opinion.                                                                                                                                                                                     
|    |                                                                                                                                                                                                                                         
|9.4 | Confirmation from the Senior Agent that all conditions
      precedent to utilisation of the Senior Facility have been fulfilled or
      waived to its satisfaction.                                                                   
|    |                                                                                                                                                                                                                                         
|9.5 | The Disclosure Schedule in a form acceptable to the
      Lender.                                                                                                                                                                       

89

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SCHEDULE 2

TRANSACTION SECURITY DOCUMENTS

Part 1: Opco Security Documents

|1. | Cession In Security by Opco in favour of Opco Security
      SPV of:                                                                                                                                                                                                                   
|-- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   |                                                                                                                                                                                                                                                                                        
|   | (a)                                                                                                                                                                                                                                                                                    
|   |                                                                                                                                                                                                                                                                                        
|   | (b)                                                                                                                                                                                                                                                                                    
|   |                                                                                                                                                                                                                                                                                        
|   | (c)                                                                                                                                                                                                                                                                                    
|   |                                                                                                                                                                                                                                                                                        
|   | (d)                                                                                                                                                                                                                                                                                    
|   |                                                                                                                                                                                                                                                                                        
|   | (e)                                                                                                                                                                                                                                                                                    
|   |                                                                                                                                                                                                                                                                                        
|   | (f)                                                                                                                                                                                                                                                                                    
|   |                                                                                                                                                                                                                                                                                        
|2. | General Notarial Bond by Opco in favour of Opco Security
      SPV.                                                                                                                                                                                                                    
|   |                                                                                                                                                                                                                                                                                        
|3. | Special Notarial Bond by Opco in favour of Opco Security
      SPV over the assets referred to in Annexure A.                                                                                                                                                                        
|   |                                                                                                                                                                                                                                                                                        
|4. | Mortgage Bonds by Opco in favour of Opco Security SPV
      over all immovable property of any nature held by Opco to the extent
      legally possible, but only to the extent that such Mortgage Bond are
      required to be granted pursuant to the Senior Facilities
  Agreement.
|   |                                                                                                                                                                                                                                                                                        
|5. | Mortgage Bonds by Opco in favour of the Opco Security SPV
      or the Security Agent (under a parallel debt structure) over all Mining
      Rights (as defined under the MPRD Act) held by
Opco.                                                                                     

Part 2: Holdco Security Documents

|1. | Cession and Pledge in Security by Holdco in favour of
      Plateau and RPM of Holdcos rights and interests in:              
|-- | ------------------------------------------------------------------------------------------------------------------------------
|   |                                                                                                                               
|   | a)                                                                                                                            
|   |                                                                                                                               
|   | b)                                                                                                                            
|   |                                                                                                                               
|   | c)                                                                                                                            
|   |                                                                                                                               
|   | d)                                                                                                                            
|   |                                                                                                                               
|   | e)                                                                                                                            
|   |                                                                                                                               
|2. | Reversionary Cession and Pledge in Security by Holdco in
      favour of RPM of Holdcos reversionary rights and interests in:
|   |                                                                                                                               
|   | a)                                                                                                                            
|   |                                                                                                                               
|   | b)                                                                                                                            

90

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| | c) | Shares in subsidiaries;           
| | -- | ----------------------------------
| |    |                                   
| | d) | Claims against subsidiaries;      
| |    |                                   
| | e) | Bank Accounts and credit
balances.

Part 3: Plateau Security Documents

|1. | Cession and Pledge in Security by Plateau in favour of
      Plateau Security SPV of rights and interests in:
|-- | -------------------------------------------------------------------------------------------------------------
|   |                                                                                                              
|   | a)                                                                                                           
|   |                                                                                                              
|   | b)                                                                                                           
|   |                                                                                                              
|   | c)                                                                                                           
|   |                                                                                                              
|   | d)                                                                                                           
|   |                                                                                                              
|   | e)                                                                                                           
|   |                                                                                                              
|   | f)                                                                                                           

Part 4: N2C Resources Security Documents

|1. | Cession and Pledge in Security by N2C Resources in favour
      of Plateau Security SPV of rights and interests in:
|-- | -------------------------------------------------------------------------------------------------------------------
|   |                                                                                                                    
|   | a)                                                                                                                 
|   |                                                                                                                    
|   | b)                                                                                                                 

Part 5: Pelawan Investments Security Documents

|1. | Cession and Pledge in Security by Pelawan Investments in
      favour of RPM of its rights and interests in:
|-- | ------------------------------------------------------------------------------------------------------------
|   |                                                                                                             
|   | a)                                                                                                          
|   |                                                                                                             
|   | b)                                                                                                          

