Document:

Exhibit 10.4

 

Protocol No: 245/2012

 

NOTARIAL DEED
OF LEASE

 

KNOW ALL MEN
WHOM IT MAY CONCERN

 

THAT on this 17th
day of April in the year Two Thousand and Twelve (2012), before me,

 

FATIMA VALLI-GATTOO

 

Notary Public by
lawful authority duly sworn and admitted residing and practising at Johannesburg in the Province of Gauteng, and in the presence of the
subscribing, witnesses, personally came and appeared:

 

	(1)(a)	Sian
                                            Roth, an attorney at Cliffe Dekker Hofmeyr Inc of Sandton, and as such in her capacity as
                                            the duly authorised attorney and agent of:

     

    MOLEFE
    JOHN PILANE

     

    in his capacity
    as Kgosi of and as such representing:

     

    THE BAKGATLA-BA-KGAFELA
    TRIBE

     

    (hereinafter
    together with its successors-in-title and/or assigns referred to as “The Bakgatla-Ba-Kgafela Tribe”),
    she, the said Appearer, being duly authorised hereto under and by virtue of a Power of Attorney executed at Moruleng on the 8th day
    of December 2011 and granted to her by the said MOLEFE JOHN PILANE in his aforementioned capacity, he being duly authorised
    thereto by virtue of a Resolution passed at Saulspoort on the 28th day of June 2008 by the Bakgatla-Ba-Kgafela Tribe.

	 	 
	(b)	V.Z
                                            Mngwengwe in his/her capacity as Chief Director: State Land Administration and as such representing
                                            the:

                                 

    MINISTER
    OF RURAL DEVELOPMENT AND LAND REFORM

     

    in his capacity
    as trustee of certain land owned by The Bakgatla-Ba-Kgafela Tribe, (he hereinafter together with her successors-in-office
    and/or assigns referred to as “the Trustee”) namely in his capacity as Trustee of:

     

    THE BAKGATLA-BA-KGAFELA
    TRIBE

     

    (as above defined)

     

    she, the said
    Appearer, being duly authorised thereto under and by virtue of a Power of Attorney executed at Pretoria on the 30th day of
    November 2011 and granted to him by the Trustee.

     

    (The Bakgatla-Ba-Kgafela
    Tribe and the Trustee being hereinafter jointly and severally referred.to as “the Lessor”);

     

    AND

 

     

     

    

 

	(c)	Sian
                                            Roth, an attorney at Cliffe Dekker Hofmeyr Inc. of Sandtoh, and as such in her capacity as
                                            the duly authorised attorney and agent of:

                                             

    ITIRELENG
    BAKGATLA MINERALS RESOURCES PRORRIL TARY LIMITED

     

    (Registration
    Number. 2003/003721/07)

     

    (hereinafter
    together with its successors-in-title and/or assigns referred to as “the Lessee”), she, the said-Appearer,
    being duly authorised thereto under and by virtue of a Power of Attorney executed at Moruleng on the 8th day of December 2011
    and granted to her by M.T.C Gumbo in his capacity as director of the Lessee, he being duly authorised thereto by a Resolution of
    the Board of Directors of the Lessee passed on the 22nd day of March 2011;

 

which Powers of
Attorney and certified copies of which Resolutions have this day been exhibited to me, the Notary, and remain filed of record in my Protocol
with the Minute hereof.

 

AND
THE APPEARS DECLARED THAT:

 

		A	WHEREAS
                                            the Lessor is the registered owner of the properties and the holder of the rights to the
                                            surface of the properties more fully described as:

 

		1.	The,
                                            Farm Wilgerspruit No. 2

Registration
Division J.Q., North West Province.

Measuring
2969, 6863 (Two Nine Six Nine Comma Six Eight Six Three) hectares

Held under
Deed of Transfer Nq. T1230/1919BP;

(hereinafter
referred to as the “Property”)

 

		2.	An
                                            undivided 1⁄2 (one half) share in and to

The Farm
Koedoesfontein No. 42

Registration
Division J.Q., North West Province

Measuring
2349, 5886 (Two Three Four Nine Comma Five Eight Eight Six) hectares

Held under
Deed of Transfer No. T7558/19T9BP;

(“Koedoesfontein”)

 

		3.	The
                                            Remaning Extent of the Farm Legkraal No. 45

Registration
Division J.Q, North West Province

Measuring
711,4864 (Seven Hundred and Eleven Comma Four Eight Six Four) hectares

Held under
Deed of Transfer No. T17606/1935BP; and

(“Legkraal”)

 

    2

     

    

 

		4.	The
                                            Remaining Extent of Portion 1 of Farm Rooderand No. 46

Registration
Division J.Q., North West Province

Measuring
495, 6136 (Four Hundred and Ninety Five Comma Six One Three Six) hectares

Held under
Deed of Transfer No. T8993/1916BP;

(“Rooderand”)

(hereinafter
collectively referred to as the “Extension Property”)

 

		B	AND
                                            WHEREAS the Lessee is the holder of a mining right (NW30/5/1/2/2/33MR) granted
                                            to the Lessee by the Minister of Minerals and Energy in terms of section 23 of the Minerals
                                            and Petroleum Resources Development Act 28 of 2004, as amended (“MPRD Act”)
                                            over the Property and the Extension Property;

 

		C	AND
                                            WHEREAS the Lessor hereby lets to the Lessee and the Lessee hereby hires from the Lessor
                                            the Property;

 

		D	AND
                                            WHEREAS the Lessor has agreed to grant an option to the Lessee to incorporate one or more
                                            of the Extension Properties or portions thereof (subject to the Subdivision of Agricultural
                                            Land Act); as more fully set out hereafter; and

 

		E	AND
                                            WHEREAS the Lessor and the Lessee wish to record the terms and conditions in terms of which
                                            the Lessee will lease the Property from the Lessor.

 

NOW THEREFORE THESE
PRESENTS WITNESS THAT:

 

		1.	LEASE

 

With
effect from the Signature Date, the Lessor hereby lets the Property to the Lessee in consideration for the rental referred to in clause 5
below on the terms and conditions of this Agreement.

 

		2.	DURATION
                                            AND TERMINATION

 

		2.1	This
                                            Agreement shall commence on the Signature Date and shall terminate on the later of:

 

		2.1.1	the
                                            Lessee obtaining a Closure Certificate, certifying that the mining operations on the Property
                                            are finished and that the rehabilitation of the Property is complete; and

 

		2.1.2	the
                                            transfer of the environmental liabilities and responsibilities by IBMR to a qualifying third
                                            party in accordance with section 43(2) of the MPRD Act, which qualifying third
                                            party is acceptable to the Lessor, acting reasonably.

 

		2.2	The
                                            Lessee shall be entitled to terminate this Agreement by one years’ written notice to
                                            the Lessor.

 

		3.	OCCUPATION

 

		3.1	The
                                            Lessee shall take occupation of the Property on the Signature Date.

 

		3.2	With
                                            effect from the Signature Date, and subject to the above, the Lessee shall bear all risk
                                            of loss or damage to the Property.

 

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		4.	USE
                                            OF PROPERTY

 

		4.1	The
                                            Lessee shall use the Property to carry on mining operations and for purposes ancillary to
                                            mining operations only.

 

		4.2	The
                                            Lessee shall be entitled to secure the Property by means of fencing or any other means and
                                            shall take reasonable safety precautions so as to avoid endangering the persons-and properties
                                            of the local inhabitants.

 

		4.3	The
                                            Lessee shall not be entitled to occupy or encroach on the surface of any land outside of
                                            the Property and shall use reasonable endeavors not to interfere with or disturb the local
                                            inhabitants in the area, save for access to and use of roads, the building of roads, powerlines,
                                            waterlines and any other related infrastructure and doing any matters reasonably necessary
                                            to undertake mining operations on the Property.

 

		4.4	The
                                            Lessee shall at all material times comply with applicable law;

 

		4.5	The
                                            Lessor shall use all reasonable endeavors to ensure that the Lessee’s right of use
                                            of the Property is not interfered with by any person, including, but not limited to, the
                                            members of the Lessor

 

		4.6	The
                                            Lessor undertakes to provide all reasonable assistance to the Lessee for ensuring that all
                                            necessary relocations occur where such relocations are required in order for the Lessee to
                                            be able to use the Property in the manner and for the purposes provided for in this Agreement.

 

		4.7	In
                                            the event that the lessee’s use of property leads to the sterilization of any part
                                            of the property, at any time during the subsistence of this agreement, as a result of, but
                                            not limited to, the construction of an open pit mine, tailings dam and on waste rock dump,
                                            the parties shall endeavour to reach agreement on possible redress to the lessor by engaging
                                            in good faith negotiations including negotiations to purchase such sterilized portions at
                                            market value, failing which the matter shall be settled in terms of clause 22 of the
                                            Agreement:

 

		5.	CONSIDERATION.

 

		5.1	In
                                            the event that the lessee’s use of property leads to the sterilization of any part
                                            of the property, at anytime during the subsistence of this agreement, as a result of, but
                                            not limited to, the construction of an open pit mine, tailings dam and on waste rock dump,
                                            the parties shall endeavour to reach agreement on possible redress to the lessor by engaging
                                            in good faith negotiations including negotiations to purchase such sterilized portions at
                                            market value, failing which the matter shall be settled in terms of clause 22 of the
                                            Agreement.

 

		5.2	Subject
                                            to clause 6.2.4, as consideration for the lease of the Property, the Lessee shall pay,
                                            against receipt of an appropriate invoice, to the Lessor an amount of R290.00 per hectare
                                            per annum.

 

		5.3	The
                                            total rental for the first year of the lease period being R861 209.00 (eight hundred
                                            and sixty one thousand two hundred and nine rand).

 

		5.4	The
                                            consideration shall be paid in the following mariner after receipt of an invoice reflecting
                                            the rental set out in this agreement;

 

		5.4.1.1	within
                                            7 days of the Signature Date and thereafter on the anniversary thereof; and

 

		5.4.1.2	annually
                                            in advance by electronic transfer into the following bank account: Account Holder: Lexshell 703
                                            Investments (Proprietary) Limited; Bank: Nedbank Limited; Branch Code: 128 405; Account
                                            Number: [***].

 

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		5.5	The
                                            consideration referred to in clause 5.1 shall be escalated annually by CPIX on the anniversary
                                            of the Signature Day of this Agreement, and shall exclude Value Added Tax.

 

		5.6	The
                                            consideration in 5.1, above shall be paid into a suitable bank account held by/oh behalf
                                            of the Bakgatla-Ba-Kgafela Tribe, for the exclusive benefit of the Bakgatla-Ba-Kgafela
                                            Tribe as a community.

 

		6.	OPTION

 

		6.1	The
                                            Lessor hereby grants an option to the Lessee to incorporate one or more of the Extension
                                            Properties or portions thereof (subject to the Subdivision of Agricultural Land Act), as
                                            and when the need arises by the Lessee, from the Lessor; provided that the option in respect
                                            of Koedoesfontein is suspensive upon the consent being obtained by the owners of the undivided
                                            1⁄2 (one half) share not owned by the Lessor. With regards to Koedoesfontein, where
                                            the Lessee wishes to exercise the option, the Lessor undertakes to use its reasonable endeavours
                                            to procure that the other owners consent to same on the terms contemplated herein.

 

		6.2	Should
                                            the Lessee elect.to exercise its option above:

 

		6.2.1	the
                                            Lessee shall notify the Lessor in writing of its intention to exercise its option to incorporate
                                            one or more of the Extention Properties and to-lease and include therein the Extension
                                            Property/ies or portions thereof (subject to the Subdivision of Agricultural Land Act) and
                                            shall provide the Lesser with details of such extension;

 

		6.2.2	the
                                            variation to the extent of the Property shall, if necessary, be surveyed by an. independent
                                            surveyor appointed by the Lessee, at its cost, and the surveyor shall prepare a lease diagram/s
                                            in respect of the variation to the extent of the Property and shall be approved by the Surveyor
                                            General;

 

		6.2.3	the
                                            Parties shall conclude an addendum to this Agreement within 30 days of notification
                                            by the Lessee to the Lessor in terms of 6.2.1, or such longer period as may be agreed between
                                            the Parties, which addendum (and upon such conclusion, the option shall be. exercised) shall
                                            record the new extent and description of the Property, the new consideration payable and
                                            shall refer to lease diagram/s, if applicable: and

 

		6.2.4	the
                                            Lessee shall pay the first instalment in respect of the varied consideration, in terms of
                                            the addendum against receipt of an appropriate invoice, within 7 days of the signature
                                            of the addendum to this Agreement and thereafter in accordance with 5.4.1.2, The aforementioned
                                            first instalment shall be. pro-rated until the time of the subsequent payment.

 

		6.3	This
                                            option shall subsist for the duration of this Agreement and may be exercised more than once,
                                            as and when required, in the event that the entire Extension Property has not already been
                                            leased by the Lessee in terms of any addendum hereto. Furthermore, the Lessee shall be entitled
                                            to reduce the extent of the Property (as extended in accordance with clause 6) on 3 months
                                            written notice to that effect to the Lessor, whereafter, the consideration shall reduce accordingly.

 

		7.	ADDITIONAL
                                            CHARGES

 

In addition
to paying the consideration referred to in clause 5.2, the Lessee shall pay the cost of connection fees, rates, taxes, electricity,
water, gas and any other utilities and costs consumed and / or incurred by the Lessee on the Property directly to whomsoever shall have
levied such charges.

 

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		8.	LESSEE’S
                                            RIGHTS AND OBLIGATIONS

 

		8.1	Lessee’s
                                            rights

 

		8.1.1	The
                                            Lessor, insofar as it is legally entitled to do so, grants to the Lessee, its officials,
                                            employees, contractors, agents or persons having business with the Lessee:

 

		8.1.1.1	the
                                            unrestricted right of access to, way over and egress from the Property, by pedestrian and
                                            vehicular traffic and the right to establish and maintain roadways, pipelines, cable ways-
                                            or transport routes;

 

		8.1.1.2	the
                                            right to erect, install and to remove buildings, installations, machinery, telephone and
                                            power-lines and cables, which might be reasonably necessary for its purposes;

 

		8.1.1.3	the
                                            right to the use of available surface and underground water on or under the Property in accordance
                                            with all applicable legislation; and

 

		8.1.1.4	the
                                            right to sink boreholes, dig pits, to drill for water and have the exclusive use thereof,
                                            provided that the Lessee obtains any necessary approvals in accordance with all applicable
                                            legislation.

 

		8.2	Lessee’s
                                            Obligations

 

		8.2.1	The
                                            Lessee shall comply with all applicable law.

 

		8.2.2	The
                                            Lessee shall exercise proper supervision over all of its employees, agents and contractors
                                            that work on the Property and shall:

 

		8.2.2.1	upon
                                            reasonable request from the Lessor; keep the Lessor informed as to the number and constitution
                                            of its said workforce on the Property from time to time; and

 

		8.2.2.2	take
                                            due care and reasonable precautionary measures to avoid grass or bush fires and any injury,
                                            death or damage to crops, cattle, game and other property or improvements of the Lessor.
                                            If the Lessee or its employees, agents or contractors acting in the course and scope of their
                                            employment cause any grass or bush fires or any injury, death or damage to the crops, cattle,
                                            game or other property or improvements of the Lessor, the Lessee shall compensate the Lessor
                                            for such losses (including, without limitation costs or damages) as may arise directly there
                                            from on such basis as may be mutually agreed upon by the Parties.

 

		8.2.3	Upon
                                            completion by the Lessee of its activities or upon termination of this Agreement, the Lessee
                                            shall:

 

		8.2.3.1	subject
                                            to section 43(2) of the MPRD Act, rehabilitate and restore the surface of the Property
                                            in order to obtain a Closure Certificate in accordance with the requirements of the Environmental
                                            Management Programme and MPRD Act; and

 

		8.2.3.2	subject
                                            to section 44 of the MPRD Act, demolish and remove all buildings, camp and work sites,
                                            machinery, equipment, telephone lines, pipelines and power lines erected and installed and
                                            remove all roads established by it sufficiently to, enable natural vegetation to recover
                                            thereon, provided that if after consultation the Lessor desires that any of the above improvements
                                            be left in place, the Lessee shall leave same in place, in which event same shall become
                                            the property and sole responsibility of the Lessor.

 

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		9.	ENVIRONMENTAL
                                            OBLIGATIONS AND INDEMNITY

 

		9.1	The
                                            Lessee shall; at all times, carry out the mining operations in and on the Property in accordance
                                            with:

 

		9.1.1	the
                                            Mining Right after it has been amended in accordance with various amendments submitted to
                                            the Department of Mineral Resources (“DMR”) during the course of 2011,
                                            granted to the Lessee in terms of the MPRD Act;

 

		9.1.2	the
                                            approved Environmental Management Programme in respect of the Mining Right after it has been
                                            amended in accordance with various amendments submitted to the DMR during the course of 2011;
                                            and

 

		9.1.3	subject
                                            to the carve-outs referred to in clauses 9.1.1 and 9.1.2, all applicable laws, statutes,
                                            ordinances, rules, regulations, orders and judicial precedents relating to the prevention
                                            and remediation of pollution and/or degradation to and protection of the environment and/or
                                            protection of human health including, but not limited to, the Environment Conservation Act
                                            No 73 of 1989, the National Water Act No 36 of 1989, the Atmospheric Pollution Prevent
                                            Act No 45 of 1965, the Hazardous Substances Act No 15 of 1973, the National Environmental
                                            Management Act. No 107 of 1998 and the Constitution of the Republic of South Africa
                                            1996.

 

		9.2	Without
                                            prejudice to any of the other rights of the Lessor under or arising from this agreement,
                                            the Lessee hereby indemnifies the Lessor against all and any direct losses which the Lessor
                                            may suffer, sustain or incur as a result of or which may be attributable to -

 

		9.2.1	the
                                            existence or potential existence of any significant pollution or degradation of the environment,
                                            arising out of any activity, act or omission of the Lessee; and

 

		9.2.2	the
                                            existing or potential existence of any pollution of a water resource, arising out of any
                                            activity, act or omission of the Lessee.

 

		10.	NON-INTERFERENCE

 

		10.1	The
                                            Lessor shall not interfere nor permit any interference by any third party in the lawful activities
                                            of the Lessee in terms of this Agreement where, with reasonable endeavors, the Lessor is
                                            able to do so.

 

		10.2	The
                                            Lessor shall not grant to any other person any right over or in respect of the Property whether
                                            the same be an option, overriding option, right of first refusal servitude, or in any other
                                            form and should the Lessor sell or otherwise dispose of the Property during the currency
                                            of this Agreement, the Lessor shall notify the party so acquiring same (and a copy of such
                                            notice shall be dispatched to the Lessee with 7 (seven) days thereof) of the existence
                                            of this Agreement and the nature thereof and the Lessor shall furthermore cause a provision
                                            to be inserted in the relevant document relating to the disposal of the- Property to
                                            the effect that such disposal is subject to the terms of this Agreement.

 

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		10.3	The
                                            provisions of clause 10.2 shall not apply to any servitude to the extent that such servitude
                                            is required by the Lessee to be registered in respect of the Property in which event the
                                            Lessor shall notify the Lessee at least 30 days prior to such registration.

 

		10.4	The
                                            Lessor shall take such reasonable steps to ensure that the registration of the servitude
                                            referred to at 10.3 occurs with the .minimum degree of interference to lessee’s mining
                                            operations.

 

		11.	DISPARITY
                                            IN PROPERTY DESCRIPTION

 

Should
any disparity occur .between the description of the Property as indicated in this Agreement and the records of the Registrar of Deeds,
the Parties agree that the description contained in the records of the Registrar of Deeds shall be the correct description, of the Property
and this Agreement shall be considered to be amended to agree with the description of the Property contained in the records of the Registrar
of Deeds.

 

		12.	SUB-LETTING

 

There
shall be. no restriction on the Lessee’s right to sub-let the Property or any portion thereof ip its absolute discretion and
without reference to the Lessor.

 

		13.	INFRASTRUCTURE
                                            ESTABLISHMENT

 

		13.1	Should
                                            the Lessee wish, at any time in the future to establish or erect infrastructure, plant or
                                            equipment on or near an existing residential or agricultural area within the Property during
                                            the period of this Agreement the Lessee shall compensate any farmer/persons adversely affected
                                            thereby and shall pay reasonable compensation to those persons to enable them to be relocated
                                            elsewhere in suitable accommodation within residential or agricultural areas, as the case
                                            may be.

 

		13.2	The
                                            Lessor and the Lessee shall jointly determine the purchase prices of the affected houses
                                            and the additional compensation payable to the occupiers, including, but not limited to,
                                            relocation costs.

 

		13.3	The
                                            Lessor shall use its reasonable endeavours to ensure that no houses, improvements or other
                                            structures are erected or inhabited within 500 meters of the outer edge of the mine
                                            complex and concentrator fence line on the Property until the mining operations in those
                                            areas have been completed.

 

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		14.	REMOVAL
                                            OF BUILDINGS, STRUCTURES AND OBJECTS

 

		14.1	Upon
                                            termination of this Agreement, the Lessee shall not demolish or remove buildings, structures
                                            or objects which the Lessor wishes to retain and which the Parties have agreed upon in writing.
                                            No compensation shall be payable by the Lessor to the Lessee in respect of such buildings,
                                            structures or objects.

 

		14.2	Subject
                                            to clause 8.2.4.2, the lessee shall, subject to clause 14.1, be obliged to demolish
                                            or remove all other buildings, structures or any other thing which was erected or constructed
                                            by the lessee on the property and any other objects which the lessor may require the lessee
                                            to remove.

 

		15.	OTHER
                                            RESTRICTIONS

 

The Lessee
shall not be liable for any accident, injury or damage caused to the Lessor, its livestock, domestic animals, agents, customers, servants,
guests or invitees of the Lessor and all other persons who may enter upon the Property through or under the Lessor due to or in connection
with the Lessee’s mining operations or activities ancillary thereto, unless caused by the willful or negligent act or omission
on the part of the Lessee, its agents or servants.

 

		16.	INSPECTION
                                            OF THE PROPERTY BY THE LESSOR

 

The Lessor
and its representatives or agents shall be entitled to inspect the; Property and the Lessees operations on the Property at any reasonable
time and upon reasonable notice to the Lessee.

 

		17.	RESIDUE
                                            STOCKPILE

 

		17.1	Ownership
                                            of the Residue Stockpile(s) shall remain vested in the Lessee notwithstanding the termination
                                            of this Agreement.

 

		17.2	After
                                            termination of this Agreement, the Lessee shall be entitled to reasonable access to the Residue
                                            Stockpile subject to any reasonable conditions which may be imposed by the Lessor.

 

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		18.	CESSION
                                            AND ASSIGNMENT

 

		18.1	This
                                            Agreement shall be binding upon the heirs, executors, administrators, successors-in-title
                                            or assigns of the Parties.

 

		18.2	The
                                            Lessee shall have the right to cede and/or assign all or any part of its rights and obligations
                                            under this Agreement to any parent, subsidiary or associated company of the Lessee, or to
                                            any company (or any parent, subsidiary or associated company thereof) which is in partnership
                                            or in joint venture with it, subject to the consent of the Trustee first- being obtained,
                                            who shall act in the best interests of the Lessor in this regard.

 

		18.3	The
                                            exercising of the right in 18.2 above is conditional upon the consent of the majority members
                                            of the Lessor first being obtained at a legally constituted community meeting of the members
                                            of the Lessor, witnessed by an authorised official from the National Department of Rural
                                            Development and Land Reform.

 

		19.	COSTS
                                            AND REGISTRATION

 

		19.1	Each
                                            Party shall bear its own costs in connection with the negotiation and preparation of this
                                            Agreement.

 

		19.2	All
                                            notarial execution, registration, stamp duty and surveying costs shall be payable by the
                                            Lessee.

 

		19.3	This
                                            Agreement shall be executed in notarial format and shall be registered against the title
                                            deeds of the Property at the cost of the Lessee. The parties agree and undertake to sign
                                            all documents and do all things necessary to give effect to the registration of this Agreement
                                            in the relevant Deeds Registry.

 

		20.	BREACH

 

		20.1	If
                                            a Party (“Defaulting Party”) commits any breach of this Agreement and
                                            fails to remedy such breach within 14 business days (“Notice Period”)
                                            of written notice requiring the breach to be remedied, then the Party giving the notice (“Aggrieved
                                            Party”), will be entitled, at its option-

 

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		20.1.1	to
                                            claim immediate specific performance of all or any of the Defaulting Party’s obligations
                                            under this Agreement, with or without claiming damages, whether or not such obligation has
                                            fallen due for performance; or

 

		20.1.2	to
                                            cancel this Agreement, with or without claiming damages, in which case written notice of
                                            the cancellation shall be given to the Defaulting Party, and the cancellation shall take
                                            effect on the giving of the notice. Neither Party shall be entitled to cancel
                                            this Agreement unless the breach is a material breach going to the root of this Agreement
                                            and -

 

		20.1.2.1	is
                                            incapable of being remedied by a payment in money; of

 

		20.1.2.2	if
                                            it is capable of being remedied by a payment in money, the Defaulting Party fails to pay
                                            the amount concerned within the Notice Period.

 

		20.2	The
                                            Aggrieved Party’s remedies in terms of’this clause 20 are without prejudice
                                            to any other remedies to which the Aggrieved Party may be entitled in law,

 

		21.	GOVERNING
                                            LAW

 

This
Agreement shall be governed by the law of the Republic of South Africa.

 

		22.	DISPUTE
                                            RESOLUTION

 

		22.1	Any
                                            dispute or difference in opinion arising at any time between the Parties in connection with
                                            the; validity, interpretation, implementation or termination of this Agreement
                                            either during its existence or subsequent to its termination for any reason including consensual
                                            cancellation fand upon which they cannot find an amicable settlement within two
                                            months after the date of notification (by registered mail) of the dispute by a Party, shall
                                            be referred by the Parties without legal representation to and decided by arbitration in
                                            accordance with the Rules of Conduct of Arbitrators as published by the Association
                                            of Arbitrators Southern Africa.

 

		22.2	The
                                            arbitrator shall be a practising attorney or advocate of not less than 15 years’
                                            standing, who, in the absence of agreement reached within 14 days of the arbitration being
                                            demanded, shall be appointed by the president or acting president the Law Society of the
                                            Northern Provinces.

 

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		22.3	The
                                            decision of the arbitrator shall, save for fraud or manifest error, be final and binding
                                            upon the Parties.

 

		22.4	This
                                            arbitration clause shall not preclude a Party from seeking urgent relief in a court
                                            of appropriate jurisdiction, where grounds for urgency exist.

 

		22.5	Any
                                            Party shall be entitled to apply to the High Court of South Africa to make the arbitrator’s
                                            award an order of Court.

 

		23.	NOTICES
                                            AND LEGAL PROCESS

 

		23.1	Each
                                            Party chooses as its address for all purposes under this Agreement (“chosen address”),
                                            whether for serving any-court process or documents, giving any notice, or making any
                                            other communications of whatsoever nature and for any other purpose arising from this Agreement
                                            (“notice”), as follows:

 

	Name	Address	Telefax:
	 	 	 
	Itereleng Bakgatla 
 Minerals 
 Resources (Proprietary) Limited	[***]	[***]
	 	 	 
	Name	Address	Telefax:
	 	 	 
	The Bakgatla-Ba-Kgafela Tribe	[***]	[***]
 Email:
 [***]
	 	 	 
	Name	Address	Telefax:
	 	 	 
	Department of Rural development and Land Reform	[***]	[***]

 

    12

     

    

 

		23.2	Any
                                            notice required or permitted under this Agreement shall be valid and effective only if in
                                            writing.

 

		23.3	Any
                                            Party may by notice to the other Party change its chosen address to another physical address
                                            in the Republic of South Africa and such change shall take effect on the seventh day after
                                            the date of receipt by the Party who last receives the notice.

 

		23.4	Any
                                            notice to a Party contained in a correctly addressed envelope and delivered by hand to a
                                            responsible person during ordinary business hours at its chosen address, shall be deemed
                                            to have been received on the date of delivery.

 

		23.5	Notwithstanding
                                            anything to the contrary herein, a written notice actually received by a Party, including
                                            a notice sent by telefax, shall be an adequate notice to it notwithstanding that it was not
                                            sent or delivered to its chosen address.

 

		24.	INTERPRETATION

 

		24.1	Clause
                                            and paragraph headings are for purposes of reference only and shall not be used in interpretation.

 

		24.2	Unless
                                            the context clearly indicates a contrary intention, any word connoting:

 

		24.2.1	any
                                            gender includes the other two genders;

 

		24.2.2	the
                                            singular includes the plural and vice versa;

 

		24.2.3	natural
                                            persons includes artificial persons and vice versa; and

 

		24.2.4	insolvency
                                            includes provisional or final sequestration, liquidation or judicial management.

 

    13

     

    

 

		24.3	A
                                            reference to a Business Day is a reference to any calendar day excluding Saturday, Sunday
                                            and a public holiday in the Republic of South Africa.

 

		24.4	When
                                            any number of days is prescribed such number shall mean calendar days, unless Business Days
                                            are expressly referred to, and shall exclude the first and include the last day unless the
                                            last day falls on a Saturday, Sunday, or a public holiday in the Republic of South Africa,
                                            in which case the last day shall be the next succeeding Business Day.

 

		24.5	A
                                            reference to an enactment is a reference to that enactment as at the date of signature hereof
                                            and as amended or re-enacted from time to time.

 

		24.6	The
                                            rule of interpretation that a written agreement shall be interpreted against the party
                                            responsible for the drafting or preparation of that agreement shall not apply.

 

		24.7	If
                                            any provision in a definition is a substantive provision conferring rights or imposing obligations
                                            on any Party, notwithstanding that it is only in the definition clause, effect shall be given
                                            to it as if it were a substantive provision in the body of the Agreement.

