---

EXECUTION COPY

PLATEAU FORWARD SALE AGREEMENT

between

ANOORAQ RESOURCES CORPORATION Registration number
10022-2033(Anooraq)

and

CENTRAL PLAZA INVESTMENTS 78 (PROPRIETARY) LIMITED (to be
renamed PELAWAN FINANCE SPV (PROPRIETARY) LIMITED) Registration Number
2006/032879/07(Pelawan SPV)

and

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



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2

TABLE OF CONTENTS

|   |                                          | Page
      No.
|-- | ---------------------------------------- | --------------
|   |                                          |               
|1. | Definitions
      and interpretation     | 3             
|2. | Introduction                             | 4             
|3. | Conversion
      process                 | 5             
|4. | Forward
      Sale                       | 6             
|5. | Securities
      transfer tax            | 6             
|6. | Implementation
      of the Forward Sale | 7             
|7. | Co-operation
      and support           | 7             
|8. | Representations
      and warranties     | 8             
|9. | Breach                                   | 11            



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3

THIS AGREEMENT is dated 12 June 2009 and made
between:

|(1) | ANOORAQ RESOURCES CORPORATION, registration number
      10022-2033, a company incorporated under the laws of Canada
      (Anooraq);                                                                                            
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                  
|(2) | PLATEAU RESOURCES (PROPRIETARY) LIMITED,
      registration number 1996/013879/07, a company incorporated under the laws
      of South Africa (Plateau); and                                                                    
|    |                                                                                                                                                                                                                                  
|(3) | CENTRAL PLAZA INVESTMENTS 78 (PROPRIETARY) LIMITED(to be renamed PELAWAN FINANCE SPV (PROPRIETARY) LIMITED),
      registration number 2006/032879/07, a company incorporated under the laws
      of South Africa (Pelawan SPV).

The Parties agree as set out below.

|1. | Definitions and interpretation
|-- | ------------------------------

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

|1.1.1 | Agreementmeans this Plateau Forward Sale
      Agreement;                                                                                                                                                                                                                                                                                      
|----- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|      |                                                                                                                                                                                                                                                                                                                                                
|1.1.2 | B1 Preference Sharesmeans the 115 800 cumulative,
      convertible preference par value shares of R1.00 each and share premium of
      R9 498.14 each, in the share capital of Pelawan SPV, subscribed for by RPM
      and defined as the "RPM Pelawan SPV B1 Preference Shares" under the
      RPM Funding Common Terms Agreement;        
|      |                                                                                                                                                                                                                                                                                                                                                
|1.1.3 | B2 Preference Sharesmeans the 115 800 cumulative,
      convertible preference par value shares of R1.00 each and share premium of
      R4 836.29 each, in the share capital of Plateau, subscribed for by Pelawan
      SPV and defined as the "Pelawan SPV Plateau B2 Preference Shares"
      under the RPM Funding Common Terms Agreement;
|      |                                                                                                                                                                                                                                                                                                                                                
|1.1.4 | B3 Preference Sharesmeans the 111 600 cumulative,
      convertible preference par value shares of R1.00 each and share premium of
      R4 836.29 each, in the share capital of Plateau, subscribed for by Pelawan
      SPV and defined as the "Pelawan SPV Plateau B3 Preference Shares"
      under the RPM Funding Common Terms Agreement;



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4

|1.1.5 | Partiesmeans the parties to this Agreement, being
      Anooraq, Plateau and Pelawan SPV;                                                                                                                                  
|----- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|      |                                                                                                                                                                                                                            
|1.1.6 | RPM Funding Common Terms Agreementmeans the
      written common terms agreement dated on or about the Signature Date
      between inter aliaAnooraq, Plateau and Pelawan SPV; and                                        
|      |                                                                                                                                                                                                                            
|1.1.7 | RPM Pelawan SPV B1 Preference Share Termsmeans
      the rights and privileges attaching to a B1 Preference Share, as detailed
      in Schedule 2 to the RPM Pelawan SPV B1 Preference Share Subscription
      Agreement;
|      |                                                                                                                                                                                                                            
|1.1.8 | Signature Datemeans the date of the signature of
      the Party last signing this Agreement.                                                                                                                              

|1.2 | The provisions of clauses 1.2 to 1.12 (inclusive), 20
      (Notices and Domicilia), 21 (Governing Law), 22 (Jurisdiction), 23
      (General) and 25 (Counterparts) of the RPM Funding Common Terms Agreement
      are incorporated by reference into this Agreement as if repeated herein in
      full.
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                            
|1.3 | In the event of a conflict between the terms of this
      Agreement and the RPM Funding Common Terms Agreement the provisions of
      this Agreement shall prevail to the extent of the
  conflict.                                                                                                      

