Document:

EX-4.34

Table of Contents

 Exhibit 4.34 

EXECUTION VERSION 
 IMPLEMENTATION
AGREEMENT 
 amongst 
  

ATLATSA RESOURCES CORPORATION 
 and 

CAMIPATH PROPRIETARY LIMITED 
 and 

N1C RESOURCES INC 
 and 

N2C RESOURCES INC 
 and 

RUSTENBURG PLATINUM MINES LIMITED 
 (in
its capacity as co-shareholder of Holdco, Senior Agent, Security Agent, Working 
 Capital Facility Lender and Lender) 

and 
 PLATEAU RESOURCES PROPRIETARY LIMITED 

and 
 BOKONI PLATINUM HOLDINGS PROPRIETARY LIMITED 

and 
  
 

 

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 BOKONI PLATINUM MINES PROPRIETARY LIMITED 

and 
 GA-PHASHA PLATINUM MINE PROPRIETARY
LIMITED 
 and 
 BOIKGANTSHO PLATINUM
MINE PROPRIETARY LIMITED 
 and 

MICAWBER 634 PROPRIETARY LIMITED 
 and

 MICAWBER 603 PROPRIETARY LIMITED 

and 
 CENTRAL PLAZA INVESTMENTS 78
PROPRIETARY LIMITED 
 and 
 PELAWAN
INVESTMENTS PROPRIETARY LIMITED 
 and 

THE TRUSTEES FOR THE TIME BEING OF THE PELAWAN TRUST 

and 
 THE TRUSTEES FOR THE TIME BEING OF THE
PELAWAN DIVIDEND TRUST 

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	 	  	 	  	Page No	 
	 1.
	  	DEFINITIONS AND INTERPRETATION	  	 	1	  
	 2.
	  	INTRODUCTION	  	 	24	  
	 3.
	  	CONDITIONS PRECEDENT	  	 	25	  
	 4.
	  	COMPOSITE AND INDIVISIBLE TRANSACTION	  	 	29	  
	 5.
	  	IMPLEMENTATION PROCESS	  	 	29	  
	 6.
	  	GENERAL PROVISIONS APPLICABLE TO IMPLEMENTATION	  	 	33	  
	 7.
	  	RPM UNDERTAKING	  	 	37	  
	 8.
	  	INDEMNITY	  	 	38	  
	 10.
	  	BREACH	  	 	40	  
	 11.
	  	ARBITRATION	  	 	40	  
	 12.
	  	MISCELLANEOUS MATTERS	  	 	42	  
	 13.
	  	GENERAL	  	 	48	  

							
			
	 Schedule 1
	  	    Funds Flow Statement 	  	 	69	  
	 Schedule 2
	  	    Project Kingpin Term Sheet	  	 	70	  

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 1. DEFINITIONS AND INTERPRETATION 

 

					
		
	1.1	  	 In this Agreement, the following words shall, unless otherwise stated or inconsistent with the context in which they appear, bear the following
meanings and other words derived from the same origins as such words (that is, cognate words) shall bear corresponding meanings:

			
	1.1.1	  	 “AAPL”
	  	 Anglo American Platinum Limited, registration number 1946/022452/06, a public company incorporated in accordance with the laws of South Africa;

			
	1.1.2	  	 “Accounts

Agreement”
	  	 the Accounts Agreement, as defined under the June 2009 Senior Facilities Agreement;

			
	1.1.3	  	 “AFSA”
	  	 Arbitration Foundation of Southern Africa;

			
	1.1.4	  	 “Acquisition”
	  	 the various acquisitions and subscriptions to be entered into by certain Parties in order to facilitate inter alia the repayment of part of
Plateau’s indebtedness to RPM under the June 2009 Transaction Documents and the capitalisation of Holdco, as set out in the Acquisition Agreements;

			
	1.1.5	  	 “Acquisition

Agreements”
	  	collectively:
			
	1.1.5.1	  		  	 the First RPM Holdco Subscription Agreement;

			
	1.1.5.2	  		  	 the First Plateau Holdco Subscription Agreement;

			
	1.1.5.3	  		  	 the First Holdco Opco Subscription Agreement;

  
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	1.1.5.4	  		  	 the Second RPM Holdco Subscription Agreement;

			
	1.1.5.5	  		  	 the Second Plateau Holdco Subscription Agreement;

			
	1.1.5.6	  		  	 the Second Holdco Opco Subscription Agreement;

			
	1.1.5.7	  		  	 the Ga-Phasha RPM Sale of a Portion of a Mining Right Agreement;

			
	1.1.5.8	  		  	 the Boikgantsho Sale of Assets Agreement;

			
	1.1.5.9	  		  	 the Holdco Shareholders Agreement; and

			
	1.1.5.10	  		  	 the First Addendum to the Sale of Concentrate Agreement;

			
	1.1.6	  	 “Agreement”
	  	 this implementation agreement, including all Schedules, as amended from time to time;

			
	1.1.7	  	 “Amendment and

Interim

Implementation

Agreement”
	  	  
  
  

the amendment and interim implementation agreement entered into on or about 26 September 2012 amongst Atlatsa, N1C Resources, N2C Resources,
RPM, the Lender, the Working Capital Facility Lender, the Senior Agent, the Security Agent, Holdco, Opco, Plateau, Ga-Phasha, Boikgantsho, Opco Security SPV, Plateau Security SPV, Pelawan, Pelawan Finance SPV, the trustees for the time being of the
Pelawan Trust and the trustees for the time being of the Pelawan Dividend Trust;

  
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	1.1.8	  	 “Atlatsa”
	  	 Atlatsa Resources Corporation (previously known as Anooraq Resources Corporation), registration number 10022-2033, a public company incorporated in
accordance with the laws of British Columbia, Canada;

			
	1.1.9	  	 “Atlatsa

Corporate Services”
	  	  
 Camipath Proprietary Limited (to be renamed Atlatsa
Corporate Services South Africa Proprietary Limited), registration number 2012/146949/07, a private company incorporated in accordance with the laws of South Africa;

			
	1.1.10	  	 “Avoca Klipfontein

Sale Portion”
	  	  
 the Sale Portion, as defined in the Ga-Phasha Opco
Sale of a Portion of a Mining Right Agreement;

			
	1.1.11	  	 “B Preference Share

Documents”
	  	 the B Preference Share Documents, as defined in the Senior Facilities Agreement;

			
	1.1.12	  	 “Boikgantsho”
	  	 Boikgantsho Platinum Mine Proprietary Limited, registration number 2003/012394/47, a private company incorporated in accordance with the laws of South
Africa;

			
	1.1.13	  	 “Boikgantsho

Portion”
	  	 the Portion, as defined under the Boikgantsho Sale of Assets Agreement;

			
	1.1.14	  	 “Boikgantsho

Project Information”
	  	 the Project information, as defined under the Boikgantsho Sale of Assets Agreement;

			
	1.1.15	  	 “Boikgantsho

Prospecting

Rights”
	  	 the Prospecting Rights, as defined under the Boikgantsho Sale of Assets Agreement;

  
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	1.1.16	  	 “Boikgantsho

Purchase

Consideration”
	  	 the Purchase Consideration, as defined under the Boikgantsho Sale of Assets Agreement;

			
	1.1.17	  	 “Boikgantsho

Sale Assets”
	  	  
 collectively, the Boikgantsho Portion, the
Boikgantsho Project Information and the Boikgantsho Prospecting Rights;

			
	1.1.18	  	 “Boikgantsho

Sale of Assets

Agreement”
	  	  
  

the sale of assets agreement entered into, or to be entered into, between RPM and Boikgantsho, in terms which Boikgantsho shall sell and RPM
shall purchase the Boikgantsho Sale Assets;

			
	1.1.19	  	 “Boikgantsho

Sale Deliverables”
	  	  
 the documents to be delivered by Boikgantsho to RPM
in accordance with clause 9.4 of the Boikgantsho Sale of Assets Agreement;

			
	1.1.20	  	 “Business Day”
	  	 any day which is not a Saturday, Sunday or gazetted public holiday in South Africa;

			
	1.1.21	  	 “Companies Act”
	  	 the Companies Act, 71 of 2008;

			
	1.1.22	  	 “Competition Act”
	  	 the Competition Act, 89 of 1998;

			
	1.1.23	  	 “Competition

Authorities”
	  	  
 the Competition Commission, the Competition Tribunal
and/or the Competition Appeal Court, as the case may be, established in terms of the Competition Act;

			
	1.1.24	  	 “Conditions

Precedent”
	  	 the conditions precedent set out in clause 3;

  
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	1.1.25	  	 “Closing Date”
	  	 the third Business Day immediately following the Fulfilment Date or such other date as RPM and Plateau may agree to in writing;

			
	1.1.26	  	 “Control”
	  	 in relation to a person means:

			
	1.1.26.1	  		  	 the power (whether by way of ownership of shares, proxy, contract, agency or otherwise) to: (i) cast, or control the casting of, more
than 35%, of the maximum number of votes that might be cast at a general meeting of that person; or (ii) appoint or remove all, or the majority, of the directors or other equivalent officers of that person; or (iii) give directions with respect to
the operating and financial policies of that person, with which the directors or other equivalent officers of that person are obliged to comply; and/or

			
	1.1.26.2	  		  	 the holding beneficially of more than 35% of the issued equity share capital of that person;

			
	1.1.27	  	 “De Kamp

Paschaskraal

Sale Portion”
	  	  
  

the Sale Portion, as defined in the Ga-Phasha RPM Sale of a Portion of a Mining Right Agreement;

			
	1.1.28	  	 “DMR”
	  	 the Department of Mineral Resources;

			
	1.1.29	  	 “Existing

Agreements”
	  	 has the meaning given to this term in clause 6.4;

			
	1.1.30	  	 “Finance

Documents”
	  	 the Finance Documents, as defined in the Senior Facilities Agreement;

			
	1.1.31	  	 “First Addendum to the

Sale of Concentrate
	  	

  
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		  	 Agreement”
	  	 the amended and restated sale of concentrate agreement, entered into, or to be entered into, on or about the Signature Date, between RPM and
Opco;

			
	1.1.32	  	 “First Holdco Opco

Subscription Agreement”
	  	  
 the first subscription agreement entered into, on or
about 26 September 2012 between Holdco and Opco, in terms of which Holdco subscribes for and Opco issues and allots the First Holdco Opco Subscription Shares;

			
	1.1.33	  	 “First Holdco Opco

Subscription Price”
	  	  
 the aggregate subscription price for the First
Holdco Opco Subscription Shares, being R3,398,107,403.92;

			
	1.1.34	  	 “First Holdco Opco

Subscription Shares”
	  	  
 100 ordinary shares of R1.00 each in the authorised
share capital of Opco, to be issued and allotted to Holdco pursuant to the First Holdco Opco Subscription Agreement;

			
	1.1.35	  	 “First Plateau Holdco

Subscription Agreement”
	  	  
 the first subscription agreement entered into, on or
about 26 September 2012 between Plateau and Holdco, in terms of which Plateau subscribes for and Holdco issues and allots the First Plateau Holdco Subscription Shares;

			
	1.1.36	  	 “First Plateau Holdco

Subscription Price”
	  	  
 the aggregate subscription price for the First
Plateau Holdco Subscription Shares, being R1,733,034,775.61;

			
	1.1.37	  	 “First Plateau Holdco

Subscription Shares”
	  	  
 51 ordinary shares of R1.00 each in the authorised
share capital of Holdco, to be issued and allotted to

  
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		  		  	 Plateau pursuant to the First Plateau Holdco Subscription Agreement;

			
	1.1.38	  	 “First RPM Holdco

Subscription

Agreement”
	  	  
  

the first subscription agreement entered into, on or about 26 September 2012 between RPM and Holdco, in terms of which RPM subscribes for and
Holdco issues and allots the First RPM Holdco Subscription Shares;

			
	1.1.39	  	 “First RPM Holdco

Subscription Price”
	  	  
 the aggregate subscription price for the First RPM
Holdco Subscription Shares, being R1,665,072,628.31;

			
	1.1.40	  	 “First RPM Holdco

Subscription Shares”
	  	  
  

49 ordinary shares of R1.00 each in the authorised share capital of Holdco, to be issued and allotted to RPM pursuant to the First RPM Holdco
Subscription Agreement;

			
	1.1.41	  	 “Fourth Ranking

Plateau Debt

Guarantee”
	  	  
  

the Fourth Ranking Plateau Debt Guarantee, as defined in the June 2009 Senior Facilities Agreement;

			
	1.1.42	  	 “Framework

Agreement”
	  	  
 the transaction framework agreement entered into, or
to be entered into, between amongst others, Atlatsa, Plateau, RPM, Pelawan and Pelawan SPV on or about the Signature Date which agreement regulates the implementation of the transactions contemplated in the Project Bullseye Documents and various
ancillary matters;

  
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	1.1.43	  	 “Funds Flow Statement”
	  	  
 the funds flow statement to be finalised between RPM
and Plateau immediately prior to the Closing Date in accordance with clause 3.1.9 a draft of which attached as Schedule 1 to this Agreement;

			
	1.1.44	  	 “Fulfilment Date”
	  	 the date on which the last of the Conditions Precedent to be fulfilled or waived shall have been fulfilled, waived or deferred, in whole or in part, with or
without conditions, by notice in writing by the relevant Party in the manner contemplated in clause 3.2;

			
	1.1.45	  	 “Ga-Phasha”
	  	 Ga-Phasha Platinum Mine Proprietary Limited (previously known as Micawber 277 Proprietary Limited), registration number 2002/016841/07, a private company
duly incorporated in accordance with the laws of South Africa;

			
	1.1.46	  	 “Ga-Phasha Opco

Sale of a Portion

of a Mining Right

Agreement”
	  	  
  
  

the sale of a portion of a mining right agreement entered into, or to be entered into, between Opco and Ga-Phasha, on or about 3 September 2012
in terms of which Ga-Phasha shall sell and Opco shall purchase the Avoca Klipfontein Sale Portion;

			
	1.1.47	  	 “Ga-Phasha

Mining Area”
	  	  
 the Mining Area, as defined in the Ga-Phasha RPM
Sale of a Portion of a Mining Right Agreement;

			
	1.1.48	  	 “Ga-Phasha

Mining Right”
	  	  
 the converted mining right granted to Ga-Phasha in
terms of item 7 of Schedule II of the MPRDA, entitling Ga-Phasha to mine and recover platinum group metals and associated minerals and metals in on and under the Ga-Phasha Mining Area
and

  
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		  		  	 registered under protocol number 57/2009 and notarially executed on 2 October 2009 under DMR file number LP 108 MRC and application number G0081212001
but not yet registered as at the Signature Date;

			
	1.1.49	  	 “Ga-Phasha RPM

Purchase

Consideration”
	  	  
  

the Purchase Consideration, as defined in the Ga-Phasha RPM Sale of a Portion of a Mining Right Agreement;

			
	1.1.50	  	 “Ga-Phasha RPM

Sale of a Portion

of a Mining Right

Agreement”
	  	  
  
  

the sale of a portion of a mining right agreement entered into, or to be entered into, on or about the Signature Date between RPM and
Ga-Phasha, in terms of which Ga-Phasha shall sell and RPM shall purchase the De Kamp Paschaskraal Sale Portion;

			
	1.1.51	  	 “Ga-Phasha RPM

Sale Deliverables
	  	  
 the documents to be delivered by Ga-Phasha to RPM in
accordance with clause 9.3 of the Ga- Phasha RPM Sale of a Portion of a Mining Right Agreement;

  
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	1.1.52	  	 “Global Intercreditor Agreement”
	  	  
  

the amended and restated global intercreditor agreement, entered into, or to be entered into, on or about the Signature Date amongst, inter
alia, Atlatsa, N1C Resources, N2C Resources, RPM, Holdco, Opco, Plateau, the Working Capital Facility Lender, the Opco Security SPV, the Plateau Security SPV, the Senior Agent and the Security Agent;

			
	1.1.53	  	 “Holdco”
	  	 Bokoni Platinum Holdings Proprietary Limited, registration number 2007/016711/07, a private company incorporated in accordance with the laws of South
Africa;

			
	1.1.54	  	 “Holdco Cession

and Pledge
 in
Security”
	  	  
  

the cession and pledge agreement, entered into, or to be entered into, on or about the Signature Date between Holdco and the Opco Security
SPV;

			
	1.1.55	  	 “Holdco Counter

Indemnity

Agreement”
	  	  
  

the counter indemnity agreement, entered into, or to be entered into, between Holdco and the Opco Security SPV;

			
	1.1.56	  	 “Holdco Dividend

Amount”
	  	  
 the dividend declared and paid by Holdco as
contemplated under clause 5.9.3, being an amount equal to the sum of the Ga-Phasha Opco Purchase Consideration, the Ga-Phasha RPM Purchase Consideration and a portion of the Boikgantsho Purchase Consideration;

			
	1.1.57	  	 “Holdco Opco

Shareholder Loan”
	  	  
 the aggregate shareholder loans (and all accrued
interest thereon) owing by Opco to Holdco under the Opco Funding Loan Agreement on the Closing Date

  
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		  		  	 and after implementation of Step 5 of the Interim Implementation Steps, being an amount of R3,313,892,929.80, as at 30 November 2012;

			
	1.1.58	  	 “Holdco Pledge

and Cession”
	  	  
 the Holdco Cession in Security Agreement, as defined
in the June 2009 Senior Facilities Agreement;

			
	1.1.59	  	 “Holdco Reversionary

Cession and Pledge

in Security”
	  	  
  
  

the Reversionary Holdco Cession and Pledge, as defined in the June 2009 RPM Funding Common Terms Agreement;

			
	1.1.60	  	 “Holdco Shareholder

Loan

Agreement”
	  	  
  
  

the Holdco Shareholder Loan Agreement, as defined in the June 2009 Senior Facilities Agreement;

			
	1.1.61	  	 “Holdco Shareholders

Agreement”
	  	  
  

the amended and restated shareholders agreement in relation to Holdco, entered into, or to be entered into, on or about the Signature Date
amongst RPM, Plateau and Holdco;

			
	1.1.62	  	 “Income Tax Act”
	  	 the Income Tax Act, 58 of 1962;

			
	1.1.63	  	 “Insolvency Act”
	  	 the Insolvency Act, 24 of 1936;

			
	1.1.64	  	 “Interim

Implementation

Steps”
	  	  
  

the Interim Implementation Steps, as defined in the Amendment and Interim Implementation Agreement;

			
	1.1.65	  	 “June 2009

Finance Documents

Discharge Date”
	  	  
  

the June 2009 Finance Documents Discharge Date, as defined in the Global Intercreditor
Agreement;

  
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	1.1.66	  	 “June 2009

RPM Funding

Common Terms

Agreement”
	  	  
  
  

the agreement entitled ‘RPM Funding Common Terms Agreement’ entered into on or about 12 June 2009, amongst RPM, Plateau,
Atlatsa, Pelawan SPV, N1C Resources, N2C Resources, Pelawan, Pelawan Trust, Opco Security SPV and Plateau Security SPV;

			
	1.1.67	  	 “June 2009

Senior Facilities

Agreement”
	  	 the June 2009 Senior Facilities Agreement, as defined in the Senior Facilities Agreement;

			
	1.1.68	  	 “June 2009

Senior Facilities

Agreement

Outstandings”
	  	  
  
  

the aggregate of all amounts of principal (including capitalised interest), accrued and unpaid interest and all and any other amounts due and
payable to RPM by Plateau under the June 2009 Senior Facilities Agreement as at the day immediately preceding the Closing Date;

			
	1.1.69	  	 “June 2009

Transaction

Documents”
	  	 the June 2009 Transaction Documents, as defined in the Senior Facilities Agreement;

			
	1.1.70	  	 “JSE”
	  	 the JSE Limited, registration number 2005/022939/06, a public company incorporated in accordance with the laws of South Africa;

			
	1.1.71	  	 “Lender”
	  	 the Lender, as defined in the Senior Facilities Agreement;

			
	1.1.72	  	 “Minister”
	  	 the Minister of Mineral Resources;

  
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	1.1.73	  	 “Mining Rights”
	  	 Mining Rights, as defined in terms of the MPRDA;

			
	1.1.74	  	 “MPRDA”
	  	 the Mineral and Petroleum Resources Development Act, 28 of 2002;