 

		24.8	The
                                            eiusdem generis rule shall hot apply and accordingly, whenever a provision is followed
                                            by the word “including” and specific examples, such, examples shall not be construed
                                            so as to limit the ambit of the provision concerned.

 

		24.9	Where
                                            any term is defined within the context of any particular clause in this Agreement, then,
                                            unless it is clear from the clause in question that the term so defined has limited application
                                            to the relevant clause, the term so defined shall bear the meaning ascribed to it for all
                                            purposes in terms of this. Agreement, notwithstanding that that term has not been defined
                                            in the definition clause.

 

		25.	GENERAL
                                            AND MISCELLANEOUS

 

		25.1	Sole
                                            Record of Agreement

 

This
Agreement constitutes the sole record of the agreement between the Parties with regard to the subject matter hereof. No Party shall be
bound by any express or implied term, representation, warranty, promise or the like not recorded herein.

 

    14

     

    

 

		25.2	No
                                            Amendments Except in Writing

 

No addition
to, variation of, or agreed cancellation of, this Agreement shall be of any force or effect unless in writing and signed by or on behalf
of the Parties.

 

		25.3	Waivers

 

No relaxation
or indulgence which any Party may grant to any other shall constitute a waiver of the rights of that Party and shall not preclude that
Party from exercising any rights which may have arisen in the past or which might arise in future.

 

		25.4	Survival
                                            of Obligations

 

Any provision
of this Agreement which contemplates performance or observance subsequent to any termination or expiration of this Agreement shall survive
any termination or expiration of this Agreement and continue in full force and effect.

 

		25.5	Approvals
                                            and Consents

 

An approval
or consent given by a Party under this Agreement shall only be valid if in writing and shall not relieve the other Party from responsibility
for complying with the requirements of this Agreement nor shall it be construed as a waiver of any rights under this Agreement except
as and to the extent otherwise expressly provided in such approval or consent, or elsewhere in this Agreement.

 

		26.	DEFINITIONS

 

Unless
otherwise expressly stated, or the context otherwise requires, the words and expressions listed below shall, when used in this Agreement,
including, this introduction, bear the meanings ascribed to them:

 

		26.1	Agreement
                                            – this lease agreement together with any addenda and all appendixes attached hereto;

 

		26.2	Closure
                                            Certificate – the certificate issued to the holder of a prospecting right, mining
                                            right, retention permit or mining permit by the Minister of Minerals and Energy in accordance
                                            with section 43 of the Mineral and Petroleum Resources Develppment. Act No. 28 of 2002;

 

    15

     

    

 

		26.3	CPIX
                                            – the Consumer Price Index for all expenditure groups: Metropolitan and other urban
                                            areas excluding interest rates on mortgage bonds (Base 2000 = 100) as notified for general
                                            information in the Government Gazette from time to time by the Statistician-General:
                                            Statistics South Africa;

 

		26.4	Party
                                            – either the Lessor or Lessee as the case may be, and “Parties” means
                                            both the Lessor and the Lessee;

 

		26.5	Residue
                                            Stockpile – any debris, discard, tailings, slimes, screening, .slurry, waste rock,
                                            foundry sand, beneficiation plant waste, ash or any other product derived from or incidental
                                            to a mining operation and, which is’ stockpiled, stored or accumulated for potential
                                            re-use, or which is disposed of, by the holder of a mining right, mining permit or production
                                            right;

 

		26.6	Signature
                                            Date – the date of signature of the last Party signing in time;

 

		26.7	Surveyor
                                            General – Surveyor general of the Republic, of South Africa within whose area of
                                            jurisdiction the Property and/or the varied Property is situated.

 

    16

     

    

 

THUS DONE AND EXECUTED
AT SANDTON on this 17th day of APRIL 2012 in the presence of the undersigned witnesses.

 

WITNESSES:

 

	 	1.
	/s/ [ILLEGIBLE]	 	
/s/ [ILLEGIBLE] 
	 	 	 	 	q.q. THE BAKGATLA-BA-KGAFEA TRIBE
	 	 	 	 	 
	 	2.	 /s/ [ILLEGIBLE] 	 	/s/ [ILLEGIBLE]  
	 	

    
	 	 	q.q. MINISTER OF RURAL DEVELOPMENT
        AND LAND REFORM

	 	 	 	 	 
	 	 	 	 	 /s/ [ILLEGIBLE] 
	 	 	 	 	q.q. ITERELENG BAKGATLA MINERALS
        RESOURCES PROPRIETARY LIMITED 

	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	QUOD ATTESTOR

    

	 	 	 	 	 
	 	 	 	 	 /s/ [ILLEGIBLE] 
	 	 	 	 	q.q. NOTARY 

 

    17

     

    

 

Table of Contents

 

Page

 

	1.	LEASE	3
	 	 	 
	2.	DURATION AND TERMINATION	3
	 	 	 
	3.	OCCUPATION	3
	 	 	 
	4.	USE OF PROPERTY	4
	 	 	 
	5.	CONSIDERATION	4
	 	 	 
	6.	OPTION	5
	 	 	 
	7.	ADDITIONAL CHARGES	5
	 	 	 
	8.	LESSEE’S RIGHTS AND OBLIGATIONS	6
	 	 	 
	9.	ENVIRONMENTAL OBLIGATIONS AND INDEMNITY	7
	 	 	 
	10.	NON-INTERFERENCE	7
	 	 	 
	11.	DISPARITY IN PROPERTY DESCRIPTION	8
	 	 	 
	12.	SUB-LETTING	8
	 	 	 
	13.	INFRASTRUCTURE ESTABLISHMENT	8
	 	 	 
	14.	REMOVAL OF BUILDINGS, STRUCTURES AND OBJECTS	9
	 	 	 
	15.	OTHER RESTRICTIONS	9
	 	 	 
	16.	INSPECTION OF THE PROPERTY BY THE LESSOR	9
	 	 	 
	17.	RESIDUE STOCKPILE	9
	 	 	 
	18.	CESSION AND ASSIGNMENT	10
	 	 	 
	19.	COSTS AND REGISTRATION	10
	 	 	 
	20.	BREACH	10
	 	 	 
	21.	GOVERNING LAW	11
	 	 	 
	22.	DISPUTE RESOLUTION	11
	 	 	 
	23.	NOTICES AND LEGAL PROCESS	12
	 	 	 
	24.	INTERPRETATION	13
	 	 	 
	25.	GENERAL AND MISCELLANEOUS	14
	 	 	 
	26.	DEFINITIONS	15Exhibit
10.5

 

AGREEMENT
(SUBSCRIPTION)

 

 

entered
into between

 

 

 

ORKID
S.a r.l.

 

(Registration
No. B 167 777)

 

 

 

 

and

 

 

HODOS
HOLDINGS LIMITED

 

and

 

PLATMIN
LIMITED

 

(Registration
No. 54400)

 

 

 

and

 

THE
BAKGATLA BA KGAFELA TRIBE

 

 

 

and

 

ITERELENG
BAKGATLA MINERALS RESOURCES (PTY) LTD

 

(Registration
No. 2003/003721/07)

 

 

 

and

 

PALLINGHURST
IVY LANE CAPITAL LIMITED

 

     

     2

    

 

 

(Registration
No. 69215 C1/GBL)

 

 

 

and

 

BAKGATLA
PALLINGHURST JV (PTY) LTD

 

(Registration
No. 2007/030554/07)

 

 

 

and

 

PALLINGHURST
INVESTOR CONSORTIUM (PTY) LTD

 

(Registration
No. 2007/030604/07)

 

 

 

and

 

RUSTENBURG
PLATINUM MINES LTD

 

(Registration
No. 1931/003380/06)

 

 

 

and

 

CLIDET
NO 832 (PTY) LTD

 

(Registration
No. 2008/011497/07)

 

 

 

and

 

LEXSHELL
38 GENERAL TRADING (PTY) LTD

 

(Registration
No. 2006/017942/07)

 

 

 

and

 

RICHTRAU
NO 123 (PTY) LTD

 

(Registration
No. 2006/017346/07)

 

 

and

 

PLATMIN
SOUTH AFRICA (PTY) LTD

 

(Registration
No. 2000/002572/07)

 

     

     3

    

 

and

 

NEWSHELF
1101 (PTY) LTD

 

(Registration
No. 2010/018827/07)

 

 

and

 

PILANESBERG
PLATINUM MINES (PTY) LTD

 

(Registration
No. 2002/015572/07)

 

 

 

and

 

WEST
DUNES PROPERTIES 115 (PTY) LTD

 

(Registration
No. 2004/010211/07)

 

 

 

and

 

PALLINGHURST
(CAYMAN) GP L.P.

 

 

 

and

 

WEBBER
WENTZEL

 

     

     4

    

 

PREAMBLE

 

Whereas:

 

		A	All
                                            capitalised terms in this preamble shall have the meaning attributed thereto in clause 1
                                            of this Agreement.

 

		B	Ivy
                                            Lane wishes to subscribe for the Ivy Lane PIC Consideration Shares at the Ivy Lane PIC Consideration
                                            Shares Subscription Price. Against discharge by Ivy Lane of the Ivy Lane PIC Consideration
                                            Shares Subscription Price in terms of this Agreement, Platmin wishes to issue the Ivy Lane
                                            PIC Consideration Shares to Ivy Lane.

 

		C	BBKT
                                            wishes to subscribe for the BBKT BPJV Consideration Shares at the BBKT BPJV Consideration
                                            Shares Subscription Price. Against discharge by BBKT of the BBKT BPJV Consideration Shares
                                            Subscription Price in terms of this Agreement, Platmin wishes to issue the BBKT BPJV Consideration
                                            Shares to BBKT.

 

		D	BBKT
                                            wishes to subscribe for the BBKT Lexshell Consideration Shares at the BBKT Lexshell Consideration
                                            Shares Subscription Price. Against discharge by BBKT of the BBKT Lexshell Consideration Shares
                                            Subscription Price in terms of this Agreement, Platmin wishes to issue the BBKT Lexshell
                                            Consideration Shares to BBKT.

 

		E	RPM
                                            wishes to subscribe to the RPM Consideration Shares at the RPM Consideration Shares Subscription
                                            Price. Against discharge by RPM of the RPM Consideration Shares Subscription Price in terms
                                            of this Agreement, Platmin wishes to issue the RPM Consideration Shares to RPM.

 

		F	BBKT
                                            wishes to subscribe for the Initial BBKT IBMR Consideration Shares at the Initial BBKT IBMR
                                            Consideration Shares Subscription Price. Against discharge by BBKT of the Initial BBKT IBMR
                                            Consideration Shares Subscription Price in terms of this Agreement, Platmin wishes to issue
                                            the Initial BBKT IBMR Consideration Shares to BBKT.

 

		G	Ivy
                                            Lane wishes to subscribe for the Ivy Lane IBMR Consideration Shares at the Ivy Lane IBMR
                                            Consideration Shares Subscription Price. Against discharge by Ivy Lane of the Ivy Lane IBMR
                                            Consideration Shares Subscription Price in terms of this Agreement, Platmin wishes to issue
                                            the Ivy Lane IBMR Consideration Shares to Ivy Lane.

 

		H	Ivy
                                            Lane wishes to subscribe for the Ivy Lane LLTI Consideration Shares at the Ivy Lane LLTI
                                            Consideration Shares Subscription Price. Against discharge by Ivy Lane of the Ivy Lane LLTI
                                            Consideration Shares Subscription Price in terms of this Agreement, Platmin wishes to issue
                                            the Ivy Lane LLTI Consideration Shares to Ivy Lane.

 

		I	BBKT
                                            wishes to subscribe for the BBKT LLTI Consideration Shares at the BBKT LLTI Consideration
                                            Shares Subscription Price. Against discharge by BBKT of the BBKT LLTI Consideration Shares

 

     

     5

    

 

		 	Subscription
                                            Price in terms of this Agreement, Platmin wishes to issue the BBKT LLTI Consideration Shares
                                            to BBKT.

 

		J	BBKT
                                            wishes to subscribe for the Additional BBKT IBMR Consideration Shares at the Additional BBKT
                                            IBMR Consideration Shares Subscription Price. Against discharge by BBKT of the Additional
                                            BBKT IBMR Consideration Shares Subscription Price in terms of this Agreement, Platmin wishes
                                            to issue the Additional BBKT IBMR Consideration Shares to BBKT.

 

	K	The Parties have set out the terms and conditions of the abovementioned subscriptions, sales
                                            of shareholder loan claims and other matters in this Agreement.

 

     

     6

    

 

WHEREBY
IT IS AGREED AS FOLLOWS:

 

		1.	INTERPRETATION
                                            AND PRELIMINARY

 

The
headings of the clauses in this Agreement are for the purpose of convenience and reference only and shall not be used in the interpretation
of nor modify nor amplify the terms of this Agreement nor any clause hereof. Unless a contrary intention clearly appears:

 

		1.1	words
                                            importing:

 

		1.1.1	any
one gender include the other two genders;

 

		1.1.2	the
                                            singular include the plural and vice versa; and

 

		1.1.3	natural
                                            persons include created entities (corporate or un incorporate) and the state and vice
                                            versa;

 

		1.2	the
                                            following terms shall have the meanings assigned to them hereunder and cognate expressions
                                            shall have corresponding meanings, namely:

 

		1.2.1	“Additional
                                            BBKT IBMR Consideration Shares” means such number of Platmin Shares which will
                                            constitute 1.357% of Platmin‘s issued share capital on the Effective Date (on the assumption
                                            that the Additional BBKT IBMR Consideration Shares will have been issued on the Effective
                                            Date). If such number of Platmin Shares constitutes a fraction, then the number of Platmin
                                            Shares shall be rounded up to the nearest whole number;

 

		1.2.2	“Additional
                                            BBKT IBMR Consideration Shares Subscription Price” means an amount, in Rands, equal
                                            to the BBKT IBMR Shares and Claims Consideration Claim;

 

		1.2.3	“Agreement”
                                            means this agreement and the annexures hereto;

 

		1.2.4	“BBKT”
                                            means the Bakgatla Ba Kgafela Tribe, a universitas personarum being a traditional
                                            community and tribe established according to indigenous custom, with fuil contractual capacity;

 

		1.2.5	“BBKT
                                            BPJV Consideration Claim” means the consideration payable by Platmin to BBKT, pursuant
                                            to the delegation of the BBKT BPJV Consideration Claim to Platmin in terms of the Loan Creation
                                            Consolidation Agreement, being R343,747,391.70 (three hundred and forty three million seven
                                            hundred and forty seven thousand three hundred and ninety one Rand and seventy cents), outstanding
                                            on loan account in favour of BBKT pursuant to the sale and cession 

 

     

     7

    

 

		 	by
it of its shares in, and claims on loan account against, BPJV to Luxco in terms of the Loan Creation Consolidation Agreement;

 

		1.2.6	“BBKT
                                            BPJV Consideration Shares” means such number of Platmin Shares which will constitute
                                            1.719% of Platmin‘s issued share capital on the Effective Date (on the assumption that
                                            the Additional BBKT IBMR Consideration Shares will have been issued on the Effective Date).
                                            If such number of Platmin Shares constitutes a fraction, then the number of Platmin Shares
                                            shall be rounded up to the nearest whole number;

 

		1.2.7	“BBKT
                                            BPJV Consideration Shares Subscription Price” means an amount, in Rands, equal
                                            to the BBKT BPJV Consideration Claim;

 

		1.2.8	“BBKT
                                            IBMR Procurement Consideration Claim” means the consideration payable by Platmin
                                            to BBKT, pursuant to the delegation of the BBKT IB MR Procurement Consideration Claim to
                                            Platmin in terms of the Loan Creation Consolidation Agreement, being R271,381,043.80 (two
                                            hundred and seventy one million three hundred and eighty one thousand and forty three Rand
                                            and eighty cents), outstanding on loan account, in the books of account of PPM, in favour
                                            of BBKT pursuant to the procurement by BBKT of the entering into by IBMR of the Contractor
                                            Agreement;

 

		1.2.9	“BBKT
                                            IBMR Shares and Claims Consideration Claim” means the consideration payable by
                                            Platmin to BBKT, pursuant to the delegation of the BBKT IBMR Shares and Claims Consideration
                                            Claim to Platmin in terms of the Loan Creation Consolidation Agreement, being R2,442,429,393.90
                                            (two billion four hundred and forty two million four hundred and twenty nine thousand three
                                            hundred and ninety three Rand and ninety cents), outstanding on loan account in favour of
                                            BBKT pursuant to the sale and cession by it of its shares in, and claims on loan account
                                            (other than the claim on loan account which BBKT has against IBMR in respect of 50.1% of
                                            the Guaranteed Amounts) against, IBMR to PPM in terms of the Loan Creation Consolidation
                                            Agreement;

 

		1.2.10	“BBKT
                                            IBMR Share Sale Step” means the transaction contemplated in the Loan Creation Consolidation
                                            Agreement in terms of which, inter alia, BBKT sells all of the shares held by it in
                                            the issued share capital of IBMR, and the claims on loan account (other than the claim on
                                            loan account which BBKT has against IBMR in respect of 50.1% of the Guaranteed Amounts) against,
                                            IBMR to PPM on loan account pursuant to which PPM creates a loan account in an amount equal
                                            to the BBKT IBMR Shares and Claims Consideration Claim, in favour of BBKT, in its books of
                                            account;

 

     

     8

    

 

		1.2.11	“BBKT
                                            Lexshell Consideration Claim” means the consideration payable by Platmin to BBKT,
                                            pursuant to the delegation of the BBKT Lexshell Consideration Claim to Platmin in terms of
                                            the Loan Creation Consolidation Agreement, being R2,629,137,214.60 (two billion six hundred
                                            and twenty nine million one hundred thirty seven thousand two hundred and fourteen Rand and
                                            sixty cents), outstanding on loan account, in favour of BBKT, in Clidet‘s books of
                                            account, pursuant to the sale and cession by BBKT of its shares in, and claims on loan account
                                            respectively against, Lexshell to Clidet in terms of the Loan Creation Consolidation Agreement;

 

		1.2.12	“BBKT
                                            Lexshell Consideration Shares” means such number of Platmin Shares which will constitute
                                            13.146% of Platmin‘s issued share capital on the Effective Date (on the assumption
                                            that the Additional BBKT IBMR Consideration Shares will have been issued on the Effective
                                            Date). If such number of Platmin Shares constitutes a fraction, then the number of Platmin
                                            Shares shall be rounded up to the nearest whole number;

 

		1.2.13	“BBKT
                                            Lexshell Consideration Shares Subscription Price” means an amount, in Rands, equal
                                            to the BBKT Lexshell Consideration Claim;

 

		1.2.14	“BBKT
                                            LLTI Consideration Claim” means the consideration payable by Platmin to BBKT, pursuant
                                            to the delegation of the BBKT LLTI Consideration Claim to Platmin in terms of the Loan Creation
                                            Consolidation Agreement, being R49,492,887.00 (forty nine million four hundred and ninety
                                            two thousand eight hundred and eighty seven Rand), outstanding on loan account in favour
                                            of BBKT pursuant to the sale it of its shares in, and claims on loan account against, LLTI
                                            to West Dunes in terms of the Loan Creation Consolidation Agreement;

 

		1.2.15	“BBKT
                                            LLTI Consideration Shares” means such number of Platmin Shares which will constitute
                                            0.247% of Platmin‘s issued share capital on the Effective Date (on the assumption that
                                            the Additional BBKT IBMR Consideration Shares will have been issued on the Effective Date).
                                            If such number of Platmin Shares constitutes a fraction, then the number of Platmin Shares
                                            shall be rounded up to the nearest whole number;

 

		1.2.16	“BBKT
                                            LLTI Consideration Shares Subscription Price” means an amount, in Rands, equal
                                            to the BBKT LLTI Consideration Claim;

 

     

     9

    

 

		1.2.17	“BPJV”
                                            means Bakgatla Pallinghurst JV (Pty) Ltd, Registration No. 2007/030554/07, a limited liability
                                            private company duly incorporated in the Republic of South Africa;

 

		1.2.18	“BPJV
                                            Shareholders’ Agreement” means the shareholders agreement entered into between
                                            BBKT, PIC, Pallinghurst Cayman and BPJV on or about 31 May 2008;

 

		1.2.19	“Closing
                                            Venue” means 10 Fricker Road, lliovo Boulevard, lllovo, Johannesburg (being Webber
                                            Wentzel‘s offices as at the Signature Date) or such other place as may be agreed in
                                            writing by the Parties prior to the Effective Date; means any day other than a Saturday,
                                            Sunday or public holiday in the Republic of South Africa, Guernsey, Mauritius and/or Luxembourg;

 

		1.2.20	“Clidet”
                                            means Clidet No 832 (Pty) Ltd, Registration No. 2008/011497/07, a limited liability private
                                            company duly incorporated in the Republic of South Africa;

 

		1.2.21	“Companies
                                            Act” means the Companies Act, 2008;

 

		1.2.22	“Concentrate”
                                            means any treatable product arising from the process of crushing, milling and flotation of
                                            Ore produced in terms whereof PGMs, and waste, are treated in a Concentrator Complex before
                                            commencement of the smelting and precious metal and base metal refining process;

 

		1.2.23	“Concentrator
                                            Complex” means a mineral processing facility which carries out the activities of
                                            crushing, milling and thickening, froth flotation, tailings disposal and concentrate filtration
                                            but which does not carry out the activities of smelting and other downstream processing such
                                            as base metals and precious metals refining;

 

		1.2.24	“Consolidation
                                            Agreements” means this Agreement and Loan Creation Consolidation Agreement;

 

		1.2.25	“Contractor
                                            Agreement” means the agreement between IBMR, Richtrau, Platmin and PPM pursuant
                                            to which, inter alia, an unincorporated joint venture comprised of IBMR, Richtrau,
                                            Platmin and PPM will appoint PPM to mine, market and sell their resources on their behalf;

 

		1.2.26	“Closing
                                            Venue” means 10 Fricker Road, lliovo Boulevard, lllovo, Johannesburg (being Webber
                                            Wentzel‘s offices as at the Signature Date) or such other place as may be agreed in
                                            writing by the Parties prior to the Effective Date;

 

     

     10

    

 

		1.2.27	“Cyferkujl
                                            Prospecting Rights” means

 

		1.2.27.1	the
                                            converted prospecting right description: NW 30/5/1/1/2/1262 PR granted by the DMR in favour
                                            of RPM in respect of the 2/3 share of the farm Wachteenbeetjeslaagte 4 JQ; the farm Vogelstruiskraal
                                            400 KQ and Remaining Extent and Portion 1 of the farm Cyferkuil 1 JQ; and

 

		1.2.27.2	the
                                            balance of mineral rights description: NW 30/5/1/1/2/1681 PR granted by the DMR in favour
                                            of RPM in respect of Portion 1 and Remaining Extent of the farm Cyferkuil 1 JQ and the farm
                                            Vogelstruiskraal 400 KQ;

 

		1.2.28	“Distribution”
                                            means any distribution to a shareholder, including distributions by way of dividends (including
                                            dividends in specie), capital reduction, share repurchases, fees, interest payments,
                                            royalties, repayment of loan accounts and the like;

 

		1.2.29	“Dispose”
                                            includes sell, alienate, transfer, exchange, make over, give, donate, unbundle, distribute,
                                            encumber or otherwise dispose of (including by way of donation, dividend, pledge or by way
                                            of the terms of a will), and “Disposal” shall bear a corresponding meaning;

 

		1.2.30	“DMR”
                                            means the Department of Mineral Resources;

 

		1.2.31	“Eastern
                                            Limb Assets” means Eastern Limb Assets as defined in clause 10.1.8;

 

		1.2.32	“Effective
                                            Date” means the date on which the Suspensive Condition is fulfilled, or waived,
                                            as the case may be;

 

		1.2.33	“Escrow
                                            Agent” means Webber Wentzel, a firm of attorneys operating in partnership pursuant
                                            to the laws of the Republic of South Africa;

 

		1.2.34	“Guernsey
                                            SPV” means Hodos Holdings Limited, Registration No. 55562, a company duly incorporated
                                            in Guernsey;

 

		1.2.35	“Governmental
                                            Authority” means any domestic or foreign federal, provincial, state, municipal
                                            or other government, governmental department or body (whether administrative, legislative,
                                            executive or otherwise), court, tribunal, 

 

     

     11

    

 

		 	commission or commissioner, bureau, minister or ministry, board or agency, or other regulatory authority;

 

		1.2.36	“Grootboom”
                                            means “Grootboom” as contemplated in Annexure C;

 

		1.2.37	“Guaranteed
                                            Amounts” means all claims that BBKT and/or Ivy Lane have against IBMR on the Signature
                                            Date in respect of IBMR‘s rehabilitation obligations to the DMR amounting to a capital
                                            amount of R24,772,120 (twenty four million seven hundred and seventy two thousand one hundred
                                            and twenty rand) together with interest earned on such capital amount, in respect of which
                                            -

 

		1.2.37.1	BBKT‘s
                                            claim (being 50.1% of the aforesaid capital amount) amounts to R12,410,832.12 (twelve million
                                            four hundred and ten thousand eight hundred and thirty two rand and twelve cents) together
                                            with interest earned on such portion of the capital amount; and

 

		1.2.37.2	Ivy
                                            Lane‘s claim (being 84.9% of 49.9% of the aforesaid capital amount) amounts to R10,494,733.41
                                            (ten million four hundred and ninety four thousand seven hundred and thirty three rand and
                                            forty one cents) together with interest earned on such portion of the capital amount;

 

		1.2.38	“Holding
                                            Company” means holding company as defined in the Companies Act and references to
                                            a “Holding Company” shall not be limited to entities incorporated under the Companies
                                            Act and in respect of any company of which BBKT holds more than 50% (fifty percent) of the
                                            issued share capital “Holding Company” means BBKT in respect of that company;

 

		1.2.39	“IBMR”
                                            means Itereleng Bakgatla Minerals Resources (Pty) Ltd, Registration No. 2003/003721/07, a
                                            limited liability private company duly incorporated in the Republic of South Africa;

 

		1.2.40	“IBMR
                                            Mining Area” means the “IBMR Mining Area” as defined in the Loan Creation
                                            Consolidation Agreement;

 

		1.2.41	“IBMR
                                            Mining Right” means the mining right, with DMR file reference number NW30/5/1/2/2/333MR,
                                            held by IBMR over the IBMR Mining Area;

 

		1.2.42	“IBMR
                                            Shareholders’ Agreement” means the shareholders agreement entered into between
                                            BBKT, Ivy Lane and IBMR on or about 22 March 2011;

 

     

     12

    

 

 

		1.2.43	“IBMR
                                            Shares” means ordinary shares with a par value of R0.001 (zero point zero zero
                                            one South African Rand) each in the issued share capital of IBMR;

 

		1.2.44	“IDC
                                            Subscription Agreement” means the agreement dated 7 March 2012 entered into between
                                            the Industrial Development Corporation of South Africa Limited and Platmin in terms of which,
                                            inter alia, the Industrial Development Corporation of South Africa Limited agrees
                                            to subscribe for that number of Platmin Shares and Platmin will issue so many Platmin Shares
                                            to the Industrial Development Corporation of South Africa Limited as will result in the Industrial
                                            Development Corporation of South Africa Limited holding 16.2% (sixteen point two percent)
                                            of the entire issued share capital of Platmin immediately following such issue of Platmin
                                            Shares;

 

		1.2.45	“Initial
                                            BBKT IBMR Consideration Shares” means such number of Platmin Shares which will
                                            constitute 12.212% of Platmin‘s issued share capital on the Effective Date (on the
                                            assumption that the Additional BBKT IBMR Consideration Shares will have been issued on the
                                            Effective Date). If such number of Platmin Shares constitutes a fraction, then the number
                                            of Platmin Shares shall be rounded up to the nearest whole number;

 

		1.2.46	“Initial
                                            BBKT IBMR Consideration Shares Subscription Price” means an amount, in Rands, equal
                                            to the BBKT IBMR Procurement Consideration Claim;

 

		1.2.47	“Interim
                                            Period” means the period commencing on the Signature Date and terminating on the
                                            Effective Date;

 

		1.2.48	“Investec”
                                            means Investec Bank Limited, Registration No. 1969/004763/06, a limited liability public
                                            company duly incorporated in the Republic of South Africa;

 

		1.2.49	“Investec
                                            Ivy Lane Agreement” means an agreement entered into between Investec and Ivy Lane
                                            in terms of which, inter alia, Ivy Lane sells to Investec: (a) 15.1% of the Ivy Lane
                                            IBMR Consideration Shares if clause 5.1 is implemented; or (b) 15.1% of the shares in
                                            and claims on loan account acquired held by it in IBMR if clause 5.1 is not implemented;

 

		1.2.50	“Investec
                                            Luxco Agreement” means an agreement entered into or to be entered into between
                                            Investec, Guernsey SPV, Luxco and PIC in terms of which Investec will sell all of the shares
                                            which it holds in, and claims on loan account which it holds against, PIC, to Luxco;

 

     

     13

    

 

		1.2.51	“Investec
                                            Platmin Agreement” means a subscription agreement entered into or to be entered
                                            into between Investec, Guernsey SPV, Platmin and Luxco in terms of which, inter alia,
                                            Investec will subscribe for Platmin Shares;

 

		1.2.52	“Ivy
                                            Lane” means Pallinghurst Ivy Lane Capital Limited, Registration No. 69215 C1/GBL,
                                            a private company limited by shares incorporated in the Republic of Mauritius;

 

		1.2.53	“Ivy
                                            Lane IBMR Consideration Claim” means the consideration payable by Platmin to Ivy
                                            Lane, pursuant to the delegation of the Ivy Lane IBMR Consideration Claim to Platmin in terms
                                            of the Loan Creation Consolidation Agreement, being R2,702,976,863.00 (two billion seven
                                            hundred and two million nine hundred and seventy six thousand eight hundred and sixty three
                                            Rand), outstanding on loan account in favour of Ivy Lane pursuant to the sale by it of its
                                            shares in, and its claims on loan account against (other than the claim on loan account which
                                            Ivy Lane has against IBMR in respect of 49.9% of the Guaranteed Amounts), IBMR to PPM in
                                            terms of the Loan Creation Consolidation Agreement;