91

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ANNEXURE A

Assets covered by Special Notarial Bond

|No.       | Description of Asset                   
|--------- | ---------------------------------------
|255000136 | Winter Drum                            
|255000137 | Winder Motor                           
|255000262 | Conc Thickener UG2 (steel              
|255000455 | Tailings Thickener UG2 (steel)         
|255000049 | Vent Shaft Fans                        
|255000163 | Electrical switchgear mine winder No. 6
|255000171 | Electrical switchgear rock winder No. 2
|255000427 | Secondary Crusher                      
|255000428 | Tertiary Crusher                       
|255000294 | Primary Jaw Crusher                    
|255000201 | CV01 conveyor  Adit 1                 
|255000430 | Larox machine                          
|255000207 | CV01 conveyor  Adit 3                 
|255000110 | Tailings Thickener Msky                

92

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SCHEDULE 3

ADDITIONAL INFORMATION

***

93

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***

94

---

***

95

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SCHEDULE 4

DISCLOSURE SCHEDULE

96

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SCHEDULE 5

MANDATORY DEBT REFINANCE

1. REFINANCE COMMITTEE

|1.1 | The Original Lender, Plateau and Anooraq will convene a
      refinance committee (Refinance Committee) within 3 months of the Closing
      Date. The Refinance Committee will develop a protocol against which it
      will conduct quarterly performance reviews of the business of Holdco in
      order to evaluate the funding position and refinance options available to
      Plateau, Holdco and/or Opco.
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                                                     
|1.2 | The Refinance Committee will comprise
  of:                                                                                                                                                                                                                                                                                                                                                                         

|1.2.1 | 3 Plateau or Anooraq representatives of their senior
      management and 3 representatives of the Original Lender; and
|----- | -----------------------------------------------------------------------------------------------------------------------
|      |                                                                                                                        
|1.2.2 | a chairman, being an independent Anooraq director who
      will not be entitled to vote.                              

|1.3 | The Refinance Committee will meet at least once every
      quarter in advance of any scheduled Plateau board meeting. A Plateau
      representative of the Refinance Committee will send out a notice of the
      proposed meeting to the remaining members of the Refinance Committee at
      least 30 days in advance of the meeting.                                                                                                                                                                                                                                                    
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|1.4 | A meeting of the Refinance Committee shall be quorate if
      the number of representatives of the Original Lender present is equal to
      or exceeds the collective number of Plateau and Anooraq representatives
      present, at the commencement and for the duration of the
meeting.                                                                                                                                                                                                                                                                                                  
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|1.5 | If no quorum is present at any meeting within 30 minutes
      from the specified time, the meeting will be adjourned to a date not less
      than seven days later, at the same time and venue, or if that date is not
      a Business Day, then to the next succeeding Business Day. All
      representatives of the Refinance Committee must be notified in writing of
      the adjourned meeting. If at such adjourned meeting a quorum is not
      present within 30 minutes from the time of that meeting, the
      representatives present will be deemed to constitute a quorum.]
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|1.6 | All decisions of the Refinance Committee will be taken by
      simple majority vote.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|1.7 | In the case of an impasse on any resolution of the
      Refinance Committee, the decision will be referred to an appropriately
      qualified independent expert to rule on the matter, as agreed between the
      representatives in writing and, in the absence of an agreement, as
      appointed by the President of the South African Institute of Chartered
      Accountants, who shall act as an expert and not as an arbitrator and whose
      decision shall be final and binding on the Refinance Committee.                                                                   
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|1.8 | The Refinance Committee will communicate its decisions
      and recommendations to the Plateau and Anooraq boards of directors which
      must, taking cognisance of their fiduciary duties, take all necessary
      steps to authorise or implement any actions recommended by the Refinance
      Committee.                                                                                                                                                                                                                                                                              
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|1.9 | The Refinance Committee may request that independent
      experts attend meetings and address the Refinance Committee in relation to
      the specific areas of expertise, for example, technical experts or a South
      African Mineral Resource Committee (SAMREC) approved competent person
      i.e. a "Competent Person" is a person                                                                                                                                                                                                                                               

97

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who is registered with South African
Counsel for Natural Scientific Professions (SACNASP), Engineering Counsel of
South Africa (ECSA) or South African Counsel for Professional and Technical
Surveyors (PLATO), or is a Member or Fellow of the South African Institute of
Mining and Metallurgy (SAIMM), the Geological Society of South Africa (GSSA)
or a Recognized Overseas Professional Organisation (ROPO) and the Competent
Person must comply with the provisions of the relevant promulgated Acts), Equity
Capital Market (ECM) and Debt Capital Market (DCM) experts from an
independent Investment Bank that have international ECM and DCM expertise, which
will provide a detailed assessment of ECM or DCM conditions and relevant
metrics, and the auditors of Anooraq).