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

|2.1 | Plateau has procured funding from a number of sources in
      order to meet its payment obligations under the Acquisition.                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|2.2 | In this regard, RPM and Pelawan SPV have entered into the
      RPM Pelawan SPV B1 Preference Share Subscription Agreement.                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|2.3 | Pelawan SPV and Plateau have entered into the Pelawan SPV
      Plateau B2 Preference Share Subscription Agreement and the Pelawan SPV
      Plateau B3 Preference Share Subscription Agreement.                                                                                                                                                                                                                                                                                                                                                                                              
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|2.4 | In accordance with the RPM Pelawan SPV B1 Preference
      Share Terms, RPM has the right and option to require that the B1
      Preference Shares (or part thereof) be Converted into such number of
      Pelawan SPV Ordinary Shares, as is determined for value in accordance with
      the Conversion formulae set out under the RPM Pelawan B1 Preference Share
      Terms, which option is capable of being exercised at any time after the
      Issue Date and before the Final Conversion Date pursuant to delivery by
      RPM to Pelawan SPV of a Conversion Notice or, in
the



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5

|    | absence of delivery of such Conversion Notice, the B1
      Preference Shares will automatically Convert on the Final Conversion
      Date.                                                                                                                                                                       
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                    
|2.5 | The Conversion of B1 Preference Shares may result in the
      declaration and payment of a B1 Preference Dividend in respect of the B1
      Preference Shares.                                                                                                                                                   
|    |                                                                                                                                                                                                                                                                                                                    
|2.6 | The delivery of a Conversion Notice and the subsequent
      Conversion of the B1 Preference Shares will result in the automatic
      Conversion of a pro ratanumber of B2 Preference Shares and B3
      Preference Shares into Plateau 2 Converted Shares and Plateau 3 Converted
      Shares, respectively.   
|    |                                                                                                                                                                                                                                                                                                                    
|2.7 | Similarly, the Conversion of the B2 Preference Shares and
      the B3 Preference Shares may result in the declaration of a B2 Preference
      Dividend and a B3 Preference Dividend in respect of the B2 Preference
      Shares and the B3 Preference Shares. In such circumstances, Pelawan SPV
      will use:

|2.7.1 | all of the cash proceeds of the B2 Preference Dividend to
      subscribe for the Plateau 2 Subscription Shares; and
|----- | --------------------------------------------------------------------------------------------------------------------
|      |                                                                                                                     
|2.7.2 | all of the cash proceeds of the B3 Preference Dividend to
      subscribe for Plateau 3 Subscription Shares.        

|2.8 | This Agreement sets out the terms and conditions under
      which Pelawan SPV sells to Anooraq:
|--- | ------------------------------------------------------------------------------------------------

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

in each case, for delivery and
settlement by Anooraq on the Conversion Date.

|3. | Conversion process
|-- | ------------------

|3.1 | In accordance with the Conversion formulae set out under
      the Pelawan SPV Plateau B2 Preference Share Terms, the Pelawan SPV Plateau
      B3 Preference Share Terms and the Conversion Implementation Agreement, the
      Market Value of the Anooraq Common Shares will determine inter
      alia:
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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|3.1.1 | the number of B2 Preference Shares and B3 Preference
      Shares to be Converted into Plateau 2 Converted Shares and Plateau 3
      Converted Shares;                                                                                
|----- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|      |                                                                                                                                                                                                                                        
|3.1.2 | the B2 Preference Dividend and B3 Preference Dividend to
      be declared and paid by Plateau to Pelawan SPV in respect of the B2
      Preference Shares and B3 Preference Shares, if applicable; and                                
|      |                                                                                                                                                                                                                                        
|3.1.3 | the additional number of Plateau 2 Subscription Shares
      and Plateau 3 Subscription Shares to be subscribed for by Pelawan SPV
      using all of the cash proceeds of the B2 Preference Dividend and B3
      Preference Dividend.