 

		1.2.54	“Ivy
                                            Lane IBMR Consideration Shares” means such number of Platmin Shares which will
                                            constitute 13.515% of Platmin‘s issued share capital on the Effective Date (on the
                                            assumption that the Additional BBKT IBMR Consideration Shares will have been issued on the
                                            Effective Date). If such number of Platmin Shares constitutes a fraction, then the number
                                            of Platmin Shares shall be rounded up to the nearest whole number;

 

		1.2.55	“Ivy
                                            Lane IBMR Consideration Shares Subscription Price” means an amount, in Rands, equal
                                            to the Ivy Lane IBMR Consideration Claim;

 

		1.2.56	“Ivy
                                            Lane LLTI Consideration Claim” means the consideration payable by Platmin to Ivy
                                            Lane, pursuant to the delegation of the Ivy Lane LLTI Consideration Claim to Platmin in terms
                                            of the Loan Creation Consolidation Agreement, being R49,295,310.60 (forty nine million two
                                            hundred and ninety five thousand three hundred and ten Rand and sixty cents), outstanding
                                            on loan account in favour of Ivy Lane pursuant to the sale by it of its shares in, and claims
                                            on loan account against, LLTI to West Dunes in terms of the Loan Creation Consolidation Agreement;

 

		1.2.57	“Ivy
Lane LLTI Consideration Shares” means such number of Platmin Shares which will constitute 0.246% of Platmin‘s issued
share capital on the Effective Date (on the assumption that the Additional BBKT IBMR Consideration Shares

 

     

     14

    

 

	 	 	will have been issued on the Effective Date). If such number of Platmin
Shares constitutes a fraction, then the number of Platmin Shares shall be rounded up to the nearest whole number;

 

		1.2.58	“Ivy
                                            Lane LLTI Consideration Shares Subscription Price” means an amount, in Rands, equal
                                            to the Ivy Lane LLTI Consideration Claim;

 

		1.2.59	“Ivy
                                            Lane PIC Consideration Claim” means the consideration payable by Platmin to Ivy
                                            Lane, pursuant to the delegation of the Ivy Lane PiC Consideration Claim to Platmin in terms
                                            of the Loan Creation Consolidation Agreement, being R2.526,138,098.50 (two billion five hundred
                                            and twenty six million one hundred and thirty eight thousand and ninety eight Rand and fifty
                                            cents), outstanding on loan account in favour Ivy Lane pursuant to the sale and cession by
                                            it of its shares in, and claims on loan account against, PIC to Luxco in terms of the Loan
                                            Creation Consolidation Agreement;

 

		1.2.60	“Ivy
                                            Lane PIC Consideration Shares” means such number of Platmin Shares which will constitute
                                            12.631% of Platmin‘s issued share capital on the Effective Date (on the assumption
                                            that the Additional BBKT IBMR Consideration Shares will have been issued on the Effective
                                            Date). If such number of Platmin Shares constitutes a fraction, then the number of Platmin
                                            Shares shall be rounded up to the nearest whole number;

 

		1.2.61	“Ivy
                                            Lane PIC Consideration Shares Subscription Price” means an amount, in Rands, equal
                                            to the Ivy Lane PIC Consideration Claim;

 

		1.2.62	“Law”
                                            means any and all domestic or foreign federal, national, state, provincial, territorial or
                                            local law (statutory, common or otherwise), constitution, treaty, convention, ordinance,
                                            principle of common law, code, rule, regulation, notice, order, injunction, judgment, decree,
                                            ruling or other similar requirement enacted, made, issued, adopted, promulgated, implemented
                                            or otherwise applied by a Governmental Authority, and the term “applicable” with
                                            respect to such Laws and in a context that refers to one or more parties, means such Laws
                                            as are binding upon or applicable to such party or its assets;

 

		1.2.63	“Lexshell”
                                            means Lexshell 38 General Trading (Pty) Ltd, Registration No. 2006/017942/07, a limited liability
                                            private company duly incorporated in the Republic of South Africa;

 

     

     15

    

 

		1.2.64	“LLTI”
                                            means Newshelf 1101 (Pty) Ltd, Registration No. 2010/018827/07, a limited liability private
                                            company duly incorporated in the Republic of South Africa;

 

		1.2.65	“LLTI
                                            Shareholders’ Agreement” means the shareholders agreement entered into between
                                            Platmin, West Dunes, LLTI, BBKT, Ivy Lane, IBMR and PPM on 22 March 2011;

 

		1.2.66	“Loan
                                            Creation Consolidation Agreement” means the consolidation agreement entered into
                                            or to be entered into between Luxco, Platmin, BBKT, IBMR, Ivy Lane, BPJV, PIC, RPM, Clidet,
                                            Lexshell, Richtrau, Boynton, LLTI, PPM, West Dunes, Guernsey SPV and the Escrow Agent, pursuant
                                            to which, inter alia, the claims which are to be ceded and made over to Platmin in
                                            terms of clause 5 below are created;

 

		1.2.67	“Luxco”
                                            means Orkid S.a r.l., Registration No. B 167 777, a limited liability private company duly
                                            incorporated in Luxembourg;

 

		1.2.68	“Magazynskraal”
                                            means the farm Magazynskraal 3 JQ;

 

		1.2.69	“Mine”
                                            when used as a verb, shall bear the meaning ascribed thereto in section 1 of the New Act,
                                            and “Mining” and “Mined” shall have a corresponding meaning;

 

		1.2.70	“Mphalele”
                                            means Mphalele as contemplated in Annexure C;

 

		1.2.71	“MPRDA”
                                            means the Minerals and Petroleum Resources Development Act No. 28 of 2002 and all regulations
                                            promulgated thereunder;

 

		1.2.72	“Ore”
                                            means that part of the mineralised horizon that can be economically extracted. It includes
                                            amounts of non-mineralised material that are in direct contact with the mineralised portion
                                            and which must, of necessity due to the Mining method, also be removed in order to win the
                                            mineralisation;

 

		1.2.73	“Pallinghurst
                                            Cayman” means Pallinghurst (Cayman) GP L.P., a limited partnership duly established
                                            under the laws of the Cayman Islands;

 

		1.2.74	“Panel”
                                            means the Takeover Regulation Panel established by section 196 of the Companies Act;

 

		1.2.75	“Parties”
means collectively Luxco, Platmin, IBMR, Ivy Lane, BBKT, BPJV, PIC, RPM, Clidet, Lexshell, Richtrau, Platmin SA, LLTI, PPM, West Dunes,

 

     

     16

    

 

	 	 	Pallinghurst Cayman, Guernsey SPV and references
                                            to a “Party” shall be to any of the aforegoing individually, as the context
                                            may require;

 

		1.2.76	“Party‘s
                                            Group” means in relation to each Party:

 

		1.2.76.1	any
                                            Subsidiary of that Party;

 

		1.2.76.2	any
                                            Holding Company of that Party; and

 

		1.2.76.3	any
                                            Subsidiary of that Party‘s Holding Company;

 

		1.2.77	“PGNIs”
                                            means platinum, palladium, rhodium, ruthenium, iridium and osmium in the UG2 Reef and Merensky
                                            Reef and the metals and minerals mineralogically associated therewith together with any such
                                            metals and minerals which may be extracted from the normal mining of the first-mentioned
                                            minerals;

 

		1.2.78	“PIC”
                                            means Pallinghurst Investor Consortium (Pty) Ltd, Registration No. 2007/030604/07, a limited
                                            liability private company duly incorporated in the Republic of South Africa;

 

		1.2.79	“Platmin”
                                            means Platmin Limited, Registration No. 54400, a limited liability company duly incorporated
                                            in Guernsey;

 

		1.2.80	“Platmin
                                            SA” means Platmin South Africa (Pty) Ltd, Registration No. 2000/002572/07, a limited
                                            liability private company duly incorporated in the Republic of South Africa, formerly Boynton
                                            Investments (Pty) Ltd;

 

		1.2.81	“Platmin
                                            Shares” means ordinary shares of no par value in the capital of Platmin;

 

		1.2.82	“PPM”
                                            means Pilanesberg Platinum Mines (Pty) Ltd, Registration No. 2002/015572/07, a limited liability
                                            private company duly incorporated in the Republic of South Africa;

 

		1.2.83	“PPM
                                            Mining Area” means Portion 3 of the farm Rooderand 46 JQ; Remaining extent of Portion
                                            1, Portion 2, Portion 3, Portion 4, Portion 6, Portion 9, Portion 13 and Portion 15 of the
                                            farm Ruighoek 169 JP; the farm Tuschenkomst 135 JP; Portion 1 and the Remaining Extent of
                                            the farm Witkleifontein 136 JP; a portion of Portion 1 the farm Rooderand 46 JQ; and a portion
                                            of the farm Wilgespruit 2 JQ;

 

		1.2.84	“PPM
                                            Mining Right” means the mining right with DMR reference number NW30/5/1/2/2/320MR
                                            granted to PPM in terms of section 23(1) of the MPRDA

 

     

     17

    

 

	 	 	and executed on 14 February 2008 under
                                            protocol number 18/2008 over the PPM Mining Area;

 

		1.2.85	“Prospecting
                                            Rights Documents” means documentation, including official legal and geological
                                            documentation, relating to the Cyferkujl Prospecting Rights and the Zandspruit Prospecting
                                            Right and the area covered by the Cyferkujl Prospecting Rights and the Zandspruit Prospecting
                                            Right;

 

		1.2.86	“Rands”
                                            means South African Rands;

 

		1.2.87	“Richtrau”
                                            means Richtrau No 123 (Pty) Ltd, Registration No. 2006/017346/07, a limited liability private
                                            company duly incorporated in the Republic of South Africa;

 

		1.2.88	“Richtrau
                                            Area” means Magazynskraal, being the area covered by the Richtrau Rights;

 

		1.2.89	“Richtrau
                                            Prospecting Rights” means the prospecting rights, with DMR file reference numbers
                                            NW30/5/1/1/2/1680PR and NW30/5/1/1/2/1334PR respectively, held by Richtrau over the Richtrau
                                            Area;

 

		1.2.90	“Richtrau
                                            Rights” means the Richtrau Prospecting Rights, together with the applications lodged
                                            or to be lodged for a mining right pursuant to the Richtrau Prospecting Rights for PGMs in
                                            respect of the Richtrau Area and, upon the grant of such mining right, the mining right for
                                            PGMs held by Richtrau in respect of the Richtrau Area;

 

		1.2.91	“Richtrau
                                            Shareholders* Agreement” means the shareholders agreement entered into between
                                            BBKT, RPM, Lexshell and Richtrau on 14 November 2006;

 

		1.2.92	“RPM”
                                            means Rustenburg Platinum Mines Limited, Registration No. 1931/003380/06, a limited liability
                                            public company duly incorporated in the Republic of South Africa;

 

		1.2.93	“RPM
Consideration Shares” means such number of Platmin Shares which will constitute 6.573% of Platmin‘s issued share capital
on the Effective Date(on the assumption that the Additional BBKT IBMR Consideration Shares will have been issued on the Effective Date).
If such number of Platmin Shares constitutes a fraction, then the number of Platmin Shares shall be rounded up to the nearest whole number;

 

     

     18

    

 

 

		1.2.94	“RPNI
                                            Consideration Shares Subscription Price” means an amount, in Rands, equal to the
                                            RPM Richtrau Consideration Claim;

 

		1.2.95	“RPNI
                                            Richtrau Consideration Claim” means the consideration payable by Platmin to RPM,
                                            pursuant to the delegation of the RPM Richtrau Consideration Claim to Platmin in terms of
                                            the Loan Creation Consolidation Agreement, being R1,314,568,607.30 (one billion three hundred
                                            and fourteen million five hundred and sixty eight thousand six hundred and seven Rand and
                                            thirty cents), outstanding on loan account in favour of RPM pursuant to the repurchase by
                                            Richtrau of the shares held by RPM in Richtrau‘s issued share capital in terms of the
                                            Loan Creation Consolidation Agreement;

 

		1.2.96	“Second
                                            Closing Date” shall bear the meaning ascribed thereto in the Loan Creation Consolidation
                                            Agreement;

 

		1.2.97	“Signature
                                            Date” means the date of the signature of this Agreement by the last Party to do
                                            so;

 

		1.2.98	“Subsidiary”
                                            means subsidiary as defined in the Companies Act and references to a “Subsidiary”
                                            shall not be limited to entities incorporated under the Companies Act and in respect any
                                            company of which BBKT holds more than 50% (fifty percent) of the issued share capital “Subsidiary”
                                            means such company provided that for purposes of the warranties given by Platmin to RPM in
                                            terms of clause 10.1 below any reference to “Subsidiary” or “Subsidiaries”
                                            shall be deemed to exclude Richtrau;

 

		1.2.99	“Suspensive
                                            Condition” means the suspensive condition referred to in clause 3.1;

 

		1.2.100	“Tax”
                                            includes, but is not limited to, income tax, capital gains tax, pay as you earn, regional
                                            service council levies, value added tax and any duty or levy (including any penalty or interest)
                                            imposed by any law administered by:

 

		1.2.100.1	the
South African Revenue Service or any other any other authority entitled to administer taxes in the Republic of South Africa in respect
of entities which are liable to pay tax in the Republic of South Africa;

 

		1.2.100.2	any
authority entitled to administer taxes in the Bailiwick of Guernsey in respect of entities which are liable to pay tax in the Bailiwick
of Guernsey;

 

     

     19

    

 

		1.2.100.3	any
authority entitled to administer taxes in Cyprus in respect of entities which are liable to pay tax in Cyprus;

 

		1.2.100.4	any
authority entitled to administer taxes in respect of entities which are liable to pay tax in Mauritius;

 

		1.2.100.5	any
authority entitled to administer taxes in Luxembourg in respect of entities which are liable to pay tax in Luxembourg; and

 

		1.2.100.6	any
authority entitled to administer taxes in any other jurisdiction in respect of entities which are liable to pay tax in such jurisdiction;

 

		1.2.101	“Transaction
                                            Agreements” means this Agreement, the Contractor Agreement, the Loan Creation Consolidation
                                            Agreement, the IDC Subscription Agreement, the Investec Platmin Agreement, the Investec Luxco
                                            Agreement and the Investec Ivy Lane Agreement;

 

		1.2.102	“VAT”
                                            means value added tax as may be levied in terms of the VAT Act;

 

		1.2.103	“VAT
                                            Act” means the Value-Added Tax Act, 1991;

 

		1.2.104	“West
                                            Dunes” means West Dunes Properties 115 (Pty) Ltd (Registration No. 2004/010211/07),
                                            a limited liability private company duly incorporated in the Republic of South Africa; and

 

		1.2.105	“Zandspruit
                                            Prospecting Right” means the prospecting right description: NW 30/5/1/1/2/1284
                                            PR granted by the DMR in favour of RPM in respect of the Remaining Extent and Portion 2 of
                                            the farm Zandspruit 168 JP;

 

		1.3	any
                                            reference to an enactment is to that enactment as at the Signature Date and as amended or
                                            re-enacted from time to time and includes any subordinate legislation made from time to time
                                            under such enactment;

 

		1.4	if
                                            any provision in a definition is a substantive provision conferring rights or imposing obligations
                                            on any Party, notwithstanding that it is only in the definition clause, effect shall be given
                                            to it as if it were a substantive provision in the body of the Agreement;

 

		1.5	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 is not a Business Day, in which
                                            case the last day shall be the next succeeding Business Day;

 

     

     20

    

 

		1.6	if
                                            any term is defined within the context of any particular clause in this Agreement, the term
                                            so defined, unless it is clear from the clause in question that the term so defined has limited
                                            application to the relevant clause, shall bear the meaning ascribed to it for all purposes
                                            in terms of this Agreement, notwithstanding that that term has not been defined in this interpretation
                                            clause;

 

		1.7	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;

 

		1.8	the
                                            rule of construction that a contract shall be interpreted against the Party responsible for
                                            the drafting or preparation of the contract, shall not apply;

 

		1.9	any
                                            reference in this Agreement to a Party shall include a reference to that Party‘s assigns
                                            expressly permitted under this Agreement and, if such Party is liquidated or sequestrated,
                                            be applicable also to and binding upon that Party‘s liquidator or trustee, as the case
                                            may be;

 

		1.10	any
                                            reference to an agreement includes a reference to that agreement and its annexures, as may
                                            be amended, supplemented, varied or novated from time to time;

 

		1.11	the
                                            words “include”, “including” and “in
                                            particular” shall be construed as being by way of example or emphasis only and
                                            shall not be construed, nor shall they take effect, as limiting the generality of any preceding
                                            word/s;

 

		1.12	the
                                            words “other” and “otherwise” shall not be construed
                                            eiusdem generis with any preceding words where a wider construction is possible;

                                                                                and

 

		1.13	whenever
                                            a person is required to act as an “Expert” in terms of this Agreement,
                                            then:

 

		1.13.1	the
                                            Expert shall act as an “expert and not as an arbitrator”;

 

		1.13.2	subject
                                            to any express provision to the contrary, the Expert shall determine:

 

		1.13.2.1	the
                                            quantum of his charges, which quantum shall be paid on demand, in the amounts and manner
                                            determined by the Expert; and

 

		1.13.2.2	which
                                            of the relevant Parties to the matter referred to the Expert (collectively the “Concerned
                                            Parties” and separately and individually a “Concerned Party”)
                                            is liable to pay his charges and, if more than 1 (one) Concerned Party is so liable,
                                            in what proportions the obligation to make payment of his charges is to be split between
                                            the Concerned Parties;

 

     

     21

    

 

		1.13.3	the
                                            Expert shall be entitled to determine such methods and processes as he may, in his sole discretion,
                                            deem appropriate in the circumstances;

 

		1.13.4	the
                                            Expert shall consult with the Concerned Parties (provided that the extent of the Expert‘s
                                            consultation shall be in his sole discretion) prior to rendering a determination. The Expert
                                            shall afford the Concerned Parties the opportunity to make such written, or at its discretion,
                                            oral representations as the Concerned Parties wish, subject to such reasonable time and other
                                            limits as the Expert may prescribe and the Expert shall have regard to any such representations
                                            but not be bound by them;

 

		1.13.5	the
                                            Concerned Parties shall fully co-operate with the Expert and do all such things as may be
                                            necessary to assist the Expert with his determination;

 

		1.13.6	having
                                            regard to the sensitivity of any confidential information, the Expert shall be entitled to
                                            take advice from any person considered by him to have expert knowledge with reference to
                                            the matter in question;

 

		1.13.7	having
                                            considered the Concerned Parties’ respective representations as contemplated in clause 1.13.4,
                                            the Expert shall make his determination in as short a time as is reasonably possible in the
                                            circumstances;

 

		1.13.8	the
                                            Expert‘s determination will (in the absence of manifest error) be final and binding
                                            on the Concerned Parties;

 

		1.13.9	there
                                            shall be one Expert, who shall be:

 

		1.13.9.1	for
                                            any matter relating to the valuation of the Cyferkujl Prospecting Rights and the Zandspruit
                                            Prospecting Rights in clause 16 of this Agreement: SRK Consulting (South Africa) (Proprietary)
                                            Limited, registration number 1995/012890/07, a limited liability private company duly incorporated
                                            in the Republic of South Africa (“SRK Consulting”), or,
                                            if SRK Consulting does not accept the mandate within 45 (forty five) Business Days of the
                                            matter being referred to it, Venmyn Rand (Pty) Ltd (Registration No. 1988/004918/07) trading
                                            as “Venmyn” (“Venmyn”) or, if Venmyn does not
                                            accept the mandate within 45 (forty five) Business Days of the matter being referred to it,
                                            such independent mining engineer as may be agreed in writing between the Concerned Parties,
                                            or failing agreement within 10 (ten) Business Days from the date upon which Venmyn fails
                                            to accept the mandate, appointed (at the instance of any 

 

     

     22

    

 

	 	 	Concerned Party) by the South African
                                            Institute of Mining and Metallurgy, who shall act as an expert and not as an arbitrator;
                                            or

 

		1.13.9.2	for
                                            any matter other than a valuation of the Cyferkujl Prospecting Rights and the Zandspruit
                                            Prospecting Rights in clause 16 of this Agreement: such corporate finance division of
                                            any independent and reputable merchant bank as may be agreed between the Concerned Parties,
                                            or failing agreement within 10 (ten) Business Days from the date of a request by either of
                                            them for such agreement, appointed by the Executive President for the time being of the South
                                            African Institute of Chartered Accountants. If that person fails or refuses to make the aforesaid
                                            appointment, any Concerned Party may approach the High Court of South Africa to make such
                                            an appointment. To the extent necessary, the Parties agree that the High Court is expressly
                                            empowered to make such appointment.

 

		2.	ESCROW
                                            AGENT

 

		2.1	The
                                            Parties jointly agree to designate and appoint the Escrow Agent as escrow agent to hold the
                                            original share certificates deposited by Platmin with it on the Signature Date in terms of
                                            clause 2.5 below in escrow.

 

		2.2	On
                                            receipt of written confirmation from Ivy Lane, RPM, BBKT and Platmin that the Suspensive
                                            Conditions have been fulfilled or waived, as the case may be, the Escrow Agent shall:

 

		2.2.1	on
                                            the Effective Date, date the original share certificate deposited with it in respect of the
                                            Ivy Lane PIC Consideration Shares with the Effective Date and release such share certificate
                                            to Ivy Lane on behalf of Platmin in accordance with the provisions of clause 5.1.1;

 

		2.2.2	on
                                            the Effective Date, date the original share certificate deposited with it in respect of the
                                            BBKT BPJV Consideration Shares with the Effective Date and release such share certificate
                                            to BBKT on behalf of Platmin in accordance with the provisions of clause 5.1.2;

 

		2.2.3	on
                                            the Effective Date, date the original share certificate deposited with it in respect of the
                                            BBKT Lexshell Consideration Shares with the Effective Date and release such share certificate
                                            to BBKT on behalf of Platmin in accordance with the provisions of clause 5.1.3;

 

     

     23

    

 

		2.2.4	on
                                            the Effective Date, date the original share certificate deposited with it in respect of the
                                            RPM Consideration Shares with the Effective Date and release same to RPM on behalf of Platmin
                                            in accordance with the provisions of clause 5.1.4;

 

		2.2.5	on
                                            the Effective Date, date the original share certificate deposited with it in respect of the
                                            Initial BBKT IBMR Consideration Shares with the Effective Date and release such share certificate
                                            to BBKT on behalf of Platmin in accordance with the provisions of clause 5.1.5;

 

		2.2.6	on
                                            the Effective Date, date the original share certificate deposited with it in respect of the
                                            Ivy Lane IBMR Consideration Shares with the Effective Date and release such share certificate
                                            to Ivy Lane on behalf of Platmin in accordance with the provisions of clause 5.1.6;

 

		2.2.7	on
                                            the Effective Date, date the original share certificate deposited with it in respect of the
                                            Ivy Lane LLTI Consideration Shares with the Effective Date and release such share certificate
                                            to Ivy Lane on behalf of Platmin in accordance with the provisions of clause 5.1.7;
                                            and

 

		2.2.8	on
                                            the Effective Date, date the original share certificate deposited with it in respect of the
                                            BBKT LLTI Consideration Shares with the Effective Date and release such share certificate
                                            to BBKT on behalf of Platmin in accordance with the provisions of clause 5.1.8.

 

		2.3	On
                                            receipt of written confirmation from Platmin, BBKT and PPM that the BBKT IBMR Effective Date
                                            has occurred, the Escrow Agent shall, on the Second Closing Date, date the original share
                                            certificate deposited with it in respect of the Additional BBKT IBMR Consideration Shares
                                            with the Second Closing Date and release such share certificate to BBKT in accordance with
                                            the provisions of clause 5.2.

 

		2.4	The
                                            Escrow Agent accepts such designation and appointment in accordance with and limited to the
                                            terms and conditions of clauses 2.1, 2.2, 2.3, 2.5, 2.6, 2.7, 19 and 25 whereby it agrees
                                            to be bound.

 

		2.5	On
                                            the Signature Date, Platmin shall deliver to the Escrow Agent all of the original share certificates
                                            contemplated in clauses 5.1 and 5.2 duly signed and complying all respects with the
                                            relevant company laws applicable to Platmin but undated.

 

		2.6	The
                                            Escrow Agent

 

     

     24

    

 

		2.6.1	shall
                                            have no duties or responsibilities except as expressly set forth in clause 2.1 and shall
                                            have no obligations, responsibilities or liability arising under any other agreement to which
                                            the Escrow Agent is not a party, even though reference to such other agreement may be made
                                            in this Agreement;

 

		2.6.2	is
                                            not and shall not be deemed to be a trustee for any Party to this Agreement for any purpose
                                            and is merely acting in an administrative capacity with the limited duties described in this
                                            Agreement;

 

		2.6.3	shall
                                            be entitled to rely upon any enforceable judgement delivered to it hereunder without being
                                            required to determine the authenticity or the correctness of any fact stated therein. The
                                            Escrow Agent may act in reliance upon any instrument or signature believed by it to be genuine
                                            and may assume that any person purporting to give receipt or advice or make any statement
                                            or execute any document in connection with the provisions hereof, has been duly authorised
                                            to do so; and

 

		2.6.4	and
                                            the other Parties agree that Ivy Lane, BBKT and RPM may jointly, by written notice to the
                                            Escrow Agent, at any time, remove the Escrow Agent as the escrow agent in terms of this Agreement,
                                            and substitute any other firm of attorneys (acceptable to all of the Parties, acting reasonably)
                                            for the Escrow Agent, in which event, upon receipt of written notice thereof, the Escrow
                                            Agent shall deliver to such substituted escrow agent the original share certificates deposited
                                            with it on the Signature Date in terms of clause 2.5, and the Escrow Agent shall thereafter
                                            be discharged from any and all further liability or responsibility in terms of this Agreement.

 

		2.7	Each
                                            Party hereby indemnifies the Escrow Agent from, and holds it harmless against, any (without
                                            limitation) claims by or debts to any person, and loss, liability or expense of whatsoever
                                            nature incurred or suffered by it arising out of or in connection with the administration
                                            contemplated in clauses  2.1 to 2.6, including the full costs and expenses of legal
                                            counsel so long as such claims, debts, loss, liability or expense are not the result of the
                                            negligence or reckless or wilful misconduct of the Escrow Agent Insofar as any such claims,
                                            debts, loss, liability or expense would otherwise be owed to one or more of the Parties,
                                            such Parties hereby waive their rights in respect of such claims, debts, loss, liability
                                            or expense.

 

		2.8	Upon
                                            the date upon which:

 

     

     25

    

 

		2.8.1	the
                                            last of the Suspensive Conditions fulfilled or waived, as the case may be, Ivy Lane, BBKT,
                                            RPM and Platmin shall be obliged to send the written confirmation contemplated in clause 2.2
                                            to the Escrow Agent; and

 

		2.8.2	the
                                            BBKT IBMR Effective Date occurs Platmin, BBKT and PPM shall be obliged to send the written
                                            confirmation contemplated in clause 2.3 to the Escrow Agent.

 

		3.	SUSPENSIVE
                                            CONDITIONS

 

		3.1	The
                                            whole of this Agreement, other than the Preamble and the provisions of clauses  1, 2,
                                            this clause 3, clause 16.2, 16.3 and clauses 19 to 30 (both inclusive), which
                                            shall be of immediate force and effect on the Signature Date, is subject to the fulfilment
                                            of the Suspensive Conditions, that by no later than 15 December 2013:

 

		3.1.1	all
                                            of the suspensive conditions to the Loan Creation Consolidation Agreement have been fulfilled
                                            save for any condition/s contained therein requiring this Agreement to have been entered
                                            into and/or becoming unconditional; and

 

		3.1.2	the
                                            Loan Creation Consolidation Agreement has been implemented save for the implementation of
                                            the BBKT IBMR Share Sale Step and the payment by PPM to Ivy Lane and BBKT of the Guaranteed
                                            Amounts.

 

		3.2	Forthwith
                                            after the Signature Date, the Parties shall use their respective reasonable endeavours and
                                            co-operate in good faith to procure the fulfilment of the Suspensive Conditions, to the extent
                                            that it is within their power to do so, as expeditiously as reasonably possible.

 

		3.3	The
                                            Suspensive Conditions have been inserted for the benefit of all the Parties, who will be
                                            entitled to waive fulfilment of same (or part thereof) by written agreement prior to the
                                            expiry of the time period set out in clause 3.1 (or extended in accordance with clause 3.4).

 

		3.4	Unless
                                            the Suspensive Conditions have been fulfilled or waived by not later than the date for fulfilment
                                            thereof set out in clause 3.1 (or such later date or dates as may be agreed in writing
                                            between the Parties before the aforesaid date or dates), the provisions of this Agreement
                                            save for clause 1, 2, this clause 3, and clauses 19 to 30 (both inclusive)
                                            which will remain of full force and effect, will never become of any force or effect and
                                            the status quo ante will be restored as near as may be possible and none of the Parties will
                                            have any claim against any other in terms hereof or arising from the failure of the Suspensive
                                            Conditions, save for any claims arising from a breach of clause 3.2 and/or any prior
                                            breach of any of the provisions of this Agreement which became effective prior to the Effective
                                            Date.