			
	1.1.75	  	 “N1C Resources”
	  	 N1C Resources Inc., registration number CR-94610, a limited liability company incorporated in accordance with the laws of the Cayman Islands;

			
	1.1.76	  	 “N2C Resources”
	  	 N2C Resources Inc., registration number CR-94611, a limited liability company incorporated in accordance with the laws of the Cayman Islands;

			
	1.1.77	  	 “N2C Resources

Cession and Pledge

in Security”
	  	  
  

the amended and restated cession and pledge in security agreement, entered into, or to be entered into, on or about the Signature Date between
N2C Resources and the Plateau Security SPV;

			
	1.1.78	  	 “N2C Resources

Counter Indemnity

Agreement”
	  	  
  

the amended and restated counter indemnity agreement, entered into, or to be entered into, on or about the Signature Date between N2C Resources
and the Plateau Security SPV;

			
	1.1.79	  	 “OCSF Facility”
	  	 the OCSF Facility, as defined in the June 2009 RPM Funding Common Terms Agreement;

			
	1.1.80	  	 “Opco”
	  	 Bokoni Platinum Mines Proprietary Limited, registration number 2007/016001/07, a private company incorporated in accordance with the laws of South
Africa;

			
	1.1.81	  	 “Opco Cession

and Pledge
	  	

  
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		  	 in Security”
	  	 the amended and restated cession and pledge in security agreement, entered into, or to be entered into, on or about the Signature Date between Opco and the
Opco Security SPV;

			
	1.1.82	  	 “Opco Counter

Indemnity

Agreement”
	  	  
  

the amended and restated counter indemnity agreement, entered into, or to be entered into, on or about the Signature Date between Opco and the
Opco Security SPV;

			
	1.1.83	  	 “Opco Funding

Loan Agreement”
	  	 the Opco Funding Loan Agreement, as defined in the June 2009 Senior Facilities Agreement;

			
	1.1.84	  	 “Opco

Sale Warranties”
	  	 has the meaning given to this term in clause 8.1;

			
	1.1.85	  	 “Opco

Security SPV”
	  	  
 Micawber 603 Proprietary Limited, registration
number 2007/019599/07, a private company incorporated in accordance with the laws of South Africa;

			
	1.1.86	  	 “Opco Security SPV

Debt

Guarantee”
	  	  
  

the amended and restated debt guarantee, entered into, or to be entered into, on or about the Signature Date between the Opco Security SPV and
the Senior Agent;

			
	1.1.87	  	 “Opco Shareholder

Loan

Agreement”
	  	  
  

the Opco Shareholder Loan Agreement, as defined in the June 2009 Senior Facilities Agreement;

			
	1.1.88	  	 “Operating

Agreements”
	  	 the Operating Agreements, as defined in the Senior Facilities Agreement;

  
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	1.1.89	  	 “Parties”
	  	 collectively, Atlatsa, N1C Resources, N2C Resources, Atlatsa Corporate Services, RPM, the Lender, the Working Capital Facility Lender, the Senior Agent, the
Security Agent, Holdco, Opco, Plateau, Ga-Phasha, Boikgantsho, Opco Security SPV, Plateau Security SPV, Pelawan, Pelawan Finance SPV, the trustees for the time being of the Pelawan Trust and the trustees for the time being of the Pelawan Dividend
Trust and a “Party” shall mean each or any of them, as the context requires;

			
	1.1.90	  	 “Pelawan”
	  	 Pelawan Investments Proprietary Limited (renamed Atlatsa Holdings Proprietary Limited), registration number 2002/017920/07, a private company incorporated in
accordance with the laws of South Africa;

			
	1.1.91	  	 “Pelawan SPV”
	  	 Pelawan Finance SPV Proprietary Limited (previously known as Central Plaza Investments 78 Proprietary Limited), registration number 2006/032879/07, a private
company incorporated in accordance with the laws of South Africa;

			
	1.1.92	  	 “Pelawan

Dividend Trust”
	  	  
 the trustees for the time being of the Pelawan
Dividend Trust, established in accordance with the trust deed under Master’s reference number IT8410/2004;

			
	1.1.93	  	 “Pelawan Trust”
	  	 the trustees for the time being of the Pelawan Trust, established in accordance with the trust deed dated 2 September 2004 with Master’s reference
number IT8411/2004;

  
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	1.1.94	  	 “Plateau”
	  	 Plateau Resources Proprietary Limited, registration number 1996/013879/07, a private company incorporated in accordance
with the laws of South
 Africa;

			
	1.1.95	  	 “Plateau Cession and Pledge in Security”
	  	  
  

the amended and restated cession and pledge in security agreement, entered into, or to be entered into, on or about the Signature Date between
Plateau and the Plateau Security SPV;

			
	1.1.96	  	 “Plateau Counter

Indemnity

Agreement”
	  	  
  

the amended and restated counter indemnity agreement, entered into, or to be entered into, on or about the Signature Date between Plateau and
the Plateau Security SPV;

			
	1.1.97	  	 “Plateau Funding Loan Agreement”
	  	  
 the Plateau Funding Loan Agreement, as defined in
the June 2009 Senior Facilities Agreement;

			
	1.1.98	  	 “Plateau Holdco
	  	

  
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		  	 Shareholder Loan”
	  	 the aggregate shareholder loans (and all accrued interest thereon) owing by Holdco to Plateau under the Plateau Funding Loan Agreement on the Closing Date
and after implementation of step 4 of the Interim Implementation Steps, being an amount of R1,690,085,324.24, as at 30 November 2012;

			
	1.1.99	  	 “Plateau

Intercreditor

Agreement”
	  	  
  

the agreement entitled ‘Plateau Intercreditor Agreement’, entered into on or about 26 June 2009 amongst Plateau, Standard Chartered
Bank, the Parent, N1C Resources, N2C Resources, the Plateau Security SPV, the Opco Security SPV, Opco, Holdco, RPM and the Pelawan Dividend Trust;

			
	1.1.100	  	 “Plateau

Security SPV”
	  	  
 Micawber 634 Proprietary Limited, registration
number 2007/025445/07, a private company incorporated in accordance with the laws of South Africa;

			
	1.1.101	  	 “Plateau Security SPV Debt

Guarantee”
	  	  
  

the amended and restated debt guarantee, entered into, or to be entered into, on or about the Signature Date between the Plateau Security SPV
and the Senior Agent;

			
	1.1.102	  	 “Project Bullseye

Documents”
	  	 the Project Bullseye Documents, as defined in the Senior Facilities Agreement;

			
	1.1.103	  	 “Project Kingpin

Term Sheet”
	  	  
 the term sheet entitled ‘Project Kingpin’,
initialled by AAPL and Atlatsa on or about December 2011, attached hereto as Schedule 2, as amended from

  
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		  		  	 time to time; which term sheet summarises the material terms of the Transaction;

			
	1.1.104	  	 “Registered Security”
	  	  
 collectively, a further general notarial bond, a
further special notarial bond, second ranking mortgage bonds and second ranking sectional title bonds registered by Opco in favour of the Opco Security SPV;

			
	1.1.105	  	 “RPM”
	  	 Rustenburg Platinum Mines Limited, registration number 1931/003380/06, a public company incorporated in accordance with the laws of South
Africa;

			
	1.1.106	  	 “RPM Funding

Common Terms

Agreement”
	  	  
  

the amended and restated RPM Funding Common Terms Agreement entered into, or to be entered into, on or about the Signature Date, amongst RPM,
Plateau, Atlatsa, Pelawan SPV, N1C Resources, N2C Resources, Pelawan, Pelawan Trust, Opco Security SPV and Plateau Security SPV;

			
	1.1.107	  	 “RPM Funding Loan

Agreement”
	  	 the RPM Funding Loan Agreement, as defined in the June 2009 Senior Facilities Agreement;

			
	1.1.108	  	 “RPM Holdco

Shareholder Loan”
	  	  
 the aggregate shareholder loans (and all accrued
interest thereon) owing by Holdco to RPM under the RPM Funding Loan Agreement on the Closing Date and after implementation of step 4 of the Interim Implementation Steps, being an amount of R1,623,807,605.55, as at 30 November 2012;

			
	1.1.109	  	 “RPM Standby

Facility Agreement”
	  	  
 the RPM Standby Facility Agreement, as defined in
the June 2009 Senior Facilities Agreement;

  
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	1.1.110	  	 “RPM

Sale Warranties”
	  	 has the meaning given to this term in clause 8.1;

			
	1.1.111	  	 “Schedule”
	  	 a schedule to this Agreement;

			
	1.1.112	  	 “Second Holdco Opco Subscription Agreement”
	  	  
  

the second subscription agreement entered into, or to be entered into, on or about the Signature Date between Holdco and Opco, in terms of
which Holdco subscribes for and Opco issues and allots the Second Holdco Opco Subscription Shares;

			
	1.1.113	  	 “Second Holdco Opco Subscription Price”
	  	  
  

the aggregate subscription price for the Second Holdco Opco Subscription Shares, being R3,313,892,929.80, as at 30 November 2012;

			
	1.1.114	  	 “Second Holdco Opco Subscription Shares”
	  	  
  

100 ordinary shares of R1.00 each in the authorised share capital of Opco, to be issued and allotted to Holdco pursuant to the Second Holdco
Opco Subscription Agreement;

			
	1.1.115	  	 “Second Plateau Holdco Subscription Agreement”
	  	  
  

the second subscription agreement entered into, or to be entered into, between Plateau and Holdco, in terms of which Plateau subscribes for and
Holdco issues and allots the Second Plateau Holdco Subscription Shares;

			
	1.1.116	  	 “Second Plateau Holdco Subscription Price”
	  	  
  

the aggregate subscription price for the Second Plateau Holdco Subscription Shares, being R1,690,085,324.24, as at 30 November
2012;

  
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	1.1.117	  	 “Second Plateau Holdco Subscription Shares”
	  	  
  

51 ordinary shares of R1.00 each in the authorised share capital of Holdco, to be issued and allotted to Plateau pursuant to the Second Plateau
Holdco Subscription Agreement;

			
	1.1.118	  	 “Second RPM Holdco Subscription Agreement”
	  	  
  

the second subscription agreement entered into, or to be entered into, on or about the Signature Date between RPM and Holdco, in terms of which
RPM subscribes for and Holdco issues and allots the Second RPM Holdco Subscription Shares;

			
	1.1.119	  	 “Second RPM Holdco Subscription Price”
	  	  
  

the aggregate subscription price for the Second RPM Holdco Subscription Shares, being R1,623,807,605.55, as at 30 November 2012;

			
	1.1.120	  	 “Second RPM Holdco Subscription Shares”
	  	  
  

49 ordinary shares of R1.00 each in the authorised share capital of Holdco, to be issued and allotted to RPM pursuant to the Second RPM Holdco
Subscription Agreement;

			
	1.1.121	  	 “Second Ranking Opco Counter Indemnity Agreement”
	  	  
  
  

the Second Ranking Opco Counter Indemnity Agreement, as defined in the June 2009 Senior Facilities Agreement;

			
	1.1.122	  	 “Second Ranking Opco Debt Guarantee”
	  	  
  

the Second Ranking Opco Debt Guarantee, as defined in the June 2009 Senior Facilities Agreement;

			
	1.1.123	  	 “Second Ranking Plateau Debt
	  	

  
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		  	 Guarantee”
	  	 the Second Ranking Plateau Debt Guarantee, as defined in the June 2009 Senior Facilities Agreement;

			
	1.1.124	  	 “Security Agent”
	  	 the Security Agent, as defined in the Senior Facilities Agreement;

			
	1.1.125	  	 “Senior Agent”
	  	 the Senior Agent, as defined in the Senior Facilities Agreement;

			
	1.1.126	  	 “Senior Facilities Agreement”
	  	  
 the R2 300 000 000 plus the Tranche 1 Amount,
inclusive of capitalised interest, term loan and revolving facilities agreement entered into, or to be entered into, on or about the Signature Date amongst, Atlatsa, N1C Resources, N2C Resources, Plateau, Holdco, Opco, Plateau Security SPV, Opco
Security SPV, the Senior Lenders, the Senior Agent and the Security Agent;

			
	1.1.127	  	 “Signature Date”
	  	 the date on which this Agreement is signed (whether or not in counterpart) by the last signing of the Parties;

			
	1.1.128	  	 “South Africa”
	  	 the Republic of South Africa;

			
	1.1.129	  	 “Standard Chartered Bank”
	  	  
 Standard Chartered Bank, Johannesburg Branch,
registration number 2003/020177/10, a company incorporated in England with limited liability by Royal Charter, under reference number ZC18 and registered as an external company in South Africa;

			
	1.1.130	  	 “Subsidiary

Company”
	  	 a subsidiary company (which for purposes of this Agreement shall be deemed to include any

  
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		  		  	 company incorporated outside South Africa) as defined in section 1 of the Companies Act;

			
	1.1.131	  	 “Third Ranking Opco Debt Guarantee”
	  	  
  

the Third Ranking Opco Debt Guarantee, as defined in the June 2009 Senior Facilities Agreement;

			
	1.1.132	  	 “Third Ranking Plateau Debt Guarantee”
	  	  
  

the Third Ranking Plateau Debt Guarantee, as defined in the June 2009 Senior Facilities Agreement;

			
	1.1.133	  	 “Tranche 1 Amount”
	  	 the Tranche 1 Amount, as defined in the Senior Facilities Agreement;

			
	1.1.134	  	 “Tranche 2 Amount”
	  	 the Tranche 2 Amount, as defined in the Senior Facilities Agreement;

			
	1.1.135	  	 “Transaction”
	  	 the transactions to be implemented to give effect to the Acquisition and the related refinancing arrangements, as described in the Project Kingpin Term
Sheet;

			
	1.1.136	  	 “Transaction

Documents”
	  	 the Transaction Documents, as defined in the Senior Facilities Agreement;

			
	1.1.137	  	 “Transaction

Security

Documents”
	  	 the Transaction Security Documents, as defined in the Senior Facilities Agreement;

			
	1.1.138	  	 “VAT”
	  	 value-added tax in terms of the VAT Act;

			
	1.1.139	  	 “VAT Act”
	  	 the Value Added Tax Act, 89 of 1991;

			
	1.1.140	  	 “Working Capital
	  	

  
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		  	 Facility Agreement”
	  	 the Working Capital Facility Agreement, as defined in the Senior Facilities Agreement; and

			
	1.1.141	  	 “Working Capital Facility Lender”
	  	 the Working Capital Facility Lender, as defined in the Senior Facilities Agreement.

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

		
	1.3	  	 Any reference to an enactment is to that enactment as at the Signature Date and, in the event that any right and/or obligation
shall arise in terms of this Agreement, in respect of and/or in connection with such enactment after the Signature Date, such reference shall be to that enactment as amended and/or replaced as at the date for performance of such right and/or
obligation.

		
	1.4	  	 Any reference in this Agreement to this Agreement or to any other agreement shall be construed as a reference to this Agreement
or such other agreement as the same may have been, or may from time to time be, amended, varied, novated or supplemented.

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

		
	1.5.1	  	 any gender includes the other genders;

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

		
	1.5.3	  	 the singular includes the plural and vice versa.

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

  
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	1.7	  	 The rule of construction that, in the event of ambiguity, a contract shall be interpreted against the Party responsible for the
drafting or preparation of such contract, shall not apply.

		
	1.8	  	 Where any number of days is prescribed, those days shall be reckoned exclusively of the first and inclusively of the last day
unless the last day falls on a day which is not a Business Day, in which event the last day shall be the next succeeding Business Day.

		
	1.9	  	 The Schedules to this Agreement forms an integral part hereof and words and expressions defined in this Agreement shall bear,
unless the context otherwise requires, the same meaning in such Schedules.

		
	2.	  	 INTRODUCTION

		
	2.1	  	 AAPL and Atlatsa have entered into the Project Kingpin Term Sheet and intend to undertake and complete the Transaction. As an
interim step to completing the Transaction, the parties entered into the Amendment and Interim Implementation Agreement in terms of which:

		
	2.1.1	  	 the dividends in respect of the A preference shares in the share capital of each of Plateau, Holdco and Opco were declared and
such A preference shares were redeemed;

		
	2.1.2	  	 certain amendments were effected to the interest rate applicable to the amounts outstanding under the OCSF Facility and the June
2009 Senior Facilities Agreement; and

		
	2.1.3	  	 the amounts outstanding under the OCSF Facility were repaid.

		
	2.2	  	 The Parties intend procuring that each Acquisition Agreement and Finance Document (to the extent that a Finance Document has not
already been entered into at the Signature Date) shall be entered into and completed in accordance with its terms.

  
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	2.3	  	 The Parties:

		
	2.3.1	  	 acknowledge that the Ga-Phasha Opco Sale of a Portion of a Mining Right Agreement has been executed;

		
	2.3.2	  	 intend the Acquisition Agreements to be implemented in a certain sequence on the Closing Date;

		
	2.3.3	  	 intend certain drawdowns under the Senior Facilities Agreement and the Parties respective payment obligations pursuant to the Acquisition
Agreements to be implemented in a certain sequence, more fully described in the Funds Flow Statement, on the Closing Date;

		
	2.3.4	  	 wish, immediately upon the implementation of the Acquisition Agreements, to terminate certain June 2009 Transaction Documents;

		
	2.3.5	  	 agree to implement the transactions contemplated in the Project Bullseye Documents in accordance with the provisions of the Framework
Agreement; and

		
	2.3.6	  	 wish to record their agreement in this regard, and in relation to certain ancillary matters, in writing.