|3.2 | The Conversion of B2 Preference Shares into Plateau 2
      Ordinary Shares and B3 Preference Shares into Plateau 3 Ordinary Shares,
      the payment of a B2 Preference Dividend and a B3 Preference Dividend and
      subsequent subscription by the Pelawan SPV for the Plateau 2 Subscription
      Shares and the Plateau 3 Subscription Shares, will result in Pelawan SPV
      holding Plateau 2 Shares and Plateau 3 Shares.
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|4. | Forward sale
|-- | ------------

|4.1 | The Parties agree that as at each Conversion Date,
      Pelawan SPV sells to Anooraq (and Anooraq accepts the sale of) the Plateau
      2 Shares and the Plateau 3 Shares. The purchase consideration of this sale
      is the issuing and allotment by Anooraq of the Anooraq 2 Consideration
      Shares and Anooraq 3 Consideration Shares to Pelawan SPV on the Conversion
      Date in accordance with clause 6.2.
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                                                             
|4.2 | Ownership of, and the risk in and benefit of, the Plateau
      2 Shares and the Plateau 3 Shares shall pass to Anooraq on and with effect
      from the Conversion Date.                                                                                                                                                                                                                                                  
|    |                                                                                                                                                                                                                                                                                                                                                                                                                             
|4.3 | Ownership of, and the risk in and benefit of, the Anooraq
      2 Consideration Shares and Anooraq 3 Consideration Shares shall pass to
      Pelawan SPV on and with effect from the Conversion
Date.                                                                                                                                                                                                                      

|5. | Securities transfer tax                                                                                                                                                                                                                                    
|-- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   |                                                                                                                                                                                                                                                            
|   | Plateau must pay any securities transfer tax applicable
      to a transfer of Plateau 2 Shares and Plateau 3 Shares from Pelawan SPV to
      Anooraq in terms of section 6(2) of the STT Act and any interest and
      penalties thereon, if applicable.



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7

|6. | Implementation of the Forward Sale
|-- | ----------------------------------
|   |                                   
|   | On each Conversion Date:          

|6.1 | Pelawan SPV shall deliver to Anooraq:
|--- | -------------------------------------

|6.1.1 | the original share certificates in respect of the Plateau
      2 Shares and Plateau 3 Shares, together with duly completed instruments of
      transfer, required in terms of section 133(2) of the Companies Act, signed
      by Pelawan SPV as transferor (and dated not more than 5 days before the
      Conversion Date) and specifying Anooraq as transferee; and
|----- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|      |                                                                                                                                                                                                                                                                                                                                                                           
|6.1.2 | a certified copy of resolutions of the directors of
      Pelawan SPV:                                                                                                                                                                                                                                                                                                    

|6.1.2.1 | approving the transfer of the Plateau 2 Shares and
      Plateau 3 Shares; and                                                                                                     
|------- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|        |                                                                                                                                                                                    
|6.1.2.2 | directing the transfer secretary of Pelawan SPV to
      procure the registration of transfer of the Plateau 2 Shares and Plateau 3
      Shares to and in the name of Anooraq; and

|6.2 | against compliance by Pelawan SPV with clause 6.1,
      Anooraq must immediately:
|--- | ----------------------------------------------------------------------------------

|6.2.1 | issue and allot the Anooraq 2 Consideration Shares and
      the Anooraq 3 Consideration Shares to Pelawan SPV and provide Pelawan SPV
      with written proof thereof; and                                                       
|----- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|      |                                                                                                                                                                                                                                    
|6.2.2 | deliver to Pelawan SPV a certified copy of resolutions of
      the directors of Anooraq approving the issue and allotment of the Anooraq
      2 Consideration Shares and the Anooraq 3 Consideration Shares to Pelawan
      SPV.

|7. | Co-operation and support
|-- | ------------------------

|7.1 | Each of the Parties undertake (at its own expense) to
      co-operate and assist the other Parties by providing any requesting Party
      with such information, records and documents pertaining to the Parties as
      may be reasonably required from time to time by the requesting Party for
      accounting purposes and/or for the preparation and/or filing by the
      requesting Party of any submissions to any relevant tax authorities or any
      other regulatory authorities from time to time.
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|7.2 | Each of the Parties agree to the extent that it is within
      its power to do so, to take all steps necessary to give effect to the
      provisions of this Agreement. In                                                                                                                                                                                                                                                                                                                                         



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8

particular, Pelawan SPV and Anooraq
undertake to take all steps necessary to pass the requisite special resolutions
to give effect to the terms and conditions of this Agreement in accordance with
the provisions of sections 85 to 89 of the Companies Act.