 

     

     26

    

 

		4.	SUBSCRIPTIONS

 

		4.1	On
                                            the Effective Date:

 

		4.1.1	Ivy
                                            Lane hereby subscribes for the Ivy Lane PIC Consideration Shares at the Ivy Lane PIC Consideration
                                            Shares Subscription Price;

 

		4.1.2	BBKT
                                            hereby subscribes for the BBKT BPJV Consideration Shares at the BBKT BPJV Consideration Shares
                                            Subscription Price;

 

		4.1.3	BBKT
                                            hereby subscribes for the BBKT Lexshell Consideration Shares at the BBKT Lexshell Consideration
                                            Shares Subscription Price;

 

		4.1.4	RPM
                                            hereby subscribes for the RPM Consideration Shares, at the RPM Consideration Shares Subscription
                                            Price;

 

		4.1.5	BBKT
                                            hereby subscribes for the Initial BBKT IBMR Consideration Shares, at the Initial BBKT IBMR
                                            Consideration Shares Subscription Price;

 

		4.1.6	Ivy
                                            Lane hereby subscribes for the Ivy Lane IBMR Consideration Shares at the Ivy Lane IBMR Consideration
                                            Shares Subscription Price;

 

		4.1.7	Ivy
                                            Lane hereby subscribes for the Ivy Lane LLTl Consideration Shares at the Ivy Lane LLTl Consideration
                                            Shares Subscription Price; and

 

		4.1.8	BBKT
                                            hereby subscribes for the BBKT LLTl Consideration Shares at the BBKT LLTl Consideration Shares
                                            Subscription Price.

 

		4.2	On
                                            the Second Closing Date, BBKT hereby subscribes for the Additional BBKT IBMR Consideration
                                            Shares, at the Additional BBKT IBMR Consideration Shares Subscription Price.

 

		5.	DISCHARGE
                                            BY THE RELEVANT SUBSCRIBER OF THE RELEVANT SUBSCRIPTION PRICE AND ISSUE OF THE RELEVANT SUBSCRIPTION
                                            SHARES

 

		5.1	On
                                            the Effective Date:

 

		5.1.1	the
                                            Ivy Lane PIC Consideration Shares Subscription Price shall be discharged by Platmin‘s
                                            obligation to pay the Ivy Lane PIC Consideration Claim to Ivy Lane being set-off against
                                            Ivy Lane‘s obligation to pay the Ivy Lane PIC Consideration Shares Subscription Price
                                            to Platmin and pursuant thereto Platmin shall issue (and, for the avoidance of doubt, Platmin
                                            shall be obliged to so issue) to Ivy Lane the Ivy Lane PIC Consideration Shares, and in this
                                            regard

 

     

     27

    

 

			at
                                            the Closing Venue the Escrow Agent, for and on behalf of Platmin shall deliver to Ivy Lane:
                                            an original share certificate reflecting Ivy Lane as the registered owner of the Ivy Lane
                                            PIC Consideration Shares and a copy of Platmin‘s share register reflecting Ivy Lane
                                            as the registered owner of the Ivy Lane PIC Consideration Shares;

 

		5.1.2	the
                                            BBKT BPJV Consideration Shares Subscription Price shall be discharged by Platmin‘s
                                            obligation to pay the BBKT BPJV Consideration Claim to BBKT being set-off against BBKT‘s
                                            obligation to pay the BBKT BPJV Consideration Shares Subscription Price to Platmin and pursuant
                                            thereto Platmin shall issue (and, for the avoidance of doubt, Platmin shall be obliged to
                                            so issue) to BBKT the BBKT BPJV Consideration Shares, and in this regard at the Closing Venue
                                            the Escrow Agent, for and on behalf of Platmin shall deliver to BBKT: an original share certificate
                                            reflecting BBKT as the registered owner of the BBKT BPJV Consideration Shares and a copy
                                            of Platmin‘s share register reflecting BBKT as the registered owner of the BBKT BPJV
                                            Consideration Shares;

 

		5.1.3	the
                                            BBKT Lexshell Consideration Shares Subscription Price shall be discharged by Platmin‘s
                                            obligation to pay the BBKT Lexshell Consideration Claim to BBKT being set-off against BBKT‘s
                                            obligation to pay the BBKT Lexshell Consideration Shares Subscription Price to Platmin and
                                            pursuant thereto Platmin shall issue (and, for the avoidance of doubt, Platmin shall be obliged
                                            to so issue) to BBKT the BBKT Lexshell Consideration Shares, and in this regard at the Closing
                                            Venue the Escrow Agent, for and on behalf of Platmin shall deliver to BBKT: an original share
                                            certificate reflecting BBKT as the registered owner of the BBKT Lexshell Consideration Shares
                                            and a copy of Platmin‘s share register reflecting BBKT as the registered owner of the
                                            BBKT Lexshell Consideration Shares;

 

		5.1.4	the
                                            RPM Consideration Shares Subscription Price shall be discharged by Platmin‘s obligation
                                            to pay the RPM Richtrau Consideration Claim to RPM being set-off against RPM‘s obligation
                                            to pay the RPM Consideration Shares Subscription Price to Platmin and pursuant thereto Platmin
                                            shall issue (and, for the avoidance of doubt, Platmin shall be obliged to so issue) to RPM
                                            the RPM Consideration Shares, and in this regard at the Closing Venue the Escrow Agent, for
                                            and on behalf of Platmin shall deliver to RPM: an original share certificate reflecting RPM
                                            as the registered owner of the RPM Consideration Shares and a copy of Platmin‘s share
                                            register reflecting RPM as the registered owner of the RPM Consideration Shares;

 

     

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		5.1.5	the
                                            Initial BBKT IBMR Consideration Shares Subscription Price shad be discharged by Platmin‘s
                                            obligation to pay the BBKT IBMR Procurement Consideration Claim to BBKT being set-off against
                                            BBKT‘s obligation to pay the Initial BBKT IBMR Consideration Shares Subscription Price
                                            to Platmin and pursuant thereto Platmin shall issue (and, for the avoidance of doubt, Platmin
                                            shall be obliged to so issue) to BBKT the Initial BBKT IBMR Consideration Shares, and in
                                            this regard at the Closing Venue the Escrow Agent, for and on behalf of Platmin shall deliver
                                            to BBKT: an original share certificate reflecting BBKT as the registered owner of the Initial
                                            BBKT IBMR Consideration Shares and a copy of Platmin‘s share register reflecting BBKT
                                            as the registered owner of the Initial BBKT IBMR Consideration Shares;

 

		5.1.6	the
                                            Ivy Lane IBMR Consideration Shares Subscription Price shall be discharged by Platmin‘s
                                            obligation to pay the Ivy Lane IBMR Consideration Claim to Ivy Lane being set-off against
                                            Ivy Lane‘s obligation to pay the Ivy Lane IBMR Consideration Shares Subscription Price
                                            to Platmin and pursuant thereto Platmin shall issue (and, for the avoidance of doubt, Platmin
                                            shall be obliged to so issue) to Ivy Lane the Ivy Lane IBMR Consideration Shares, and in
                                            this regard at the Closing Venue the Escrow Agent, for and on behalf of Platmin shall deliver
                                            to Ivy Lane: an original share certificate reflecting Ivy Lane as the registered owner of
                                            the Ivy Lane IBMR Consideration Shares and a copy of Platmin‘s share register reflecting
                                            Ivy Lane as the registered owner of the Ivy Lane IBMR Consideration Shares;

 

		5.1.7	the
                                            Ivy Lane LLTI Consideration Shares Subscription Price shall be discharged by Platmin‘s
                                            obligation to pay the Ivy Lane LLTI Consideration Claim to Ivy Lane being set-off against
                                            Ivy Lane‘s obligation to pay the Ivy Lane LLTI Consideration Shares Subscription Price
                                            to Platmin and pursuant thereto Platmin shall issue (and, for the avoidance of doubt, Platmin
                                            shall be obliged to so issue) to Ivy Lane the Ivy Lane LLTI Consideration Shares, and in
                                            this regard at the Closing Venue the Escrow Agent, for and on behalf of Platmin shall deliver
                                            to Ivy Lane: an original share certificate reflecting Ivy Lane as the registered owner of
                                            the Ivy Lane LLTI Consideration Shares and a copy of Platmin‘s share register reflecting
                                            Ivy Lane as the registered owner of the Ivy Lane LLTI Consideration Shares; and

 

		5.1.8	the
                                            BBKT LLTI Consideration Shares Subscription Price shall be discharged by Platmin‘s
                                            obligation to pay the BBKT LLTI Consideration Claim to BBKT being set-off against BBKT‘s
                                            obligation to pay the BBKT LLTI Consideration Shares Subscription Price to Platmin and pursuant
                                            thereto Platmin shall issue (and, for

 

     

     29

    

 

		 	the
                                            avoidance of doubt, Platmin shall be obliged to so issue) to BBKT the BBKT LLTI Consideration
                                            Shares, and in this regard at the Closing Venue the Escrow Agent, for and on behalf of Platmin
                                            shall deliver to BBKT: an original share certificate reflecting BBKT as the registered owner
                                            of the BBKT LLTI Consideration Shares and a copy of Platmin‘s share register reflecting
                                            BBKT as the registered owner of the BBKT LLTI Consideration Shares.

 

		5.2	On
                                            the Second Closing Date, the Additional BBKT IBMR Consideration Shares Subscription Price
                                            shall be discharged by Platmin‘s obligation to pay the BBKT IBMR Shares and Claims
                                            Consideration Claim to BBKT being set-off against BBKT‘s obligation to pay the Additional
                                            BBKT IBMR Consideration Shares Subscription Price to Platmin and pursuant thereto Platmin
                                            shall issue (and, for the avoidance of doubt, Platmin shall be obliged to so issue) to BBKT
                                            the Additional BBKT IBMR Consideration Shares, and in this regard at the Closing Venue the
                                            Escrow Agent, for and on behalf of Platmin shall deliver to BBKT: an original share certificate
                                            reflecting BBKT as the registered owner of the Additional BBKT IBMR Consideration Shares
                                            and a copy of Platmin‘s share register reflecting BBKT as the registered owner of the
                                            Additional BBKT IBMR Consideration Shares.

 

		5.3	The
                                            table in ANNEXURE A reflects the shareholding in Platmin after the implementation
                                            of clause 5.1 (on the assumption that the Additional BBKT IBMR Consideration Shares
                                            will have been issued on the Effective Date) and before the issue of Platmin Shares to the
                                            Industrial Development Corporation of South Africa Limited in terms of the IDC Subscription
                                            Agreement.

 

		6.	TERMS
                                            AND CONDITIONS OF THE CONSIDERATION CLAIMS

 

The
terms and conditions of the Ivy Lane PIC Consideration Claim, the BBKT BPJV Consideration Claim, the BBKT Lexshell Consideration Claim,
the RPM Richtrau Consideration Claim, the Ivy Lane IBMR Consideration Claim, the BBKT IBMR Procurement Consideration Claim and the BBKT
IBMR Shares and Claims Consideration Claim, the Ivy Lane LLTI Consideration Claim and the BBKT LLTI Consideration Claim shall be those
set out in the Loan Creation Consolidation Agreement.

 

		7.	RPM‘S
                                            RIGHT TO APPOINT A MEMBER TO THE INVESTMENT COMMITTEE OF PLATMIN

 

		7.1	Subject
                                            to clause 7.6, the board of directors of Platmin hereby irrevocably and unconditionally
                                            undertakes to use its reasonable endeavours to procure that by not later than the 90th Business
                                            Day after the Closing Day (as defined in the IDC Subscription Agreement) a sub-committee
                                            is constituted as an advisory sub-committee in order to make recommendations (on a non binding
                                            basis) to Platmin as to, inter alia, material exploitation, exploration, development,
                                            mining and/or prospecting (and matters ancillary to the aforesaid exploitation, exploration,
                                            development, mining and/or prospecting) in South Africa and all

 

     

     30

    

 

		 	technical,
                                            financial (including receiving and evaluating budgets in respect of the aforesaid matters)
                                            and social issues in relation thereto.

 

		7.2	The
                                            sub-committee shall meet (whether by telephone, video conference or otherwise) no less frequently
                                            than on a monthly basis to discuss, review and make recommendations to Platmin, but shall
                                            otherwise be entitled to determine the time, manner and agenda for its meetings.

 

		7.3	RPM
                                            shall be entitled, on written notice, to nominate, appoint, remove or replace 1 (one)
                                            member of the sub-committee, who shall have one vote in respect of its proposed recommendations
                                            provided that such member shall not have any votes in relation to how the Subscription Amount
                                            (as defined in the IDC Subscription Agreement) should be utilised. The aforesaid steering
                                            committee shall have as many members as Platmin considers necessary from time to time.

 

		7.4	All
                                            recommendations of the sub-committee shall be determined by simple majority.

 

		7.5	Platmin
                                            and RPM shall be entitled (but not obliged) to appoint an observer to attend and speak (but
                                            not to vote) at any meeting of the sub-committee, and for that purpose to be given due notice
                                            of all meetings of the sub-committee and copies of all minutes of such meetings.

 

		7.6	Notwithstanding
                                            clauses  7.1 to 7.5 above (both inclusive), if RPM Disposes of 50% (fifty percent) or
                                            more of the RPM Consideration Shares, then in such circumstances clauses  7.1 to 7.5
                                            above (both inclusive) shall not apply.

 

		8.	RPM‘S
                                            RIGHT TO APPOINT A MEMBER TO THE IPO STEERING COMMITTEE

 

		8.1	It
                                            is recorded that Platmin is considering an initial public offering of Platmin Shares and
                                            the listing of such Platmin Shares on a securities exchange; in implementing this:

 

		8.1.1	Platmin
                                            and the IDC will, as soon as is reasonably practicable after the Issuance (as defined in
                                            the IDC Subscription Agreement), form a steering committee to oversee the overall initial
                                            public offering and the listing of the Platmin Shares on a securities exchange; and

 

		8.1.2	RPM
                                            will be entitled to have representation at such steering committee.

 

		8.2	The
                                            steering committee will prepare all of the required and necessary documentation for the undertaking
                                            of the initial public offering of the Platmin Shares and their listing in a securities exchange,
                                            and RPM‘s representatives shall be furnished with any and all such required and necessary
                                            documentation prepared for this purpose within a reasonable period, who shall be

 

     

     31

    

 

entitled
to comment thereon. Platmin shall, in good faith, consider all comments made by RPM in relation to such documentation. RPM hereby undertakes
in favour of Platmin to also act in good faith in the aforesaid process.

 

		8.3	Subject
                                            to applicable law and/or urgent timing requirements, neither RPM nor Platmin shall make any
                                            public announcements of any nature whatsoever in respect of or in connection with the initial
                                            public offering without affording the other sufficient time to consider and comment on the
                                            contents of such public announcement.

 

		9.	RELEVANT
                                            WARRANTIES

 

		9.1	Platmin
                                            hereby warrants to:

 

		9.1.1	Ivy
                                            Lane that the percentage which each of the Ivy Lane PIC Consideration Shares, the Ivy Lane
                                            IBMR Consideration Shares and the Ivy Lane LLTI Consideration Shares constitutes of Platmin‘s
                                            entire issued share capital, once issued, on the Effective Date will be not less than the
                                            percentages in respect thereof set out in ANNEXURE A (on the assumption that the Additional
                                            BBKT IBMR Consideration Shares will have been issued on the Effective Date) before the issue
                                            of Platmin Shares to the Industrial Development Corporation of South Africa Limited in terms
                                            of the IDC Subscription Agreement;

 

		9.1.2	RPM
                                            that the percentage which RPM Consideration Shares constitutes of Platmin‘s entire
                                            issued share capital, once issued, on the Effective Date will be not less than the percentage
                                            in respect thereof set out in Annexure A (on the assumption that the Additional
                                            BBKT IBMR Consideration Shares will have been issued on the Effective Date) before the issue
                                            of Platmin Shares to the Industrial Development Corporation of South Africa Limited in terms
                                            of the IDC Subscription Agreement;

 

		9.1.3	BBKT
                                            that the percentage which:

 

		9.1.3.1	each
                                            of the BBKT BPJV Consideration Shares, the BBKT Lexshell Consideration Shares, the Initial
                                            BBKT IBMR Consideration Shares and the BBKT LLTI Consideration Shares constitutes of Platmin‘s
                                            entire issued share capital, once issued, on the Effective Date will be not less than the
                                            percentage in respect thereof set out in ANNEXURE A (on the assumption that the Additional
                                            BBKT IBMR Consideration Shares will have been issued on the Effective Date) before the

 

     

     32

    

 

	 	 	issue of Platmin Shares
    to the Industrial Development Corporation of South Africa Limited in terms of the IDC Subscription Agreement; and

 

		9.1.3.2	the
                                            Additional BBKT IBMR Consideration Shares constitutes of Platmin‘s entire issued share
                                            capital, once issued, on the Second Closing Date will be not less than the percentage in
                                            respect thereof set out in ANNEXURE A (on the assumption that the Additional BBKT
                                            IBMR Consideration Shares will have been issued on the Effective Date) before the issue of
                                            Platmin Shares to the Industrial Development Corporation of South Africa Limited in terms
                                            of the IDC Subscription Agreement.

 

		9.2	Platmin
                                            undertakes and warrants to Ivy Lane, BBKT and RPM that, for the Interim Period:

 

		9.2.1	Platmin
                                            will not:

 

		9.2.1.1	declare
                                            or pay or make any Distributions;

 

		9.2.1.2	Dispose
                                            of or enter into any agreement to Dispose of any assets in excess of R50,000,000.00 (fifty
                                            million Rand) in the aggregate other than in the ordinary course of business;

 

		9.2.1.3	acquire
                                            or enter into any agreement to acquire any assets in excess of R50,000,000.00 (fifty million
                                            Rand) in the aggregate other than in the ordinary course of business;

 

		9.2.1.4	incur
                                            or agree to incur any liabilities in excess of R50.000.000.00 (fifty million Rand) in the
                                            aggregate other than in the ordinary course of business;

 

		9.2.1.5	incur
                                            or agree to incur any expenditure in excess of R50,000,000.00 (fifty million Rand) in the
                                            aggregate other than in the ordinary course of business; or

 

		9.2.1.6	save
                                            for the Transaction Agreements, enter into any material contract other than in the ordinary
                                            course of business; and

 

     

     33

    

 

 

		9.2.2	Platmin
                                            will notify Ivy Lane, BBKT and RPM in writing as soon as practicable after it becomes aware
                                            of any proposed shareholder resolution other than any shareholder resolution required for
                                            the execution and/or implementation of this Agreement The aforesaid notification shall include
                                            the content of the relevant shareholder resolution.

 

		9.3	PPM
                                            undertakes and warrants to Ivy Lane, BBKT and RPM that, for the Interim Period:

 

		9.3.1	PPM
                                            will not

 

		9.3.1.1	declare
                                            or pay or make any Distributions;

 

		9.3.1.2	Dispose
                                            of or enter into any agreement to Dispose of any assets in excess of R40,000,000.00 (forty
                                            million Rand) in the aggregate other than in the ordinary course of business;

 

		9.3.1.3	acquire
                                            or enter into any agreement to acquire any assets in excess of R40,000,000.00 (forty million
                                            Rand) in the aggregate other than in the ordinary course of business;

 

		9.3.1.4	incur
                                            or agree to incur any liabilities in excess of R40,000,000.00 (forty million Rand) in the
                                            aggregate other than in the ordinary course of business;

 

		9.3.1.5	incur
                                            or agree to incur any expenditure in excess of R40,000,000.00 (forty million Rand) in the
                                            aggregate other than in the ordinary course of business; or

 

		9.3.1.6	save
                                            for the Transaction Agreements, enter into any material contract other than in the ordinary
                                            course of business; and

 

		9.3.2	PPM
                                            will:

 

		9.3.2.1	carry
                                            on its business in the ordinary and regular course; and

 

		9.3.2.2	maintain
                                            the PPM Mining Right and comply with all legislation in relation thereto;

 

     

     34

    

 

		9.3.2.3	notify
                                            Ivy Lane, BBKT and RPM in writing as soon as practicable after it becomes aware of any proposed
                                            shareholder resolution other than any shareholder resolution required for the execution and/or
                                            implementation of this Agreement. The aforesaid notification shall include the content of
                                            the relevant shareholder resolution.

 

		9.4	PPM
                                            hereby gives Ivy Lane, BBKT and RPM the following warranties on the Effective Date:

 

		9.4.1	PPM
                                            is the sole beneficial owner and registered holder of the PPM Mining Right and the PPM Mining
                                            Right is valid and enforceable in accordance with its terms;

 

		9.4.2	PPM
                                            is not involved in any material litigation or material dispute of any nature whatever nor
                                            is there any fact, matter or circumstance which may give rise to any such material litigation
                                            or material dispute [where the liability which arises as a result thereof will exceed R50,000,000.00
                                            (fifty million Rand)];

 

		9.4.3	PPM
                                            is not liable to pay any penalty or interest in connection with any claim for any Tax;

 

		9.4.4	PPM
                                            is not subject to any liability as a result of the reopening of any tax assessment;

 

		9.4.5	PPM
                                            is registered for Tax;

 

		9.4.6	PPM
                                            has withheld all Taxes which it is liable to withhold and has paid such Taxes to the South
                                            African Revenue Service or other appropriate authorities;

 

		9.4.7	PPM
                                            is registered as a VAT vendor in terms of the VAT Act; and

 

		9.4.8	PPM
                                            has not been and is not party to any transaction, operation or scheme of the nature referred
                                            to in Sections 80A to 80L or Section 103(1) of the Income Tax Act, 1962 or Section 73 of
                                            the VAT Act.

 

		9.5	Platmin
                                            hereby gives Ivy Lane the following warranties in respect of the Ivy Lane PIC Consideration
                                            Shares, the Ivy Lane IBMR Consideration Shares and the Ivy Lane LLTI Consideration Shares,
                                            on the Effective Date:

 

		9.5.1	there
                                            will be sufficient shares in the authorised share capital of Platmin to implement the issue
                                            of the Ivy Lane PIC Consideration Shares, the Ivy Lane IBMR Consideration Shares and the
                                            Ivy Lane LLTI Consideration Shares and, 

 

     

     35

    

 

	 	 	subject to compliance by Ivy Lane with its obligations
                                            in clause 5, those shares shall be validly issued as fully paid-up shares;

 

		9.5.2	no
                                            person will have any right, including any option or right of first refusal, to purchase (or
                                            otherwise acquire, save as contemplated in the Ivy Lane Investec Agreement) the Ivy Lane
                                            PIC Consideration Shares, the Ivy Lane IBMR Consideration Shares or the Ivy Lane LLTI Consideration
                                            Shares;

 

		9.5.3	none
                                            of the Ivy Lane PIC Consideration Shares, the Ivy Lane IBMR Consideration Shares or the Ivy
                                            Lane LLTI Consideration Shares is subject to any pledge or cession or other right of security
                                            or encumbrance in favour of any third party; and

 

		9.5.4	no
                                            person has any right whatsoever (whether pursuant to an option, right of first refusal or
                                            otherwise) to subscribe for any unissued shares in Platmin, save as contemplated in the Transaction
                                            Agreements and/or in the ordinary course of business.

 

		9.6	Platmin
                                            hereby gives BBKT the following warranties in respect of the BBKT BPJV Consideration Shares,
                                            the BBKT Lexshell Consideration Shares, the Initial BBKT IBMR Consideration Shares and the
                                            BBKT LLTI Consideration Shares on the Effective Date:

 

		9.6.1	there
                                            will be sufficient shares in the authorised share capital of Platmin to implement the issue
                                            of the BBKT BPJV Consideration Shares, the BBKT Lexshell Consideration Shares, the Initial
                                            BBKT IBMR Consideration Shares and the BBKT LLTI Consideration Shares and, subject to compliance
                                            by BBKT with its obligations in clause 5, those shares shall be validly issued and fully
                                            paid-up shares;

 

		9.6.2	no
                                            person will have any right, including any option or right of first refusal, to purchase (or
                                            otherwise acquire) the BBKT BPJV Consideration Shares, the BBKT Lexshell Consideration Shares,
                                            the Initial BBKT IBMR Consideration Shares or the BBKT LLTI Consideration Shares;

 

		9.6.3	none
                                            of the BBKT BPJV Consideration Shares, the BBKT Lexshell Consideration Shares, the Initial
                                            BBKT IBMR Consideration Shares or the BBKT LLTI Consideration Shares is subject to any pledge
                                            or cession or other right of security or encumbrance in favour of any third party; and

 

		9.6.4	no
                                            person has any right whatsoever (whether pursuant to an option, right of first refusal or
                                            otherwise) to subscribe for any unissued shares in Platmin, save as 

 

     

     36

    

 

	 	 	contemplated in the Transaction
                                            Agreements and/or in the ordinary course of business.

 

		9.7	Platmin
                                            hereby gives RPM the following warranties in respect of the RPM Consideration Shares on the
                                            Effective Date:

 

		9.7.1	there
                                            will be sufficient shares in the authorised share capital of Platmin to implement the issue
                                            of the RPM Consideration Shares and, subject to compliance by RPM with its obligations in
                                            clause 5, those shares shall be validly issued and fully paid-up shares;

 

		9.7.2	no
                                            person will have any right, including any option or right of first refusal, to purchase (or
                                            otherwise acquire) the RPM Consideration Shares;

 

		9.7.3	none
                                            of the RPM Consideration Shares are subject to any pledge or cession or other right of security
                                            or encumbrance in favour of any third party; and

 

		9.7.4	no
                                            person has any right whatsoever (whether pursuant to an option, right of first refusal or
                                            otherwise) to subscribe for any unissued shares in Platmin, save as contemplated in the Transaction
                                            Agreements and/or in the ordinary course of business.

 

		9.8	Platmin
                                            hereby warrants to RPM that with effect from the Effective Date RPM shall be entitled to
                                            appoint 1 (one) director to the board of directors of Platmin and the number of directors
                                            on the board of directors of Platmin (including RPM‘s appointee pursuant to the provisions
                                            of this clause) shall not exceed 15 (fifteen).

 

		9.9	Platmin
                                            hereby gives BBKT the following warranties in respect of the Additional BBKT IBMR Consideration
                                            Shares on the Second Closing Date:

 

		9.9.1	there
                                            will be sufficient shares in the authorised share capital of Platmin to implement the issue
                                            of the Additional BBKT IBMR Consideration Shares and, subject to compliance by BBKT with
                                            its obligations in clause 5, those shares shall be validly issued and fully paid-up
                                            shares;

 

		9.9.2	no
                                            person will have any right, including any option or right of first refusal, to purchase (or
                                            otherwise acquire) the Additional BBKT IBMR Consideration Shares; and

 

		9.9.3	none
                                            of the Additional BBKT IBMR Consideration Shares is subject to any pledge or cession or other
                                            right of security or encumbrance in favour of any third party.

 

     

     37

    

 

		10.	PLATMIN
                                            IRPM ADDITIONAL WARRANTIES

 

		10.1	In
                                            addition to the warranties given by Platmin to RPM elsewhere in this Agreement, Platmin hereby
                                            gives the following warranties to RPM:

 

Registration
of Platmin and its Subsidiaries

 

		10.1.1	As
                                            at the Effective Date:

 

		10.1.1.1	Platmin
                                            is a limited liability company, duly incorporated and registered in the Bailiwick of Guernsey;
                                            and

 

		10.1.1.2	no
                                            steps have been taken or are contemplated for the deregistration of Platmin.

 

Records,
accounts and financial statements

 

		10.1.2	As
                                            at the Effective Date the constitutional records of Platmin and, to the best of Platmin‘s
                                            knowledge and belief and after having made diligent enquiries, its Subsidiaries, are correct
                                            in all material respects and include all material amendments thereto to date, and all such
                                            amendments were made in accordance with the applicable Laws.

 

Shares
held by Platmin

 

		10.1.3	On
                                            the Effective Date, pursuant to the implementation of the Consolidation Agreements:

 

		10.1.3.1	Platmin
                                            and/or its wholly-owned Subsidiaries will hold all of the issued shares in Platmin SA;

 

		10.1.3.2	Platmin
                                            SA and/or a wholly-owned Subsidiary of Platmin will hold the entire issued shares in PPM;

 

		10.1.3.3	PPM
                                            and/or a wholly-owned Subsidiary of the Company holds -

 

		10.1.3.3.1	all
                                            of the issued shares in LLTI;

 

		10.1.3.3.2	all
                                            of the issued shares in Richtrau;

 

		10.1.3.3.3	shares
constituting 49.9% of all of the issued shares in IBMR.

 

     

     38

    

 

PPM

 

		10.1.4	As
                                            at the Effective Date, PPM holds the PPM Mining Right.

 

IBMR

 

		10.1.5	As
                                            at the Effective Date, IBMR holds the IBMR Mining Right.

 

		10.1.6	The
                                            mining rights held by each of IBMR and PPM shall hereinafter be referred to as the “Mining
                                            Rights”.

 

Platmin
SA

 

		10.1.7	As
                                            at the Signature Date, Platmin holds mining and prospecting rights, whether directly or indirectly
                                            and in the proportions set out in Annexure C over what is referred to as the “Eastern
                                            Limb Assets”.

 

Prospecting
Rights

 

		10.1.8	As
                                            at the Effective Date, in relation to the material prospecting and/or mining rights held
                                            by Platmin (whether directly or indirectly and in the proportions set out in Annexure Cat
                                            the Effective Date, comprising Grootboom and Mphalele (“Mining/Prospecting
                                            Rights”), Platmin warrants to the best of its knowledge and belief and after
                                            having made all reasonable enquiries -

 

		10.1.8.1	Platmin
                                            SA is either the sole or joint beneficial holder (as defined in the MPRDA) of the Mining/Prospecting
                                            Rights for the purposes of the MPRDA; and

 

		10.1.8.2	the
                                            Mining/Prospecting Rights have been registered at the Minerals and Petroleum Titles Registration
                                            Office.

 

		10.1.9	As
                                            at the Effective Date save as otherwise contemplated in the course of the implementation
                                            of this Agreement and the Loan Creation Consolidation Agreement (the “Consolidation”),
                                            no application to transfer any right or interest in the Mining/Prospecting Rights has
                                            been made to the Minister of Mineral Resources under section 11 of the MPRDA.

 

		10.1.10	As
                                            at the Signature Date, no notice has been received by Platmin and/or Platmin SA of the intention
                                            of any authority to expropriate the properties or any portions thereof nor is Platmin and/or
                                            Platmin SA aware of any intention to expropriate the properties over which the Mining/Prospecting
                                            Rights have been granted (“Properties”) by any such authority.