		
	3.	  	CONDITIONS PRECEDENT
		
	3.1	  	 This entire Agreement (save in respect of clauses 1 to 3 (both inclusive) and clauses 9 to 12 (both inclusive), which shall be of immediate force and effect)
shall be subject to the fulfilment of the Conditions Precedent that:

		
	3.1.1	  	 by not later than 30 August 2013, or such later date as RPM and Plateau may agree in writing, all and any approvals for the Transaction that
may be required from the applicable Competition Authority in terms of the Competition Act are granted, provided that:

		
	3.1.1.1	  	 the costs of the merger proceedings shall be borne and paid as follows:

  
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	3.1.1.1.1	  	 the costs incurred by each Party in connection with gathering and collecting information required of it for the filing shall be borne by
that Party;

		
	3.1.1.1.2	  	 the costs of preparing the filing and otherwise incurred in connection with the merger proceedings shall be borne by each Party;
and

		
	3.1.1.1.3	  	 the filing fee payable upon the filing of the merger notice shall be shared equally between RPM and Plateau;

		
	3.1.1.2	  	 such approval shall either be unconditional or, if such approval is conditional, on conditions acceptable to RPM insofar as such conditions
affect RPM, and to Plateau insofar as such conditions affect Plateau; and

		
	3.1.1.3	  	 neither RPM nor Plateau shall be entitled to bring appeal or review proceedings or a request for consideration pursuant to the non-approval
or conditional approval of the Transaction, without the prior written consent of the other of them;

		
	3.1.2	  	 by not later than 20 September 2013, or such later date as RPM and Plateau may agree in writing, the Parties shall respectively have obtained all necessary
regulatory consents, including consents in terms of the MPRDA, the consent of the South African Reserve Bank, the JSE, the Toronto Stock Exchange and/or the TSX Venture Exchange (as may be applicable), the NYSE MKT LLC and/or any further and/or
other regulatory authority required by the Parties, or any of them, in respect of the entering into and the completion of the transactions contemplated by the Acquisition Agreements and the relevant Finance Documents in accordance with their
respective terms;

		
	3.1.3	  	 by not later than 30 April 2013, or such later date as RPM and Plateau may agree in writing, RPM and Plateau shall initial a final form of an amended memorandum
of incorporation in respect of Holdco, which amendments will take account of any changes that may be required to the memorandum of

  
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		  	 incorporation pursuant to the Companies Act and to ensure alignment between the memorandum of incorporation and the Holdco Shareholders Agreement;

		
	3.1.4	  	 by not later than 20 September 2013, or such later date as RPM and Plateau may agree in writing, the Acquisition Agreements (save for the Ga-Phasha RPM Sale of
a Portion of a Mining Right Agreement and the Boikgantsho Sale of Assets Agreement) shall have become unconditional in all respects in accordance with their terms, save insofar as it may be conditional on this Agreement becoming
unconditional;

		
	3.1.5	  	 by not later than 20 September 2013, or such later date as the Senior Agent may confirm in writing, the Senior Facilities Agreement shall have been entered into
by the respective parties thereto, and all conditions to the advance of funds set out in Part 1A of schedule 2 to the Senior Facilities Agreement shall have been fulfilled or waived in accordance with the provisions of the Senior Facilities
Agreement, save insofar as they may be conditional on this Agreement becoming unconditional;

		
	3.1.6	  	 by not later than 26 July 2013, or such later date as Atlatsa and RPM may agree in writing, the shareholders of Atlatsa shall have passed all resolutions
necessary in order to approve and implement the Transaction;

		
	3.1.7	  	 by not later than 6 September 2013, or such later date as RPM and Plateau may agree in writing, a special resolution shall have been passed by the shareholder
of Ga-Phasha approving, in terms of sections 112 and 115 of the Companies Act, the transactions set out in the Ga-Phasha RPM Sale of a Portion of a Mining Right Agreement and the Ga-Phasha Opco Sale of a Portion of a Mining Right Agreement, which
resolution shall include the authorisation of Ga-Phasha’s directors to enter into such agreements;

		
	3.1.8	  	 by not later than 20 September 2013, or such later date as RPM and Plateau may agree in writing, a special resolution shall have been passed by the shareholder
of Boikgantsho approving, in terms of sections 112 and 115 of the Companies Act, the transactions set out in the Boikgantsho

  
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		  	 Sale of Assets Agreement, which resolution shall include the authorisation of Boikgantsho’s directors to enter into this agreement;

		
	3.1.9	  	 by not later than 26 September 2013, or such later date as RPM and Plateau may agree in writing, a representative of each of RPM and Plateau shall initial a
final form of the Funds Flow Statement;

		
	3.1.10	  	 by not later than 27 September 2013, or such later date as Ga-Phasha and RPM may agree in writing, and provided that the Conditions Precedent in clauses 3.1.1
to 3.1.8 (both inclusive) have been fulfilled or waived, the Ga-Phasha RPM Sale of a Portion of a Mining Right Agreement shall have become unconditional in all respects in accordance with its terms, save insofar as it may be conditional on this
Agreement becoming unconditional;

		
	3.1.11	  	 by not later than 27 September 2013, or such later date as Boikgantsho and RPM may agree in writing, and provided that the Conditions Precedent in clauses 3.1.1
to 3.1.8 (both inclusive) have been fulfilled or waived, the Boikgantsho Sale of Assets Agreement shall have become unconditional in all respects in accordance with its terms, save insofar as it may be conditional on this Agreement becoming
unconditional;

		
	3.2	  	The Conditions Precedent in clauses:
		
	3.2.1	  	 3.1.1 and 3.1.2 relate to compulsory regulatory approvals and may not be waived by any of the Parties;

		
	3.2.2	  	 3.1.5 is inserted for the benefit of the Senior Agent and may be waived only by the Senior Agent, by way of notice in writing to Plateau, at any time prior to
the date specified for its fulfilment;

		
	3.2.3	  	 3.1.6 is inserted for the benefit of Atlatsa and may be waived only by Atlatsa, by way of notice in writing to RPM, at any time prior to the date specified for
its fulfilment; and

		
	3.2.4	  	 3.1.3 and 3.1.7 to 3.1.11 (both inclusive) are for the benefit of all the Parties, and may not be waived except by written agreement between RPM and Plateau
prior to the dates respectively specified for their fulfilment.

  
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	3.3	  	 The Parties shall use their respective reasonable commercial endeavours to procure the fulfilment of the Conditions Precedent as soon as
reasonably possible after the Signature Date.

		
	3.4	  	 If any Condition Precedent shall not have been fulfilled, or waived by the Party, or Parties, entitled to effect such waiver, as the case
may be, by the date specified in clause 3.1 for its fulfilment (or such later date as the Parties may have in writing agreed), this Agreement (save in respect of clauses 1 to 3 (both inclusive) and clauses 9 to 12 (both inclusive) which shall remain
of full force and effect) shall lapse and shall be of no force and effect and none of the Parties shall have any claim against the others of them in terms hereof or arising from the failure of the Conditions Precedent, save for a claim arising as a
result of a Party’s failure to comply with its obligations under this clause 3.

		
	4.	  	COMPOSITE AND INDIVISIBLE TRANSACTION
		
		  	 The transactions referred to in clause 5 form part of a composite and indivisible transaction. If any of these transactions cannot be or are not completed, for
any reason whatsoever, on the Closing Date, none of the transactions shall be completed and this Agreement shall terminate, save in respect of clauses 1 to 3 (both inclusive) and clauses 9 to 12 (both inclusive) which shall remain of full force and
effect, provided that such termination shall be without prejudice to any rights in law or in terms of this Agreement which any Party may have against any other.

		
	5.	  	IMPLEMENTATION PROCESS
		
		  	 On the Closing Date, the Parties will proceed with the steps set out below, in sequential order on the basis that no Party is obliged to implement any step
unless each preceding step has been completed.

		
	5.1	  	 Step 1 - Utilisation of the Tranche 1 Amount under the Senior Facilities Agreement

		
	5.1.1	  	 Step 1 A - Advance of the Tranche 1 Amount

  
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		  	 Plateau shall drawdown the Tranche 1 Amount from RPM in accordance with the terms and conditions of the Senior Facilities Agreement. [Refer
to Step 1 A of the Funds Flow Statement.]

		
	5.1.2	  	 Step 1 B - Subscription for the Second Plateau Holdco Subscription Shares

		
	5.1.2.1	  	 Plateau shall use the Tranche 1 Amount to pay the Second Plateau Holdco Subscription Price in cash in immediately accessible funds by way of
electronic funds transfer to Holdco in respect of the Second Plateau Holdco Subscription Shares. [Refer to Step 1 B of the Funds Flow Statement]

		
	5.1.2.2	  	 Holdco shall allot and issue the Second Plateau Holdco Subscription Shares to Plateau. Holdco shall update its member’s register to
reflect Plateau’s increased holding of ordinary shares and deliver to Plateau share certificates in respect of the Second Plateau Holdco Subscription Shares.

		
	5.2	  	Step 2 - Subscription for the Second RPM Holdco Subscription Shares
		
	5.2.1	  	 RPM shall pay the Second RPM Holdco Subscription Price in cash in immediately accessible funds by way of electronic funds transfer to Holdco
in respect of the Second RPM Holdco Subscription Shares. [Refer to Step 2 of the Funds Flow Statement]

		
	5.2.2	  	 Holdco shall allot and issue the Second RPM Holdco Subscription Shares to RPM. Holdco shall update its member’s register to reflect
RPM’s increased holding of ordinary shares and deliver to RPM share certificates in respect of the Second RPM Holdco Subscription Shares.

		
	5.3	  	Step 3 - Subscription for the Second Holdco Opco Subscription Shares
		
	5.3.1	  	 Holdco shall use the aggregate proceeds of the Second Plateau Holdco Subscription Price and the Second RPM Holdco Subscription Price to pay
the Second Holdco Opco Subscription Price in cash in immediately accessible funds by way of electronic funds transfer to Opco in respect of

  
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		  	 the Second Holdco Opco Subscription Shares. [Refer to Step 3 of the Funds Flow Statement]

		
	5.3.2	  	 Opco shall allot and issue the Second Holdco Opco Subscription Shares to Holdco. Opco shall update its member’s register to reflect
Holdco’s increased holding of ordinary shares and deliver to Holdco share certificates in respect of the Second Holdco Opco Subscription Shares.

		
	5.4	  	Step 4 - Repayment of the Holdco Opco Shareholder Loan
		
		  	 Opco shall use the proceeds of the Second Holdco Opco Subscription Price to settle the Holdco Opco Shareholder Loan. [Refer to Step 4 of the Funds Flow
Statement]

		
	5.5	  	Step 5 - Holdco’s utilisation of the proceeds of the Holdco Opco Shareholder Loan
		
		  	Holdco shall use the proceeds of the Holdco Opco Shareholder Loan to:
		
	5.5.1	  	 pay an amount equal to the Plateau Holdco Shareholder Loan to Plateau in order to settle the Plateau Holdco Shareholder Loan; [Refer to Step
5 A of the Funds Flow Statement] and

		
	5.5.2	  	 pay an amount equal to the RPM Holdco Shareholder Loan to RPM in order to settle the RPM Holdco Shareholder Loan. [Refer to Step 5 B of the
Funds Flow Statement]

		
	5.6	  	Step 6 - Repayment of Tranche 1 Amount
		
		  	 Plateau shall use the proceeds of the Plateau Holdco Shareholder Loan to repay the Tranche 1 Amount in cash in immediately accessible funds by way of electronic
funds transfer to RPM. [Refer to Step 6 of the Funds Flow Statement]

		
	5.7	  	Step 7 - Ga-Phasha’s sale of a portion of a mining right to RPM
		
	5.7.1	  	 In accordance with the Ga-Phasha RPM Sale of a Portion of a Mining Right Agreement, Ga-Phasha shall deliver to RPM the Ga-Phasha RPM Sale
Deliverables.

  
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	5.7.2	  	 Against receipt of the Ga-Phasha RPM Sale Deliverables, RPM shall pay to Ga-Phasha the Ga-Phasha RPM Purchase Consideration in cash in
immediately accessible funds by way of electronic funds transfer. [Refer to Step 7 of the Funds Flow Statement]

		
	5.8	  	Step 8 - Boikgantsho’s sale of assets
		
	5.8.1	  	 In accordance with the Boikgantsho Sale of Assets Agreement, Boikgantsho shall deliver to RPM the Boikgantsho Sale
Deliverables.

		
	5.8.2	  	 Against receipt of the Boikgantsho Sale Deliverables, RPM shall pay to Boikgantsho a portion of the Boikgantsho Purchase Consideration in
cash in immediately accessible funds by way of electronic funds transfer. [Refer to Step 8 of the Funds Flow Statement]

		
	5.9	  	Step 9 - Distribution of sale proceeds
		
	5.9.1	  	 Step 9A - Ga-Phasha distribution

		
		  	 Ga-Phasha shall pass the necessary resolutions (to the extent that such resolutions have not already been passed) to declare and pay a
dividend to Holdco in an amount equal to the Ga-Phasha RPM Purchase Consideration. [Refer to Step 9 A of the Funds Flow Statement]

		
	5.9.2	  	 Step 9B - Boikgantsho distribution

		
		  	 Boikgantsho shall pass the necessary resolutions (to the extent that such resolutions have not already been passed) to declare and pay a
dividend to Holdco in an amount equal to the portion of the Boikgantsho Purchase Consideration received in step 8. [Refer to Step 9 B of the Funds Flow Statement]

		
	5.9.3	  	 Step 9C - Holdco distribution

		
		  	 Holdco shall pass the necessary resolutions (to the extent that such resolutions have not already been passed) to facilitate the declaration
and payment of a dividend in an amount equal to the Holdco Dividend Amount. [Refer to Step 9 C of the Funds Flow Statement]

  
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	5.10	  	 Step 10 - Utilisation of the Holdco Dividend Amount

		
		  	 Plateau shall use the proceeds of the Holdco Dividend Amount to settle a portion of the June 2009 Senior Facilities Agreement Outstanding.
[Refer to Step 10 of the Funds Flow Statement]

		
	5.11	  	 Step 11 - Utilisation of the Tranche 2 Amount under the Senior Facilities Agreement

		
		  	 Plateau shall drawdown the Tranche 2 Amount from RPM in accordance with the terms and conditions of the Senior Facilities Agreement, being
an aggregate amount sufficient to meet its payment obligations in respect of step 12. [Refer to Step 11 of the Flow of Funds Statement]

		
	5.12	  	 Step 12 - Repayment of June 2009 Senior Facilities Agreement Outstandings

		
		  	 Plateau shall use the Tranche 2 Amount received from RPM in step 11 to immediately pay the balance of the June 2009 Senior Facilities
Agreement Outstandings. [Refer to Step 12 of the Funds Flow Statement]

		
	6.	  	GENERAL PROVISIONS APPLICABLE TO IMPLEMENTATION
		
	6.1	  	 The implementation of the Transaction will result in the Parties having entered into or entering into new Finance Documents and Acquisition
Agreements together with the amendment and/or termination of a number of the June 2009 Transaction Documents.

		
	6.2	  	 In this regard, some or all of the Parties have entered into or will enter into the following new agreements:

		
	6.2.1	  	 this Agreement;

		
	6.2.2	  	 the First RPM Holdco Subscription Agreement;

		
	6.2.3	  	 the First Plateau Holdco Subscription Agreement;

		
	6.2.4	  	 the First Holdco Opco Subscription Agreement;

  
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	6.2.5	  	 the Second RPM Holdco Subscription Agreement;

		
	6.2.6	  	 the Second Plateau Holdco Subscription Agreement;

		
	6.2.7	  	 the Second Holdco Opco Subscription Agreement;

		
	6.2.8	  	 the Ga-Phasha Opco Sale of a Portion of a Mining Right Agreement;

		
	6.2.9	  	 the Ga-Phasha RPM Sale of a Portion of a Mining Right Agreement;

		
	6.2.10	  	 the Boikgantsho Sale of Assets Agreement;

		
	6.2.11	  	 Senior Facilities Agreement;

		
	6.2.12	  	 Working Capital Facility Agreement;

		
	6.2.13	  	 Holdco Counter Indemnity Agreement;

		
	6.2.14	  	 Holdco Cession and Pledge in Security; and

		
	6.2.15	  	 the Registered Security.

		
	6.3	  	 Some or all of the Parties will enter into the following amended and restated agreements:

		
	6.3.1	  	 Holdco Shareholders Agreement;

		
	6.3.2	  	 First Addendum to the Sale of Concentrate Agreement;

		
	6.3.3	  	 Global Intercreditor Agreement;

		
	6.3.4	  	 Opco Counter Indemnity Agreement;

		
	6.3.5	  	 Opco Cession and Pledge in Security;

		
	6.3.6	  	 Opco Security SPV Debt Guarantee;

		
	6.3.7	  	 Plateau Counter Indemnity Agreement;

		
	6.3.8	  	 Plateau Cession and Pledge in Security;

  
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	6.3.9	  	 N2C Resources Counter Indemnity Agreement;

		
	6.3.10	  	 N2C Resources Cession and Pledge in Security;

		
	6.3.11	  	 Plateau Security SPV Debt Guarantee; and

		
	6.3.12	  	 the RPM Funding Common Terms Agreement.

		
	6.4	  	 The following Finance Documents will be terminated in their entirety with effect from the Closing Date (immediately following the
implementation of steps 1 to 12 in accordance with clause 5), each of the following agreements shall be of no further force or effect:

		
	6.4.1	  	 June 2009 Senior Term Loan Facility Agreement;

		
	6.4.2	  	 Plateau Intercreditor Agreement;

		
	6.4.3	  	 RPM Standby Facility Agreement;

		
	6.4.4	  	 RPM Funding Loan Agreement;

		
	6.4.5	  	 Plateau Funding Loan Agreement;

		
	6.4.6	  	 Opco Funding Loan Agreement;

		
	6.4.7	  	 Second Ranking Plateau Debt Guarantee;

		
	6.4.8	  	 Third Ranking Plateau Debt Guarantee;

		
	6.4.9	  	 Fourth Ranking Plateau Debt Guarantee;

		
	6.4.10	  	 Second Ranking Opco Debt Guarantee;

		
	6.4.11	  	 Third Ranking Opco Debt Guarantee;

		
	6.4.12	  	 Second Ranking Opco Counter Indemnity Agreement;

		
	6.4.13	  	 Holdco Pledge and Cession;

		
	6.4.14	  	 Holdco Reversionary Cession and Pledge in Security;

  
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	6.4.15	  	 Holdco Shareholder Loan Agreement;

		
	6.4.16	  	 Opco Shareholder Loan Agreement,

		
		  	 (collectively, the “Existing Agreements”).

		
	6.5	  	 In accordance with the provisions of the Senior Facilities Agreement, the Accounts Agreement will be terminated within 5 Business Days of
the Closing Date.

		
	6.6	  	 The termination of the Existing Agreements referred to in clause 6.4 and the termination of the Accounts Agreement referred to in clause 6.5
shall be without prejudice to any Parties rights, remedies or obligations which have arisen under any of the Existing Agreements or Accounts Agreement or by operation of law, on or before the Closing Date.

		
	6.7	  	 Save for the amendment and restatement of the agreements referred to in clause 6.3, the termination of the Existing Agreements referred to
in clause 6.4 and the termination of the Accounts Agreement referred to in clause 6.5, the June 2009 Transaction Documents shall remain in full force and effect.

		
	6.8	  	 The expiration or termination of the Accounts Agreement or any Existing Agreements shall not affect any of the provisions of the Accounts
Agreement or any Existing Agreements which expressly provided 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. Without limiting the general application of this clause, the Parties acknowledge that certain Finance Documents incorporate certain definitions, representations, warranties, undertakings and other
provisions of the Existing Agreements by reference and, accordingly, all such definitions representations, warranties, undertakings and other provisions shall, upon the expiration or termination of the Existing Agreements, continue to apply to such
Finance Documents.

		
	6.9	  	 Plateau and RPM agree that for the purposes of the June 2009 Finance Documents Discharge Date, the Closing Date (immediately following
the

  
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		  	 implementation of steps 1 to 12 set out in clause 5) shall be deemed to be the June 2009 Finance Documents Discharge Date.

		
	7.	  	RPM UNDERTAKING
		
	7.1	  	 Without prejudice to any of its rights and/or remedies under the B Preference Share Documents or at law and subject to any agreement to the
contrary pursuant to the transactions contemplated in the Project Bullseye Documents, RPM undertakes not to exercise its conversion rights pursuant to the B Preference Share Documents until the earlier of:

		
	7.1.1	  	 repayment in full of all amounts of principal (including capitalised interest), accrued and unpaid interest and all and any other amounts
due and payable to the Finance Parties (as defined in the Senior Facilities Agreement) by the Obligors (as defined in the Senior Facilities Agreement);

		
	7.1.2	  	 31 December 2018;

		
	7.1.3	  	 any person or group of persons acting in concert gains direct or indirect Control of Atlatsa;

		
	7.1.4	  	 any person or group of persons acting in concert gains direct or indirect control of Pelawan (other than pursuant to an “Excluded
Change” (as defined in the Holdco Shareholders Agreement as at the date of signature of that agreement);

		
	7.1.5	  	 a partial or full offer for all the common shares in Atlatsa, a take-over, merger, consolidation, amalgamation, combination or exchange of
shares with another company, or introduction of a shareholder holding 10% of more of the issued equity share capital of Atlatsa; and

		
	7.1.6	  	 a material breach by Atlatsa and/or Plateau of any of the provisions of the Transaction Documents.

		
	7.2	  	 For the purposes of this clause 7, the term “acting in concert” means, a group of persons who, pursuant to an agreement or
understanding (whether formal or informal), actively co-operate, through the acquisition directly or indirectly of

  
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		  	 shares in a person by any of them, either directly or indirectly, to obtain or consolidate control of that person.

		
	8.	  	INDEMNITY
		
	8.1	  	 Ga-Phasha has provided certain warranties to RPM under the Ga-Phasha RPM Sale of a Portion of a Mining Right Agreement and Boikgantsho has
provided certain warranties to RPM under the Boikgantsho Sale of Assets Agreement (collectively, the “RPM Sale Warranties”). In addition, Ga-Phasha has provided certain warranties to Opco under the Ga-Phasha Opco Sale
of a Portion of a Mining Right Agreement (“Opco Sale Warranties”).

		
	8.2	  	 Plateau hereby irrevocably and unconditionally indemnifies each of RPM and Opco (“the Indemnified Parties”)
and agrees to hold them harmless against losses, damages, costs and expenses (including attorney and/or counsel’s fees) suffered by them as a result of any claims (“the Indemnified Claims”) made against them
pursuant to a breach of the RPM Sale Warranties (in the case of RPM) or the Opco Sale Warranties (in the case of Opco).