|1.10   | ***
|------ | ---
|       |    
|1.10.1 | ***
|       |    
|1.10.2 | ***
|       |    
|1.10.3 | ***
|       |    
|1.10.4 | ***
|       |    
|1.10.5 | ***
|       |    
|1.10.6 | ***

2. IMPLEMENTATION OF THE MANDATORY DEBT REFINANCE

|2.1 | The Refinance Committee must procure, at its discretion
      and within the timeline stated in Clause 6.4.1 of the RPM Funding Common
      Terms Agreement, that Holdco prepares a SAMREC compliant reserve and
      resource statement as well as the life of mine plan(s) for Holdcos
      operating assets at the relevant time.                                                                                                                                                                                                                       
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|2.2 | The representatives of the Original Lender on the
      Refinance Committee will, within 3 months of receiving such information,
      either accept same or appoint an independent technical expert to assess
      and analyse the reserve and resource statement of Holdco as well as the
      life of mine plan(s) for Holdcos operating assets.                                                                                                                                                                                                         
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|2.3 | Upon receipt of such an assessment and analysis of
      Holdcos operating assets acceptable to the Original Lender, but in any
      event at least 6 months prior to the Initial Repayment Date, Holdco will
      appoint an independent Investment Bank to coordinate and run a debt
      refinancing programme. The independent Investment Bank will be required to
      assess appropriate and sustainable gearing levels for Plateau, Holdco
      and/or Opco (as may be appropriate), taking into account, inter alia, the
      following factors:

98

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|2.3.1 | ***
|----- | ---
|      |    
|2.3.2 | ***
|      |    
|2.3.3 | ***
|      |    
|2.3.4 | ***
|      |    
|2.3.5 | ***
|      |    
|2.3.6 | ***
|      |    
|2.3.7 | ***
|      |    
|2.3.8 | ***
|      |    
|2.3.9 | ***

|2.4 | The independent Investment Bank will also be required to
      assess the ECM and DCM conditions prevailing at the time as well forecasts
      of ECM and DCM conditions.                                                                                                                                                                                                                                                                                                                    
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|2.5 | Based on the advice provided by any independent expert
      appointed in terms of paragraph 1.9 above, the Refinance Committee will
      recommend to the boards of Anooraq, Plateau, Holdco and/or Opco (as may be
      appropriate) when, in their view, it is appropriate to undertake a
      Mandatory Debt Refinance to settle all or part of the outstanding RPM
      Facilities within the time period stipulated in Clause 6.4.1 of the RPM
      Funding Common Terms Agreement.
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|2.6 | ***                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|2.7 | If the criteria set out above are met to the reasonable
      satisfaction of Plateau, Holdco and/or Opco (as may be appropriate), the
      relevant party must undertake such Mandatory Debt Refinance and maximise
      the amount of external debt funding to be applied to redeem or settle, as
      applicable, the RPM Facilities.                                                                                                                                                   
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|2.8 | If Standard Chartered Bank does not consent to the
      revised terms and conditions, then the Refinance Committee will consider
      whether the Senior Facilities Agreement should be refinanced in advance of
      the RPM Facilities.                                                                                                                                                                                                                                                  

3. INFORMATION REQUIRED

Plateau, Holdco and/or Opco (as may be appropriate) must,
within a sufficient time period before each meeting, make, inter alia, the
following information available to the Refinance Committee to assist it in
reaching a decision in relation to the refinancing options:

99

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|3.1 | ***
|--- | ---
|    |    
|3.2 | ***
|    |    
|3.3 | ***

|3.3.1 | ***
|----- | ---
|      |    
|3.3.2 | ***
|      |    
|3.3.3 | ***
|      |    
|3.3.4 | ***
|      |    
|3.3.5 | ***

100

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Schedule 6

EXISTING OPERATIONAL GUARANTEES

|Guarantee By          | In Favour Of | Amount                          
|--------------------- | ------------ | --------------------------------
|RPM on behalf of Opco | Eskom        | R12,027,000.00                  
|UG2 Expansion         | DM           | R51,086,564.00                  
|Ga-phasha             | DM           | R165,000.00                     
|APL on behalf of Opco | DM           | R58,075,023.00 (Pre 
      2009)
|APL on behalf of Opco | DM           | R18,954,088.00 (2009)           

101

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