 

     

     39

    

 

Mining
Rights

 

		10.1.11	As
                                            at the Effective Date, PPM and IBMR are the sole and beneficial holders (as defined in the
                                            MPRDA) of the Mining Rights for the purposes of the MPRDA.

 

		10.1.12	As
                                            at the Effective Date save as otherwise contemplated in the course of the Consolidation,
                                            no application to transfer any right or interest in the Mining Rights has been made to the
                                            Minister of Mineral Resources under section 11 of the MPRDA.

 

		10.1.13	On
                                            the Signature Date, no notice has been received by PPM and/or IBMR of the intention of any
                                            authority to expropriate the properties or any portions thereof nor are PPM and/or IBMR aware
                                            of any intention to expropriate the Properties or any portions thereof by any such authority.

 

		10.2	In
                                            addition to the warranties given by RPM to Platmin elsewhere in this Agreement, RPM hereby
                                            gives the following warranties to Platmin, Platmin SA and Richtrau:

 

Registration
of Richtrau

 

		10.2.1	As
                                            at the Effective Date:

 

		10.2.1.1	Richtrau
                                            is a private company, duly incorporated and registered in the Republic of South Africa; and

 

		10.2.1.2	no
                                            steps have been taken or are contemplated for the deregistration of Richtrau.

 

Records,
accounts and financial statements

 

		10.2.2	As
                                            at the Effective Date the constitutional records of Richtrau are correct in all material
                                            respects and include all material amendments thereto to date, and all such amendments were
                                            made in accordance with the applicable Laws.

 

Richtrau

 

		10.2.3	As
                                            at the Effective Date, Richtrau holds the Richtrau Rights.

 

Prospecting
Rights

 

		10.2.4	As
                                            at the Effective Date, in relation to the Richtrau Prospecting Rights, RPM warrants to the
                                            best of its knowledge and belief and after having made all reasonable enquiries as follows
                                            -

 

     

     40

    

 

		10.2.4.1	Richtrau
                                            is the sole registered and beneficial holder (as defined in the MPRDA) of the Richtrau Prospecting
                                            Rights for the purposes of the MP RD A; and

 

		10.2.4.2	the
                                            Richtrau Prospecting Rights have been registered at the Minerals and Petroleum Titles Registration
                                            Office.

 

		10.2.5	As
                                            at the Effective Date save as otherwise contemplated in the course of the Consolidation,
                                            no application to transfer any right or interest in the Richtrau Prospecting Rights has been
                                            made to the Minister of Mineral Resources under section 11 of the MPRDA.

 

		10.2.6	As
                                            at the Signature Date, no notice has been received by Richtrau of the intention of any authority
                                            to expropriate the properties or any portions thereof nor is RPM aware of any intention to
                                            expropriate the Richtrau Prospecting Properties by any such authority.

 

		11.	POTENTIAL
                                            ADJUSTMENT

 

		11.1	If
                                            after the Effective Date and the implementation of the IDC Subscription Agreement and prior
                                            to the Second Effective Date, Platmin intends:

 

		11.1.1	issuing
                                            any Platmin Shares pursuant to a rights issue;

 

		11.1.2	issuing
                                            any Platmin Shares pursuant to a capitalisation issue;

 

		11.1.3	sub-dividing
                                            or consolidating any of its Platmin Shares; or

 

		11.1.4	taking
                                            any other action in respect of its share capital,

 

which
will as direct result thereof reduce the percentage which the Additional BBKT IBMR Consideration Shares, once issued, constitutes of
Platmin‘s issued share capital below the percentage which the Additional BBKT IBMR Consideration Shares, once issued, would have
constituted of Platmin‘s issued share capital had such action not been taken then immediately before Platmin implements any such
action, it shall deliver a written notice (the “Adjustment Notice”) to BBKT informing it of: (a) the relevant
action which Platmin intends undertaking; (b) the percentage (or percentage range) by which the Additional BBKT IBMR Consideration Shares,
once issued, will be reduced as a result of the implementation of such action; and (c) the mechanism in terms of which Platmin makes
an offer to BBKT, which, if accepted by BBKT, will increase the percentage which the Additional BBKT IBMR

 

     

     41

    

 

Consideration Shares, once
issued, to the percentage which such Platmin Shares would have constituted of Platmin‘s issued share capital had such action not
been taken.

 

		11.2	If
                                            BBKT wishes to dispute any aspect of the Adjustment Notice, then it shall by not later than
                                            5 (five) Business Days after the receipt thereof send a written dispute notice setting out
                                            the particular aspects of the Adjustment Notice which it wishes to dispute and its allegations
                                            in relation thereto (the “Dispute Notice”) to Platmin, failing
                                            which BBKT shall be deemed to have accepted the content of the Adjustment Notice and, in
                                            particular, the mechanism in terms of which Platmin will increase the percentage which the
                                            Additional BBKT IBMR Consideration Shares, once issued, to the percentage which such shares
                                            would have constituted of Platmin‘s issued share capital had the relevant action contemplated
                                            in clauses 11.1.1 to 11.1.4 not been taken.

 

		11.3	If
                                            BBKT timeously delivers the Dispute Notice to Platmin, then BBKT and Platmin shall meet with
                                            one another by not later than the 5th (fifth) Business Days after the receipt
                                            by Platmin of the Dispute Notice in order to attempt to resolve the issues set out in the
                                            dispute notice by not later than the 5th (fifth) Business Days after they so meet
                                            If BBKT and Platmin do not meet with one another as aforesaid or do meet with one another
                                            as aforesaid but fail to resolve the issues disputed in the Dispute Notice within the prescribed
                                            time period, then either of them shall be entitled to refer such dispute to an Expert for
                                            determination.

 

		12.	TERMINATION
                                            OF AGREEMENTS

 

		12.1	Termination
                                            of the BPJV Shareholders’ Agreement

 

		12.1.1	It
                                            is hereby agreed by the parties to the BPJV Shareholders’ Agreement (the “BPJV
                                            Parties”) that, subject to the implementation of the transactions set out
                                            in clause 5.1, the BPJV Shareholders’ Agreement is terminated by mutual consent
                                            with effect from the Effective Date, and the BPJV Shareholders’ Agreement shall cease
                                            to be of any further force or effect from that date.

 

		12.1.2	The
                                            BPJV Parties agree that, with effect from the Effective Date, none of them shall have any
                                            rights or obligations in terms of the BPJV Shareholders’ Agreement and none of them
                                            shall have any claims of whatsoever nature and howsoever arising out of, pursuant to or in
                                            connection with the BPJV Shareholders’ Agreement.

 

		12.2	Termination
                                            of the Richtrau Shareholders’ Agreement

 

		12.2.1	It
                                            is hereby agreed by the parties to the Richtrau Shareholders’ Agreement (the “Richtrau
                                            Parties”) that, subject to the implementation of the transactions set out
                                            in clause 5.1, the Richtrau Shareholders’ Agreement is terminated by

 

     

     42

    

 

		12.2.2	mutual
consent with effect from the Effective Date and the Richtrau Shareholders’ Agreement shall cease to be of any further force or
effect from that date, unless and until such time that the Richtrau Shareholders’ Agreement is reinstated in accordance with the
provisions of clause 12.2.4.

 

		12.2.3	Subject
                                            to clause 12.2.4, the Richtrau Parties agree that, with effect from the Effective Date,
                                            none of them shall have any rights or obligations in terms of the Richtrau Shareholders’
                                            Agreement and none of them shall have any claims of whatsoever nature and howsoever arising
                                            out of, pursuant to or in connection with the Richtrau Shareholders’ Agreement.

 

		12.2.4	Platmin
                                            warrants to and in favour of RPM that during the period between the Effective Date and either
                                            the date on which the put option expires in terms of clause 17, or the date on which
                                            RPM exercises its put option in terms of clause 17 (as the case may be), Platmin shall
                                            procure that Richtrau conducts business in the ordinary course and that no act or omission
                                            will take place or occur which will prejudice Richtrau or any purchaser of the shares in
                                            Richtrau and for this reason Platmin shall ensure that Richtrau does not, inter alia, acquire
                                            or dispose of any assets in excess of R3 000 000.00 (three million Rand) or incur any actual
                                            or contingent liabilities in excess of R3 000 000.00 (three million Rand) during that period,
                                            save in the ordinary course of business.

 

		12.2.5	If:

 

		(a)	the
                                            suspensive conditions contained in the I DC Subscription Agreement have not been fulfilled
                                            or waived, by not later than the 6th (sixth) month anniversary of the Effective Date; and

 

		(b)	RPM
                                            exercises its put option in terms of clause 17,

 

			then the
                                                                            Parties to this Agreement who are shareholders in Richtrau at the time in question hereby agree that the Richtrau
                                                                            Shareholders’ Agreement shall be automatically reinstated on the date on which RPM exercises its put option in terms of
                                                                            clause 17 and the status quo ante will be restored as near as may be possible, acting reasonably.

 

		12.3	Termination
                                            of the IBMR Shareholders’ Agreement

 

		12.3.1	It
                                            is hereby agreed by the parties to the IBMR Shareholders’ Agreement (the “IBMR
                                            Parties”) that, subject to the implementation of the transactions set out
                                            in clause 5.1, the IBMR Shareholders’ Agreement is terminated by mutual 

 

     

     43

    

 

	 	 	consent
                                            with effect from the Effective Date and the IBMR Shareholders’ Agreement shall cease
                                            to be of any further force or effect from that date.

 

		12.3.2	The
                                            IBMR Parties agree that, with effect from the Effective Date, none of them shall have any
                                            rights or obligations in terms of the IBMR Shareholders’ Agreement and none of them
                                            shall have any claims of whatsoever nature and howsoever arising out of, pursuant to or in
                                            connection with the IBMR Shareholders’ Agreement.

 

		12.4	Termination
                                            of the LLTI Shareholders’ Agreement

 

		12.4.1	It
                                            is hereby agreed by the parties to the LLTI Shareholders’ Agreement (the  “LLTI
                                            Parties”) that, subject to the implementation of the transactions set out
                                            in clause 5.1, the LLTI Shareholders’ Agreement is terminated by mutual consent
                                            with effect from the Effective Date and the LLTI Shareholders’ Agreement shall cease
                                            to be of any further force or effect from that date.

 

		12.4.2	The
                                            LLTI Parties agree that, with effect from the Effective Date, none of them shall have any
                                            rights or obligations in terms of the LLTI Shareholders’ Agreement and none of them
                                            shall have any claims of whatsoever nature and howsoever arising out of, pursuant to or in
                                            connection with the LLTI Shareholders’ Agreement.

 

		13.	RPM‘S
                                            RIGHTS IN RESPECT OF CONCENTRATE

 

		13.1	Subject
                                            to the remaining provisions of this clause 13, once Mining commences on Magazynskraal
                                            and PPM is able to determine the planned specifications of that portion of the Concentrate
                                            produced pursuant to the Ore Mined from Magazynskraal (the “Magazynskraal Concentrate”),
                                            including in relation to quality, quantity and timing of deliveries, PPM shall provide
                                            a notice to RPM to commence negotiations on the terms of the Magazynskraal Concentrate sale
                                            by PPM to RPM. RPM and PPM shall negotiate in good faith such market related terms for a
                                            period of 90 (ninety) days from the said notice; provided that in the event that agreement
                                            cannot be reached within such 90 (ninety) day period notwithstanding that RPM has negotiated
                                            in good faith, then RPM shall have the right within a further 90 (ninety) days to put the
                                            terms of such Magazynskraal Concentrate sale to PPM on the terms set out in ANNEXURE B
                                            hereto (the “Magazynskraal Concentrate Agreement”); provided
                                            further that should RPM not put such terms to PPM within the said 90 (ninety) day period,
                                            PPM shall not be entitled to sell, exchange, realise, transfer, alienate or donate the Magazynskraal
                                            Concentrate, unless:

 

     

     44

    

 

		13.1.1	PPM
                                            has first offered such Magazynskraal Concentrate to RPM on the same terms offered by or to
                                            a third party; and

 

		13.1.2	RPM
                                            has rejected the offer in clause 13.1.1 or not accepted it within a period of 90 (ninety)
                                            days after the offer was made to RPM, in which event PPM shall within a period of 30 (thirty)
                                            days after the end of the said 90 (ninety) day period be entitled to sell to such third party
                                            but only on the material terms offered to RPM, failing which the provisions of this clause 13.1
                                            shall revive.

 

		13.2	Notwithstanding
                                            anything to the contrary contained in this Agreement or any other agreement between, inter
                                            alia, RPM and PPM, the provisions of the Magazynskraal Concentrate Agreement shall only
                                            become effective if all of the suspensive conditions contained in such agreement are fulfilled
                                            in accordance with their terms.

 

		14.	RPM‘S
                                            RIGHTS IN RELATION TO THE GOVERNANCE OF PLATMIN

 

For
so long as RPM is the beneficial and registered holder of at least 2.5% of Platmin‘s issued share capital, unless RPM has consented
thereto (which consent shall not be unreasonably withheld) in writing, then:

 

		14.1	Platmin
                                            shall not enter into any agreement with any company which is a member of Platmin‘s
                                            Party‘s Group on terms and conditions which are not arm‘s length terms and conditions;
                                            and

 

		14.2	Platmin
                                            shall not dispose of assets which constitute, by value, the majority of its assets (on a
                                            consolidated basis) to any third party unless RPM has prior to such disposal received a written
                                            notice from Platmin requesting it to match the offer by such third party and by not later
                                            than the 20th (twentieth) Business Day after the delivery by Platmin of such written
                                            notice RPM has failed to match such offer on an unconditional basis.

 

		14.3	This
                                            clause 14 shall cease to be of any further force or effect once: (a) the board of directors
                                            of Platmin resolves to list Platmin Shares on a recognised stock exchange; and (b) the key
                                            documents in respect of such listing have been approved by the board of directors of Platmin.

 

		15.	PARTIES’
                                            RELATIONSHIP

 

		15.1	If
                                            any third party (“Potential Buyer”) submits a: (a) written
                                            expression of interest to a Party, which expression of interest contemplates a suggested
                                            percentage of Platmin Shares to be purchased from such Party and a suggested price for such
                                            Platmin Shares; or (b) [written] offer to purchase Platmin Shares from a Party, (“Proposed
                                             Transaction”), then such Party (the “Receiving Party”)
                                            shall:

 

     

     45

    

 

		15.1.1	advise
                                            any Potential Buyer of the other Parties’, who are shareholders in Platmin, (the “Other
                                            Parties”) potential interest in disposing of their Platmin Shares and shall
                                            facilitate, in good faith, the introduction of the Other Parties to any such Potential Buyer,
                                            provided that such Potential Buyer wishes to engage with the Other Parties and that the Other
                                            Parties agree to give appropriate confidentiality undertakings; and

 

		15.1.2	to
                                            the extent that such Potential Buyer wishes to engage with the Other Parties and the Other
                                            Parties have given appropriate confidentiality undertakings contemplated in clause 15.1.1,
                                            the Receiving Party shall co-operate fully with and consult with the Other Parties, in good
                                            faith, including promptly providing the Other Parties with any formal offers received by
                                            it and which pertain to the Proposed Transaction.

 

		15.2	To
                                            the extent that the Other Parties engage with the Potential Buyer, as contemplated in clause 15.1,
                                            each such Party hereby undertakes to keep the Receiving Party promptly informed of any formal
                                            offers received by it and which pertain to the Proposed Transaction.

 

		15.3	In
                                            respect of clauses 15.1 and 15.2, no Party shall interfere with or prejudice the implementation
                                            and/or conclusion of a transaction between the Potential Buyer and any Party.

 

		15.4	If
                                            any Party breaches any provisions of this clause 15 then such Party hereby indemnifies
                                            the other Parties from any claims, losses, damages or liabilities which such other Parties
                                            may suffer or incur as a result of such breach.

 

		15.5	This
                                            clause 15 shall cease to be of any further force or effect once: (a) the board of directors
                                            of Platmin take a decision to list Platmin Shares on a recognised stock exchange; and (b)
                                            the key documents in respect of such listing have been approved by the board of directors
                                            of Platmin.

 

		16.	SALE

 

		16.1	The
                                            Parties hereby record and agree that subject to the remaining provisions of this clause 16,
                                            Platmin and/or a Platmin Subsidiary nominated by Platmin (the “Relevant Platmin
                                            Entity/ies”) hereby acquires the Cyferkujl Prospecting Rights and the Zandspruit
                                            Prospecting Rights from RPM (the “Relevant Prospecting Rights”.)

 

		16.2	Prior
                                            to acquiring the Relevant Prospecting Rights from RPM, Platmin wishes to conduct a comprehensive
                                            legal, technical and financial due diligence investigation (the “Due Diligence”)
                                            of the Relevant Prospecting Rights. In order to enable Platmin to do so RPM hereby undertakes
                                            that, subject to Platmin signing an appropriate confidentiality undertaking,

 

     

     46

    

 

	 	 	RPM shall provide
                                            Platmin and/or any of its advisors with all information and documentation requested by Platmin
                                            in respect of the Relevant Prospecting Rights as soon as is reasonably possible after it
                                            has been requested to do so, and in this regard it is agreed that Platmin will request all
                                            material information or documentation in respect of the Relevant Prospecting Rights and RPM
                                            shall provide same to the extent that it is within its possession or can be reasonably obtained
                                            by RPM.

 

		16.3	By
                                            no later than 3 (three) months after the Signature Date, Platmin and RPM shall meet and negotiate
                                            with one another in good faith in order to attempt to agree upon: (i) the fair value of the
                                            Relevant Prospecting Rights; and (ii) the fair value of the Platmin Shares. If Platmin and
                                            RPM are unable to agree either of the aforementioned values within 6 months of the Signature
                                            Date, then either Platmin or RPM shall be entitled to refer the dispute in respect of the
                                            relevant values to the relevant Expert contemplated in clause 1.13.9 who shall independently
                                            determine the fair value of the Relevant Prospecting Rights or the fair value of the Platmin
                                            Shares (as the case may be) in accordance with clause 1.13. RPM and Platmin agree that
                                            if any of the Suspensive Conditions fail or this Agreement becomes effective and RPM exercises
                                            its put option in clause 17, then in such circumstances, RPM shall reimburse Platmin
                                            for all of its costs incurred in relation to this clause 16, up to a maximum of R5,000,000
                                            (five million rand).

 

		16.4	On
                                            finalisation of the determination of the fair value of the Relevant Prospecting Rights and
                                            the fair value of the Platmin Shares Platmin and RPM shall enter into a binding sale agreement
                                            (the “Sale Agreement”), wherein Platmin will discharge the price
                                            payable by Platmin to RPM for the Relevant Prospecting Rights (being the fair value thereof)
                                            by either:

 

		16.4.1	issuing
                                            such number of Platmin Shares to RPM the fair value of which equates to the fair value of
                                            the Relevant Prospecting Rights; or

 

		16.4.2	making
                                            a cash payment to RPM of an amount equal to the fair value of the Relevant Prospecting Rights.

 

		16.5	Furthermore,
                                            the Sale Agreement shall contain customary warranties in a transaction of this nature which
                                            shall be given on the date of entering into, the Sale Agreement, the date of implementation
                                            of the Sale Agreement and at all times in between the aforementioned dates and shall include,
                                            without limitation:

 

		16.5.1	the
                                            seller is the holder of the Relevant Prospecting Rights and the owner of the Prospecting
                                            Right Documents;

 

		16.5.2	the
                                            seller will be entitled and able to give free and unencumbered title in the Relevant Prospecting
                                            Rights to the purchaser;

 

     

     47

    

 

		16.5.3	no
                                            person has any right whatsoever (whether pursuant to any option, right of first refusal or
                                            otherwise) to acquire the Relevant Prospecting Rights;

 

		16.5.4	the
                                            Relevant Prospecting Rights are valid and enforceable in accordance with their terms;

 

		16.5.5	the
                                            seller is not aware of any pending or threatened claims by third parties including any governmental
                                            authority for anything done or not done with respect to the Relevant Prospecting Rights;

 

		16.5.6	the
                                            Relevant Prospecting Rights are in good standing and the seller is not aware (having made
                                            all reasonable enquiries) not should be aware of any situation, event or circumstance which
                                            has or might effect the standing or registration of the Relevant Prospecting Rights;

 

		16.5.7	that
                                            there are no environmental claims or any other claims of whatsoever nature outstanding or
                                            pending which may, in any way, affect the Relevant Prospecting Rights in their validity or
                                            in any other manner; and

 

		16.5.8	the
                                            seller has disclosed to the purchase all facts and circumstances material to the transaction
                                            contemplated in the Sale Agreement and which would be material or will be reasonably likely
                                            to be material to any purchaser of the Relevant Prospecting Rights in a transaction of the
                                            nature of the Sale Agreement

 

		16.6	In
                                            addition the Sale Agreement shall:

 

		16.6.1	provide,
                                            inter alia, that if any of the warranties given to the purchaser are breached before
                                            the Sale Agreement is implemented then the seller shall be obliged to immediately disclose
                                            such breach to the purchaser and the purchaser shall be entitled (without prejudice to any
                                            other remedy available to it at law) to cancel the Sale Agreement;

 

		16.6.2	be
                                            subject to a suspensive condition/s that all relevant approvals required by law or regulation
                                            to give effect thereto are obtained within a reasonable time. Platmin and RPM undertake in
                                            favour of one another to use their reasonable endeavours and undertake to do all things,
                                            perform all such actions and 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 expediting any regulatory approval process and obtaining
                                            any relevant regulatory approvals;

 

     

     48

    

 

		16.6.3	be
                                            subject to the suspensive conditions that:

 

	 	16.6.3.1 	either: (a) RPM has irrevocably and unconditionally waived its rights under clause 17;
or (b) the put option in clause 17 has lapsed; and

 

		16.6.3.2	the
                                            Suspensive Conditions have been fulfilled and this Agreement has been implemented in accordance
                                            with its terms;

 

		16.6.4	contain
                                            terms and conditions which are customary in agreements of such nature;

 

		16.6.5	contain
                                            a liability cap equal to the purchase price paid by the Relevant Platmin Entity/ies in respect
                                            of the Relevant Prospecting Rights in the context of any warranty breaches (in aggregate)
                                            by RPM;

 

		16.6.6	contain
                                            a provision to the effect that the Relevant Platmin Entity/ies shall not have any warranty
                                            claims against RPM in respect of matters which are within its knowledge. The relevant Parties
                                            agree that if matters which could amount to a warranty breach by RPM are brought to the attention
                                            of the Expert, such matters must be taken account of when determining the purchase price
                                            in respect of the Relevant Prospecting Rights, and this must be a term of the Expert‘s
                                            mandate; and

 

		16.6.7	the
                                            Relevant Platmin Entity/ies shall not be entitled to pursue any warranty claim against RPM
                                            unless the warranty claim exceeds R1,000,000 (one million rand).

 

		17.	RPM PUT OPTION

 

		17.1	If
                                            by not later than the 6 (six) month anniversary (the “Trigger Date”)
                                            of the Effective Date, the IDC Subscription Agreement has not been implemented, then
                                            provided that RPM has not Disposed of any RPM Consideration Shares prior to completing the
                                            transactions contemplated in this clause 17, Platmin hereby grants RPM an option to
                                            sell all (but not only part) of its RPM Consideration Shares to Platmin.

 

		17.2	If
                                            the IDC Subscription Agreement has not been implemented by the Trigger Date then Platmin
                                            shall, within 10 (ten) Business Days of the Trigger Date give RPM written notice thereof
                                            (“Put Notice”) and should RPM wish to exercise the option
                                            contemplated in clause 17.1 then it shall, with within 10 (ten) Business Days of receiving
                                            the Put Notice, furnish a written notice to Platmin stating that it wishes to do so and Platmin
                                            shall, subject to Guernsey law ensure the passing the requisite board resolution and all
                                            of the Parties to this Agreement who are shareholders in Platmin at such juncture undertake
                                            to vote in favour of 

 

     

     49

    

 

	 	 	any shareholder approvals required in respect thereof. The purchase
                                            price payable by Platmin to RPM for the Platmin Shares so repurchased shall be discharged
                                            by Platmin procuring that Richtrau issues to RPM shares in Richtrau which constitute 20%
                                            of Richtrau‘s issued share capital, following the implementation of such issue. If
                                            the number of Richtrau shares comprising the aforesaid 20% of Richtrau‘s issued share
                                            capital constitutes a fraction, then the number of number of Richtrau shares so issued shall
                                            be rounded up to the nearest whole number. If this aforesaid repurchase is implemented then
                                            RPM shall be placed in the same position as it was under the Richtrau Shareholders’
                                            Agreement and the Richtrau Shareholders’ Agreement shall be reinstated in accordance
                                            with clause 12.2.4 .

 

		17.3	RPM
                                            shall only be entitled to exercise its rights under this clause 17 until such time as
                                            the board of directors of Platmin takes a decision to list Platmin Shares on a recognised
                                            stock exchange and the key documents in respect of such listing have been approved by
                                            the board of directors of Platmin.

 

		17.4	RPM
                                            hereby undertakes in favour of Platmin and Richtrau to forthwith, upon written demand received
                                            by it from Platmin and/or Richtrau, re-imburse Platmin and Richtrau (in cash by way of direct
                                            electronic funds transfer, without set-off, deduction or withholding of any nature whatsoever,
                                            into bank accounts nominated by Platmin and Richtrau in writing) for all Taxes, incurred
                                            by Platmin and Richtrau pursuant to:

 

		17.4.1	the
                                            repurchase by Platmin of the RPM‘s Platmin Shares in terms of this clause 17;
                                            and

 

		17.4.2	the
                                            issuance by Richtrau to RPM of Richtrau Shares in terms of this clause 17.

 

		18.	WARRANTIES GENERAL

 

		18.1	No
                                            warranties or representations, express or implied or tacit, whether by law, contract or otherwise
                                            and whether it induced the contract or not, which are not set forth in this Agreement shall
                                            be binding on any Party, and the Parties hereby irrevocably waive any right (common law or
                                            otherwise) that they may have to rely thereon.

 

		18.2	To
                                            the extent that shares and/or loan accounts are acquired pursuant to this Agreement, same
                                            are acquired voetstoots, subject to all latent and patent defects attaching thereto
                                            as at the relevant date.

 

		18.3	Each
                                            of the Parties hereby warrant to and in favour of the other Parties that:

 

		18.3.1	it
                                            has the legal capacity and has taken all necessary corporate action required to empower and
                                            authorise it to enter into this Agreement;

 

     

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		18.3.2	this
                                            Agreement constitutes an agreement valid and binding on it and enforceable against it in
                                            accordance with its terms; and

 

		18.3.3	the
                                            execution of this Agreement and the performance of its obligations hereunder does not and
                                            shall not:

 

		18.3.3.1	contravene
                                            any law or regulation to which it is subject;

 

		18.3.3.2	contravene
                                            any provision of its constitutional documents; or

 

		18.3.3.3	conflict
                                            with, or constitute a breach of any of the provisions of any other agreement, obligation,
                                            restriction or undertaking which is binding on it.

 

		18.4	Each
                                            warranty and undertaking in this Agreement:

 

		18.4.1	is
                                            a separate warranty and undertaking and will in no way be limited or restricted by reference
                                            to or inference from the terms of any other warranty or undertaking or by any other words
                                            in this Agreement;

 

		18.4.2	shall
                                            continue and remain in force notwithstanding the completion of the transactions contemplated
                                            in this Agreement; and

 

		18.4.3	be
                                            deemed to be material and to be a material representation inducing the recipient to enter
                                            into this Agreement.

 

		18.5	It
                                            is recorded that the Parties have entered into this Agreement on the strength of the warranties
                                            and undertakings that they have received and on the basis that such warranties and undertakings
                                            will, unless otherwise specifically stated, be correct on the relevant date/s.

 

		19.	CONFIDENTIALITY
                                            AND PUBLICITY

 

		19.1	Any
                                            information obtained by any Party in terms, or arising from the implementation of this Agreement
                                            shall be treated as confidential by the Parties and shall not be used, divulged or permitted
                                            to be divulged to any person not being a Party to this Agreement, without the prior written
                                            consent of the other Parties save that:

 

	 	19.1.1 	each Party shall be entitled to disclose such information to its employees, and
to its directors, shareholders, professional advisors and funders who have a need to know and who have been directed by the disclosing
Party to keep such 

 

     

     51

    

 

	 	 	information confidential and have undertaken to keep such information confidential;

 

		19.1.2	Platmin
                                            and/or any of its Subsidiaries and/or its or their advisors shall be entitled to disclose
                                            such information (as well as any other information) to the Industrial Development Corporation
                                            of South Africa Limited and/or their advisors as well as any persons who require such information
                                            for purposes of:

 

		19.1.2.1	fulfilling
                                            any of the conditions to the IDC Subscription Agreement; and/or

 

		19.1.2.2	an
                                            initial public offering by Platmin of Platmin Shares and/or the listing of Platmin Shares
                                            on any recognised stock exchange, provided that before revealing such information to any
                                            such persons, Platmin and/or any of its Subsidiaries and/or its or their advisors undertake
                                            to procure that the persons are aware of the confidential nature of the information being
                                            made available to them;

 

		19.1.3	each
                                            Party shall be entitled to disclose any information which is required to be furnished by
                                            law or regulation or by existing contract as at the Signature Date or by any stock exchange;
                                            and

 

		19.1.4	no
                                            Party shall be precluded from using or divulging such information in order to pursue any
                                            legal remedy available to it

 

		19.2	In
                                            the event that a Party is required to disclose information as contemplated in clause 19.1.3,
                                            such Party will:

 

		19.2.1	advise
                                            any Party/ies in respect of whom such information relates (the “Relevant Party/ies”)
                                            in writing prior to disclosure, if possible;

 

		19.2.2	take
                                            such steps to limit the disclosure to the minimum extent required to satisfy such requirement
                                            and to the extent that it lawfully and reasonably can;

 

		19.2.3	afford
                                            the Relevant Party/ies a reasonable opportunity, if possible, to intervene in the proceedings;

 

		19.2.4	comply
                                            with the Relevant Party/ies’ reasonable requests as to the manner and terms of such
                                            disclosure; and

 

		19.2.5	notify
                                            the Relevant Party/ies of the recipient of, and the form and extent of, any such disclosure
                                            or announcement immediately after it was made.