		
	8.3	  	 The Indemnified Parties undertake to give Plateau written notice of an event giving rise to an Indemnified Claim, or circumstances that are
likely to give rise to an Indemnified Claim, as soon as is reasonably possible after becoming aware of the occurrence of an event giving rise to a Indemnified Claim, or circumstances that are likely to give rise to an Indemnified
Claim.

		
	8.4	  	 Each of RPM, Opco and Plateau agrees to provide to the other of them, such assistance and/or information as the other of them may reasonably
require in respect of the Indemnified Claim, including with respect to any proceedings instituted by or against RPM or Opco in respect of such Indemnified Claim.

		
	9.	  	CONFIDENTIALITY
		
	9.1	  	 For the purposes of this clause 9, “Confidential Information” means the details of the negotiations leading
to the Term Sheet, this Agreement, the terms of the Transaction and the Transaction Documents and/or the information in respect of AAPL and/or Atlatsa and their respective subsidiaries obtained by the
Parties

  
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		  	 during the course of such negotiations and/or pursuant to the conclusion or implementation of the Transaction (in so far as such is
confidential in nature) (“the Confidential Information”).

		
	9.2	  	 Each of the Parties undertakes to the other that it will keep all Confidential Information confidential and to use it only for the purposes
of the proposed transactions under the Transaction Documents and to disclose it only to its officers, directors, employees, consultants and professional advisers who:

		
	9.2.1	  	 are required to know (and then only to the extent that each such person is so required);

		
	9.2.2	  	 are aware that the Confidential Information should be kept confidential;

		
	9.2.3	  	 are aware of the disclosing Party’s undertaking in relation to such information in terms of this Agreement; and

		
	9.2.4	  	 have been directed by the disclosing Party to keep the Confidential Information confidential and have undertaken to keep the Confidential
Information confidential.

		
	9.3	  	 The obligations of the Parties in relation to the maintenance and non-disclosure of Confidential Information in terms of this Agreement do
not extend to information:

		
	9.3.1	  	 that is disclosed to the disclosing Party in terms of this Agreement but at the time of such disclosure such information is known to be in
the lawful possession or control of the disclosing Party and not subject to an obligation of confidentiality;

		
	9.3.2	  	 that is or becomes public knowledge, otherwise than pursuant to a breach of this Agreement by the disclosing Party; or

		
	9.3.3	  	 that is required by the provisions of any law, or during any court proceedings, or by the rules or regulations of any recognised stock
exchange to be disclosed. In addition, the provisions of this clause 9 shall not restrict the disclosure of Confidential Information to prospective

  
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		  	 investors for the purposes of raising capital or to any person pursuant to a bona fide due diligence investigation into the Party or
its business or affairs.

		
	9.4	  	 A breach of this clause 9 shall not entitle any Party to cancel this Agreement or any other Transaction Document.

		
	10.	  	BREACH
		
	10.1	  	 If a Party breaches any provision of this Agreement and remains in breach of such provision for 10 Business Days after written notice to
that Party requiring that Party to rectify that breach, the aggrieved Party shall be entitled (without derogating from any of its other rights or remedies under this Agreement or at law), at its option:

		
	10.1.1	  	 to sue for immediate specific performance of any of the defaulting Party’s obligations under this Agreement, whether or not such
obligation is then due; or

		
	10.1.2	  	 to cancel this Agreement, 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, provided that no Party shall be entitled to cancel this Agreement unless the breach is a material breach,

		
		  	 and in either event the aggrieved Party shall be entitled to claim any damages it has suffered, provided that any such damages shall sound
in money and shall be payable in cash.

		
	10.2	  	 Notwithstanding the provisions of clause 10.1.2, neither of the Parties shall be entitled to cancel this Agreement after the Closing
Date.

		
	11.	  	ARBITRATION
		
	11.1	  	 separate, divisible agreement

		
		  	 This clause is a separate, divisible agreement from the rest of this Agreement and shall:

  
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	11.1.1	  	 not be or become void, voidable or unenforceable by reason only of any alleged misrepresentation, mistake, duress, undue influence,
impossibility (initial or supervening), illegality, immorality, absence of consensus, lack of authority or other cause relating in substance to the rest of the Agreement and not to this clause. The Parties intend that any such issue shall at all
times be and remain subject to arbitration in terms of this clause; and

		
	11.1.2	  	 remain in effect even if the Agreement terminates or is cancelled.

		
	11.2	  	disputes subject to arbitration
		
		  	 Save as may be expressly provided for elsewhere in this Agreement for the resolution of particular disputes, any other dispute arising out of or in connection
with this Agreement or the subject matter of this Agreement, including without limitation, any dispute concerning:

		
	11.2.1	  	 the existence of the Agreement apart from this clause;

		
	11.2.2	  	 the interpretation and effect of the Agreement;

		
	11.2.3	  	 the Parties’ respective rights or obligations under the Agreement;

		
	11.2.4	  	 the rectification of the Agreement;

		
	11.2.5	  	 the breach, termination or cancellation of the Agreement or any matter arising out of the breach, termination or cancellation;
or

		
	11.2.6	  	 damages arising in delict, compensation for unjust enrichment or any other claim, whether or not the rest of the Agreement apart from this
clause is valid and enforceable,

		
		  	shall be referred to arbitration in terms of this clause.
		
	11.3	  	appointment of arbitrator
		
	11.3.1	  	 The Parties shall agree on the arbitrator who shall be an attorney or advocate on the panel of arbitrators of AFSA. If agreement is not
reached within 10 Business Days after any Party calls in writing for such agreement,

  
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		  	 the arbitrator shall be an attorney or advocate nominated by the Registrar of AFSA for the time being.

		
	11.3.2	  	 The request to nominate an arbitrator shall be in writing outlining the claim and any counterclaim of which the Party concerned is aware
and, if desired, suggesting suitable nominees for appointment as arbitrator, and a copy shall be furnished to the other Parties who may, within 7 days, submit written comments on the request to the addressee of the request with a copy to the first
Party.

		
	11.4	  	venue and period for completion of arbitration
		
		  	The arbitration shall be held in Johannesburg and the Parties shall endeavour to ensure that it is completed within 90 days after notice requiring the claim to be referred to arbitration is given.
		
	11.5	  	Arbitration Act - rules
		
		  	The arbitration shall be governed by the Arbitration Act, 1965, or any replacement Act and shall take place in accordance with the Commercial Arbitration Rules of AFSA.
		
	11.6	  	Application to court for urgent interim relief
		
		  	Nothing contained in this clause 11 shall prohibit a Party from approaching any court of competent jurisdiction for urgent interim relief pending determination of the dispute by arbitration.
		
	12.	  	MISCELLANEOUS MATTERS
		
	12.1	  	postal addresses and addresses for service of legal documents
		
	12.1.1	  	 The Parties choose the following addresses at which notices in connection with this Agreement and/or documents in legal proceedings in
connection with this Agreement may be served (i.e. their domicilia citandi et executandi):

		
	12.1.1.1	  	 in the case of RPM:

  
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		  	 physical address:
	  	55 Marshall Street
		  		  	 Marshalltown

		  		  	 Johannesburg

			
		  	 fax number:
	  	 (011) 373 5111

		
		  	 and shall be marked for the attention of: The Company Secretary, the Finance Director and the Financial
Controller;

		
	12.1.1.2	  	 in the case of the Atlatsa:

			
		  	 physical address:
	  	4th Floor, 82 Grayston Drive
		  		  	 Off Esterhysen Lane

Sandton

			
		  	 fax number:
	  	 (011) 833 0836

	
	 and shall be marked for the attention of: The Company Secretary;

		
	12.1.1.3	  	 in the case of the Atlatsa Corporate Services:

			
		  	 physical address:
	  	4th Floor, 82 Grayston Drive
		  		  	 Off Esterhysen Lane

Sandton

			
		  	 fax number:
	  	 (011) 833 0836

		
		  	 and shall be marked for the attention of: The Company Secretary;

		
	12.1.1.4	  	 in the case of the Plateau:

			
		  	 physical address:
	  	4th Floor, 82 Grayston Drive
		  		  	 Off Esterhysen Lane

Sandton
  

		  	 fax number:
	  	 (011) 833 0836

		
		  	 and shall be marked for the attention of: The Company Secretary;

		
	12.1.1.5	  	 in the case of the N1C Resources:

			
		  	 physical address:
	  	4th Floor, 82 Grayston Drive

  
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		  		  	 Off Esterhysen Lane

Sandton

			
		  	 fax number:
	  	 (011) 833 0836

		
		  	 and shall be marked for the attention of: The Company Secretary;

		
	12.1.1.6	  	 in the case of the N2C Resources:

			
		  	 physical address:

 
	  	 4th Floor, 82 Grayston Drive

Off Esterhysen Lane
 Sandton

			
		  	 fax number:
	  	(011) 833 0836
		
		  	 and shall be marked for the attention of: The Company Secretary;

		
	12.1.1.7	  	 in the case of the Plateau Security SPV:

			
		  	 physical address:
	  	c/o GMG Trust Company (SA) Proprietary Limited
		  		  	 3rd Floor, 200 on Main

		  		  	 Corner Main and Bowwood Roads

Claremont

			
		  	 fax number:
	  	086 673 4390
		
		  	 and shall be marked for the attention of: The Managing Director;

		
	12.1.1.8	  	 in the case of the Opco Security SPV:

			
		  	 physical address:
	  	c/o GMG Trust Company (SA) Proprietary Limited
		  		  	3rd Floor, 200 on Main
		  		  	 Corner Main and Bowwood Roads

Claremont

  
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		  	 fax number:
	  	 086 673 4390

		
		  	 and shall be marked for the attention of: The Managing Director;

		
	12.1.1.9	  	 in the case of the Holdco:

			
		  	 physical address:
	  	4th Floor, 82 Grayston Drive
		  		  	 Off Esterhysen Lane

Sandton

			
		  	 fax number:
	  	(011) 883 0836
		
		  	 and shall be marked for the attention of: The Company Secretary;

		
	12.1.1.10	  	 in the case of the Opco:

			
		  	 physical address:
	  	 4th Floor, 82 Grayston Drive

		  		  	 Off Esterhysen Lane
 Sandton

			
		  	 fax number:
	  	 (011) 883 0836

		
		  	 and shall be marked for the attention of: The Managing Director;

		
	12.1.1.11	  	 in the case of the Ga-Phasha:

			
		  	 physical address:
	  	 4th Floor, 82 Grayston Drive off

Esterhysen Lane
 Sandton

			
		  	 fax number:
	  	 (011) 883 0836

		
		  	 and shall be marked for the attention of: The Company Secretary;

		
	12.1.1.12	  	 in the case of the Boikgantsho:

			
		  	 physical address:
	  	4th Floor, 82 Grayston Drive
		  		  	Off Esterhysen Lane

  
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		  		  	Sandton
			
		  	 fax number:
	  	 (011) 883 0836

		
		  	 and shall be marked for the attention of: The Company Secretary;

			
	12.1.1.13	  	 in the case of Pelawan:
	  	
			
		  	 physical address:
	  	4th Floor, 82 Grayston Drive
		  		  	 Off Esterhysen Lane

Sandton

			
		  	 fax number:
	  	(011) 883 0836
		
		  	 and shall be marked for the attention of: The Company Secretary;

		
	12.1.1.14	  	 in the case of the Pelawan Finance SPV:

			
		  	 physical address:
	  	 4th Floor, 82 Grayston Drive

		  		  	 Off Esterhysen Lane
 Sandton

			
		  	 fax number:
	  	 (011) 883 0836

		
		  	 and shall be marked for the attention of: The Company Secretary;

		
	12.1.1.15	  	 in the case of the Pelawan Trust:

			
		  	 physical address:
	  	 Lynnwood Bridge
 4 Daventry Street

Lynnwood Manor
 Pretoria

			
		  	 fax number:
	  	 (012) 432 6306

		
		  	 and shall be marked for the attention of: Andre Visser;

  
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	12.1.1.16	  	 in the case of the Pelawan Dividend Trust:

			
		  	 physical address:
	  	Lynnwood Bridge
		  		  	 4 Daventry Street

		  		  	 Lynnwood Manor
 Pretoria

			
		  	 fax number:
	  	 (012) 432 6306

		
		  	 and shall be marked for the attention of: Andre Visser;

			
		
	12.1.2	  	 The notice shall be deemed to have been duly given:

		
	12.1.2.1	  	 5 Business Days after posting, if posted by registered post (airmail, if available) to the Party’s address in terms of clause
12.1.1;

		
	12.1.2.2	  	 on delivery, if delivered to the Party’s physical address in terms of clause 12.1.1 between 08h30 and 17h00 on a Business Day (or on
the first Business Day after that if delivered outside such hours); or

		
	12.1.2.3	  	 on despatch, if sent to the Party’s then fax number or e-mail address between 08h30 and 17h00 on a Business Day (or on the first
Business Day after that if despatched outside such hours).

		
	12.1.3	  	 A Party may change that Party’s address for this purpose to another physical address in South Africa, by notice in writing to the
other Parties such change to be effective only on and with effect from the 7th Business Day after the giving of such notice.

		
	12.1.4	  	 Notwithstanding anything to the contrary herein contained, a written notice or communication actually received by a Party shall be an
adequate service of such written notice or communication to that Party notwithstanding that the notice or communication was not sent to or delivered or served at that Party’s chosen domicilium citandi et
executandi.

  
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	13.	  	GENERAL
		
	13.1	  	 entire contract

		
		  	 This Agreement (read with the other Transaction Documents) contains all the express provisions agreed on by the Parties with regard to the
subject matter of the Agreement and supersedes and novates in its entirety any previous understandings or agreements between the Parties in respect thereof, and the Parties waive the right to rely on any alleged provision not expressly contained in
the Transaction Documents.

		
	13.2	  	 no stipulation for the benefit of a third person

		
		  	 Save as is expressly provided for in this Agreement, no provision of this Agreement constitutes a stipulation for the benefit of a third
person (ie a stipulatio alteri) which, if accepted by the person, would bind any Party in favour of that person.

		
	13.3	  	 no representations

		
		  	 A Party may not rely on any representation which allegedly induced that Party to enter into this Agreement, unless the representation is
recorded in this Agreement.

		
	13.4	  	 variation, cancellation and waiver

		
		  	 No contract varying, adding to, deleting from or cancelling this Agreement, and no waiver of any right under this Agreement, shall be
effective unless reduced to writing and signed by or on behalf of the relevant Parties to which such term of the Agreement or right relates.

		
	13.5	  	 indulgences

		
		  	 The grant of any indulgence, extension of time or relaxation of any provision by a Party under this Agreement shall not constitute a
waiver of any right by the grantor or prevent or adversely affect the exercise by the grantor of any existing or future right of the grantor.

  
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	13.6	  	 cession and delegation

		
		  	 A Party may not cede any or all of that Party’s rights or delegate any or all of that Party’s obligations under this Agreement
without the prior written consent of the other Parties.

		
	13.7	  	 applicable law

		
		  	 This Agreement is to be governed, interpreted and implemented in accordance with the laws of South Africa.

		
	13.8	  	 costs

		
		  	 Any costs, including all legal costs on an attorney and own client basis and VAT, incurred by a Party arising out of or in connection
with a breach by another Party shall be borne by the Party in breach.

		
	13.9	  	 signature in counterparts

		
		  	 This Agreement may be executed in counterparts, each of which shall be deemed to be an original and which together shall constitute one
and the same agreement.

		
	13.10	  	 independent advice

		
		  	 Each of the Parties hereby respectively agrees and acknowledges that:

  
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	13.10.1	  	 it has been free to secure independent legal advice as to the nature and effect of each provision of this Agreement and that it has
either taken such independent legal advice or has dispensed with the necessity of doing so; and

		
	13.10.2	  	 each provision of this Agreement (and each provision of the Schedules) is fair and reasonable in all the circumstances and is part of the overall
intention of the Parties in connection with this Agreement.

		
	13.11	  	co-operation
		
		  	 Each of the Parties undertakes at all times to act in good faith and to do all such things, perform all such acts and take all such steps, and to procure the
doing of all such things, within its power and control, as may be open to it and necessary for and incidental to the putting into effect or maintenance of the terms, conditions and import of this Agreement and the Transaction
Documents.

		
	13.12	  	contract override
		
		  	 In relation to the implementation of the Transaction prior to and on the Closing Date, in the event of any conflict between the provisions of this Agreement
and any other Transaction Document, the provisions of this Agreement shall prevail.

		
	13.13	  	counterparts
		
		  	 This Agreement and/or any document required to be signed by any Party in accordance with the Implementation Process, may be executed in counterparts, all of
which together constitute one and the same instrument. A facsimile shall constitute a valid counterpart for all such purposes.

  
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 SIGNATURE PAGE 

RPM 
 Signed at Johannesburg on 26 March
2013 
  

	
	 

	 For and on behalf of:

	
	 RUSTENBURG PLATINUM MINES LIMITED

	
	 (in its capacity as co-shareholder in Holdco)

 

			
	 Name:
	 	B. NQWABABA
		
	 Office:
	 	DIRECTOR
		
		 	            (who warrants his authority)

Table of Contents

 

 
  
 SIGNATURE PAGE 

RPM 
 Signed at Johannesburg on 26 March
2013 
  

	
	 

	 For and on behalf of:

	
	 RUSTENBURG PLATINUM MINES LIMITED

	
	 (in its capacity as Working Capital Facility

Lender)

 

			
	 Name:
	 	B. NQWABABA
		
	 Office:
	 	DIRECTOR
		
		 	            (who warrants his authority)

Signed at Johannesburg on 26 March 2013 
  

	
	 

	 For and on behalf of:

	
	 RUSTENBURG PLATINUM MINES LIMITED

	
	 (in its capacity as Lender)

 

			
	 Name:
	 	B. NQWABABA
		
	 Office:
	 	DIRECTOR
		
		 	            (who warrants his authority)

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 SIGNATURE PAGE 

RPM 
 Signed at Johannesburg on 26 March
2013 
  

	
	 

	 For and on behalf of:

	
	 RUSTENBURG PLATINUM MINES LIMITED

	
	 (in its capacity as Senior Agent)

 

			
	 Name:
	 	B. NQWABABA
		
	 Office:
	 	DIRECTOR
		
		 	            (who warrants his authority)

Signed at Johannesburg on 26 March 2013 
  

	
	 

	 For and on behalf of:

	
	 RUSTENBURG PLATINUM MINES LIMITED

	
	 (in its capacity as Security Agent)

 

			
	 Name:
	 	B. NQWABABA
		
	 Office:
	 	DIRECTOR
		
		 	            (who warrants his authority)

Table of Contents

 

 
  
 SIGNATURE PAGE 

ATLATSA 
 Signed at Sandton on 27 March
2013 
  

	
	 

	 For and on behalf of:

	
	 ATLATSA RESOURCES CORPORATION

 

			
	 Name:
	 	T.M Motsisi
		
	 Office:
	 	Director
		
		 	            (who warrants his authority)

Signed at Sandton on 27 March 2013 
  

	
	 

	 For and on behalf of:

	
	 ATLATSA RESOURCES CORPORATION

 

			
	 Name:
	 	T.M Motsisi
		
	 Office:
	 	Director
		
		 	            (who warrants his authority)

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 SIGNATURE PAGE 

ATLATSA CORPORATE SERVICES 
 Signed at
SANDTON on 27th March 2013 
  

	
	 

	 For and on behalf of:

	
	 CAMIPATH PROPRIETARY LIMITED

	
	 (to be renamed Atlatsa Corporate Services

South Africa Proprietary Limited)

 

			
	 Name:
	 	JOEL KESLER
		
	 Office:
	 	DIRECTOR
		
		 	            (who warrants his authority)

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 SIGNATURE PAGE 

N1C RESOURCES 
 Signed at Sandton on 27 March 2013 

 

			
	

	For and on behalf of:
	
	N1C RESOURCES INC.
		
	 Name:
	 	T.M Motsisi
		
	 Office:
	 	Director
		
		 	            (who warrants his authority)

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 SIGNATURE PAGE 

N2C RESOURCES 
 Signed at Sandton on 27
March 2013 
  

			
	

	For and on behalf of:
	
	N2C RESOURCES INC.
		