|8. | Representations and warranties
|-- | ------------------------------

|8.1 | Pelawan SPV is acquiring the Anooraq 2 Consideration
      Shares and the Anooraq 3 Consideration Shares as principal for its own
      account and not for the benefit of any other person.                                                                                                                                                                                                                                                         
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|8.2 | Pelawan SPV is resident in, or otherwise subject to, the
      applicable laws of South Africa.                                                                                                                                                                                                                                                                                                                                                      
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|8.3 | Pelawan SPV is not (and is not purchasing the Anooraq 2
      Consideration Shares and the Anooraq 3 Consideration Shares for the
      account or benefit of) a U.S. Person and did not execute or deliver this
      Agreement in the United States.                                                                                                                                                                                               
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|8.4 | Pelawan SPV has not received or been provided with a
      prospectus, offering memorandum or similar document or any sales or
      advertising literature and the decision to enter into this Agreement and
      acquire the Anooraq 2 Consideration Shares and the Anooraq 3 Consideration
      Shares has not been based on representations as to fact or otherwise made
      by or on behalf of Anooraq except as expressly set forth herein.
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|8.5 | No person has made to Pelawan SPV any written or oral
      representation:                                                                                                                                                                                                                                                                                                                                                                          

|8.5.1 | that any person will refund or return the consideration
      payable in respect of any of the Anooraq 2 Consideration Shares and the
      Anooraq 3 Consideration Shares to be acquired by Pelawan SPV hereunder;
      or
|----- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|      |                                                                                                                                                                                                                             
|8.5.2 | as to the future price or value of any of the Anooraq 2
      Consideration Shares and the Anooraq 3 Consideration
  Shares.                                                                                                

|8.6 | Pelawan SPV is knowledgeable of, or has been
      independently advised as to, the applicable laws of Pelawan SPVs
      jurisdiction of residence which would apply to the transactions
      contemplated by this Agreement, if there are any, and the issuance of the
      Anooraq 2 Consideration Shares and the Anooraq 3 Consideration Shares to
      Pelawan SPV contemplated hereunder complies with all such applicable laws
      and save as provided in this Agreement will not cause Anooraq to become
      subject to or comply with any disclosure, prospectus
or
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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9

reporting requirements under any such
applicable laws to which Anooraq is not already subject.

|9. | Acknowledgements, agreements and
      certifications
|-- | -----------------------------------------------------

|9.1 | Pelawan SPV, acknowledges, agrees and certifies
      as follows:
|--- | -----------------------------------------------------------------

|9.1.1 | that it is not a resident of British Columbia or any
      other provinces or territories of Canada;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|----- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|9.1.2 | no securities commission, agency, governmental authority,
      regulatory body, stock exchange or other regulatory body has reviewed or
      passed on the merits of the Anooraq 2 Consideration Shares and the Anooraq
      3 Consideration Shares;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|9.1.3 | Anooraq has advised Pelawan SPV that Anooraq is relying
      on an exemption from the requirements to provide Pelawan SPV with a
      prospectus and to sell the Anooraq 2 Consideration Shares and the Anooraq
      3 Consideration Shares through a person registered to sell securities
      under the Securities Act(British Columbia) and other applicable
      securities laws and, as a consequence of acquiring the Anooraq 2
      Consideration Shares and the Anooraq 3 Consideration Shares pursuant to
      this exemption, certain protections, rights and remedies provided by the
      Securities Act(British Columbia) and other applicable securities
      laws, including statutory rights of rescission or damage, will not be
      available to Pelawan SPV;
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|9.1.4 | the Anooraq 2 Consideration Shares and the Anooraq 3
      Consideration Shares will be subject to statutory resale restrictions
      under applicable securities laws, and Pelawan SPV covenants that it will
      not resell or transfer the Anooraq 2 Consideration Shares and the Anooraq
      3 Consideration Shares except in compliance with such laws, and Pelawan
      SPV acknowledges that it is solely responsible (and Anooraq is in no way
      responsible) for such compliance;                                                                                                                                                                                                                                                                                      
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|9.1.5 | The certificates representing the Anooraq 2 Consideration
      Shares and the Anooraq 3 Consideration Shares will bear, as of the Closing
      Date, the following legends as required by National Instrument 45-102
      Resale of Securitiesof the Canadian securities regulatory
      authorities, with the                                                                                                                                                                                                                                                                                                                                                                                                                                                                        