 

     

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		19.3	The
                                            Parties and the Escrow Agent hereby agree that for purposes of this clause 19 a reference
                                            to “Party” or “Parties” includes the Escrow Agent.

 

		20.	ARBITRATION PROCEDURES

 

		20.1	Unless
                                            provided for to the contrary in this Agreement, a dispute which arises in regard to:

 

		20.1.1	the
                                            interpretation of;

 

		20.1.2	the
                                            carrying into effect of;

 

		20.1.3	any
                                            of the Parties’ rights and obligations arising from;

 

		20.1.4	the
                                            termination or purported termination of or arising from the termination of; or

 

		20.1.5	the
                                            rectification or proposed rectification of this Agreement, or out of or pursuant to this
                                            Agreement or on any matter which in terms of this Agreement requires agreement by the Parties,
                                            (other than where an interdict is sought or urgent relief may be obtained from a court of
                                            competent jurisdiction),

 

shall
be submitted to and decided by arbitration.

 

		20.2	That
                                            arbitration shall be held:

 

		20.2.1	with
                                            only the Parties and their representatives present thereat; and

 

		20.2.2	at
                                            Sandton, South Africa.

 

		20.3	It
                                            is the intention that the arbitration shall, where possible, be held and concluded in 21 (twenty
                                            one) Business Days after it has been demanded.

 

		20.4	Save
                                            as expressly provided in this Agreement to the contrary, the arbitration shall be subject
                                            to the arbitration legislation for the time being in force in South Africa.

 

		20.5	There
                                            shall be 1 (one) arbitrator who shall, if the question in issue is:

 

		20.5.1	primarily
                                            an accounting matter, an independent chartered accountant with not less than 10 (ten) years’
                                            experience as a chartered accountant;

 

		20.5.2	primarily
                                            a legal matter, a practising senior counsel or, alternatively, a practising attorney of not
                                            less than 15 (fifteen) years’ experience as an attorney; or

 

		20.5.3	any
                                            other matter, a suitably qualified person.

 

     

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		20.6	The
                                            appointment of the arbitrator shall be agreed upon by the Parties in writing or, failing
                                            agreement by the Parties within 10 (ten) Business Days after the arbitration has been demanded,
                                            at the request of any of the Parties shall be nominated by the Chairman for the time being
                                            of the Arbitration Foundation of South Africa (or its successor body in title) (“AFSA”).
                                            If that person fails or refuses to make the nomination, any Party may approach the High
                                            Court of South Africa to make such an appointment To the extent necessary, the court is expressly
                                            empowered to do so.

 

		20.7	The
                                            Parties shall keep the evidence in the arbitration proceedings and any order made by any
                                            arbitrator confidential unless otherwise contemplated herein.

 

		20.8	The
                                            arbitrator shall be obliged to give his award in writing fully supported by reasons.

 

		20.9	The
                                            provisions of this clause are severable from the rest of this Agreement and shall remain
                                            in effect even if this Agreement is terminated for any reason.

 

		20.10	The
                                            arbitrator shall have the power to give default judgment if any Party fails to make submissions
                                            on due date and/or fails to appear at the arbitration, which judgment the arbitrator shall
                                            be entitled to rescind on good cause shown in terms of the legal principles applicable to
                                            rescission of judgments.

 

		21.	GOVERNING LAW

 

		21.1	This
                                            Agreement is governed by, and all disputes, claims, controversies, or disagreements of whatever
                                            nature arising out of or in connection with this Agreement, including any question regarding
                                            its existence, validity, interpretation, termination or enforceability shall be resolved
                                            in accordance with the laws of South Africa.

 

		21.2	Notwithstanding
                                            anything to the contrary contained in clause 20, any Party shall be entitled to apply
                                            for any interdict (or any other matter that cannot be resolved pursuant to clause 20)
                                            to be heard by any competent court having jurisdiction.

 

		22.	CO-OPERATION AND
                                            GOOD FAITH

 

Each
of the Parties undertakes to exhibit the utmost good faith to the others in giving effect to the terms of this Agreement and hereby undertake
to:

 

		22.1	do,
                                            and to procure the doing by other persons, and to refrain and procure that other persons
                                            will refrain from doing, all such acts; and

 

     

     54

    

 

		22.2	pass,
                                            and to procure the passing of all such resolutions of directors or shareholders of any company,

 

to
the extent that the same may depend on such Party as may be required to give effect to the import or intent of this Agreement.

 

		23.	BREACH
                                            AND INDIVISIBILITY

 

		23.1	If
                                            a Party (the “Defaulting Party”) commits any breach of this Agreement
                                            and fails to remedy such breach within 10 (ten) Business Days, (the “Notice Period”)
                                            of written notice requiring the breach to be remedied, then the Party giving the notice
                                            (the “Aggrieved Party”) will be entitled, at its option, to:

 

		23.1.1	claim
                                            immediate specific performance of all or any of the Defaulting Party‘s obligations
                                            under this Agreement, with or without claiming damages, whether or not such obligation is
                                            falling due for performance; or

 

		23.1.2	cancel
                                            this Agreement with or without claiming damages, in which case written notice of the cancellation
                                            shall be given to the other Parties, and the cancellation shall take effect on the date on
                                            which the notice is given. Notwithstanding the aforegoing, no Party shall be entitled to
                                            cancel this Agreement unless:

 

		23.1.2.1	the
                                            Aggrieved Party is not a member of the Defaulting Party‘s Group; and

 

		23.1.2.1.1	the
                                            breach is a material breach going to the root of this Agreement and is incapable of being
                                            remedied by payment of money; or

 

		23.1.2.1.2	the
                                            breach is a material breach going to the root of this Agreement and is capable of being remedied
                                            by a payment of money and the Defaulting Party fails to pay the amount concerned within the
                                            Notice Period.

 

		23.2	If
                                            at any time before the transactions contemplated in clause 5.1 (the “Relevant
                                            Transactions”) have been implemented any Party (the “Insolvent
                                            Party”):

 

		23.2.1	is
                                            placed under Business Rescue, liquidation or under a winding-up order, whether provisionally
                                            or finally, voluntarily or compulsorily;

 

     

     55

    

 

		23.2.2	takes
                                            any steps to be wound up or liquidated, whether provisionally or finally and whether compulsorily
                                            or voluntarily;

 

		23.2.3	takes
                                            any steps to be deregistered, dissolved or which have a similar effect as the aforegoing
                                            on the legal personality of that Party; or

 

		23.2.4	is
                                            deregistered, dissolved or anything occurs in respect of that Party which has a similar legal
                                            effect as the aforegoing on the legal personality of that Party,

 

then
any other Party shall be entitled, but not obliged, upon written notice to the other Parties to cancel this Agreement provided that no
Party shall be entitled to cancel this Agreement if the Insolvent Party is a member of that Party‘s Group.

 

		23.3	If
                                            any Party is an Insolvent Party, then forthwith upon it becoming an Insolvent Party it shall
                                            notify the other Parties thereof in writing. The Parties undertake to use their best endeavours
                                            to procure that they shall not become an Insolvent Party prior to the Effective Date.

 

		23.4	If
                                            any Party (the “Requesting Party”) reasonably believes that any
                                            other Party (the “Other Party”) is:

 

		23.4.1	in
                                            breach of this Agreement and as a result thereof the Requesting Party is suffering or may
                                            suffer damages in excess of R5 000 000.00 (five million Rand); or

 

		23.4.2	is
                                            an Insolvent Party,

 

then
the Requesting Party shall be entitled, by way of written notice (the “Information Request”) to the Other Party:
(a) to allege that the Other Party is in breach of this Agreement, setting out the specific provisions of this Agreement which it believes
that the Other Party has breached, the reasons for coming to the conclusion that the Other Party is in breach of this Agreement and requesting
the Other Party to furnish it with all information available to the Other Party in respect of such alleged breach in the case of clause 23.4.1
above; or (b) to allege that the Other Party is an Insolvent Party and the reasons for coming to that conclusion in the case of clause 23.4.2
above. By not later that the 3rd (third) Business Day after the receipt by it of the Information Request, the Other Party
shall be obliged to provide the Requesting Party with all information which is available and known to it in respect of the breach alleged
in the Information Request and/or the event contemplated in clause 23.2 (as the case may be).

 

		23.5	The
                                            Aggrieved Party‘s remedies in terms of this clause 23 are without prejudice to
                                            any other remedies to which the Aggrieved Party may be entitled in law.

 

     

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		23.6	Notwithstanding
                                            the aforegoing after all of the Relevant Transactions, the transactions contemplated in the
                                            Loan Creation Consolidation Agreement which are to be implemented on the Effective Date,
                                            the transactions contemplated in the Investec Luxco Agreement, the transactions contemplated
                                            in the Investec Platmin Agreement and the transaction contemplated in the Investec Ivy Lane
                                            Agreement in terms of which Ivy Lane sells certain Platmin Shares held by it to Investec
                                            on the Effective Date have been implemented, no Party shall be entitled to cancel this Agreement
                                            and an Aggrieved Party‘s only remedies thereafter against the Defaulting Party will
                                            be to claim specific performance of all the Defaulting Party‘s obligations, together
                                            with damages, if any.

 

		23.7	The
                                            Parties record and agree that all of the Relevant Transactions, the transactions contemplated
                                            in the Loan Creation Consolidation Agreement which are to be implemented on the Effective
                                            Date, the transactions contemplated in the Investec Luxco Agreement, the transactions contemplated
                                            in the Investec Platmin Agreement and the transaction contemplated in the Investec Ivy Lane
                                            Agreement in terms of which Ivy Lane sells certain Platmin Shares held by it to Investec
                                            on the Effective Date are all indivisible and therefore either all of them or none of them
                                            will be implemented.

 

		24.	WHOLE
                                            AGREEMENT, NO AMENDMENT

 

		24.1	This
                                            Agreement constitutes the whole agreement between the Parties relating to the subject matter
                                            hereof and supersedes any other discussions, agreements and/or understandings regarding the
                                            subject matter hereof.

 

		24.2	No
                                            amendment or consensual cancellation of this Agreement or any provision or term hereof or
                                            of any agreement, bill of exchange or other document issued or executed pursuant to or in
                                            terms of this Agreement and no settlement of any disputes arising under this Agreement and
                                            no extension of time, waiver or relaxation or suspension of or agreement not to enforce or
                                            to suspend or postpone the enforcement of any of the provisions or terms of this Agreement
                                            or of any agreement, bill of exchange or other document issued pursuant to or in terms of
                                            this Agreement shall be binding unless recorded in a written document signed by the Parties
                                            (or in the case of an extension of time, waiver or relaxation or suspension, signed by the
                                            Party granting such extension, waiver or relaxation). Any such extension, waiver or relaxation
                                            or suspension which is so given or made shall be strictly construed as relating strictly
                                            to the matter in respect whereof it was made or given.

 

		24.3	No
                                            oral pactum de non petendo shall be of any force or effect.

 

		24.4	No
                                            extension of time or waiver or relaxation of any of the provisions or terms of this Agreement
                                            or any agreement, bill of exchange or other document issued or executed pursuant to or in
                                            terms of this Agreement, shall operate as an estoppel against any Party in 

 

     

     57

    

 

		 	respect
                                            of its rights under this Agreement, nor shall it operate so as to preclude such Party (save
                                            as to any extension, waiver or relaxation actually given) thereafter from exercising its
                                            rights strictly in accordance with this Agreement.

 

		24.5	24.5.To
                                            the extent permissible by law no Party shall be bound by any express or implied or tacit
                                            term, representation, warranty, promise or the like not recorded herein, whether it induced
                                            the contract and/or whether it was negligent or not.

 

		25.	DOMECILIA
                                            CITANDl ET EXECUTANDl

 

		25.1	The
                                            Parties (and the Escrow Agent) choose as their domicilia citandi et executandi for
                                            all purposes under this Agreement, whether in respect of court process, notices or other
                                            documents or communications of whatsoever nature (including the exercise of any option),
                                            the following addresses:

 

		25.1.1	Luxco
                                            and Guernsey SPV:

 

		Physical:	[***]

 

		Postal:	[***]

 

		Fax:	[***]

 

	 	For the attention of	[***]

 

		25.1.2	Platmin:

 

		Physical:	[***]

 

		Postal:	[***]

 

		Fax:	[***]

 

	 	For the attention of:	[***]

 

		25.1.3	Ivy
                                            Lane:

 

		Physical:	[***]

 

		Postal:	[***]

 

		Fax:	[***]

 

	 	For the attention of:	[***]

 

		25.1.4	BBKT,
                                            IBMR and Lexshell:

 

     

     58

    

 

		Physical:	[***]

 

		Postal:	[***]

 

		Fax:	[***]

 

	 	For the attention of:	[***]

 

		25.1.5	BPJV:

 

		Physical:	[***]

 

		Postal:	[***]

 

		Fax:	[***]

 

	 	For the attention of:	[***]

 

		25.1.6	PIC:

 

		Physical:	[***]

 

		Postal:	[***]

 

		Fax:	[***]

 

	 	For the attention of:	[***]

 

		25.1.7	RPM:

 

		Physical:	[***]

 

		Postal:	[***]

 

		Fax:	[***]
	 	 	 
	 	For
the attention of:	[***]

 

		25.1.8	Clidet:

 

		Physical:	[***]

 

		Postal:	[***]

 

		Fax:	[***]

 

	 	For the attention of:	[***]

 

		25.1.9	Richtrau:

 

     

     59

    

 

		Physical:	[***]

 

		Postal:	[***]

 

		Fax:	[***]

 

	 	For the attention of:	[***]

 

		25.1.10	Platmin
                                            SA:

 

		Physical:	[***]

 

		Postal:	[***]

 

		Fax:	[***]

 

	 	For the attention of:	[***]

 

		25.1.11	LLTI:

 

		Physical:	[***]

 

		Postal:	[***]

 

		Fax:	[***]

 

	 	For the attention of:	[***]

 

PPM:

 

		Physical:	[***]

 

		Postal:	[***]

 

		Fax:	[***]

 

	 	For the attention of:	[***]

 

		25.1.12	West
                                            Dunes:

 

		Physical:	[***]

 

		Postal:	[***]

 

		Fax:	[***]

 

	 	For the attention of:	[***]

 

		25.1.13	Pallinghurst
                                            Cayman:

 

		Physical:	[***]

 

		Postal:	[***]

 

		Fax:	[***]
	 	 	 
	 	For
the attention of:	[***]

 

		25.1.14	The
                                            Escrow Agent:

 

     

     60

    

 

		Physical:	[***]

 

		Postal:	[***]

 

		Fax:	[***]

 

	 	For the attention of	[***]

 

		25.2	Any
                                            notice or communication required or permitted to be given in terms of this Agreement shall
                                            be valid and effective only if in writing but it shall be competent to give notice by fax.

 

		25.3	Any
                                            Party may by notice to any other Party change the physical address chosen as its domicilium
                                            citandi et executandi vis-a-vis that Party to another physical address in South Africa
                                            or its fax number, provided that the change shall become effective vis-a-vis that
                                            addressee on the 10th (tenth) Business Day from the receipt of the notice by the
                                            addressee.

 

		25.4	Any
                                            notice to a Party:

 

		25.4.1	sent
                                            by prepaid registered post (by airmail if appropriate) in a correctly addressed envelope
                                            to it at an address chosen as its domicilium citandi et executandi to which post is
                                            delivered shall be deemed to have been received on the 7th (seventh) Business Day after posting
                                            (unless the contrary is proved);

 

		25.4.2	delivered
                                            by hand to a responsible person during ordinary business hours at the physical address chosen
                                            as its domicilium citandi et executandi shall be deemed to have been received on the
                                            day of delivery; or

 

		25.4.3	sent
                                            by fax to its chosen fax number stipulated in clause 25.1, shall be deemed to have been
                                            received on the date of despatch (unless the contrary is proved).

 

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

 

     

     61

    

 

		25.6	The
                                            Parties and the Escrow Agent hereby agree that for purposes of this clause 25 a reference
                                            to “Party” or “Parties” includes the Escrow Agent.

 

		26.	COSTS

 

Each
Party shall bear its own costs in relation to the negotiation, preparation and implementation of this Agreement.

 

		27.	SEVERABILITY

 

Any
provision in this Agreement which is or may become illegal, invalid or unenforceable in any jurisdiction affected by this Agreement shall,
as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability and shall be treated pro non scripto
and severed from the balance of this Agreement, without invalidating the remaining provisions of this Agreement or affecting the
validity or enforceability of such provision in any other jurisdiction.

 

		28.	STIPULATIO
                                            ALTERI

 

No
part of this Agreement shall constitute a stipulatio alteri in favour of any person who is not a Party to the Agreement unless
the provision in question expressly provides that it does constitute a stipulatio alteri.

 

		29.	NO
                                            CESSION AND ASSIGNMENT

 

Except
as expressly provided in this Agreement, no Party shall be entitled to cede, assign, transfer or delegate all or any of its rights, obligations
and/or interest in, under or in terms of this Agreement to any third party without the prior written consent of the other Parties (which
consent shall not be unreasonably withheld).

 

		30.	EXECUTION
                                            IN COUNTERPARTS

 

This
Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original, and all of which together shall
constitute one and the same agreement as at the date of signature of the Party that signs its counterpart last in time.

 

     

     62

    

 

Signed
by the Parties and witnessed on the following dates and at the following places respectively:

 

 

 

	For:	ORKID S.à
    r.l.	 
	 	 	 
	 	 	 
	 	 	 
	Signature	/s/
    D. Lambert	/s/
    C. Herber	 
	 	who warrants that
    he / she is duly authorised therero	 
	 	 	 
	 	 	 
	Name:	D.
    LAMBERT	C. HERBER	 
	 	 	 
	Date:	28 October
    2012	29 October
    2012	 
	 	 	 
	Place:	LUXEMBOURG	LUXEMBOURG	 

 

 

	For:	PLATMIN LIMITED	 
	 	 	 
	 	 	 
	 	 	 
	Signature	/s/ Arne H. Frandsen 	 	 
	 	who
    warrants that he / she is duly authorised therero 	 
	 	 	 
	Name:	Arne
    H. Frandsen 	 	 
	 	 	 
	Date:	 	 
	 	 	 
	Place:	 	 
	 	 	 
	 	 	 
	 	 	 
	For:	THE
    BAKGATLA BA KGAFELA TRIBE	 
	 	 	 
	 	 	 
	 	 	 
	Signature	/s/
    Molefe John Pilane	 
	 	who
    warrants that he / she is duly authorised therero 	 
	 	 	 
	Name:	MOLEFE JOHN PILANE	 
	 	 	 
	Date:	30/10/2012	 	 
	 	 	 
	Place:	SANDTON	 

 

     

     63

    

 

	For:	ITERELENG
    BAKGATLA MINERALS RESOURCES (PTY) LTD
	 	 	 
	 	 	 	 
	 	 	 
	Signature	/s/
    Molefe John Pilane 	 
	 	who
    warrants that he / she is duly authorised therero 	 
	 	 	 
	Name:	MOLEFE
    JOHN PILANE 	 
	 	 	 
	Date:	30/10/2012 	 
	 	 	 
	Place:	SANDTON 	 
	 	 	 
	 	 	 

 

	 	 	 
	For:	PALLINGHURST
    IVY LANE CAPITAL LIMITED	 
	 	 	 
	 	 	 
	 	 	 
	Signature	/s/
    Arne H. Frandsen	 
	 	who warrants
    that he / she is duly authorised therero 	 
	 	 	 
	Name:	ARNE
    H. FRANDSEN 	 
	 	 	 
	Date:	 	 
	 	 	 
	Place:	 	 
	 	 	 
	 	 	 
	 	 	 
	For:	BAKGATLA
    PALLINGHURST JV (PTY) LTD	 
	 	 	 
	 	 	 
	 	 	 
	Signature	/s/
    Arne H. Frandsen  	 
	 	who warrants
    that he / she is duly authorised therero 	 
	 	 	 
	Name:	ARNE
    H. FRANDSEN 	 
	 	 	 
	Date:	 	 
	 	 	 
	Place:	 	 
	 	 	 
	 	 	 
	 	 	 
	For:	PALLINGHURST
    INVESTOR CONSORTIUM (PTY) LTD
	 	 	 
	 	 	 
	 	 	 
	Signature	/s/ Arne H. Frandsen 	 
	 	who warrants
    that he / she is duly authorised therero 	 
	 	 	 
	Name:	Arne
    H. Frandsen 	 
	 	 	 
	Date:	 	 
	 	 	 
	Place:	 	 

 

     

     64

    

 

	For:	CLIDET
    (PTY) LTD	 
	 	 	 
	 	 	 
	 	 	 
	Signature	/s/ Arne H. Frandsen 	 
	 	who warrants
    that he / she is duly authorised therero 	 
	 	 	 
	Name:	 ARNE H. FRANDSEN	 
	 	 	 
	Date:	 	 
	 	 	 
	Place:	 	 
	 	 	 
	 	 	 
	 	 	 
	For:	RUSTENBURG PLATINUM MINES
    LTD	 
	 	 	 
	 	 	 
	 	 	 
	Signature	/s/ Johannes Mokoka 	 
	 	who warrants
    that he / she is duly authorised therero 	 
	 	 	 
	Name:	johannes
    mokoka 	 
	 	 	 
	Date:	30 AUGUST 2012 	 
	 	 	 
	Place:	MIDRAND	 
	 	 	 
	 	 	 
	 	 	 
	For:	LEXSHELL
    38 GENERAL TRADING (PTY) LTD	 
	 	 	 
	 	 	 
	 	 	 
	Signature	/s/
    Molefe John Pilane 	 
	 	who warrants
    that he / she is duly authorised therero 	 
	 	 	 
	Name:	MOLEFE
    JOHN PILANE 	 
	 	 	 
	Date:	30/10/2012 	 
	 	 	 
	Place:	SANDTON	 

 

     

     65

    

 

	For:	RICHTRAU
    NO 123 (PTY) LTD	 
	 	 	 
	 	 	 
	 	 	 
	Signature	/s/
    Arne Hojriis Frandsen 	 
	 	who warrants
    that he / she is duly authorised therero 	 
	 	 	 
	Name:	ARNE
    HOJRIIS FRANDSEN 	 
	 	 	 
	Date:	7/11/2012 	 
	 	 	 
	Place:	 	 
	 	 	 
	 	 	 
	 	 	 
	For:	PLATMIN
    SOUTH AFRICA (PTY) LTD	 
	 	 	 
	 	 	 
	 	 	 
	Signature	/s/
    TG Dale 	 
	 	who warrants
    that he / she is duly authorised therero 	 
	 	 	 
	Name:	TG
    DALE 	 
	 	 	 
	Date:	30
    OCTOBER 2012 	 
	 	 	 
	Place:	CENTURION 	 
	 	 	 
	 	 	 
	 	 	 
	For:	NEWSHELF
    1101 (PTY) LTD	 
	 	 	 
	 	 	 
	 	 	 
	Signature	/s/
    Arne H. Frandsen  	 
	 	who warrants
    that he / she is duly authorised therero 	 
	 	 	 
	Name:	ARNE
    H. FRANDSEN  	 
	 	 	 
	Date:	 	 
	 	 	 
	Place:	 	 
	 	 	 
	 	 	 
	 	 	 
	For:	PILANESBURG
    PLATINUM MINE (PTY) LTD	 
	 	 	 
	 	 	 
	 	 	 
	Signature	/s/
    TG Dale 	 
	 	who warrants
    that he / she is duly authorised therero 	 
	 	 	 
	Name:	TG
    DALE 	 
	 	 	 
	Date:	30
    OCTOBER 2012 	 
	 	 	 
	Place:	CENTURION 	 
	 	 	 
	 	 	 
	 	 	 
	For:	WEST
    DUNES PROPERTIES 116 (PTY) LTD	 
	 	 	 
	 	 	 
	 	 	 
	Signature	/s/
    TG Dale 	 
	 	who warrants
    that he / she is duly authorised therero 	 
	 	 	 
	Name:	TG
    DALE 	 
	 	 	 
	Date:	30
    OCTOBER 2012 	 
	 	 	 
	Place:	CENTURION 	 

 

     

     66

    

 

	For:	PALLINGHURST
    (CAYMAN) GP L.P	 
	 	 	 
	 	 	 
	 	 	 
	Signature	/s/
    Arne H. Frandsen   	 
	 	who warrants that he / she is duly authorised therero 	 
	 	 	 
	Name:	ARNE
    H. FRANDSEN   	 
	 	 	 
	Date:	 	 
	 	 	 
	Place:	 	 
	 	 	 
	 	 	 
	 	 	 
	For:	HODOS HOLDINGS LIMITED	 
	 	 	 
	 	 	 
	 	 	 
	Signature	/s/
    Arne H. Frandsen   	 
	 	who warrants
    that he / she is duly authorised therero 	 
	 	 	 
	Name:	ARNE
    H. FRANDSEN    	 
	 	 	 
	Date:	 	 
	 	 	 
	Place:	 	 
	 	 	 
	Witness:	 	 
	 	 	 
	Witness:	 	 

 

 

For
the purposes of accepting and becoming bound to the provisions of clauses 2, 19, 25 of the Agreement. 

     

     67

    

 

	For:	WEBBER
    WENTZEL	 
	 	 	 
	 	 	 
	 	 	 
	Signature	/s/ Peter Bradshaw	 
	 	who warrants
    that he / she is duly authorised therero 	 
	 	 	 
	Name:	Peter
    Bradshaw	 
	 	 	 
	Date:	30
    OCTOBER 2012 	 
	 	 	 
	Place:	SANDTON 	 

 

     

     

    

 

ANNEXURE
A  -  Shareholders in Platmin

     

     

    

 

	Project
    African Queen
	Shares
    issued by Platmin in the Consolidation
	 	 
	 	Shares issued by Platmin 	 	 
	 	 
	 	Post-IBMR Section 11 (on the assumption that the Additional BBKT IBMR Consideration
Shares will have been issued on the Effective Date) but before the allotment and Issue of Platmin Shares to the Industrial Development
Corporation of South Africa Limited in terms of the IDC Subscription Agreement	 
	 	%	 
	 	 	 
	To:
    Bakgatia:	 
	Additional
    BBKT IBMR Consideration Shares	1.357%	 
	BBKT
    BBJV Consideration Shares	1.719%	 
	BBKT
    Lexshell Consideration Shares	13.146%	 
	BBKT
    LLTI Consideration Shares	0.247%	 
	Initial
    BBKT IBMR Consideration Shares	12.212%	 
	 	26.681%	 
	 	 
	To
    Ivy Lane:	 
	Ivy
    Lane IBMR Consideration Shares	13.515%	 
	Ivy
    Lane LLTI Consideration Shares	0.246%	 
	Ivy
    Lane Plc Consideration Shares	12.631%	 
	 	26.392%	 
	 	 
	To:
    RPM:	 
	RPM
    Consideration Shares	6.573%	 
	 	 
	To
    Investec:	 
	Investec
    PLC Consideration Shares	2.245%	 

 

     

     

    

 

ANNEXURE
B             

 

Magazynskraal
Concentrate Agreement

 

     

     

    

 

 

 

 

ANNEX
 “3”

 

 

 

 

 

CONCENTRATE
SALE AGREEMENT

 

 

 

 

 

and

 

 

 

 

 

RUSTENBURG
PLATINUM MINES LIMITED

 

 

 

 

 

and

 

 

 

 

 

RICHTRAU
NO 123 (PROPRIETARY) LIMITED

 

 

 

 

     

     

    

 

 

DRAFT

 

ANNEX
 “3”

 

CONCENTRATE
SALE AGREEMENT

 

		1.	PARTIES

 

		1.1	RUSTENBURG PLATINUM MINES LIMITED

                                                                                (No.
                                            1931/003380/06)

 

AND

 

		1.2	RICHTRAU NO 123 (PROPRIETARY) LIMITED

                                                                                (No.
                                            2006/017346/07)

 

		2.	INTERPRETATION

 

		2.1	The
                                            headnotes to the clauses of this agreement are inserted tor reference purposes only and shall
                                            not govern or affect the meaning or Interpretation thereof.

 

		2.2	In
                                            this agreement the following terms shall bear the following meanings:

 

	2.2.1	Average
    Annual Increase	the
    average annual percentage inflationary rate increase during the preceding year applied with effect from 1 January every year
    according to the following formula:
	 	 	 
	 	 	A=
    (X x B) + (Y x SACPI) + (Z x C)

 

     

    Page 3.

    

 

	 	where A = 	the Average Annual Increase;
	 	 
	 	X
=
	the labour cost portion of total cash operating cost of smelting, treatment and refining of the Refiner;

	 	 
	 	Y = 
	non-labour
and non-utilities cost portion of total cash operating cost of smelting, treatment and refining of the Refiner;

	 	 
	 	Z =	 the utilities cost portion of total cash operating cost of smelting, treatment
and refining of the Refiner;
	 	 
	 	B =	 weighted annual average increase in wages for the smelting, treatment and refining
division of the Refiner, calculated as follows:
	 	 	 
	 	 
	B
    =
	(A1xA2) +

    (B1xB2)
    +

    (C1xC2)
    divided by (A1+B1+C1)

     

    where:

     

    A1.
B1, C1 = the actual labour cost for each band of labour where different wage rate increases are agreed upon by the Refiner and its respective

 

     

    Page 4.