	 Name:
	 	T.M Motsisi
		
	 Office:
	 	Director
		
		 	            (who warrants his authority)

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 SIGNATURE PAGE 

PLATEAU 
 Signed at Sandton on 27 March
2013 
  

			
	

	For and on behalf of:
	
	 PLATEAU RESOURCES PROPRIETARY

LIMITED

		
	 Name:
	 	T.M Motsisi
		
	 Office:
	 	Director
		
		 	             (who warrants his authority)

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 SIGNATURE PAGE 

HOLDCO 
 Signed at Sandton on 27th March 2013 
  

			
	

	For and on behalf of:
	
	BOKONI PLATINUM HOLDINGS PROPRIETARY LIMITED
		
	 Name:
	 	D SCHUTTE
		
	 Office:
	 	Director
		
		 	             (who warrants his authority)

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 SIGNATURE PAGE 

OPCO 
 Signed at SANDTON on 27 MARCH 2013

  

			
	

	For and on behalf of:
	
	BOKONI PLATINUM MINES PROPRIETARY LIMITED
		
	 Name:
	 	B REDDY
		
	 Office:
	 	DIRECTOR
		
		 	             (who warrants his authority)

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 SIGNATURE PAGE 

PLATEAU SECURITY AGENT 

Signed at Johannesburg on 27 March 2013 
  

	
	 

  

	For and on behalf of:

  

			
	MICAWBER 634 PROPRIETARY LIMITED
		
	 Name:
	 	Brendon Harmse
		
	 Office:
	 	 
		
		 	             (who warrants his authority)

  
 61 

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 SIGNATURE PAGE 

OPCO SECURITY AGENT 
 Signed at
Johannesburg on 27 March 2013 
  

			
	 

  

	For and on behalf of:
	
	MICAWBER 603 PROPRIETARY LIMITED
		
	 Name:
	 	Brendon Harmse
		
	 Office:
	 	 
		
		 	             (who warrants his authority)

  
 62 

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 SIGNATURE PAGE 

GA-PHASHA 
 Signed at SANDTON on 27 MARCH
2013 
  

			
	            

	For and on behalf of:
	
	GA-PHASHA PLATINUM MINE PROPRIETARY LIMITED
		
	 Name:
	 	D Schutte
		
	 Office:
	 	Director
		
		 	             (who warrants his authority)

Table of Contents

 

 
  
 SIGNATURE PAGE 

BOIKGANTSHO 
 Signed at SANDTON on 27
MARCH 2013 
  

			
	

	For and on behalf of:
	
	BOIKGANTSHO PLATINUM MINE
	
	PROPRIETARY LIMITED
		
	 Name:
	 	B REDDY
		
	 Office:
	 	DIRECTOR
		
		 	             (who warrants his authority)

Table of Contents

 

 
  
 SIGNATURE PAGE 

PELAWAN SPV 
 Signed at Sandton on 27
March 2013 
  

			
	

	For and on behalf of:
	
	CENTRAL PLAZA INVESTMENTS 78
	
	PROPRIETARY LIMITED
		
	 Name:
	 	T.M Motsisi
		
	 Office:
	 	Director
		
		 	             (who warrants his authority)

Table of Contents

 

 
  
 SIGNATURE PAGE 

PELAWAN 
 Signed at Sandton on 27 March
2013 
  

			
	

	For and on behalf of:
	
	PELAWAN INVESTMENTS PROPRIETARY
	
	LIMITED
		
	 Name:
	 	T.M Motsisi
		
	 Office:
	 	Director
		
		 	             (who warrants his authority)

Table of Contents

 

 
  
 SIGNATURE PAGE 

PELAWAN TRUST 
 Signed at Sandton on 27
March 2013 
  

			
	

	For and on behalf of:
	
	THE PELAWAN TRUST
		
	 Name:
	 	T.M Motsisi
		
	 Office:
	 	Director
		
		 	             (who warrants his
authority)

 Signed at Sandton on 27 March 2013 

 

			
	

	For and on behalf of:
	
	THE PELAWAN TRUST
		
	 Name:
	 	AHCH Motanng
		
	 Office:
	 	Director
		
		 	             (who warrants his authority)

Table of Contents

 

 
  
 SIGNATURE PAGE 

PELAWAN DIVIDEND TRUST 
 Signed at Sandton
on 27 March 2013 
  

			
	

	For and on behalf of:
	
	THE PELAWAN DIVIDEND TRUST
		
	 Name:
	 	T.M Motsisi
		
	 Office:
	 	Director
		
		 	             (who warrants his
authority)

 Signed at Sandton on 27 March 2013 

 

			
	

	For and on behalf of:
	
	THE PELAWAN DIVIDEND TRUST
		
	 Name:
	 	A.H.CH Motanng
		
	 Office:
	 	Director
		
		 	             (who warrants his authority)

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 Schedule 1 

Funds Flow Statement 

Table of Contents

 

 
  
 Schedule 2 

Project Kingpin Term Sheet 

Table of Contents

			
		
	 

	  	PLATINUM                    

 Project Kingpin 

Term Sheet 
 December
2011 
 Strictly private and confidential 
  

 

  

  

Table of Contents

			
		
	 

	  	PLATINUM                    

 Definitions and interpretations commencing on page 8 of this Term Sheet apply throughout,
including the cover pages, unless the context indicates a contrary intention. 
 Terms and conditions 

This document (the “Term Sheet”) contains a summary of the key terms and conditions of the proposed refinancing and
capitalisation of Bokoni Platinum Holdings (Proprietary) Limited (“BHL”) (“the Transaction”). 
 The
following terms (read together with the Annexures hereto) represent the proposed key terms and conditions upon which Anglo American Platinum Limited (“Amplats”) and Anooraq Resources Corporation (“ARQ”) (the
“Parties”) intend to implement the Transaction. 
 The terms and conditions contained in this Term Sheet are subject to:

  

	 	•	 	 Satisfactory Transaction Documents being prepared and concluded between the Parties; 

 

	 	•	 	 Fulfilment of the conditions precedent specified in the Transaction Documents; 

 

	 	•	 	 Legal counsel’s advice in general and well as any specific legal, tax and/or regulatory advice relating to issues that may arise out of the
Transaction; 

  

	 	•	 	 Amendment of the agreement regarding ARQ’s option to acquire a share in Amplats’ Polokwane smelter; and 

 

	 	•	 	 Amplats receiving legal opinion confirming that the Transaction does not trigger any obligations under the respective South African and/or Canadian
take-over codes as Amplats does not wish to trigger a mandatory offer to ARQ minorities in any jurisdiction. 

In the event that the Parties do not fulfil the conditions precedent to the Transaction Documents referred to above, then the
provisions of this Term Sheet shall not have any force or effect. 

  

  
 2 

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	  	PLATINUM                    

 Definitions and interpretations commencing on page 8 of this Term Sheet apply throughout,
including the cover pages, unless the context indicates a contrary intention. 
  

			
	PARTIES	 	 •     Anooraq Resources Corporation and its subsidiaries; and

 
 •     Anglo
American Platinum Limited and its subsidiaries.
  

	BACKGROUND	 	 •     Amplats has material financial exposure to
ARQ through a number of funding instruments. The current amount owing to RPM in terms of various Plateau funding facilities is approximately R2.8 billion as at 31 August 2011 (refer to Annexure A). In addition, Amplats also holds the R1.1 billion B1
Preference Shares into Pelawan SPV. The Parties are seeking to restructure the ARQ capital structure on the terms and conditions set out in this Term Sheet.

 

	THE TRANSACTION	 	 •     The Transaction contemplated comprises an
inter-conditional set of transactions including:
  

•     Sale by ARQ of its 51% attributable interest in Paschaskraal, De
Kamp and Boikgantsho farms’ resources (refer to Annexure B) to Amplats for an aggregate purchase consideration of R1,700 million in exchange for a reduction, for an equal value in the following order:

 

•     the A Preference Shares; and

 
 •     OCSF;

 

•     Provision by Amplats of further funding to ARQ under the
consolidated debt facility to support the BHL’s capital investment programme;
  

•     Restructure of the B Preference Shares; and

 

•     The agreement regarding ARQ’s option to acquire a share in
Amplats’ Polokwane Smelter is to be amended to exclude all the assets sold as part of the Transaction.
  

	 CONSOLIDATED
 DEBT
FACILITY
	 	 •     The remaining facilities (from the Senior
Debt Facility, OCSF, RPM Standby Facility and A Preference Shares) owing to Amplats by ARQ will be consolidated into a single debt facility (“consolidated debt facility”). The consolidated debt facility will be split into 3
tranches:
  

•     No interest will be charged on the remaining facilities with
effect from 1 July 2011 to the earlier of:
  

•     The date on which the conditions precedent to the Transaction
Documents are fulfilled (“the effective date”); and
  

•     30 April 2012.

 

•     If the Transaction is not implemented by 30 April 2012 then the
outstanding debt balances owing to Amplats on the remaining facilities at that time (i.e. 1 May 2012) would attract interest at the current interest rates until the effective date.

 

•     The take-on balance of the consolidated debt facility will be
approximately R1 billion (plus any drawdowns on the remaining facilities from 1 July 2011 to the effective date).
  

  

  
 3 

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	  	PLATINUM                    

  

																																											
	 Definitions and interpretations commencing on page 8 of this Term Sheet apply throughout, including the cover pages, unless
the context indicates a contrary intention.
	    

			
		 		  	 •   The first R1 billion of debt will be referred to as the “first
tranche”.
	       

			
		 		  	 •   The consolidated debt facility increases by R1 billion (the “second
tranche”) to R2 billion from 1 January 2012 until 30 December 2018 (inclusive).
	        

			
		 		  	 •   The consolidated debt facility increases by R300 million (the “third
tranche”) to R2.3 billion from 1 January 2013 until 30 December 2018 (inclusive).
	        

			
		 		  	 •   All capital draw-downs will be subject to annual capital drawdown limits to be
agreed between the parties based on the Base Case Cash Forecast.
	        

			
		 		  	 •   The balances referred to include capitalised interest.
	       

			
		 		  	 •   Amplats will charge increasing interest
rates (based on variable interest rates applicable at the time) on each tranche of the consolidated debt facility to the extent that the balance of the consolidated debt facility (inclusive of capitalised interest) falls into that tranche. The table
below reflects the indicative absolute % of interest (NACA) to be charged in relation to each tranche of the consolidated debt facility:
  
	           

												
	 	 	 	  	 Debt balance
	  	 2012

(%)
	 	 	 2013

(%)
	 	 	 2014

(%)
	 	 	 2015

(%)
	 	  	 2016

(%)
	 	  	 2017

(%)
	 	  	 2018

(%)
	 	  	 2019

(%)
	 	  	 2020

(%)
	 
		 		  	 First tranche 
 (R1
billion)
	  	 	0.0	  	 	 	0.0	  	 	 	0.0	  	 	 	2.5	  	  	 	5.0	  	  	 	7.5	  	  	 	10.0	  	  	 	15.0	  	  	  
	 15.0
	   

		 		  	 Second tranche
 (R1
billion)
	  	 	5.0	  	 	 	5.0	  	 	 	10.0	  	 	 	10.0	  	  	 	12.5	  	  	 	15,0	  	  	 	15.0	  	  	 	20.0	  	  	  
	 20.0
	   

		 		  	 Third tranche
 (R300
million)
	  	 	16.0	  	 	 	15.0	  	 	 	15.0	  	 	 	15.0	  	  	 	20.0	  	  	 	20.0	  	  	 	20.0	  	  	 	25.0	  	  	  
	 25.0
	   

		 		  	Estimated weighted
average(%)	  	 	0.3	  	 	 	1.3	  	 	 	4.5	  	 	 	7.3	  	  	 	8.9	  	  	 	9.5	  	  	 	10.2	  	  	 	11.2	  	  	  
	 10.0
	   

		 		  	  

•   The above table is based on current implied interest rates and will be
translated in the Transaction Documents as a percentage of 3 month JIBAR.
  
	 

       

		 		  	 •   Amplats will source a hedge instrument on
behalf of ARQ so that ARQ can swap the variable interest rate for a fixed interest rate at ARQ’s expense. The expense to be included as part of the Base Case Cash Flow Forecast.

 

•   For illustrative purposes, using the Base Case Cash Forecast and applying the
interest rates, the anticipated resultant debt balance would be:
  
	         

       

	 	 	 	  	 Rm
	  	 	  	 2012
	 	 	 2013
	 	 	 2014
	 	 	 2015
	 	  	 2016
	 	  	 2017
	 	  	 2018
	 	  	 2019
	 	  	 2020
	 
		 		  	 Cash flow

nominal
	  		  	 	(259	) 	 	 	(347	) 	 	 	(333	) 	 	 	177	  	  	 	543	  	  	 	480	  	  	 	715	  	  	 	530	  	  	 	498	  
		 		  	 Debt balance
	  	1,056	  	 	1,318	  	 	 	1,680	  	 	 	2,081	  	 	 	2,041	  	  	 	1,682	  	  	 	1,378	  	  	 	820	  	  	 	413	  	  	 	—  	  
		 		  	 Headroom to

facility limit
	  		  	 	682	  	 	 	620	  	 	 	218	  	 	 	259	  	  	 	618	  	  	 	922	  	  	 	180	  	  	 	87	  	  	 	—  	  
	 RESTRICTIONS ON THE

CONSOLIDATED
	 		  	  

•   The overall cap on the consolidated debt facility is R2.3 billion inclusive of
capitalised interest.
  
	 

      

	 		  	 •   ARQ will utilise 90% of all its attributable cashflows in BHL to service
	       

  

  

  
 4 

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	  	PLATINUM                    

 Definitions and interpretations commencing on page 8 of this Term Sheet apply throughout,
including the cover pages, unless the context indicates a contrary intention. 
  

			
	DEBT FACILITY	 	 the consolidated debt facility until such facility has been fully settled.

 
 •     ARQ will need to reduce the consolidated debt facility owing to Amplats to an outstanding balance of no more than R1 billion as at 31 December 2018 and no more
than R500 million as at 31 December 2019.
  

•     The consolidated debt facility shall be fully repaid to RPM by no
later than 31 December 2020.
  

	WORKING CAPITAL FACILITY	 	 •     Amplats will advance a working capital facility to ARQ.

 

•     The working capital facility will be available for drawdown during
2012, 2013 and 2014 at a maximum of R30 million per annum. Any unused amounts will not be made available for drawdown in the following year.
  

•     Amplats will charge interest on the outstanding working capital
facility at JIBAR+4% per annum.
  

•     Including capitalised interest, the balance of the working capital
facility shall not exceed R90 million at any time.
  

•     ARQ will not pay any dividends until the working capital facility
is fully repaid.
  

•     The working capital facility will be repayable in full by 31 December 2018.

 

	B PREFERENCE SHARES	 	 •     De-linking of the “B” Preference
Shares structure by way of an amendment to the existing terms of the B Preference Shares or by way of a conversion and immediate replacement of the existing B Preference Shares, the result of which will be to provide Pelawan SPV with an ability to
access its 111.6 million ARQ Ordinary Shares to the extent required to maintain the BEE shareholding in ARQ at a level above 51% in the event of ARQ undertaking a rights offer/capital raise for financing/refinancing BHL approved expansion
projects.
  

•     To the extent that ARQ issues new ARQ Ordinary Shares, Pelawan SPV
shall convert its B3 Preference Shares to ARQ Ordinary Shares to the extent that Pelawan’s equity shareholding in ARQ after such a rights offer would be above 51%, assuming and including in the calculation that Amplats converted all its B
Preference Shares to ARQ Ordinary Shares.
  

•     RPM undertakes not to convert its B Preference Shares into 115.8
million ARQ Ordinary Shares until the earlier of:
  

•     the consolidated debt facility is fully repaid; or

 
 •     31 December
2018; or
  

•     a change of control of Pelawan and/or ARQ; or

 
 •     a partial or
full offer being made for all the shares in ARQ; or
  

•     a material breach of the provisions of the Transaction Documents by ARQ.

 
 •     The
de-linking of the B Preference Shares shall not affect the security
  

  

  
 5 

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	  	PLATINUM                    

 Definitions and Interpretations commencing on page 8 of this Term Sheet apply throughout,
including the cover pages, unless the context indicates a contrary intention. 
  

			
		 	 granted in favour of RPM, which shall remain in full force and effect Irrespective of the revised
structure.
  

	OTHER TERMS	 	 •     Extend the existing purchase of concentrate
agreement (“Concentrate Agreement”) on its current terms up to 31 December 2020. It being noted that at any time during this period, the Concentrate Agreement may be amended by mutual agreement between the contracting parties. Thereafter,
the Concentrate Agreement will be renewable every 5 years on terms that are agreeable to both Parties.
  

•     Additional ARQ management fee of up to 2% of BHL’s after tax
profits if certain technical targets above plan are met.
  

•     “Delta 80” expansion project to be fast tracked but
subject to Amplats internal approval process and project review process.
  

•     Improvement of management and key employee incentive structures and
remuneration.
  

•     The HDSA ownership of ARQ may not fall below 51% before 31 December 2018.

 

	CONDITIONS PRECEDENT	 	 •     The implementation of the Transaction will be subject to:

 
 •     Approval by
the board of ARQ;
  

•     Drafting of Transaction Documents to the satisfaction of the Parties;

 
 •     Approval of
Transaction Documents by the board of Amplats;
  

•     Unconditional approval of the Transaction by the DMR, which will include inter
alia:
  

•     S11 (or similar legal) consent for the sale of the Mineral
Properties, which may require proof of compliance with the Social and Labour Plans (“SLPs”) that have been developed, as well as proof of compliance with the environmental management plans (“EMPs”) and mine works plans
(“MWPs”); and
  

•     Agreement that the empowerment credits received from the original
transaction involving Lebowa, Boikgantsho, Kwanda and Ga-Pasha must remain in place following the Transaction, such that Amplats’ HDSA attributable ounces and/therefore its empowerment credentials are not prejudiced;

 

•     To the extent required, unconditional approval by the Competition Authorities of
South Africa;
  

•     Approvals required in terms of the TSX listing rules;

 
 •     Approval by
the shareholders of ARQ;
  

•     Any other requisite regulatory approvals;

 
 •     Other
conditions precedent as is customary for a transaction of this nature;
  

•     Satisfactory due diligence by Amplats on (amongst others) -

 

  

  
 6 

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	  	PLATINUM                    

 Definitions and Interpretations commencing on page 8 of this Term Sheet apply throughout,
Including the cover pages, unless the context indicates a contrary intention. 
  

			
		 	 legal, technical, social issues and specifically Anooraq having the appropriate mining rights on the relevant farms
being sold; and
  

•     Amplats acquiring unconditional title to the Mineral Properties
(subject to the MPRDA).
  

	GENERAL UNDERTAKINGS	 	 •     Amplats shall have the right to refinance or
restructure the consolidated debt facility post the implementation of the Transaction and ARQ shall co-operate with any such process, including any potential third party funder should Amplats decide to cede the consolidated debt facility or any part
thereof to such party. The refinancing is to be undertaken on mutually agreed terms and as such cannot be more onerous than the terms being offered to ARQ as part of the Transaction.

 

	CO-OPERATION AND GOOD FAITH	 	 •     The Parties will co-operate in matters of
mutual concern and shall act with good faith in their dealings and relationships with one another. No Party shall take any action, directly or indirectly, to avoid or frustrate the effect, purpose and intent of any of the Transaction Documents.

 

•     The Parties shall at all times co-operate and consult with each
other insofar as may be reasonably necessary in order to procure the implementation of the Transaction Documents.
  

•     Each of the Parties undertakes, on request, to use all reasonable
endeavours to assist each of the other Parties in obtaining all necessary governmental and regulatory consents, licences and approvals that may be appropriate in relation to the Transaction Documents and to promptly provide any relevant governmental
or regulatory authority all such information as may be reasonably required to obtain any consents, licences or approvals.
  

•     The Parties shall at all times co-operate with each other and
shall use reasonable commercial endeavours for the purposes of doing, as quickly as possible, all things necessary to further progress, negotiate and implement the Transactions.

 

	CONFIDENTIALITY	 	 •     This Term Sheet and its contents are intended
for the exclusive use of any of Pelawan and its shareholders or ARQ, and shall not be disclosed by them to any person other than their legal and financial advisers for the purposes of the proposed transactions contemplated herein unless the prior
written consent of Amplats is obtained.
  