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10

|       | necessary information inserted, and Pelawan SPV agrees to
      comply with the terms of such legends:                                                                                                                                                                                                                                                                                                                                                                                                                 
|------ | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|9.1.6  | UNLESS PERMITTED UNDER SECURITIES LEGISLATION, THE
      HOLDER OF THIS SECURITY MUST NOT TRADE THE SECURITY BEFORE [DATE
      THAT IS FOUR (4) MONTHS AND ONE (1) DAY AFTER THE RELEVANT CONVERSION DATE
      TO BE INSERTED].                                                                                                                                                                                                                                                                                    
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|9.1.7  | in addition, the certificates representing the Anooraq 2
      Consideration Shares and the Anooraq 3 Consideration Shares will also bear
      a legend substantially in the following form as required by the TSX-
      Venture Exchange and Pelawan SPV agrees to comply with the terms of such
      legend:                                                                                                                                                                                                      
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|9.1.8  | WITHOUT PRIOR WRITTEN APPROVAL OF THE TSX VENTURE
      EXCHANGE AND COMPLIANCE WITH ALL APPLICABLE SECURITIES LEGISLATION, THE
      SECURITIES REPRESENTED BY THIS CERTIFICATE MAY NOT BE SOLD, TRANSFERRED,
      HYPOTHECATED OR OTHERWISE TRADED ON OR THROUGH THE FACILITIES OF THE TSX
      VENTURE EXCHANGE OR OTHERWISE IN CANADA OR TO OR FOR THE BENEFIT OF A
      CANADIAN RESIDENT UNTIL [DATE THAT IS FOUR (4) MONTHS AND ONE
      (1) DAY AFTER THE RELEVANT CONVERSION DATE TO BE
      INSERTED].
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|9.1.9  | If required by applicable securities laws or by Anooraq,
      Pelawan SPV will execute, deliver and file or assist Anooraq in filing
      such reports, undertakings and other documents with respect to the issue
      of the Anooraq 2 Consideration Shares and the Anooraq 3 Consideration
      Shares as may be required by any securities commission, stock exchange or
      other regulatory authority;                                                                                                     
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|9.1.10 | The Anooraq 2 Consideration Shares and the Anooraq 3
      Consideration Shares have not been and will not be registered under the
      U.S. Securities Act and may not be offered or sold in the United States or
      to U.S. persons unless registered under such act or an exemption from the
      registration requirements of such act is
available;                                                                                                                                                          



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11

|9.1.11 | There is no government or other insurance covering the
      Anooraq 2 Consideration Shares and the Anooraq 3 Consideration
    Shares.
|------ | ---------------------------------------------------------------------------------------------------------------------------------------

|9.2 | Anooraq acknowledges, agrees and certifies as
      follows:
|--- | ------------------------------------------------------------

|9.2.1 | if required by applicable securities laws, it will
      execute and file, together with the prescribed fees, all documentation
      required by the applicable securities laws or by any legislation or order
      in force in its jurisdiction of residence or to which it may be subject,
      within the time limits prescribed to permit the subscription for, and
      issuance of, the Anooraq 2 Consideration Shares and the Anooraq 3
      Consideration Shares;
|----- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|9.2.2 | if required by applicable securities laws or by Pelawan
      SPV it will execute, deliver and file or assist Pelawan SPV in filing such
      reports, undertakings and other documents with respect to the issue of the
      Anooraq 2 Consideration Shares and the Anooraq 3 Consideration Shares as
      may be required by any securities commission, stock exchange or other
      regulatory authority.                                                              

|10. | Reliance on representations, warranties, covenants,
      certifications and acknowledgements                                                                                                                                                                 
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                               
|    | Each of the Parties acknowledge that the other Parties
      will rely on the representations and warranties, covenants, certifications
      and acknowledgements made in this Agreement in completing the transactions
      contemplated by this Agreement.
|    |                                                                                                                                                                                                                                                               
|11. | Breach                                                                                                                                                                                                                                                        

|11.1 | If a Party breaches any material provision of this
      Agreement and remains in breach for 5 Business Days after written notice
      to that Party requiring that Party to rectify that breach, each of the
      aggrieved Parties shall be entitled (without derogating from any of its
      other rights or remedies under this Agreement or subject to clause 11.2,
      at law) to sue for immediate specific performance of any of the defaulting
      Party's obligations under this Agreement, whether or not such obligation
      is then due, and to claim any damages it has suffered.
|---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|11.2 | The Parties are not entitled to cancel this
    Agreement.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              



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12

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



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