    

 

	 	  
	labour
unions:

                                                                                                            

                                                                                                           A2,
B2, C2 = the actual annual wage Increase for each particular band;

                                                                                                           

                                                                                                            

	 	SA CPI = 	the percentage increase in the CPI for the previous July to June;  
	 	 	 
	 	CPI =	 the Consumer Price Index (all areas - all items) as published by Statistics South
Africa;
	 	 	 
	 	C
=
	 the percentage increase for the previous July to June of the applicable inflationary index
for utilities as published by Statistics South Africa, namely the production price index for electricity, gas and water for commodities
for South African consumption;

 

	2.2.2	Business Day	any day other than a Saturday, Sunday or official public holiday in the Republic
of South Africa;

 

	2.2.3	Calendar Year	January 1st to December 31st,

 

     

    Page 5.

    

 

	2.2.4	Chromite 	Cr2O3;

 

	2.2.5	Commercial Committee	the Commercial Committee referred to in clause 8.21;

 

	2.2.6	Concentrate	any treatable product arising from the process of any mineral hydro-metallurgical facility consisting
of activities such as crushing, milling or grinding, froth flotation and concentrate filtration but does not including smelting or other
downstream processing facilities such as base metals and precious metals refineries;

 

	2.2.7	Concentrator 	any mineral hydro-metallurgical facility consisting of activities such as crushing,
milling or grinding, froth flotation and concentrate filtration but does not including smelting or other downstream processing facilities
such as base metals and precious metals refineries;

 

	2.2.8	the Cost Month	a Month, or other notified periods of approximately 30 (THIRTY) days, as
determined by the Refiner for the cost accounting system applied for the Smelter from time to time;

 

	2.2.9	Deleterious Material 	any material, which in the reasonable view of the Refiner, may or will cause
harm and or damage to the equipment of the Refiner and/or which may or will have a negative effect on the operations, environment and/or
the potential recoveries;

 

	2.2.10	Dry Mass	the Mass of Concentrate after deducting the relevant moisture content;

 

	2.2.11	4T Grade 	the Concentrate grade, calculated as the total number of grammes of 

 

     

    Page 6.

    

 

			platinum
(Pt) + palladium (Pd) + rhodium (Rh) + gold (Au) per dry Tonne of Concentrate;

 

	2.2.12	the JEC 	the Joint Evaluation Committee referred to in clause 8.1

 

	2.2.13	the Joint Venture	the incorporated joint venture created by and between RPM, Newco and Lexshell
38 General Trading (Proprietary) Limited in terms of the Main Agreement;

 

	2.2.14	the Joint Venture Parties 	the shareholders in Newco, namely RPM, MlneCo and Lexshell 38 General Trading
(Proprietary) Limited [To be revised before signature if no MineCo.];

 

	2.2.15	the Main Agreement 	the shareholders agreement concluded between, inter alia, Lexshell 38 General
Trading (Proprietary) Limited, MlneCo and RPM on 14 November 2006 in relation to their relationship as shareholders In Newco to
which a draft of this Agreement is Annex “3”;

 

	2.2.16	Mass 	Dry Mass unless otherwise stated;

 

	2.2.17	The Mine	when used as a noun, shall mean the excavations and associated workings operated
and controlled by the Joint Venture on the Property, Including the Concentrator, if established, the mining area (as defined in section 1
of the New Act), and all buildings, structures, roads and appurtenances used or intended to be used for the purposes of searching for,
winning, exploitation and concentrating, if the Concentrator is established, of platinum group metals underlying the Property;

 

     

    Page 7.

    

 

 

	2.2.18	MineCo	MineCo
                                            (Proprietary) Limited (No.______________): [To be deleted before signature if there
                                            is no MineCo.]

 

 

	2.2.19	Mine
                                            Manager	the
                                            Juristic entity or natural person appointed by Newco to manage the day-to-day operations
                                            of the Mine on behalf of Newco;

 

 

	2.2.20	Month	a
                                            calendar month;

 

 

	2.2.21	New
                                            Act 	the
                                            Mineral and Petroleum Resources Development Act 28 of 2002;

 

 

	2.2.22	Newco
                                            	Richtrau
                                            No 123 (Proprietary) Limited (No. 2006/017346/07);

 

 

	2.2.23	Parties	the
                                            Refiner and Newco and “Party” means a reference to either one of them;

 

 

	2.2.24	Payable
                                            Metals	the
                                            metals upon which the selling price is to be determined, platinum, palladium, rhodium, gold
                                            and the base metals nickel (Ni), and copper (Cu);

 

 

	2.2.25	Prime	the
                                            publicly quoted basic rate of Interest (per centum, per annum, compounded monthly in arrear
                                            and calculated on a 365 (THREE HUNDRED AND SIXTY FIVE) day year irrespective of whether
                                            the year Is a leap year) from time to time published by Standard Bank of South Africa Limited
                                            as being its prime overdraft interest rate for its most favoured corporate customers as certified
                                            by any manager of such bank whose authority, appointment and designation need not be proved;

 

     

    Page 8.

    

 

	2.2.26	Property
                                            	the
                                            farm Magazynskraal 3 J.Q., represented by the figure outlined on the map attached to
                                            the Main Agreement as Annex°“1”;

 

 

	2.2.27	Quotational
                                            Period 	the
                                            Cost Month preceding the Month In which payment is to be made which is used for determining
                                            pricing and exchange rate;

 

 

	2.2.28	Referee
                                            	a
                                            referee appointed in accordance with the provisions of clause 14.1

 

 

	2.2.29	Refiner	RPM
                                            in its capacity as a downstream processor of Concentrate by way of, inter alia, smelting
                                            and/or refining;

 

 

	2.2.30	Refinery
                                            	a
                                            facility or facilities utilised by RPM for the further treatment of the product arising from
                                            the Smelter;

 

 

	2.2.31	RPM
                                            Rustenburg 	Platinum
                                            Mines Limited (No. 1931/003380/06) in its capacity as a party to the Main Agreement;

 

 

	2.2.32	the
                                            Signature Date 	the
                                            date on which the last Party to sign this agreement signs It; [To be signed upon implementation
                                            of clause 26.2 of Main Agreement.]

 

 

	2.2.33	the
                                            Smelter	the
                                            facility designated by RPM for the treatment of the Concentrate referred to in this agreement;
                                            unless otherwise specified, this shall initially be the _____________Smelter although thereafter,
                                            any other smelter designated by RPM in writing provided that the additional transport costs
                                            to transport the Concentrate to the alternative facility shall be borne by the Refiner subject
                                            to the provisions of clauses 5.2 and 5.3;

 

 

	2.2.34	Tonne	a
                                            metric tonne within the meaning of the term attributed to it by the

 

     

    Page 9.

    

 

	 	 	International
                                            System of Units (SI), and being equivalent to 1000 (ONE THOUSAND) kilograms; the currency
                                            of the United States of America.

 

 

 

	2.3	If
                                            any provision in a definition is a substantive provision, conferring rights or imposing obligations
                                            on any Party, notwithstanding that such provision is only contained in the relevant definition,
                                            effect shall be given thereto as if such provision were a substantive provision In the body
                                            of this Agreement.

 

 

	2.4	Unless
                                            inconsistent with the context, an expression which denotes:

 

 

	2.4.1	any
                                            gender includes the other genders;

 

 

	2.4.2	a
                                            natural person includes an artificial person and vice versa;

 

 

	2.4.3	the
                                            singular includes the plural and vice versa.

 

 

	2.5	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.

 

     

    Page 10.

    

 

		3.	INTRODUCTION

 

 

In
terms of the Main Agreement, Newco has agreed to sell the Concentrate derived from the Mine to the Refiner on terms and conditions set
out in this agreement

 

 

		4.	COMMENCEMENT,
                                            DURATION AND SUSPENSIVE CONDITIONS

 

 

	4.1	This
                                            agreement shall commence on the Signature Date.

 

 

	4.2	This
                                            agreement shall endure for the life of the Mine; provided that the Refiner shall be entitled
                                            to terminate this agreement on at least 6 (SIX) Months’ written notice to Newco
                                            to that effect after the Signature Date.

 

 

	4.3	Newco
shall furnish the Refiner, at least 2 (TWO) Months prior to the first delivery of Concentrate in terms of this agreement, with an
analysis of all substances contained in the Concentrate to be produced to enable the Refiner to identify all Deleterious Material that
may be contained in the Concentrate. The analysis will be a whole rock analysis by x-ray fluorescence and a trace element scan by Inductive
Coupled Plasma. The Refiner shall, within 30 (THIRTY) days after receipt of the analysis from Newco, provide a list of the Deleterious
Material, identified by the analysis, to be contained In the Concentrate. This list will set out the maximum acceptable limit of each
individual Deleterious Material that the Refiner will accept The Parties shall agree on a final list of Deleterious Material and maximum
acceptable limit for such Deleterious Material, falling which the matter will be referred to a Referee

 

     

    Page 11.

    

 

	 	to
                                            determine whether a substance is Deleterious Material and what the maximum acceptable limit
                                            shall be.

 

 

	4.4	The
                                            Refiner shall be entitled at any time to include in such list Deleterious Material which
                                            is legally declared as environmentally dangerous or hazardous. Any dispute between the Parties
                                            as to whether Deleterious Material has been legally declared as environmentally dangerous
                                            or hazardous shall be determined by a Referee.

 

 

	4.5	Should
                                            there be any material change in the process of producing Concentrate by Newco, which potentially
                                            results in new Deleterious Material being present in the Concentrate, Newco shall prior to
                                            the delivery of such Concentrate once again follow the procedure set out in clause 4.3,
                                            which shall apply, mutatis mutandis.

 

 

	4.6	Notwithstanding
                                            anything to the contrary, the Refiner shall also be entitled to terminate this agreement
                                            forthwith by written notice to Newco hereto to that effect should the Refiner find the Concentrate
                                            to contain any Deleterious Material of which it was not made aware in writing by Newco in
                                            terms of clauses 4.3 or 4.5 or which are in excess of the limits as agreed by the Parties
                                            or determined by the Referee. The Refiner may consider allowing Newco the opportunity to
                                            remove any such Deleterious Material in all future deliveries of Concentrate.

 

     

    Page 12.

    

 

	4.7	Termination,
                                            cancellation or lapsing of this agreement shall not in any way prejudice either Party’s
                                            right to claim damages from the other and notwithstanding any such termination, cancellation
                                            or lapsing, the Parties shall be and remain liable for all obligations and liabilities of
                                            the relevant Party then outstanding and which relate to the period on or after such termination,
                                            cancellation or lapsing.

 

 

	4.8	This
                                            agreement shall be subject to the fulfilment of the following suspensive conditions, namely
                                            the obtaining of all regulatory consents that may be required in law to conclude and/or implement
                                            the agreement including but not limited to JSE Limited, the London Stock Exchange, the South
                                            African Competition Commission and the Competition Commission of the European Union. [To
                                            be amplified before signature.]

 

 

	4.9	Should
                                            the suspensive condition not be fulfilled within 12 (TWELVE) months of the date of commencement
                                            of this agreement referred to In clause 4.1 or such extended period as the Parties may
                                            agree in writing, this agreement shall lapse and cease to be of any further force or effect.
                                            The Parties shall be obliged to use reasonable endeavours to procure fulfilment of the suspensive
                                            condition.

 

     

    Page 13.

    

 

	5.	SALE
                                            AND PURCHASE

 

 

	5.1	Newco
                                            shall sell all of the Concentrate produced at the Mine to the Refiner for so long as this
                                            agreement is in force and on the terms set out in this agreement.

 

 

	5.2	The
                                            Refiner shall be required to purchase all of the Concentrate produced at the Mine and delivered
                                            for and on behalf of Newco in accordance with the provisions of this agreement save that
                                            in the event of the Refiner being unable to accept delivery owing to unscheduled maintenance
                                            or repairs (which shall be all maintenance and repairs other than “scheduled maintenance
                                            and repairs” as defined in clause 5.3 below) which result in downtime of less
                                            than 6 (SIX) months, the Refiner shall either accept delivery at the Smelter or designate
                                            in writing an alternative facility for delivery whilst such maintenance or repairs are carried
                                            out. If the Refiner chooses to designate an alternative facility then the Parties shall equally
                                            share the additional

 

     

    Page 14.

    

 

	 	transport
                                            charges (including .customs and export levies, surcharges and taxes, if applicable) incurred
                                            by Newco to deliver the Concentrate In excess of the standard transport charges to deliver
                                            Concentrate to the Smelter. The Refiner shall, within 10 (TEN) days of the commencement
                                            of the unscheduled maintenance or repairs, give Newco written notice if such unscheduled
                                            maintenance or repairs are likely to endure for longer than 6 (SIX) months. If so, the
                                            Refiner may defer delivery or designate an alternate facility for delivery whilst such maintenance
                                            or repairs, are carried out. If the Refiner chooses to designate an alternative facility
                                            then the Parties shall equally share the additional transport charges (including customs
                                            and export levies, surcharges and taxes, if applicable) incurred by Newco to deliver the
                                            Concentrate in excess of the standard transport charges to deliver Concentrate to the Smelter.
                                            If the Refiner elects to defer delivery, Newco shall be entitled to make alternative arrangements
                                            to sell the Concentrate to a third party for a maximum period of 3 (THREE) months after
                                            the anticipated end of the downtime specified In the notice; provided that Newco resumes
                                            the sale of all of the Concentrate to the Refiner in terms of this agreement once the Refiner
                                            is again able to accept delivery on condition that such resumption shall take place only
                                            after the expiry of the said period of the alternative arrangements aforesaid.

 

 

	5.3	In
                                            the event of the Refiner being unable to accept delivery owing to scheduled maintenance or
                                            repairs (which for purposes of this clause shall mean all maintenance or repairs which
                                            could reasonably have been foreseen by the Refiner or which should be performed in the normal
                                            course of the Refiner’s business in accordance with accepted industry methods and practices)
                                            which result in downtime, the Refiner shall either accept delivery at the Smelter or designate
                                            in writing an alternative facility for delivery whilst such maintenance or repairs are carried
                                            out. The additional transport charges to transport the Concentrate to the alternative facility
                                            shall be borne by the Refiner. If the Refiner chooses to designate an alternative facility
                                            outside of the borders of South Africa, then any customs and export levies, surcharges and
                                            taxes incurred by Newco to deliver the Concentrate outside of the borders of South Africa
                                            shall be borne by the Refiner.

 

     

    Page 15.

    

 

	6.	DELIVERY
                                            PLAN

 

 

	6.1	Forthwith
                                            after commencement of this agreement, Newco shall procure that the Mine Manager furnishes
                                            a delivery plan to the Refiner for each Month, for the then current Calendar Year, which
                                            delivery plan shall contain details of the quantum of dry Tonnes of Concentrate, contained
                                            troy ounces of Pt, Pd, Rh and Au, Tonnes of Ni, and Cu, percent moisture, and percent Chromite,
                                            and thereafter, by not later than 30 (THIRTY) days prior to the commencement of each
                                            Month, Newco shall procure that the Mine Manager confirms the delivery plan for that Month
                                            (“the confirmed delivery plan”) and provides a revised delivery plan for
                                            the remaining Months of the Calendar Year.

 

 

	6.2	Newco
                                            shall further procure that the Mine Manager furnishes to the Refiner an Indicative life of
                                            mine forecast of the delivery plan, which delivery plan shall contain details of the quantum
                                            of dry Tonnes of Concentrate, contained troy ounces of Pt, Pd, Rh and Au, Tonnes of Ni, and
                                            Cu, percent moisture, and percent Chromite to be delivered in each Calendar Year. Thereafter,
                                            by not later than 30 (THIRTY) days prior to the commencement of each Calendar year,
                                            Newco shall procure that the Mine Manager furnishes to the Refiner, a revised indicative
                                            life of mine forecast of the delivery plan for each Calendar Year.

 

 

	6.3	Newco
                                            shall use its reasonable commercial endeavours to deliver Concentrate in accordance with
                                            the delivery plan furnished in accordance with clauses 6.1 and 6.2. Should Newco deviate
                                            from the confirmed delivery plan in clause 6.1

 

     

    Page 16.

    

 

	 	by
                                            more than 20% (TWENTY PERCENT) for a continuous 6 (SIX) month period, this shall be deemed
                                            to be a breach by Newco for purposes of clause 21.

 

 

	6.4	The
                                            Refiner shall on reasonable notice to Newco be entitled to inspect the Mine plans of Newco
                                            In order to confirm anticipated deliveries of Concentrate if there is a monthly deviation
                                            from a confirmed delivery plan furnished In accordance with clause 6.1 which, if annualised,
                                            would constitute an annual deviation from an annual plan of more than 20% (TWENTY PERCENT).

 

 

	7.	DELIVERY
                                            OF CONCENTRATE

 

 

	7.1	Newco
                                            shall be responsible for procuring that the Mine Manager arranges the deliveries of Concentrate
                                            sold in terms of this agreement by agreed road transport to the Smelter and the costs of
                                            such transport shall be paid by Newco, subject to the provisions of clauses 2.2.33, 5.2 and
                                            5.3. The point of delivery for each truck load of Concentrate shall be the receiving facility
                                            at the Smelter for the purposes of evaluating the Concentrate delivered. If the Refiner chooses
                                            to designate a facility outside of the borders of South Africa, then any additional transport
                                            charges incurred by Newco to deliver the Concentrate outside of the borders of South Africa
                                            in excess of the standard transport charges to deliver Concentrate to the designated Smelter
                                            shall be borne by the Refiner,

 

     

    Page 17.

    

 

	7.2	Each
                                            delivery shall constitute a Concentrate batch and the batches delivered in a day shall constitute
                                            the daily Concentrate lot, in terms of the operational protocol referred to in clause 8.2.

 

 

	7.3	The
                                            Refiner shall procure that on arrival at the Smelter the weight of Concentrate shall be recorded.
                                            The manner of weight determination shall be as agreed by the JEC, failing which, as determined
                                            by a Referee.

 

 

	7.4	Newco
                                            and the Refiner may by written agreement provide for delivery of Concentrate by other means
                                            of transport and such agreement shall provide for appropriate methods for determination of
                                            weight and quality of the Concentrate so delivered.

 

 

	8.	WEIGHING,
                                            SAMPLING AND ASSAYING TO DETERMINE THE TRANSFER QUANTITY AND QUALITY

 

 

	8.1	A
                                            JEC shall be established by Newco and the Refiner in order to monitor the ongoing process
                                            of Concentrate weighing, sampling and assaying for the determination of the transfer quantities
                                            and qualities. The JEC shall consist of an equal number of representatives of each of the
                                            Refiner and Newco.

 

 

	8.2	The
                                            operational protocol of the weighing, sampling, moisture determination and analytical techniques
                                            (and splitting limits and sample return mechanisms for purposes of clauses 8.7 to 8.17) shall
                                            be agreed between the Parties through the JEC In accordance with the principles contained
                                            herein and the

 

     

    Page 18.

    

 

	 	operational
                                            details shall be defined in a suitable operating protocol, prior to the 1.1 commencement
                                            of this agreement, which shall be signed by Newco and the Refiner. The operating protocol
                                            shall not result in any bias in favour of any of the Parties. A quorum of the JEC shall consist
                                            of at least 1 (ONE) of the representatives appointed by each of the Refiner and Newco
                                            being present All JEC decisions shall be made by unanimous vote.

 

 

	8.3	A
                                            charge shall be levied on each batch sample which shall be deducted from the purchase price
                                            of the Concentrate in accordance with clause 9.1.

 

 

	8.4	Newco
                                            may send a representative to the Smelter to be present during the weighing and sampling of
                                            the Concentrate. If no representative of Newco is present for these activities, the Refiner
                                            may proceed immediately with the weighing and sampling to facilitate the Concentrate transfer.

 

 

	8.5	The
                                            Refiner shall analyse the Concentrate analytical lot samples in accordance with the agreed
                                            analytical procedure as defined in the JEC operating protocol.

 

 

	8.6	On
                                            receipt of the analytical results, the Refiner shall communicate its findings by facsimile
                                            or email to such persons as are nominated by Newco in writing.

 

 

	8.7	Notwithstanding
                                            the provisions of clauses 8.5 and 8.6 Newco shall be entitled by notice in writing to the
                                            Refiner to elect to have its own analytical samples of

 

     

    Page 19.

    

 

	 	the
                                            Concentrate taken in which event the provisions of clause 8.6 to 8.17 shall apply, but
                                            only if Newco so elects.

 

 

	8.8	The
                                            Refiner and Newco shall analyse the Concentrate analytical samples in accordance with agreed
                                            analytical procedure as defined in the JEG operating protocol.

 

 

	8.9	On
                                            receipt of the analytical results, the Refiner and Newco shall communicate their findings
                                            by simultaneous facsimile or email exchange to the other of them. This shall constitute the
                                            first exchange of analytical results.

 

 

	8.9.1	Newco
                                            shall send the analytical results to such persons as are nominated by the Refiner in writing;

 

 

	8.9.2	the
                                            Refiner shall send the analytical results to such persons as are nominated by Newco in writing.

 

 

	8.10	The
                                            splitting limit for each settlement and penalty element, expressed as a percentage of the
                                            lower value which has been determined, shall be quantified in the protocol referred to in
                                            this clause 8; provided however that should the JEC be unable to reach agreement in
                                            regard to such quantification, such quantification shall be determined in accordance with
                                            the dispute resolution procedure in clause 14.

 

     

    Page 20.

    

 

 

		8.11	If
                                            the analytical values which the Refiner and Newco communicated to each other are within the
                                            splitting limits, then the arithmetical mean of the two values communicated shall constitute
                                            the analytically determined contents of the element in question.

 

 

		8.12	If
                                            the analytical values, which the Refiner and Newco communicated to each other, are not within
                                            the splitting limits, then the Refiner and Newco shall make a second anaiysis and shall exchange
                                            the results thereof pursuant to clause 8.9. This shall constitute the second exchange
                                            of analytical results.

 

 

		8.13	If
                                            the analytical results thus communicated by each of the Refiner and Newco to the other are
                                            within the splitting limits, clause 8.11 shall apply accordingly.

 

 

		8.14	If
                                            the analytical results thus communicated by each of the Refiner and Newco to the other are
                                            again not within the splitting limits, then the Refiner and Newco shall attempt to reach
                                            an agreement on the contents of the element concerned within 30 (THIRTY) days in terms
                                            of the cumulative values of the metals in dispute and if need be refer the matter to the
                                            JEC. If the Refiner and Newco cannot reach an agreement then the Refiner shall send one of
                                            the reserve samples to an alternate laboratory as mutually agreed by the Refiner and Newco,
                                            who shall act as the arbitration laboratory for analysis.

 

 

		8.15	If
                                            the metal contents of the element concerned as determined by the arbitration laboratory are
                                            within the range of the analytical results which have been exchanged by the Refiner and Newco,
                                            the arithmetical means of the last

 

     

    Page 21.

    

 

	 	 	value
                                            of either the Refiner or Newco whose analytical result communicated to the other of them
                                            came closest to the value of the arbitration laboratory and the arbitration value shall constitute
                                            the analytically determined metal content of the element concerned.

 

 

		8.16	If
                                            the metal contents of the element concerned as determined by the arbitration laboratory are
                                            outside the range of the analytical results which have been exchanged between the Refiner
                                            and Newco, then the analytical result of either the Refiner or Newco who with its last value
                                            communicated to the other of them comes closest to the value of the arbitration laboratory,
                                            shall constitute the analytically determined contents of the element in question.

 

 

		8.17	The
                                            analytical values determined by the arbitration laboratory referred to in clauses 8.15
                                            and 8.16 shall be final and binding on the Refiner and Newco and not capable of review or
                                            appeal except in the instance of manifest error. The costs of the arbitration analysis shall
                                            be borne by Newco or the Refiner who with its last analytical value communicated to the other
                                            of them was the furthest away from the value which was determined by the arbitration laboratory.

 

 

		8.18	As
                                            soon as the Refiner and Newco (if Newco Invokes Its rights in clause 8.7) determine
                                            the metal contents for each element belonging to a specific lot as further set out In the
                                            operational protocol referred to in clause 8.2, the Refiner shall be allowed to release
                                            any reserve samples into process.

 

     

    Page 22.

    

 

		8.19	The
                                            Refiner shall at the end of each Cost Month prepare a reconciliation of the Concentrate delivered
                                            to the Smelter, showing the mass of Concentrate received, adjusted to a dry basis, which
                                            shall be deemed to be the tonnage of Concentrate delivered by Newco to the Smelter in that
                                            Cost Month.

 

 

		8.20	The
                                            Refiner shall also prepare an estimate of the quantum of the Payable Metals in Concentrate,
                                            for the tonnage of Concentrate deemed to have been delivered, as well as the specific gravity
                                            and chromite contents, and the grade, all on a cumulative Monthly basis.

 

 

		8.21	In
                                            terms of this clause 8, the Refiner and Newco shall each be represented by at least
                                            one nominated person who together shall form the Commercial Committee for the purposes of
                                            this Agreement. The Commercial Committee shall deal with all commercial matters arising in
                                            terms of this Agreement All decisions of the Commercial Committee shall be made by simple
                                            majority on a showing of hands. A quorum of the Commercial Committee shall consist of all
                                            the representatives on the Commercial Committee. Any JEC recommendations, related to settlement,
                                            shall be agreed by the Commercial Committee before being implemented.

 

 

		8.22	The
                                            nominated person/(s) for the Commercial Committee are:

 

For
Newco:      ________________________

 

For
RPM:                 Marie Humphries.

 

     

    Page 23.

    

 

A
Party shall be entitled to change its nominated person by at least 90 (NINETY) days’ notice in writing addressed to the other
Party.

 

 

		9.	PRICE

 

 

		9.1	The
                                            purchase price of the Concentrate delivered on behalf of Newco to the Smelter in each Cost
                                            Month shall be determined in accordance with the following formula:

 

 

C
=       (D x (PT + PD + RH +AU)) + (E x NI) + (F x CU) - (Tc x Cc) - (Bs
x Cs) - P

 

 

Where

 

 

		C
                                            =	means
                                            the total price to be paid by the Refiner to the Newco exclusive of value-added tax, which
                                            value-added tax shall be payable at 14% (FOURTEEN PERCENT) (or such other relevant statutory
                                            percentage) in addition to C

 

 

		D
                                            =	0.81

 

 

		E
                                            =	0.75

 

 

		F
                                            =	0.70

 

     

    Page 24.

    

 

		PT	means
                                            the value of Platinum ounces contained in the Concentrate delivered on behalf of Newco in
                                            that Cost Month, valued at the average Platinum price per ounce denominated in US$ during
                                            the Quotational Period. The average shall be determined using:

 

 

		-	the
                                            official morning and afternoon fixes made for Platinum on the London Platinum and Palladium
                                            Market;

 

 

		-	the
                                            official morning and afternoon fixes shall be averaged for the day to yield an average daily
                                            fix, rounded to three decimal places;

 

 

		-	the
                                            daily averages shall be averaged for the Quotational Period, and rounded to four decimal
                                            places, to yield the average Platinum price.

 

 

		PD	means
                                            the value of Palladium ounces contained in the Concentrate delivered on behalf of Newco in
                                            that Cost Month, valued at the average Palladium price per ounce denominated in US$ during
                                            the Quotational Period. The average shall be determined using:

 

 

		-	the
                                            official morning and afternoon fixes made for palladium on the London Platinum and Palladium
                                            Market;

 

 

		-	the
                                            official morning and afternoon fixes shall be averaged for the day to yield an average dally
                                            fix, rounded to three decimal places;

 

     

    Page 25.

    

 

		-	the
                                            daily averages shall be averaged for the Quotational Period, and rounded to four decimal
                                            places, to yield the average Palladium price.

 

 

		RH	means
                                            the value of Rhodium ounces contained in the Concentrate delivered on behalf of Newco in
                                            that Cost Month, valued at the average Rhodium price per ounce denominated in US$ during
                                            the Quotational Period. The average shall be determined using:

 

 

		-	the
                                            NY dealer Rhodium weekly high and low prices as reported in Platt’s Metals week;

 

 

		-	the
                                            weekly prices in Platt’s Metals Week, published on a Monday, refer to the average of
                                            the previous week ending the previous Friday. The Friday’s date shall be used to determine
                                            within which Quotational Period the Friday’s price will be used to determine the average
                                            price per ounce. That is if the Friday’s price is the 1st of January then the values
                                            quoted shall be used to determine the average price during the January Quotational Period.

 

 

		AU	means
                                            the value of Gold ounces contained in the Concentrate delivered on behalf of Newco in that
                                            Cost Month, valued at the average Gold price per ounce denominated In US$ for the Quotational
                                            Period. The average shall be determined using:

 

     

    Page 26.

    

 

		-	the
                                            official morning and afternoon fixes made for Gold on the London Bullion Market;

 

 

		-	the
                                            official morning and afternoon fixes shall be averaged for the day to yield an average daily
                                            fix, rounded to three decimal places;

 

 

		-	the
                                            daily averages shall be averaged for the Quotational Period, and rounded to four decimal
                                            places, to yield the average Gold price.

 

 

		NI	means
                                            the value of Nickel Tonnes contained in the Concentrate delivered on behalf of Newco in the
                                            Cost Month, valued at the average of the Nickel price denominated in US$ during the Quotational
                                            Period, less US$71.77 (SEVENTY ONE US DOLLARS AND SEVENTY SEVEN CENTS) per Tonne. The
                                            average for the Quotatldnal Period shall be determined using the official London Metal Exchange
                                            monthly average cash price for Nickel Metal as published by Metals Bulletin, rounded to four
                                            decimal places.

 

 

		CU	means
                                            the value of Copper Tonnes contained in the Concentrate delivered on behalf of Newco in the
                                            Cost Month, valued at the average Copper price denominated in US$ during the Quotational
                                            Period, less US$153.80 (ONE HUNDRED AND FIFTY THREE US DOLLARS AND EIGHTY CENTS) per Tonne.
                                            The average for the Quotational Period shall be determined using the official London Metal
                                            Exchange monthly 

 

     

    Page 27.

    

 

	 	 	average
                                            cash price for grade A Copper Metal as published by Metals Bulletin, rounded to four decimal
                                            places.