•     No party to this Term Sheet shall discuss the terms contained
herein or any aspect or provisions thereof in public or issue any press release or any other public document or make any public statement in each case relating to or connected with or arising out of the Term Sheet and/or any aspect or provision of
this Term Sheet (save for any such release, announcement or document which Is required to be given, made or published by law on the proviso that ARQ will provide Amplats with sufficient notice to enable Amplats to seek urgent relief if it so
requires) without obtaining the prior written approval of the other parties to the contents thereof and the manner of its presentation and publication;

  

  
 7 

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	  	PLATINUM                    

 Definitions and interpretations commencing on page 8 of this Term Sheet apply throughout,
Including the cover pages, unless the context Indicates a contrary intention. 
  

			
		
		 	 provided that such approval shall not be unreasonably withheld or delayed.

		
	MARKETING AND ANNOUNCEMENTS	 	 •     The Parties are to agree that no announcements and/or notices or any other
public marketing material with respect to ARQ and/or the Transaction and/or the contents of this Term Sheet, be released without the prior written consent of the Parties to such communication.

		
	STOCK EXCHANGE ANNOUNCEMENT AND MONITORING OF CONFIDENTIALITY	 	 •     If Amplats and ARQ reach agreement on the matters contemplated by this Term
Sheet, the parties will proceed to publish a joint stock exchange announcement giving details of the Transaction. This will be necessary pursuant to ARQ’s continuous disclosure obligations under the TSX Listing Rules. The parties will continue
to monitor developments in relation to this matter carefully, to make sure that confidentiality has not been lost (which could result in an announcement being required even though no Term Sheet has been executed).

		
	 COSTS
	 	 •     Each of the parties shall pay its own costs and expenses (including legal,
accounting and financial advisory fees and expenses) in connection with the transactions recorded herein

	
	DEFINITIONS
		
	 Amplats
	 	 Anglo American Platinum Limited including, where the context dictates, the relevant subsidiaries thereto (e.g. RPM)

		
	 ARQ
	 	 Anooraq Resources Corporation Limited including, where the context dictates, the relevant subsidiaries thereto (e.g. Plateau)

		
	 ARQ Ordinary Shares
	 	 Shares in the issued ordinary share capital of ARQ which shares currently have a primary listing on the TSX and secondary listings on the JSE and
AMEX

		
	 Availability Period
	 	 The period during which Plateau is able to draw on the OCSF, being 3 years from the initial drawdown date (1 July 2009)

		
	 A Preference Shares
	 	 The existing A preference shares of about R1.5 billion held by RPM in Plateau prior to the restructuring of the debt

		
	 B Preference Shares
	 	 Collectively, the B1 Preference Shares, B2 Preference Shares and B3 Preference Shares

		
	 B1 Preference Shares
	 	 The cumulative convertible B1 preference shares in the authorised share capital of Pelawan SPV, issued to and subscribed for by RPM

		
	 B2 Preference Shares
	 	 The cumulative convertible B2 preference shares in the authorised share capital of Plateau, issued to and subscribed for by Pelawan SPV

		
	 B3 Preference
	 	 The cumulative convertible B3 preference shares in the authorised share capital

  

  
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	  	PLATINUM                    

 Definitions and interpretations commencing on page 8 of this Term Sheet apply throughout,
including the cover pages, unless the context indicates a contrary intention. 
  

			
	Shares	 	 of Plateau, issued to and subscribed for by Pelawan SPV

		
	 Base Case Cash
 Forecast
	 	 The LOM plan and cash flow model regarding BHL as agreed between the Parties, including the development of the MPH Delta 80 UG 2 expansion project and new
UG2 concentrator at BHL, as reflected in that plan

		
	BHL	 	 Bokoni Platinum Holdings (Proprietary) Limited; formerly known as Richtrau No. 179 (Proprietary) Limited

		
	DMR	 	 Department of Mineral Resources

		
	JSE	 	 JSE Limited

		
	Mineral Properties	 	 51% of ARQ’s attributable interest in Paschaskraal, De Kamp and Boikgantsho farms as set out in Annexure B

		
	 Operating Cash
 Flow Shortfall

Facility (OCSF)
	 	 The debt funding facility of up to a maximum of R750 million made available by Amplats or RPM to Plateau for the Availability Period to fund Plateau’s
pro rata share of the working capital and capital expenditure requirements in relation to BHL. In addition to the R750 million cash facility, the OCSF also includes a guarantee facility of R28 million

		
	Pelawan	 	 Pelawan Investments (Proprietary) Limited, the ultimate holding company of ARQ including, where the context dictates, the relevant subsidiaries
thereto

		
	Pelawan SPV	 	 Pelawan Finance SPV (Proprietary) Limited, a wholly owned subsidiary of Pelawan

		
	Plateau	 	 Plateau Resources (Proprietary) Limited, an indirect wholly owned subsidiary of ARQ

		
	Preference Share Facilities	 	 Collectively, the A Preference Share Facility and the B Preference Share Facility

		
	RMB	 	 Rand Merchant Bank, a division of FirstRand Bank Limited

		
	RPM	 	 Rustenburg Platinum Mines Limited, a wholly owned subsidiary of Amplats

		
	RPM Standby Facility	 	 Standby facility provided by RPM to Plateau from the initial drawdown date (1 July 2009) for up to 29/49 of RPM’s share of BHL’s free cashflow,
used to service any accrued and/or capitalised interest and scheduled capital payments on the Senior Debt Facility

		
	SCB	 	 Standard Chartered Bank

		
	Senior Debt Facility	 	 The R750 million senior debt financing facility provided by SCB to Plateau, allowing upfront drawdown in the amount of R500 million and interest rollup for 3
years which facility has since been acquired by Amplats

		
	Term Sheet	 	 This term sheet dated on or about December 2011 relating to the proposed refinancing of Amplats’s joint venture with ARQ in BHL

  

  
 9 

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	  	PLATINUM                    

 Definitions and interpretations commencing on page 8 of this Term Sheet apply throughout,
including the cover pages, unless the context indicates a contrary intention. 
  

			
	 Transaction

Documents
	  	 Written legal agreements and any other documents necessary to implement the Transaction contemplated in this Term Sheet

		
	 TSX
	  	 The Toronto Stock Exchange

  

									
		 	 For / on behalf of Amplats
	  		  	For / on behalf of ARQ	  	

  

  
 10 

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	  	PLATINUM                    

 Definitions and interpretations commencing on page 8 of this Term Sheet apply throughout,
including the cover pages, unless the context indicates a contrary intention. 
 ANNEXURE A: ARQ CURRENT FUNDING STRUCTURE AS AT
30 JUNE 2011 (excluding capital drawdowns made subsequent to 30 June 2011) 
  
 

 
  

									
	 Debt Instrument
	  	Principal
(incl Interest YTD)
ZAR	 	  	Current Coupon	 
	 A Preference Shares
	  	 	1,479,072,000	  	  	 	12	% pref div 
	 OCSF*
	  	 	536,937,437	  	  	 	15,84	% 
	 Senior Debt Facility
	  	 	679,603,703	  	  	 	9,575	% 
	 TOTAL
	  	 	2,695,613,140	  	  			

  

	*	 Includes commitment fees and guarantee fees and related interest thereon. 

  

  
 11 

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	  	PLATINUM                    

 Definitions and interpretations commencing on page 8 of this Term Sheet apply throughout,
including the cover pages, unless the context indicates a contrary intention. 
 ANNEXURE B: ATTRIBUTABLE RESOURCES UNDER
CONSIDERATION 
  

																					
	 Mineral Resource Category by

farm name
	  	Current
midpoint
negotiated
value
(R’m)1	 	  	Current
midpoint
negotiated
value
($’m)2	 	  	MOz
(4E)
Total3	 	  	MOz
(4E)
Attribu
table	 	  	Implied
$/Oz#	 
	 PASCHASKRAAL
	   

	 Measured
	  				  				  	 	6.54	  	  				  			
	 Indicated
	  				  				  	 	8.71	  	  	 	7.78	  	  			
	 Measure and indicated
	  				  				  	 	15.25	  	  				  			
	 Inferred
	  				  				  	 	10.75	  	  	 	5.48	  	  			
	 Measured, indicated and inferred
	  	 	1,100	  	  	 	162.7	  	  	 	26.00	  	  	 	13.26	  	  	 	12.27	  
	 DE KAMP
	   

	 Measured
	  				  				  	 	–  	  	  				  			
	 Indicated
	  				  				  	 	–  	  	  				  			
	 Measured and indicated
	  				  				  	 	–  	  	  				  			
	 Inferred
	  				  				  	 	23.83	  	  	 	12.15	  	  			
	 Measured, indicated and inferred
	  	 	400	  	  	 	59.2	  	  	 	23.83	  	  	 	12.15	  	  	 	4.87	  
	 BOIKGANTSHO
	   

	 Measured
	  				  				  	 	–  	  	  	 	–  	  	  			
	 Indicated
	  				  				  	 	7.67	  	  	 	3.91	  	  			
	 Inferred
	  				  				  	 	4.11	  	  	 	2.10	  	  			
	 Measured, indicated and inferred
	  	 	200	  	  	 	29.6	  	  	 	11.78	  	  	 	6.01	  	  	 	4.93	  
	 TOTAL
	  	 	1,700	  	  	 	251.5	  	  				  	 	31.42	  	  	 	8.00	  

 Notes: 

	 	1.	 Based on the midpoint of the negotiated value as agreed by the Parties. 

	 	2.	 Converted at R6.76/US$ on 30 June 2011. 

	 	3.	 As indicated by ARQ. 

  
 12 

Table of Contents

			
		
	 

	  	PLATINUM                    

 Definitions and interpretations commencing on page 8 of this Term Sheet apply throughout,
including the cover pages, unless the context indicates a contrary intention. 
 ANNEXURE C: RESULTANT CAPITAL STRUCTURE

  

					
	 Description
	  	Amount
(ZARm)	 
	 Cash consideration for sale of attributable ounces (refer to Annexure B)
	  	 	1,700	  
	 Total effective cash consideration in exchange for redemption of the A Preference Share facility
	  	 	1,503	  
	 Total effective cash consideration in exchange for settlement against the OCSF
	  	 	197	  
	 Net debt position before the Transaction (using net debt at 30 June 2011)
	  	 	2,700	  
	 Resultant net debt position (using net debt at 30 June 2011)
	  	 	1,000	  

  

													
	 	  	Before the Transaction
(30 June 2011)	    	After the Transaction
(30 June 2011)
	 Debt

Instrument
	  	Principal
(incl Interest
YTD)
ZAR	 	  	Coupon	    	Principal
(incl Interest
YTD)
ZAR1	 	  	 
	 A Preference Shares
	  	 	1,479,072,000	  	  	12% pref div	    	 	0	  	  	
	 OCSF*
	  	 	536,937,437	  	  	15,84%	    	 	316,009,437	  	  	
	 Senior Debt

Facility
	  	 	679,603,703	  	  	JIBAR+4%	    	 	679,603,703	  	  	
	 TOTAL
	  	 	2,695,613,140	  	  		    	 	995,613,140	  	  	

  

	*	 Excludes capital drawdowns made against this facility subsequent to 30 June 2011. 

  

  
 13EX-4.35

 Exhibit 4.35 

EXECUTION VERSION 
 RPM FUNDING COMMON
TERMS AGREEMENT 
 between 
 RUSTENBURG
PLATINUM MINES LIMITED 
 PLATEAU RESOURCES PROPRIETARY LIMITED 

PELAWAN FINANCE SPV PROPRIETARY LIMITED 
 ATLATSA
RESOURCES CORPORATION 
 and 
 CERTAIN
OTHERS 
  
 

 

 CONTENT 
  

							
	 Clause
	 	 	  	Page	 
			
	 1.
	 	 INTERPRETATION
	  	 	3	  
			
	 2.
	 	 INTRODUCTION AND APPLICATION OF THIS AGREEMENT
	  	 	13	  
			
	 3.
	 	 THE RPM FACILITIES AND PREFERENCE SHARE SUBSCRIPTIONS
	  	 	14	  
			
	 4.
	 	 TAX GROSS UP AND INDEMNITIES
	  	 	14	  
			
	 5.
	 	 INCREASED COSTS
	  	 	16	  
			
	 6.
	 	 REPRESENTATIONS
	  	 	18	  
			
	 7.
	 	 INFORMATION UNDERTAKINGS
	  	 	26	  
			
	 8.
	 	 GENERAL UNDERTAKINGS
	  	 	26	  
			
	 9.
	 	 EVENTS OF DEFAULT
	  	 	36	  
			
	 10.
	 	 PAYMENTS
	  	 	42	  
			
	 11.
	 	 RENUNCIATION OF BENEFITS
	  	 	42	  
			
	 12.
	 	 CERTIFICATE OF INDEBTEDNESS
	  	 	42	  
			
	 13.
	 	 CESSION
	  	 	42	  
			
	 14.
	 	 ROLE OF THE SECURITY AGENT AND THE PLATEAU SECURITY SPV
	  	 	42	  
			
	 15.
	 	 NOTICES AND DOMICILIA
	  	 	44	  
			
	 16.
	 	 GOVERNING LAW
	  	 	46	  
			
	 17.
	 	 JURISDICTION
	  	 	46	  
			
	 18.
	 	 GENERAL
	  	 	46	  
			
	 19.
	 	 COSTS AND EXPENSES
	  	 	47	  
			
	 20.
	 	 COUNTERPARTS
	  	 	48	  
			
	 21.
	 	 AMENDMENT AND RESTATEMENT OF THE ORIGINAL AGREEMENT
	  	 	48	  
		
	 SIGNATURE PAGE
	  	 	49	  

  
 2 

 RPM FACILITIES COMMON TERMS AGREEMENT 

THIS AGREEMENT is dated      December 2012 and made between: 

 

	(1)	 RUSTENBURG PLATINUM MINES LIMITED a public company incorporated under the laws of South Africa with registration number 1931/003380/06 (the
“Original Lender” or “RPM”); 

  

	(2)	 PLATEAU RESOURCES PROPRIETARY LIMITED, a private limited liability company incorporated under the laws of South Africa with registration no.
1996/013879/07 (“Plateau”); 

  

	(3)	 PELAWAN FINANCE SPV PROPRIETARY LIMITED, a private limited liability company incorporated under the laws of South Africa with registration
no. 2006/032879/07 (“Pelawan SPV”); 

  

	(4)	 ATLATSA RESOURCES CORPORATION (previously known as Anooraq Resources Corporation), a public company incorporated under the laws of the
Province of British Columbia, Canada with registration no. 10022-2033 (the “Parent”); 

  

	(5)	 N1C RESOURCES INC., a limited liability company incorporated under the laws of the Cayman Islands with registration no. CR-94610
(“N1C Resources”); 

  

	(6)	 N2C RESOURCES INC., a limited liability company incorporated under the laws of the Cayman Islands with registration no. CR-94611
(“N2C Resources” or the “Guarantor”); 

  

	(7)	 PELAWAN TRUST, an inter vivos trust established under the laws of South Africa with Master’s Reference No. IT.8411/2004
(“Pelawan Trust”); 

  

	(8)	 ATLATSA HOLDINGS PROPRIETARY LIMITED, a private limited liability company incorporated under the laws of South Africa with registration no.
2002/017920/07 (“Pelawan Investments”); 

  

	(9)	 MICAWBER 634 PROPRIETARY LIMITED, a private limited liability company incorporated under the laws of South Africa with registration no.
2007/025445/07 (the “Plateau Security SPV’); and 

  

	(10)	 MICAWBER 603 PROPRIETARY LIMITED, a private limited liability company incorporated under the laws of South Africa with registration no.
2007/019599/07 (the Opco Security SPV”). 

 The Parties agree as set out below. 

 

	1.	 INTERPRETATION 

  

	1.1	 Words and expressions used in this Agreement and words and expressions used in any other Finance Document which are stated to be defined in this
Agreement, and which are not otherwise defined in this Agreement, shall bear the meaning given to them in the Senior Facilities Agreement (as defined below). In addition, unless the context dictates otherwise, the words and expressions set forth
below shall bear the following meanings and cognate expressions shall bear corresponding meanings: 

  
 3 

	1.1.1	 “Agreement” means this amended and restated RPM Funding Common Terms Agreement and its Schedules; 

 

	1.1.2	 “Atlatsa 2 Consideration Shares” means, at each Conversion Date, the number of Atlatsa Common Shares to be issued and allotted to
Pelawan SPV against delivery by Pelawan SPV of the Plateau 2 Shares in accordance with the Plateau Forward Sale Agreement, provided that the aggregate number of such Atlatsa 2 Consideration Shares issued under the Plateau Forward Sale Agreement
shall not (subject to no Share Adjustment Event having occurred) exceed 115 800 000 Atlatsa Ordinary Shares; 

  

	1.1.3	 “Atlatsa 3 Consideration Shares” means, at each Conversion Date, the number of Atlatsa Common Shares to be issued and allotted to
Pelawan SPV against delivery by Pelawan SPV of the Plateau 3 Shares in accordance with the Plateau Forward Sale Agreement, provided that the aggregate number of such Atlatsa 3 Consideration Shares issued under the Plateau Forward Sale Agreement
shall not (subject to no Share Adjustment Event having occurred) exceed 111 600 000 Atlatsa Ordinary Shares; 

  

	1.1.4	 “Atlatsa Security Shares” means 56 691 303 Atlatsa Common Shares, constituting 26% of all of the Atlatsa Common Shares on a fully
diluted basis, as at the Initial Commencement Date, or such other number of Atlatsa Common Shares as will from time to time after the Initial Commencement Date constitute 26% of all the Atlatsa Common Shares in issue as at that date;

  

	1.1.5	 “Conversion” means individually or collectively as the context may require: a) the conversion of the RPM Pelawan SPV B1 Preference
Shares into such number of Pelawan SPV Converted Shares as is contemplated in the RPM Pelawan SPV B1 Preference Share Subscription Agreement; b) the conversion of the Pelawan SPV Plateau B2 Preference Shares into such number of Plateau 2 Converted
Shares as contemplated under the Pelawan SPV Plateau B2 Preference Share Agreement; and c) the conversion of the Pelawan SPV Plateau B3 Preference Shares into such number of Plateau 3 Converted Shares as contemplated under the Pelawan SPV Plateau B3
Preference Share Agreement; and Convert and Converted will be construed accordingly; 

  

	1.1.6	 “Conversion Date” means the “Conversion Date” as defined in the RPM Pelawan SPV B1 Subscription Agreement;

  

	1.1.7	 “Conversion Implementation Agreement” means the conversion implementation agreement date on or about 12 June 2012 entered
into between, inter alia, RPM, Plateau, Pelawan Investments, Pelawan Trust, Pelawan SPV and the Parent; 

  

	1.1.8	 “Default” means an Event of Default or any event or circumstance specified in Clause 9 (Events of Default) which would (with the
expiry of a grace period, the giving of notice, the making of any determination under the Finance Documents or any combination of any of the foregoing) be an Event of Default; 

  
 4 

	1.1.9	 “Event of Default” means any event or circumstance specified in clause 9 (Events of Default); 

 

	1.1.10	 “Excluded Default” means a Senior Event of Default (as defined in the Global lntercreditor Agreement) which arises solely as a
result of: 

  

	1.1.10.1	 RPM failing to comply with its obligations under clause 18.15(b) (RPM Undertaking relating to Disposals) of the Global lntercreditor Agreement; or

  

	1.1.10.2	 a “Change of Control” (as defined in the Senior Facilities Agreement) occurring because RPM has ceased to have legal and beneficial
ownership of at least 25.1% of the issued equity share capital of Holdco; 

  

	1.1.11	 “Final Repayment Date” means the date falling on the 9th anniversary of the
Initial Commencement Date; 

  

	1.1.12	 “Finance Document” means: 

  

	1.1.12.1	 this Agreement; 

  

	1.1.12.2	 the Global lntercreditor Agreement; 

  

	1.1.12.3	 the Plateau lntercreditor Agreement; 

  

	1.1.12.4	 Pelawan SPV Plateau B2 Preference Share Subscription Agreement; 

 

	1.1.12.5	 Pelawan SPV Plateau B3 Preference Share Subscription Agreement; 

 

	1.1.12.6	 Pelawan Investments Guarantee Agreement; 

  

	1.1.12.7	 each Debt Guarantee; 

  

	1.1.12.8	 each Counter Indemnity Agreement; 

  

	1.1.12.9	 each Security SPV Document; 

  

	1.1.12.10	 each Transaction Security Document; 

  

	1.1.12.11	 the Working Capital Facility Agreement; 

  

	1.1.12.12	 the Senior Facilities Agreement; 

  

	1.1.12.13	 the Amendment and Interim Implementation Agreement; 

  

	1.1.12.14	 the Implementation Agreement (and Funds Flow Statement); 

 

	1.1.12.15	 the Pelawan SPV Forward Sale Agreement; 

  

	1.1.12.16	 the Plateau Forward Sale Agreement; 

  

	1.1.12.17	 the Pelawan Share for Share Agreement; 

  

	1.1.12.18	 the Conversion Implementation Agreement; and 

  
 5 

	1.1.12.19	 each utilisation request for a utilisation under any of the agreements specialised above; 

and any other document designated as a “Finance Document” by the Lender and Plateau; 

 

	1.1.13	 “Finance Party” means the Lender, the Plateau Security SPV and the Opco Security SPV; 

 

	1.1.14	 “Initial Commencement Date” means 1 July 2009; 

 

	1.1.15	 “Interim Repayment Date” means the date falling on the 6th (sixth)
anniversary of the Initial Commencement Date; 

  

	1.1.16	 “June 2009 RPM Funding Common Terms Agreement” means the agreement entitled ‘RPM Funding Common Terms Agreement’ entered
into on or about 12 June 2009, amongst RPM, Plateau, Atlatsa, Pelawan SPV, N1C Resources, N2C Resources, Pelawan, Pelawan Trust, Opco Security SPV and Plateau Security SPV; 

 

	1.1.17	 “JSE” means the securities exchange operated by the JSE Limited, registration number 2005/022939/06, a company incorporated under
the laws of South Africa; 

  

	1.1.18	 “Lender” means: 

  

	1.1.18.1	 the Original Lender; and 

  

	1.1.18.2	 any bank, financial institution, trust, fund or other entity which has become a Party in accordance with Clause 13 (Cession),

 which in each case has not ceased to be a Party in accordance with the terms of this Agreement; 

 

	1.1.19	 “Material Adverse Effect” means a material adverse effect on: 

 

	1.1.19.1	 the business, operations, property, condition (financial or otherwise) or prospects of any Obligor individually or the Pelawan Group taken as a
whole, the Atlatsa Group taken as a whole, or the Plateau Group taken as a whole; or 

  

	1.1.19.2	 the ability of an Obligor to perform its obligations under any of the Transaction Documents; or 

 

	1.1.19.3	 the validity or enforceability of, or the effectiveness or ranking of any Security granted or purporting to be granted pursuant to any of, the
Finance Documents or the rights or remedies of any Finance Party (directly or indirectly) under any of the Finance Documents; 

  

	1.1.20	 “Obligor’’ means: 

  

	1.1.20.1	 Pelawan SPV; 

  

	1.1.20.2	 Pelawan Investments; 

  
 6 

	1.1.20.3	 the Pelawan Trust; 

  

	1.1.20.4	 N1C Resources; 

  

	1.1.20.5	 N2C Resources; 

  

	1.1.20.6	 the Parent; and 

  

	1.1.20.7	 Plateau; 

  

	1.1.21	 “Original Lender” means RPM; 

  

	1.1.22	 “Party” means a party to this Agreement and “Parties” shall, as the context requires, be a reference to all of
them; 

  

	1.1.23	 “Pelawan Group” means collectively, Pelawan SPV, Pelawan Investments, Pelawan Dividend Trust, Pelawan Trust, the Parent and
Plateau and their respective direct or indirect Subsidiaries for the time being; 

  

	1.1.24	 “Pelawan Investments Guarantee Agreement” means the guarantee agreement dated on or about 12 June 2009 entered into between
Pelawan Investments and RPM in terms of which Pelawan Investments guarantees the obligations of Pelawan SPV in respect of, inter alia, the RPM Pelawan B Preference Shares and the Pelawan SPV Forward Sale Agreement; 

 

	1.1.25	 “Pelawan Investments Security Documents” means each of the documents listed as being a Pelawan Investments Security Document in
Paragraph 2 of Schedule 2 (Transaction Security Documents) together with any other document entered into by Pelawan Investments creating or expressed to create any Security over all or any of its assets in respect of any of the obligations of any of
the Obligors or member of the Borrower Group under any of the Finance Documents; 

  

	1.1.26	 “Pelawan SPV Converted Shares” means, at each Conversion Date, the number of Pelawan SPV Ordinary Shares into which the RPM
Pelawan SPV B1 Preference Shares automatically Convert; 

  

	1.1.27	 “Pelawan SPV Designated Shares” means, at each Conversion Date, the sum of Pelawan SPV Converted Shares and Pelawan SPV
Subscription Shares; 

  

	1.1.28	 “Pelawan SPV Ordinary Shares” means the issued ordinary shares in the share capital of Pelawan SPV from time to time;

  

	1.1.29	 “Pelawan SPV Plateau B2 Preference Shares” means the 115 800 cumulative, convertible preference par value share of R1.00 each in
the share capital of Plateau, having the rights and privileges set out in the Pelawan Plateau B2 Preference Subscription Agreement and the articles of association of Plateau; 

 

	1.1.30	 “Pelawan SPV Plateau B2 Preference Share Subscription Agreement” means the subscription agreement dated on or about 12 June
2009 between Pelawan SPV and Plateau in terms of which 

  
 7 

	 	 
Pelawan SPV agrees to subscribe for the Pelawan Plateau B2 Preference Shares; 

  

	1.1.31	 “Pelawan SPV Plateau B3 Preference Share” means the 111 600 cumulative, convertible preference par value share of R1.00 in the
share capital of Plateau, having the rights and privileges set out in the Pelawan Plateau B3 Preference Subscription Agreement and the articles of association of Plateau; 

 

	1.1.32	 “Pelawan SPV Plateau B3 Preference Share Subscription Agreement” means the subscription agreement dated on or about 12 June
2009 between Pelawan SPV and Plateau in terms of which Pelawan SPV agrees to subscribe for the Pelawan Plateau B3 Preference Shares; 

  

	1.1.33	 “Pelawan SPV Subscription Shares” means, at each Conversion Date, the additional number of Pelawan SPV Ordinary Shares that RPM
will subscribe for using all of the cash proceeds of the B1 Preference Dividend; 

  

	1.1.34	 “Pelawan Share for Share Agreement” means the share for share agreement dated on or about 12 June 2009 entered into between
Pelawan Investments and Pelawan SPV; 

  

	1.1.35	 “Pelawan SPV Forward Sale Agreement” means the forward sale agreement dated on or about 12 June 2009 between, inter alia,
RPM, Pelawan SPV and Pelawan Investments; 

  

	1.1.36	 “Plateau Counter Indemnity Agreement” means the counter indemnity agreement, dated on or about12 June 2009, between Plateau and
the Plateau Security SPV pursuant to which Plateau indemnifies and holds the Plateau Security SPV harmless in respect of claims made against the Plateau Security SPV under, inter alia, the Second Ranking Plateau Debt Guarantee and the Third
Ranking Plateau Debt Guarantee; 

  

	1.1.37	 “Plateau Forward Sale Agreement” means the forward sale agreement dated on or about 12 June 2009 between, inter alia,
Plateau, the Parent and Pelawan SPV; 

  

	1.1.38	 “Plateau Group” means N1C Resources, N2C Resources, Plateau, Holdco, Opco and each of their respective direct or indirect
Subsidiaries for the time being; 

  

	1.1.39	 “Plateau Ordinary Shares” means the issued ordinary shares in the share capital of Plateau from time to time;

  

	1.1.40	 “Plateau 2 Converted Shares” means, at each Conversion Date, the number of Plateau Ordinary Shares into which the B2 Preference
Shares automatically Convert; 

  

	1.1.41	 “Plateau 2 Shares” means, at each Conversion Date, the sum of the Plateau 2 Converted Shares and the Plateau 2 Subscription
Shares; 

  

	1.1.42	 “Plateau 2 Subscription Shares” means, at each Conversion Date, the additional number of Plateau Ordinary Shares that Pelawan SPV
will 

  
 8 

	 	 
subscribe for using all of the cash proceeds of the B2 Preference Dividend; 

  

	1.1.43	 “Plateau 3 Converted Shares” means, at each Conversion Date, the number of Plateau Ordinary Shares into which the B3 Preference
Shares automatically Convert; 

  

	1.1.44	 “Plateau 3 Shares” means, at each Conversion Date, the sum of the Plateau 3 Converted Shares and the Plateau 3 Subscription
Shares; 

  

	1.1.45	 “Plateau 3 Subscription Shares” means, at each Conversion Date, the additional number of Plateau Ordinary Shares that Pelawan SPV
will subscribe for using all of the cash proceeds of the B3 Preference Dividend; 

  

	1.1.46	 “Repayment Date” means 31 July and 31 January in each calendar year and the Interim Repayment Date and the Final
Repayment Date; 

  

	1.1.47	 Repeating Representations” means each of the representations set out in Clause 6.2 (Status) to Clause 6.7 (Governing law and
enforcement), Clause 6.11 (No default), Clause 6.12.2 (No misleading information), Clause 6.13 (Original Financial Statements), Clause 6.18 (Ranking) to 6.20 (Legal and beneficial ownership); 

 

	1.1.48	 “RPM Pelawan SPV B1 Preference Shares” means 115 800 cumulative convertible preference par value shares of R1.00 in the share
capital of the Pelawan SPV, having the rights and privileges set out in the RPM Pelawan SPV B1 Preference Share Subscription Agreement and the rights and privileges embodied or to be embodied in the articles of association of the Pelawan SPV;

  

	1.1.49	 “RPM Pelawan SPV B1 Preference Share Subscription Agreement” means the subscription agreement dated on or about 12 June 2009
between RPM and Pelawan SPV in terms of which RPM agreed to subscribe for the RPM Pelawan SPV B1 Preference Shares; 

  

	1.1.50	 “RPM Preference Shares” means the RPM Pelawan B Preference Shares which RPM has subscribed for pursuant to the Finance Documents;

  

	1.1.51	 “RPM Relevant Agreements” means: 

  

	1.1.51.1	 the RPM Pelawan B Preference Share Subscription Agreement; 

 

	1.1.51.2	 the Pelawan SPV Forward Sale Agreement; 

  

	1.1.51.3	 the Pelawan Share for Share Agreement; and 

  

	1.1.51.4	 the Conversion Implementation Agreement; 

  

	1.1.52	 “Senior Facilities Agreement” means the ZAR2 300 000 000 plus the Tranche 1 Amount (inclusive of capitalised interest) term and
revolving facilities agreement dated on or about the date of this Agreement and made between, amongst others, the Parent, N1C Resources, N2C 

  
 9 

	 	 
Resources, the Borrower, Holdco, Opco, each Security SPV, the Senior Lenders, the Senior Agent and the Security Agent; 

 

	1.1.53	 “Signature Date” means the date of the signature of the Party last signing this Agreement; 

 

	1.1.54	 “Transaction Documents” means the “Transaction Documents” as defined in the Senior Facilities Agreement and any
other document designated in writing as a “Transaction Document” by RPM and Plateau; “Transaction Security” means the Security created or expressed to be created in favour of the Opco Security SPV, the Plateau
Security SPV or RPM pursuant to the Transaction Security Documents; 

  

	1.1.55	 “Transaction Security Documents” means the “Transaction Security Documents” as defined in the Senior Facilities
Agreement and the Pelawan Investments Security Documents; 

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

 

	1.2	 Any reference in this Agreement to: 

  

	1.2.1	 an “affiliate” means, in relation to any person, a subsidiary of that person or a holding company of that person or any other
subsidiary of that holding company; 

  

	1.2.2	 “arm’s length” means terms that are fair and reasonable to the counterparty of a transaction and no more or less favourable
to the other party to the relevant transaction as could reasonably be expected to be obtained in a comparable arm’s length transaction with a person that is not the ultimate holding company of such counterparty or an entity of which such
counterparty or its ultimate holding company has direct or indirect control, or owns directly or indirectly more than 20% (twenty percent) of the share capital or similar rights of ownership; 

 

	1.2.3	 “assets” includes properties, revenues and rights of every description; 

 

	1.2.4	 “calendar month” shall be construed as a named month, i.e. January, February, March, April, May, June, July, August, September,
October, November and December; 

  

	1.2.5	 a “clause” shall, subject to any contrary indication, be construed as a reference to a clause hereof;

  

	1.2.6	 “guarantee” means any guarantee, letter of credit, bond, indemnity or similar assurance against loss, or any obligation, direct or
indirect, actual or contingent, to purchase or assume any indebtedness of any person or to make an investment in or loan to any person or to purchase assets of any person where, in each case, such obligation is assumed in order to maintain or assist
the ability of such person to meet its indebtedness; 

  

	1.2.7	 a “Holding Company” shall be construed in accordance with the Companies Act (as amended); 

  
 10 

	1.2.8	 “indebtedness” includes any obligation (whether incurred as principal or as surety) for the payment or repayment of money, whether
present or future, actual or contingent; 

  

	1.2.9	 “law” shall be construed as any law (including common or customary law) or statute, constitution, decree, judgment, treaty,
regulation, directive, bye-law, order or any other legislative measure of any government, supranational, local government, statutory or regulatory body or court; 

 

	1.2.10	 “month” means unless the context otherwise requires, a period starting on one day in a calendar month and ending on the
numerically corresponding day in the next succeeding calendar month except that, where any such period would otherwise end on a day which is not a Business Day it shall end on the immediately preceding Business Day; provided that if a period starts
on the last Business Day of a calendar month or if there is no numerically corresponding day in the month in which that period ends, that period shall end on the last Business Day in that later month (and references to “months” shall be
construed accordingly); 

  

	1.2.11	 “naca” means nominal annual compounded annually in arrears; 

 

	1.2.12	 “nacq” means nominal annual compounded quarterly in arrears; 

 

	1.2.13	 a “person” shall be construed as a reference to any person, firm, company, trust, corporation, government, state or agency
of a state or any association or partnership (whether or not having separate legal personality) of two or more of the foregoing; 

  

	1.2.14	 a “regulation” includes any regulation, rule, official directive, request or guideline (having the force of law) of any
governmental, intergovernmental or supranational body, agency, department or regulatory, self-regulatory or other authority or organisation; 

  

	1.2.15	 “repay” (or any derivative form thereof) shall, subject to any contrary indication, be construed to include
“prepay” or, as the case may be, the corresponding derivate form thereof; 

  

	1.2.16	 a “Schedule” or “Annexure” shall, subject to any contrary indication, be construed as a reference to a schedule
or annexure hereof; 

  

	1.2.17	 a “Subsidiary” shall be construed in accordance with the Companies Act (as amended); 

 

	1.2.18	 “tax” shall be construed so as to include any tax, levy, impost or other charge of a similar nature (including, without
limitation, any penalty or interest payable in connection with any failure to pay or delay in paying any of the same); 

  

	1.2.19	 a Default is “continuing” if it has not been remedied in accordance with the provisions of this Agreement or waived.

  

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

  
 11 

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

  

	1.3.2	 when any number of days is prescribed in this Agreement, same shall be reckoned exclusively of the first and inclusively of the last day unless the
last day falls on a day which is not a Business Day, in which case the last day shall be the next succeeding Business Day; 

  

	1.3.3	 in the event that the day for payment of any amount due in terms of this Agreement should fall on a day which is not a Business Day, the relevant
day for payment shall be the previous Business Day; 

  

	1.3.4	 in the event that the day for performance of any obligation to be performed in terms of this Agreement (other than a payment obligation) should
fall on a day which is not a Business Day, the relevant day for performance shall be the next succeeding Business Day; 

  

	1.3.5	 any reference in this Agreement to an enactment is to that enactment as at the Signature Date and as amended or re-enacted from time to time;

  

	1.3.6	 any reference in this Agreement to this Agreement or any other agreement or document shall be construed as a reference to this Agreement or, as the
case may be, such other agreement or document as same may have been, or may from time to time be, amended, varied, novated or supplemented; 

  

	1.3.7	 save as expressly set out in this Agreement, no provision of this Agreement constitutes a stipulation for the benefit of any person who is not a
Party to this Agreement; 

  

	1.3.8	 references to day/s or year/s shall be construed as Gregorian calendar day/s or year/s; 

 

	1.3.9	 a reference to a Party includes that Party’s successors-in-title and permitted assigns; 

 

	1.3.10	 a time of day shall be construed as a reference to Johannesburg time. 

 

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

 

	1.4.1	 any one gender includes the other genders; 

  

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

 

	1.4.3	 the singular includes the plural and vice versa. 

  

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

 

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

  
 12 

 
that the term so defined has limited application to the relevant clause, shall bear the same meaning as ascribed to it for all purposes in terms of this Agreement, notwithstanding that that term
has not been defined in this interpretation clause. 
  

	1.7	 The rule of construction that, in the event of ambiguity, the contract shall be interpreted against the Party responsible for the drafting thereof,
shall not apply in the interpretation of this Agreement. 

  

	1.8	 The expiration or termination of this Agreement shall not affect such of the provisions of this Agreement as expressly provide that they will
operate after any such expiration or termination or which of necessity must continue to have effect after such expiration or termination, notwithstanding that the clauses themselves do not expressly provide for this. 

 

	1.9	 This Agreement shall be binding on and enforceable by the estates, heirs, executors, administrators, trustees, permitted assigns or liquidators of
the Parties as fully and effectually as if they had signed this Agreement in the first instance and reference to any Party shall be deemed to include such Party’s estate, heirs, executors, administrators, trustees, permitted assigns or
liquidators, as the case may be. 

  

	1.10	 The use of any expression in this Agreement covering a process available under South African law such as winding-up (without limitation eiusdem
generis) shall, if any of the Parties to this Agreement is subject to the law of any other jurisdiction, be construed as including any equivalent or analogous proceedings under the law of such other jurisdiction. 

 

	1.11	 Where figures are referred to in numerals and in words, if there is any conflict between the two, the words shall prevail. 

 

	1.12	 The headings to the clauses and schedules of this Agreement are inserted for reference purposes only and shall in no way govern or affect the
interpretation of nor modify nor amplify the terms of this Agreement nor any clause or schedule hereof. 

  

	1.13	 The Parent’s name has changed from “Anooraq Resources Corporation” to “Atlatsa Resources Corporation”. To the extent that
any Finance Document refers to “Anooraq”, either in isolation or as part of a defined term, such references to Anooraq” shall be construed as references to “Atlatsa”. 

 

	2.	 INTRODUCTION AND APPLICATION OF THIS AGREEMENT 

  

	2.1	 The Lender has agreed to provide the facilities and subscribe for the Preference Shares set out in Clause 3 (RPM Facilities).

  

	2.2	 The Parties have agreed to enter into this Agreement to set out certain common definitions and provisions which are applicable to the RPM Relevant
Agreements. 

  

	2.3	 Each RPM Relevant Agreement will be subject to the terms and conditions of that RPM Relevant Agreement and to the terms and conditions of this
Agreement. The terms and conditions of this Agreement shall be incorporated by reference into each respective RPM Relevant Agreement. 

  
 13 

	2.4	 In the event of a conflict between the provisions of this Agreement and any Finance Document, the provisions of the Finance Document shall prevail.

  

	3.	 THE RPM FACILITIES AND PREFERENCE SHARE SUBSCRIPTIONS 

 

	3.1	 The facilities and preference share subscriptions 

Subject to the terms of this Agreement the Lender has subscribed for the RPM Pelawan SPV B1 Preference Shares pursuant to the
RPM Pelawan SPV B1 Preference Share Subscription Agreement. 
  