 

 

Tc
       means the total number of dry Tonnes of Concentrate delivered on behalf of Newco.

 

Cc
      ZAR 779.37 (SEVEN HUNDRED AND SEVENTY NINE SOUTH AFRICAN RAND AND THIRTY SEVEN CENTS)
(treatment charge per dry tonne of Concentrate).

 

Bs       means
the number of batch samples taken in that Cost Month.

 

Cs       ZAR1039
(sampling cost per batch).

 

P         means
the sum of the applicable penalties as more fully defined in clause 9.7.

 

		9.2	All
                                            values shall be expressed in South African Rand. Prices shall be converted to South African
                                            Rand for the US$ prices and for each applicable currency during the Quotational Period by
                                            using:

 

 

		-	the
                                            historical South African Rand Exchange daily bld high and bid low rates quoted by Reuters
                                            in respect of the applicable currency during the Quotational Period;

 

     

    Page 28.

    

 

		-	the
                                            daily bid high and bid low values shall be averaged to yield a daily average exchange rate;

 

 

		-	the
                                            daily averages shall then be averaged for the Quotational Period, and rounded to four decimal
                                            places, to yield the average exchange rate.

 

 

		9.3	The
                                            amounts expressed in South African Rand, referred to in clause 9.1 shall be increased
                                            annually by the same percentage increase as the Annual Average increase. The increase shall
                                            be effective from 1 January of each year; commencing with effect from 1 January 2007.

 

 

		9.4	The
                                            discounts from the prices for Copper and Nickel expressed In US$, referred to in clause 9.1,
                                            shall be adjusted annually, by Increasing such discounts by the increase in the consumer
                                            price index (all urban consumers) for the United States of America for the previous 12 (TWELVE)
                                            Month period from June to July, as published by the United States Department of Labour Bureau
                                            of Labour Statistics. The annual adjustment shall be effective from 1 January of each
                                            year; commencing with effect from 1 January 2007.

 

 

		9.5	An
                                            example of the calculation of the values for the PGM’s and base metals and the corresponding
                                            price for the Concentrate delivered on behalf of Newco, referred to in this clause 9,
                                            is set out in Annexure A to this agreement.

 

     

    Page 29.

    

 

		9.6	The
                                            following conversion factors and rounding rules shall be applied in calculations:

 

 

		9.6.1	1 (ONE)
                                            kilogram is equal to 32.1507 (THIRTY TWO decimal ONE FIVE ZERO SEVEN) troy ounces exactly.

 

 

		9.6.2	1 (ONE)
                                            kilogram is equal to 2.2046 (TWO decimal TWO ZERO FOUR SIX) pounds exactly.

 

 

		9.6.3	Kilograms
                                            shall be rounded to 4 decimal places while troy ounces. Tonnes and pounds shall be rounded
                                            to 3 decimal places.

 

 

		9.6.4	All
                                            metal prices shall be stated in US$ rounded to four decimal places.

 

 

		9.6.5	All
                                            metal values shall be stated in US$ rounded to two decimal places.

 

 

		9.6.6	All
                                            metal values shall then be converted to South African Rands rounded to two decimal places.

 

 

		9.6.7	All
                                            penalties shall be rounded to two decimal places.

 

 

		9.6.8	Any
                                            value-added tax shall be rounded to two decimal places.

 

     

    Page 30.

    

 

		9.7	Certain
                                            penalties shall be applied to the Concentrate delivered on behalf of Newco in order to compensate
                                            for associated cost treatment liabilities on the part of the Refiner.

 

 

The
following penalties shall apply:

 

 

		9.7.1	The
                                            moisture The moisture content of the Concentrate delivered by Newco, shall be less than 15%
                                            (FIFTEEN PERCENT) by Mass. A penalty of ZAR31.17 (THIRTY ONE SOUTH AFRICAN RAND AND SEVENTEEN
                                            CENTS) shall be levied per percentage or part thereof of the moisture percentage above 15%
                                            (FIFTEEN PERCENT), calculated based on a weighted average for the Cost Month, on each Concentrate
                                            batch delivered by Newco in that Month. Should the moisture content exceed 20% (TWENTY PERCENT)
                                            the Refiner shall be entitled to refuse to accept delivery of the Concentrate. Any Concentrate
                                            so refused by the Refiner may be sold by Newco to a third party provided that:

 

 

	9.7.1.1	the
                                            Concentrate sold to the third party shall be limited to the Concentrate so refused by the
                                            Refiner;

 

 

	9.7.1.2	the
                                            Concentrate sold to the third party shall be sold in exactly the same form as the Concentrate
                                            refused by the Refiner;

 

     

    Page 31.

    

 

	9.7.1.3	the
                                            Refiner shall be entitled to verify the quantities and quality of Concentrate sold to the
                                            third party in terms of the operating protocol referred to in clause 8.2.

 

 

		9.7.2	If
                                            the weighted average 4T Grade of the Concentrate delivered in a Cost Month is less than
                                            140 (ONE HUNDRED AND FORTY) g/t. the minimum target grade, a penalty of ZAR51.96 (FIFTY
                                            ONE SOUTH AFRICAN RAND AND NINETY SIX CENTS) per 5g/t or part thereof below the in minimum
                                            target grade shall be applied to each Concentrate batch delivered in that Cost Month. Should
                                            the weighted Monthly average 4T Grade of the Concentrate delivered be less than 100
                                            g/t, the Refiner shall be entitled to refuse to accept delivery of the Concentrate and the
                                            provisions of clauses 9.7.1.1 to 9.7.1.3 shall apply mutatis mutandis thereto.

 

 

		9.8	In
                                            addition to the penalties in clause 9.7 a penalty shall be levied per Tonne of contained
                                            Chromite in the Concentrate delivered in a Cost Month in which the contained Chromite Is
                                            equal to or exceeds 2% (TWO PERCENT) on a weighted average basis by Mass of the Dry Mass
                                            of Concentrate received according to a sliding scale as set out in the table below.

 

 

	Contained
    Chromite per Tonne of Concentrate	Penalty
    (ZAR) per Tonne of contained Chromite
	2.0%
    < Cr203 < 2.5%	R20
    783
	2.5%
    < Cr20a < 3.0%	R41
    567

 

     

    Page 32.

    

 

	3.0%
    < Cr203 < 4.0%	R57
    154
	4.0%
    < Cr203 < 5.0%	R88
    329
	Cr203
    >5.0%	R166
    266

 

		9.9	Should
                                            the contained Chromite exceed 3% (THREE PERCENT) of the Dry Mass of Concentrate, the Refiner
                                            shall have the right to refuse to accept delivery of the Concentrate. Should the Refiner
                                            choose to accept delivery of the Concentrate containing Chromite In excess of 3% (THREE
                                            PERCENT) of the Dry Mass of Concentrate, then a penalty per Tonne of contained Chromite shall
                                            be applicable as per the tables set out in clause 9.8. Any Concentrate so refused by
                                            the Refiner may be sold by Newco to a third party provided that:

 

 

		9.9.1	the
                                            Concentrate sold to the third party shall be limited to the Concentrate so refused by the
                                            Refiner;

 

 

		9.9.2	the
                                            Concentrate sold to the third party shall be sold in exactly the same form as the Concentrate
                                            refused by the Refiner,

 

 

		9.9.3	the
                                            Refiner shall be entitled to verify the quantities and quality of Concentrate sold to the
                                            third party in terms of the operating protocol referred to in clause 8.2.

 

 

		9.10	The
                                            monetary amounts referred to in clauses 9.7.1, 9.7.2 and 9.8 shall be increased annually
                                            by the same percentage as the Annual Average Increase.

 

     

    Page 33.

    

 

 

	 	The
                                            increase shall be effective from 1 January of each year; commencing with effect from 1 January
                                            2007.
	 	 
	 	 
	9.11	In
                                            the event that any price element or exchange rate ceases to be published, the Parties will
                                            agree a substitute price or in the absence of agreement, such substitute price will be determined
                                            by arbitration in terms of clause 14.

 

 

		10.	PAYMENT

 

 

		10.1	Payment
                                            for the Concentrate delivered on behalf of Newco to the Refiner in any Cost Month shall be
                                            made by RPM without set off by electronic fund transfer or cheque on the fifteenth day of
                                            the 4th (FOURTH) Cost Month following the delivery month, if the fifteenth day of the
                                            Cost Month is not a Business Day, payment shall take place on the first Business Day thereafter.
                                            This means that the Quotational Period shall be the third Cost Month following the delivery
                                            month.

 

 

		10.2	Newco
                                            in respect of C as referred to in clause 9.1 shall ensure that timeous Invoices, including
                                            value-added tax invoices, are issued to RPM to enable payment to be made in terms of this
                                            clause 10. RPM shall ensure the timeous provision of all information required by Newco
                                            to enable Newco to provide timeous invoices.

 

     

    Page 34.

    

 

		11.	RISK
                                            AND OWNERSHIP

 

 

On
discharge of the Concentrate at the delivery point, risk in and ownership of the Concentrate shall pass to the Refiner.

 

 

		12.	CONFIDENTIALITY

 

 

		12.1	The
                                            Parties shall at all times during the currency of this agreement, keep all details as to
                                            the quantity of Concentrate delivered and the values of Payable Metals in Concentrate, strictly
                                            confidential.

 

 

		12.2	Notwithstanding
                                            the provisions of clause 12.1, either Party shall be entitled to disclose any Information
                                            which is required to be kept confidential in terms of that clause 12.1 and to the extent
                                            to which the disclosure is bona fide and necessary for the purposes of carrying out its duties
                                            under this agreement, or by the Refiner to Anglo Platinum Limited and/or Anglo American Pic
                                            or by Newco to its shareholders for such companies to take informed decisions regarding this
                                            agreement.

 

 

	12.3	Notwithstanding
                                            the provisions of clause 12.1, either Party (“the Disclosing Party”) shall
                                            be entitled to disclose any information which Is required to be kept confidential in terms
                                            of that clause if and to the extent to which the disclosure is required to be given,
                                            made or published by law or under the rules and regulations of any relevant stock exchange
                                            or any applicable regulatory authority, in which case the Disclosing Party shall give the
                                            other Party (“the 

 

     

    Page 35.

    

 

	 	Other
                                            Party”) reasonable written notice thereof together with drafts or copies thereof, as
                                            soon as Is reasonable practicable provided that In the event that the Disclosing Party becomes
                                            legally compelled to disclose any such information the Disclosing Party will provide the
                                            Other Party with prompt notice so that it may seek a protective order or other appropriate
                                            remedy and/or waive compliance with the provisions of this clause 12. In the event that
                                            such protective order or other remedy is not obtained, or that the Other Party waives compliance
                                            with the provisions of this clause 12, the Disclosing Party may disclose without liability
                                            under this clause 12 only that portion of such information which the Disclosing Party,
                                            after receiving legal advice Is legally required to disclose and shall co-operate with the
                                            Other Party to obtain reliable assurance that confidential treatment will be afforded such
                                            information that is so disclosed, to the extent possible.

 

 

		12.4	Notwithstanding
                                            the provisions of clause 12.1, a Party shall be entitled to disclose any information
                                            which is required to be kept confidential in terms of that clause if and to the extent
                                            to which the disclosure is required to be given to a financier of either of the Parties,
                                            In which case copies of the relevant disclosure shall be given to the other Party prior to
                                            such disclosure and the relevant financier shall sign an appropriate confidentiality undertaking
                                            drafted by such Party acting reasonably prior to such disclosure and approved by the other
                                            Party, which approval shall not be unreasonably withheld or delayed.

 

     

    Page 36.

    

 

		12.5	Any
                                            breach by Newco of the confidentiality provisions of this clause 12, would entitle the
                                            Refiner to terminate this agreement forthwith by written notice to Newco.

 

 

		12.6	The
                                            obligation of confidentiality in terms of clause 12.1 shall cease to apply to any Information
                                            which ceases to be confidential or becomes public knowledge through no fault of the Parties.

 

 

		13.	FORCE
                                            MAJEURE

 

 

		13.1	If
                                            either Party is prevented or restricted directly or indirectly from carrying out all or any
                                            of its obligations under this agreement from any cause beyond the reasonable control of that
                                            Party (including without limiting the generality of the aforegoing, war, civil commotion,
                                            not, insurrection, strikes, lock-outs, fire, explosion, flood and acts of God, or by invasion
                                            or sit-ins at the Mine, Concentrator, Smelter and/or Refinery where a Party Is prevented
                                            from occupying or operating any part of the Mine, Concentrator, Smelter and/ or Refinery
                                            by combination of workmen or interference by trade unions), the Party so affected shall be
                                            relieved of its obligations hereunder during the period that such event and its consequences
                                            continue but only to the extent so prevented and shall not be liable for any delay or failure
                                            in the performance of any obligations hereunder or for loss or damages either general, special
                                            or consequential which the other Parties may suffer due to or resulting from such delay or
                                            failure, provided always that written notice shall within 48 (FORTY-EIGHT) hours of
                                            the occurrence constituting Force Majeure be given 

 

     

    Page 37.

    

 

	 	such
                                            inability to perform by the affected Party and provided further that the obligation to give
                                            such notice shall be suspended to the extent necessitated by such Force Majeure.
	 	 
	 	 
	13.2	Any
                                            Party invoking Force Majeure shall use its best endeavours to terminate the circumstances
                                            giving rise to Force Majeure and upon termination of the circumstances giving rise thereto,
                                            shall forthwith give written notice thereof to the other Parties.

 

 

		13.3	If
                                            the full and proper implementation of this agreement is precluded by any of the events or
                                            a combination of the events contemplated In clause 13.1 for a period of more than 12 (TWELVE)
                                            consecutive Months at any one time, then and In such event the Parties shall endeavour to
                                            conclude new arrangements equitable to both of them and should they fail to agree upon any
                                            such new arrangements within 90 (NINETY) days of any of the Parties calling upon the
                                            others to do so, then any of the Parties shall be entitled to terminate this agreement.

 

 

		14.	DISPUTE
                                            RESOLUTION

 

 

		14.1	Where
                                            there is reference in this Agreement to determination of a dispute by reference to a Referee
                                            the following provisions shall apply:

 

 

	14.1.1	the
                                            Parties shall attempt to agree on the appointment of a Referee who shall be an individual
                                            with appropriate knowledge of the subject matter 

 

     

    Page 38.

    

 

	 	submitted
                                            to him or her, independent and free from any conflict or interest in dealing with the matte
                                            submitted to him or her.

 

 

	14.1.2	should
                                            the Parties be unable to agree upon the identity of a Referee within 14 (FOURTEEN) days
                                            of the dispute having been declared between the Parties, then either Party shall be entitled
                                            to refer the appointment of the Referee to the President for the time being of the South
                                            African Institute of Mining and Metallurgy;

 

 

	14.1.3	the
                                            Referee shall at all times be acting solely as an expert and not as an arbitrator,

 

 

	14.1.4	the
                                            Referee shall decide the matter submitted to him or her and the procedure to be followed
                                            including, but not limited to, the questions of the holding of a hearing or a decision on
                                            the basis of written documents, the representation of parties at any hearing, and of the
                                            costs of such proceedings. In such manner and on such basis as he or she In his or her sole
                                            discretion considers to be fair, just and equitable under the circumstances then prevailing,
                                            subject to the proviso that both Parties shall be entitled to an equal opportunity for the
                                            submission of such written and/or oral representations as the Referee may, in his or her
                                            discretion, determine;

 

 

	14.1.5	accordingly,
                                            neither the Arbitration Act, any other Act of Parliament or Law nor the rules of law, custom
                                            and practice governing hearings,

 

     

    Page 39.

    

 

	 	evidence
                                            or procedure need be observed or taken Into account by him or her;
	 	 
	 	 
	14.1.6	both
                                            Parties shall be bound to continue with such proceedings and, insofar as may be necessary,
                                            irrevocably consent thereto including, but not limited to, the continuation of such proceedings
                                            should either Party unilaterally withdraw therefrom;

 

 

	14.1.7	the
                                            decision of the Referee shall be final and binding on both Parties, and may be made an Order
                                            of any Court selected by either Party, for which purpose the other Party consents to Its
                                            jurisdiction.

 

 

		14.2	In
                                            the event that there is a dispute as to the determination of the Dry Mass of Concentrate
                                            delivered on behalf of Newco or received by the Refiner, the aggrieved Party shall be entitled
                                            to request that a Referee be appointed to carry out an inspection of the apparatus and methodology
                                            used for the determination of weight. If after such inspection, which may include where necessary
                                            any calibration check, the Referee considers that the determination of the weight of Concentrate
                                            in dispute was accurate to within 3% (THREE PERCENT), then the original determination shall
                                            stand and the aggrieved Party shall bear all costs incurred as a result of the appointment
                                            of the Referee. If however, the Referee considers that the determination of the weight of
                                            Concentrate was not accurate to within 3% (THREE PERCENT), the weight in dispute shall be
                                            referred back to the JEC for recalculation in accordance with the Referee’s report
                                            on the accuracy of the original AXA 

 

     

    Page 40.

    

 

	 	determination
                                            and the non-aggrieved Party shall bear ail costs incurred as a result of the appointment
                                            of the Referee.

 

 

		14.3	In
                                            the event that there is a dispute as to the final determination of the quantity of metals
                                            in Concentrate, or the water and chromite contents, in respect of Concentrate delivered to
                                            the Refiner, the aggrieved Party or Parties shall be entitled to request that the matter
                                            be resolved by a Referee.

 

 

		14.4	Unless
                                            otherwise specifically provided for in this agreement, any dispute arising out of this agreement
                                            or the interpretation thereof, both while in force and after its determination, shall in
                                            the first instance be discussed by the Parties and resolved by mediation. In the event that
                                            the matter cannot be resolved by mediation, it shall be submitted to and determined by arbitration.

 

 

		14.5	Any
                                            dispute arising from or in connection with this agreement shall be finally resolved in accordance
                                            with the Rules of the Arbitration Foundation of Southern Africa by a single arbitrator agreed
                                            by the parties or falling such agreement within 14 (FOURTEEN) days of the notification of
                                            the dispute appointed by the said Foundation.

 

 

	14.6	Save
                                            in the case of manifest error the decision of the arbitrator(s) shall be final and binding
                                            on the Parties, and may be made an order of any Court of competent Jurisdiction. Each of
                                            the Parties hereby submits itself to the jurisdiction of the Witwatersrand Local Division
                                            of the High Court of South 

 

     

    Page 41.

    

 

	 	Africa
                                            should the other Party wish to make the arbitrator’s decision an order of that Court.

 

 

		14.7	Payments
                                            due in terms of this agreement shall continue to be paid, notwithstanding that such payment
                                            is dependent on the results of the arbitration, expert determination or based on the Refiner’s
                                            estimates, and appropriate adjustments shall be made after the determination of the expert
                                            or arbitrator.

 

 

		15.	NOTICES
                                            AND DOMICILIA

 

 

		15.1	The
                                            Parties respectively choose domicilium citandi et executandi for all purposes of and in connection
                                            with this agreement as follows:

 

 

	15.1.1	RPM	:	The
                                            Company Secretary
	 	 	:	[***]
	 	facsimile number	:	[***]
	 	e-mail address	:	[***];

 

	15.1.2	Newco:	:	The
                                            Company Secretary
	 	 	:	[***]
	 	 	 	 
	 	facsimile number	:	[***]
	 	e-mail address	:	[***];

 

     

    Page 42.

    

 

	 	with
    copies to Bakgatla SPV at:	[***]
	 	Email: [***]	 
	 	Fax: [***	 
	 	]and	 
	 	[***]	 
	 	Attention: [***]	 
	 	Email: [***]	 
	 	Fax: [***],	 
	 	 	 
	 	unless
                                            otherwise stipulated by Bakgatla SPV to RPM in writing.

 

		15.2	The
                                            Parties shall be entitled to change their domicilium from time to time, provided however
                                            that any new domicilium chosen by a Party shall be situated in the Republic of South Africa
                                            and any such change shall only take effect after receipt of notice thereof by the other Party.

 

		15.3	All
                                            notices, demands, legal processes, communications or payments intended for either of the
                                            Parties shall be made or given at such Party’s domicilium.

 

		15.4	A
                                            notice, demand, communication or payment sent by one Party to another shall be deemed to
                                            have been received;

 

		15.4.1	on
                                            the same day, if sent by hand;

 

     

    Page 43.

    

 

 

		15.4.2	on
                                            the date of despatch of an email;

 

 

		15.4.3	on
                                            the same day if sent by telefax before 12 noon on a Business Day;

 

 

		15.4.4	the
                                            following Business Day if sent by telefax after 12 noon on a Business Day or on a non-Business
                                            Day;

 

 

		15.4.5	on
                                            the recorded date of delivery.

 

 

		15.5	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 domlcilium citandi et executandi.

 

 

		16.	COSTS

 

 

		16.1	Each
                                            Party shall bear, its own costs incurred in negotiating and drafting this agreement

 

 

		16.1.1	The
                                            costs of notification to the South African Competition Commission and the Competition Commission
                                            of the European Union shall be borne by the Party or Parties, as the case may be, that is
                                            required to make the regulatory filing.

 

 

		16.1.2	All
                                            amounts cited in this agreement are cited exclusive of Value Added Tax, which shall, if applicable,
                                            be payable in addition thereto.

 

     

    Page 44.

    

 

		17.	GOVERNING
                                            LAW

 

 

This
agreement shall be governed by and shall be interpreted In accordance with the laws of South Africa. Each of the Parties consents and
submits to the non-exclusive jurisdiction of the High Court of South Africa (Witwatersrand Local Division) for all purposes in connection
with this agreement.

 

 

		18.	SEVERABILITY
                                            OF PROVISIONS

 

 

Any
provision of this Contract that is prohibited or unenforceable in any jurisdiction Is Ineffective as to that jurisdiction to the extent
of the prohibition or unenforceability.

 

 

That
does not invalidate the remaining provisions of this Contract nor affect the validity or enforceability of that provision in any other
jurisdiction.

 

 

		19.	GENERAL

 

 

		19.1	This
                                            document constitutes the sole record of the agreement between the Parties in regard to the
                                            subject matter of this agreement.

 

 

		19.2	Neither
                                            of the Parties shall be bound by any express or implied term, representation, warranty, promise
                                            or the like, not recorded herein.

 

 

		19.3	No
                                            addition to, variation or consensual cancellation of this agreement shall be of any force
                                            or effect unless in writing and signed by or on behalf of the / Parties.

 

     

    Page 45.

    

 

		19.4	No
                                            indulgence which any of the Parties (“the Grantor”) may grant to the other (“the
                                            Grantee”) shall constitute a waiver of any of the rights of the Grantor, who shall
                                            not thereby be precluded from exercising any rights against the Grantee which might have
                                            arisen in the past or which might arise in the future.

 

 

		19.5	The
                                            Parties undertake at all times to do all such things, to perform all such acts and to take
                                            all such steps and to produce the doing of all such things, the performance of all such actions
                                            and the taking of all such steps as may be open to them and necessary for or incidental to
                                            the putting into effect or maintenance of the terms, conditions and import of this agreement.

 

 

		19.6	This
                                            agreement shall be binding on the successors in title of Newco in the Mine and each shall
                                            ensure on a disposal or alienation of the Mine that their rights and obligations hereunder
                                            are ceded and assigned to the acquirer. The Refiner shall ensure on a disposal of its interests
                                            in the properties on which the Smelter is situated that its successors in title are bound
                                            by the provisions of this Agreement subject to the termination provisions set out in this
                                            Agreement.

 

 

		20.	CESSION,
                                            ASSIGNMENT, SUB-GRANTING, HYPOTHECATION, ALIENATION

 

 

Neither
of the Parties shall be entitled to cede or assign any of their rights or obligations under this agreement without the prior written
consent of the other Party.

 

     

    Page 46.

    

 

		21.	BREACH

 

If
either party hereto commits a material breach or fails In the observance of any of the terms and conditions hereof and fails to remedy
such default or breach within 30 (THIRTY) days of delivery of written notice requiring It so to do, or, if such breach is not capable
of being remedied within 30 (THIRTY) days, if the party in breach fails to commence remedying it within the said period and fails
thereafter to remedy it within a reasonable period of time, then the aggrieved party shall be entitled to cancel this agreement against
the defaulting party or to claim immediate payment and/or performance by the defaulting party of all of the defaulting party’s
obligations whether or not the due date for payment and/or performance shall have arrived, In either event without prejudice to the aggrieved
party’s rights to claim damages. The aforegoing is without prejudice to such other rights as the aggrieved party may have at law;
provided always that, notwithstanding anything to the contrary contained in this agreement, the aggrieved party shall not be entitled
to cancel this agreement, for any breach by the defaulting party unless such breach Is a material breach going to the root of this agreement
and Is Incapable of being remedied by a payment in money, or if it is capable of being remedied by a payment in money, the defaulting
party falls to pay the amount concerned within 30 (THIRTY) days after such amount has been determined.

 

     

    Page 47.

    

 

THUS
DONE AND EXECUTED at JOHANNESBURG on the ___________ day of ______200___ written in the presence of the undersigned witnesses.

 

AS
WITNESSES:

 

 

	1.	 	 	For
    and on behalf of
	 	 	 	RPM
	 	 	 	 
	 	 	 	 
	2.	 	 	 	 
	 	 	 	Name:  ______________
	 	 	 	Status:
    Director
	 	 	 	(who warrants
    his authority hereto)

 

 

 

THUS
DONE AND EXECUTED at JOHANNESBURG on the ___________ day of ______200___ written in the presence of the undersigned witnesses.

 

AS
WITNESSES:

 

 

	1.	 	 	For
    and on behalf of
	 	 	 	NEWCO
	 	 	 	 
	 	 	 	 
	2.	 	 	 	 
	 	 	 	Name:  ______________
	 	 	 	Status: Authorised representative
	 	 	 	(who warrants
    his authority hereto)

 

     

     

    

 

ANNEXURE
C              

Eastern Limb Assets

 

	Mphahlele	

 

	PROVINCE 
	PROPERTY 
	PERMIT
TYPE AND

 NUMBER
	SIZE
    (ha)

    
	RIGHT
HOLDER 
	INTEREST
    AND

    

    ISSUES 

    OUTSTANDING

	MINERALS 

	Limpopo	Locatie
    van M’Phatlele

    457 KS	New
    Order Prospecting Right LP 30/5/1/2/2/87 MR	11,725.00	Tameng
    Mining and Exploration (Pty) Ltd	Beneficial
    Interest to Platmin 54.29%	PGEs
    and associated minerals

 

 

	Loskop

 

	PROPERTY
	INTEREST
AND ISSUES OUTSTANDING 1 
	PERMIT TYPE
	PERMIT
NUMBER
	SIZE
(ha)
	HOLDER
	MINERAL

	Rietfontein
    70 JS(Pts11,15, 17, 18,19, 27, RE12, RE26, RE30)	100%
    Platmin SA	Converted
    Old Order Prospecting Right and New Order Prospecting Right	MP30/5/1/1/2/1019PR
(now LP30/5/1 /1/2/1 /4/2906PR)

    and

    MP30/5/1/1/2/1653PR
    (now LP30/5/1/1/2//2927PR)

     
	2,280.36	Platmin
    SA (Pty) Ltd	All
    minerals
	Pts
    21,22, RE20	100%
    shared 50/50 by Platmin SA and WPL
	Portion
    23, Re of Portion 1	75%
    shared 50/50 by Platmin SA and WPL
	Portion
    13	50%
    shared 50/50 by Platmin SA and WPL
	De
    Wagendrift 79 JS (Pts 12, 13,14,15, Re1)	100%
    Platmin SA2	Converted
    Old Order Prospecting Right and New Order Prospecting Right	MP30/5/1/1/2/1141PR

    (now
LP30/5/1/1/2/2914PR)

    and

    MP30/5/1/2/1/2/2926PR
    (now

    LP30/5/1/1/2/2926PR)
	856.53	All
    minerals

 

 

	Grootboom

 

	Farm
	Permit
    Number

    
	Extent 
	Date
Granted
	Holder
	Mineral

	Grootboom
    336 KT	Formerly:

    MP
    30/5/1/1/2/281 MR

    Currently:

    LP
30/5/1/1/2/282 MR
	1995,93
    ha	23
    Nov 2006	Platmin
    SA	All
    minerals excluding chrome

 

     

    2

    

 

Table
of Contents

 

	1.	PARTIES	2
	 	 
	2.	INTERPRETATION	2
	 	 
	3.	INTRODUCTION	10
	 	 
	4.	COMMENCEMENT, DURATION AND SUSPENSIVE CONDITIONS	10
	 	 
	5.	SALE AND PURCHASE	13
	 	 
	6.	DELIVERY
PLAN	15
	 	 
	7.	DELIVERY OF CONCENTRATE	16
	 	 
	8.	WEIGHING, SAMPLING AND ASSAYING TO DETERMINE THE TRANSFER QUANTITY AND QUALITY	17
	 	 
	9.	PRICE	23
	 	 
	10.	PAYMENT	33
	 	 	 
	11.	RISK AND OWNERSHIP	34
	 	 
	12.	CONFIDENTIALITY	34
	 	 
	13.	FORCE MAJEURE	36
	 	 
	14.	DISPUTE RESOLUTION	37
	 	 
	15.	NOTICES AND DOMICILIA	41
	 	 
	16.	COSTS	43
	 	 
	17.	GOVERNING LAW	44
	 	 
	18.	SEVERABILITY OF PROVISIONS	44
	 	 
	19.	GENERAL	44
	 	 
	20.	CESSION, ASSIGNMENT, SUB-GRANTING, HYPOTHECATION, ALIENATION	45

 

     

    3

    

 

	21. 	BREACH	46
	 	 
	ANNEXURE
    A   Shareholders in Platmin	1
	 	 
	ANNEXURE
    B   Magazynskraal Concentrate Agreement	1
	 	 
	ANNEXURE
    C   Eastern Limb Assets	1

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