	3.2	 Obligors’ Agent 

  

	3.2.1	 Each Obligor other than Plateau (Designated Obligor) appoints Plateau to act on its behalf as its agent in relation to the Finance Documents
and irrevocably authorises: 

  

	3.2.1.1	 Plateau on its behalf to supply all information concerning itself contemplated by this Agreement to the Finance Parties and to give all notices and
instructions to make such agreements and to effect the relevant amendments, supplements and variations capable of being given, made or effected by any Designated Obligor notwithstanding that they may affect the Designated Obligor, without further
reference to or the consent of that Designated Obligor; and 

  

	3.2.1.2	 each Finance Party to give any notice, demand or other communication to that Designated Obligor pursuant to the Finance Documents to Plateau,

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

 

	3.2.2	 Every act, omission, agreement, undertaking, settlement, waiver, amendment, supplement, variation, notice or other communication given or made by
the Obligors’ Agent or given to the Obligors’ Agent under any Finance Document on behalf of a Designated Obligor or in connection with any Finance Document (whether or not known to any such Designated Obligor and whether occurring before
or after such Designated Obligor became an Obligor under any Finance Document) shall be binding for all purposes on that Designated Obligor as if that Designated Obligor had expressly made, given or concurred with it. In the event of any conflict
between any notices or other communications of the Obligors’ Agent and any other Designated Obligor, those of the Obligors’ Agent shall prevail. 

  

	4.	 TAX GROSS UP AND INDEMNITIES 

  

	4.1	 Definitions 

  

	4.1.1	 In this Agreement: 

  
 14 

	4.1.1.1	 “Tax Credit” means a credit against, relief or remission for, or repayment of, any Tax. 

 

	4.1.1.2	 “Tax Payment” means either the increase in a payment made by an Obligor to a Finance Party under Clause 4.2 (Tax indemnity).

  

	4.1.1.3	 Unless a contrary indication appears, in this Clause 4 a reference to “determines” or “determined” means a determination made
in the absolute discretion of the person making the determination. 

  

	4.2	 Tax indemnity 

  

	4.2.1	 Plateau shall (within three Business Days of demand by a Finance Party) pay to that Finance Party an amount equal to the loss, liability or cost
which that Finance Party determines will be or has been (directly or indirectly) suffered for or on account of Tax by that Finance Party in respect of a Finance Document. 

 

	4.2.2	 Paragraph 4.2.1 above shall not apply with respect to any Tax assessed on a Finance Party: 

 

	4.2.2.1	 under the law of the jurisdiction in which that Finance Party is incorporated or, if different, the jurisdiction (or jurisdictions) in which that
Finance Party is treated as resident for tax purposes; or 

  

	4.2.2.2	 under the law of the jurisdiction in which that Finance Party’s Facility Office is located in respect of amounts received or receivable in
that jurisdiction, 

 if that Tax is imposed on or calculated by reference to the net income received or
receivable (but not any sum deemed to be received or receivable) by that Finance Party to the extent a loss, liability or cost arises as a result of a failure by a Finance Party to comply with its filing obligations in relation to a Tax. 

 

	4.2.3	 A Finance Party making, or intending to make a claim under paragraph 4.2.1 above shall promptly notify Plateau of the event which will give, or has
given, rise to the claim. 

  

	4.3	 Tax Credit 

If an Obligor makes a Tax Payment and the relevant Finance Party determines that: 

 

	4.3.1	 a Tax Credit is attributable to an increased payment of which that Tax Payment forms part, to that Tax Payment or to a Tax Deduction in consequence
of which that Tax Payment was required;and 

  

	4.3.2	 that Finance Party has obtained and utilised that Tax Credit, 

the Finance Party shall pay an amount to the Obligor which that Finance Party determines will leave it (after that payment) in
the same after-Tax position as it would have been in had the Tax Payment not been required to be made by the Obligor. The Finance Party shall, on making such payment to the Obligor, 

  
 15 

 
notify the Finance Party that it has made such payment and of the amount of such payment. 
  

	4.4	 Stamp taxes 

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

	4.5	 Value added taxes 

  

	4.5.1	 Any amount payable under a Finance Document by an Obligor is exclusive of any value added tax or any other Tax of a similar nature which might be
chargeable in connection with a supply made in respect of that amount. If any such Tax is chargeable on any supply made by a Finance Party to an Obligor under a Finance Document, the Obligor must, upon presentation of a valid invoice, pay to the
Finance Party (in addition to and at the same time as paying the relevant amount) an amount equal to the amount of that Tax. 

  

	4.5.2	 Where a Finance Document requires an Obligor to reimburse a Finance Party for any costs or expenses, the Obligor must also at the same time pay and
indemnify the Finance Party against all value added tax or any other Tax of a similar nature incurred by the Finance Party in respect of those costs or expenses, but only to the extent that the Finance Party is not entitled to a credit or repayment
from the relevant tax authority in respect of the Tax. 

  

	5.	 INCREASED COSTS 

  

	5.1	 Increased costs 

  

	    5.1.1	 Subject to Clause 5.3 (Exceptions) Plateau shall, within three Business Days of a demand by the Lender, pay for the account of a Lender the amount
of any Increased Costs incurred by the Lender or any of its Affiliates as a result of (i) the introduction of or any change in (or in the interpretation, administration or application of) any law or regulation or (ii) compliance with any
law or regulation made after the date of this Agreement. 

  

	    5.1.2	 In this Agreement “Increased Costs” means an additional or increased cost which is incurred or suffered by the Lender or any of
its Affiliates to the extent that it is attributable to the Lender funding or performing its obligations under any Finance Document. 

  

	5.2	 Increased cost claims 

  

	    5.2.1	 If the Lender intends to make a claim pursuant to Clause 19.1 it shall notify Plateau of the event giving rise to the claim. 

 

	    5.2.2	 The Lender shall, as soon as practicable after a demand by Plateau, provide a certificate confirming the amount of its Increased Costs and the
basis for its claim of Increased Costs. 

  
 16 

	5.3	 Exceptions 

  

	5.3.1	 Clause 5.1 (Increased costs) does not apply to the extent any Increased Cost is: 

 

	5.3.1.1	 attributable to a Tax Deduction required by law to be made by Plateau; 

 

	5.3.1.2	 compensated for by Clause 4.2 (Tax indemnity) (or would have been compensated for under Clause 4.2 (Tax indemnity) but was not so compensated
solely because one of the exclusions in paragraph 4.2.2 of Clause 4.2 (Tax indemnity) applied); or 

  

	5.3.1.3	 attributable to the wilful breach of or non compliance with, any law or regulation by the Lender or its Affiliates. 

 

	5.3.2	 In this Clause 5.3 reference to a “Tax Deduction” has the same meaning given to the term in Clause 4.1 (Definitions)

  

	5.4	 Currency indemnity 

  

	5.4.1	 If any sum due from an Obligor under the Finance Documents (a “Sum”), or any order, judgment or award given or made in relation to
a Sum, has to be converted from the currency (the “First Currency”) in which that Sum is payable into another currency (the “Second Currency”) for the purpose of: 

 

	5.4.1.1	 making or filing a claim or proof against that Obligor;or 

 

	5.4.1.2	 obtaining or enforcing an order, judgment or award in relation to any litigation or arbitration proceedings, 

that Obligor shall as an independent obligation, within three Business Days of demand, indemnify each Finance Party to whom
that Sum is due against any cost reasonably incurred, loss or liability arising out of or as a result of the conversion including any discrepancy between (A) the rate of exchange used to convert that Sum from the First Currency into the Second
Currency and (B) the rate or rates of exchange available to that person at the time of its receipt of that Sum. 
  

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

  

	5.5	 Other indemnities 

  

	5.5.1	 Plateau shall within three Business Days of demand, indemnify each Finance Party against any cost, loss or liability incurred by it as a result of:

  

	5.5.1.1	 the occurrence of any Event of Default; 

  

	5.5.1.2	 a failure by an Obligor to pay any amount due under a Finance Document on its due date, 

  
 17 

	5.5.1.3	 funding, or making arrangements to fund, a Loan requested by Plateau but not made by reason of the operation of any one or more of the provisions
of this Agreement (other than by reason of default or negligence by that Finance Party alone); or 

  

	5.5.1.4	 investigating any event which it reasonably believes is a Default; 

 

	5.5.1.5	 acting or relying on any notice, request or instruction which it reasonably believes to be genuine, correct and appropriately authorised.

  

	5.6	 Indemnity to the Security Agent,the Opco Security SPV and the Plateau Security SPV 

 

	5.6.1	 Each Obligor shall promptly indemnify the Security Agent, the Plateau Security SPV, the Opco Security SPV and every Delegate against any cost, loss
or liability incurred by any of them (save if due to the gross negligence or wilful acts or omissions of the Security Agent, the Opco Security SPV, the Plateau Security SPV or a Delegate) as a result of: 

 

	5.6.1.1	 the taking, holding, protection or enforcement of the Transaction Security, 

 

	5.6.1.2	 the exercise of any of the rights, powers, discretions and remedies vested in the Security Agent, the Plateau Security SPV and each Delegate by the
Finance Documents or by law; and 

  

	5.6.1.3	 any default by any Obligor in the performance of any of the obligations expressed to be assumed by it in the Finance Documents.

  

	5.6.2	 The Security Agent, the Opco Security SPV and/or the Plateau Security SPV may, in priority to any payment to the Secured Parties, indemnify itself
out of the Secured Assets in respect of, and pay and retain, all sums necessary to give effect to the indemnity in this Clause 5.6 and shall have a lien on the Transaction Security and the proceeds of the enforcement of the Transaction Security for
all monies payable to it. 

  

	6.	 REPRESENTATIONS 

  

	6.1	 General 

  

	6.1.1	 Save as otherwise expressly provided in this Agreement in relation to any particular representation and warranty, each Obligor makes the
representations and warranties set out in this Clause 6 to each Finance Party and where applicable in relation to any representation and warranty, subject to the disclosures contained in the Disclosure Schedule. 

 

	6.1.2	 The Finance Parties have entered into the Finance Documents on the strength of and relying on the representations and warranties set out in this
Clause 6, each of which is a separate representation and warranty, given without prejudice to any other representation or warranty and is deemed to be a material representation or warranty (as applicable) inducing the Finance Parties to enter into
the Finance Documents. 

  
 18 

	6.2	 Status 

  

	6.2.1	 Save in respect of the Pelawan Trust, it and each of its Subsidiaries is a limited liability corporation, duly incorporated and validly existing
under the law of its jurisdiction of incorporation. 

  

	6.2.2	 The Pelawan Trust is trust validly existing and duly registered under the laws of South Africa. 

 

	6.2.3	 It and each of its Subsidiaries has the power and all Authorisations under the laws of all applicable jurisdictions to own its assets and carry on
its business as it is being conducted save to the extent a failure to have any such Authorisation is not reasonably likely to have a Material Adverse Effect. 

  

	6.3	 Binding obligations 

Subject to the Legal Reservations: 
  

	6.3.1	 the obligations expressed to be assumed by it and each member of the Plateau Group in each Transaction Document to which it and each member of the
Plateau Group is a party are legal, valid, binding and enforceable obligations; and 

  

	6.3.2	 (without limiting the generality of paragraph 6.3.1 above), each Transaction Security Document to which it and each member of the Plateau Group has
entered into creates (subject to registration of the Transaction Security Documents where necessary) the security interests which that Transaction Security Document purports to create and those security interests are valid and effective.

  

	6.4	 Non-conflict with other obligations 

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

	6.4.1	 any law or regulation applicable to it or each member of the Plateau Group; 

 

	6.4.2	 the constitutional documents of it or any member of the Plateau Group; or 

 

	6.4.3	 any agreement or instrument binding upon it or any member of the Plateau Group or any of its or any member of the Plateau Group’s material
assets (“material assets” in this clause being assets which individually or collectively constitute material assets) or constitute a default or termination event (however described) under any such agreement or instrument binding on it.

  

	6.5	 Power and authority 

  

	6.5.1	 It and each member of the Plateau Group has the power to enter into, perform and deliver, and has taken all necessary action to authorise its and
each member of the Plateau Group’s entry into, performance and 

  
 19 

 
delivery of, the Transaction Documents to which it and each member of the Plateau Group is or will be a party and the transactions contemplated by those Transaction Documents. 

 

	6.5.2	 No limit on its or any member of the Plateau Group’s powers will be exceeded as a result of the borrowing, grant of security or giving of
guarantees or indemnities contemplated by the Transaction Documents to which it or a member of the Plateau Group is a party. 

  

	6.6	 Validity and admissibility in evidence 

  

	6.6.1	 All Authorisations required: 

  

	6.6.1.1	 to enable it and each member of the Plateau Group lawfully to enter into, exercise its rights and comply with its obligations in the Transaction
Documents to which it is a party; and 

  

	6.6.1.2	 to make the Transaction Documents to which it and each member of the Plateau Group is a party admissible in evidence in its Relevant Jurisdictions,

 have been obtained or effected and are in full force and effect. 

 

	6.6.2	 All Authorisations necessary for the conduct of the business, trade and ordinary activities of members of the Pelawan Group have been obtained or
effected and are in full force and effect, save to the extent a failure to obtain or maintain any such Authorisation is not reasonably likely to have a Material Adverse Effect. 

 

	6.6.3	 Without limiting any other representation or warranty in this Agreement, no Authorisation, registration or declaration of, or filing with, any
governmental authority or other person including applicable securities law authorities or stock exchanges is required by the Parent in connection with the execution and delivery by it of the Plateau Forward Sale Agreement or the observance and
performance by it of its obligations under any Finance Document including the issuance of the Atlatsa 2 Consideration Shares and the Atlatsa 3 Consideration Shares other than the filing of a report on or before the 10th day after the distribution of such shares in accordance with BC Instrument 72-503 – Distribution of Securities Outside British Columbia; 

 

	6.7	 Governing law and enforcement 

  

	6.7.1	 Subject to the Legal Reservations, the choice of governing law of the Finance Documents will be recognised and enforced in relation to each Obligor
and each member of the Plateau Group in its Relevant Jurisdictions. 

  

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

  
 20 

	6.8	 Insolvency 

No: 
  

	6.8.1	 corporate action, legal proceeding or other procedure or step described in 9.7.1 (Insolvency proceedings); or 

 

	6.8.2	 creditors’ process described in Clause 9.8 (Creditors’ process), 

has been taken or, to the knowledge of any Obligor, threatened in relation to any Obligor or a member of the Plateau Group; and
none of the circumstances described in Clause 9.6 (Insolvency) applies to any Obligor or a member of the Plateau Group. 
  

	6.9	 No filing or stamp taxes 

Under the laws of its and each member of the Plateau Group’s Relevant Jurisdiction it is not necessary that the Finance
Documents be filed, recorded or enrolled with any court or other authority in that jurisdiction or that any stamp, registration, notarial or similar Taxes or fees be paid on or in relation to the Finance Documents or the transactions contemplated by
the Finance Documents except: 
  

	6.9.1	 registration of the mortgage bonds and notarial bonds forming part of the Opco Security Documents, at the applicable Deeds Registries in South
Africa under the Deeds Registries Act, 1946 of South Africa or at the Mineral and Petroleum Titles and Registration Office (as applicable) and payment of associated fees; 

 

	6.9.2	 as expressly provided for in the Legal Reservations expressed in the Cayman Islands or Canadian legal opinions referred to in Schedule 2 of the
Senior Facilities Agreement (Conditions Precedent); and 

  

	6.9.3	 filing of certain redacted Finance Documents (the redacted form to be approved by the Lender) in accordance with the requirements of the TSX
Venture Exchange, which filing the Parent and Plateau undertake to make within the relevant prescribed time period and in accordance with the prescribed requirements for such filing, 

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

  

	6.10	 Deduction of Tax 

Neither it nor any member of the Plateau Group is required to make any deduction for or on account of Tax from any payment it
may make under any Finance Document except to the extent applicable under S37 of the Income Tax Act or, in relation to the Guarantor, N1C Resources or the Parent only, as expressly provided for in the Legal Reservations expressed in any Cayman
Islands or Canadian Legal Opinion. 
  

	6.11	 No default 

  

	6.11.1	 No Event of Default and, on the date of this Agreement and the Closing Date, no Default is continuing or is reasonably likely to result from the

  
 21 

	 	 
making of any Loan or the entry into, the performance of, or any transaction contemplated by, any Transaction Document. 

 

	6.11.2	 No other event or circumstance is outstanding which constitutes (or, with the expiry of a grace period, the giving of notice, the making of any
determination or any combination of any of the foregoing, would constitute) a default or termination event (however described) under any other agreement or instrument which is binding on it or any member of the Plateau Group or to which its (or any
member of the Plateau Group’s) assets are subject which has or is reasonably likely to have a Material Adverse Effect. 

  

	6.12	 No misleading information 

Save as disclosed to the Lender prior to the date of this Agreement: 

 

	6.12.1	 all material information provided to the Lender by or on behalf of the Parent or Plateau in connection with the Acquisition and/or the Pelawan
Group on or before the date of this Agreement and not superseded before that date is accurate and not misleading in any material respect and all projections provided to the Lender on or before the date of this Agreement have been prepared in good
faith on the basis of assumptions which were reasonable at the time at which they were prepared and supplied; and 

  

	6.12.2	 all other information provided by any member of the Pelawan Group (including its advisers) to the Lender was true, complete and accurate in all
material respects as at the date it was provided and is not misleading in any respect. 

  

	6.13	 Original Financial Statements 

  

	6.13.1	 The Original Financial Statements were prepared in accordance with the Accounting Principles consistently applied. 

 

	6.13.2	 The audited Original Financial Statements give a true and fair view of the financial condition and results of operations of the Atlatsa Group, the
Plateau Group, or the Holdco Group as the case may be, during the relevant financial year. 

  

	6.13.3	 There has been no material adverse change in the assets, business or financial condition of any member of the Atlatsa Group, the Plateau Group or
the Holdco Group) since the date of the Original Financial Statements. 

  

	6.13.4	 The Original Financial Statements of Plateau do not consolidate the results, assets or liabilities of any person or business which does not form
part of the Plateau Group. 

  

	6.13.5	 Its and each member of the Plateau Group’s most recent Annual Financial Statements, Semi-Annual Financial Statements and Quarterly Management
Accounts delivered pursuant to Clause 7 (Information Undertakings): 

  
 22 

	6.13.5.1	 have (other than the Quarterly Management Accounts) been prepared in accordance with the Accounting Principles as applied to the Original Financial
Statements; and 

  

	6.13.5.2	 give a true and fair view of (if audited) or fairly present (if unaudited) its consolidated financial condition as at the end of, and consolidated
results of operations for, the period to which they relate. 

  

	6.13.6	 The budgets and forecasts supplied under this Agreement were arrived at after careful consideration and have been prepared in good faith on the
basis of recent historical information and on the basis of assumptions which were reasonable as at the date they were prepared and supplied. 

  

	6.13.7	 Since the date of the most recent financial statements delivered pursuant to Clause 7 (Information Undertakings) there has been no material adverse
change in the business, assets or financial condition of any Obligor or any member of the Plateau Group. 

  

	6.14	 No proceedings pending or threatened 

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

  

	6.15	 No breach of laws  

  

	6.15.1	 It has not (and no member of the Plateau Group has) breached any law (including any Mining Law) or regulation which breach has or is reasonably
likely to have a Material Adverse Effect. 

  

	6.15.2	 No labour disputes are current or, to the best of its knowledge and belief (having made due and careful enquiry), threatened against it or any
member of the Pelawan Group which have or are reasonably likely to have a Material Adverse Effect. 

  

	6.16	 Taxation 

  

	6.16.1	 It is not (and no member of the Plateau Group is) materially overdue in the filing of any Tax returns and it is not (and no member of the Plateau
Group is) overdue in the payment of any amount in respect of Tax of ZAR5,000,000 (Indexed) (or its equivalent in any other currency) or more. 

  

	6.16.2	 No claims or investigations are being, or are reasonably likely to be, made or conducted against it (or any member of the Plateau Group) with
respect to Taxes such that a liability of, or claim against, it or any member of the Plateau Group of ZAR5,000,000 (Indexed) (or its equivalent in any other currency) or more is reasonably likely to arise. 

 

	6.16.3	 It (and each member of the Plateau Group) is resident for Tax purposes only in the jurisdiction of its incorporation. 

  
 23 

	6.17	 Security and Financial Indebtedness 

  

	6.17.1	 No Security or Quasi-Security exists over all or any of its present or future assets or all or any of the present or future assets of any member of
the Plateau Group other than as permitted by this Agreement. 

  

	6.17.2	 No member of the Plateau Group has any Financial Indebtedness outstanding other than as permitted by this Agreement. 

 

	6.18	 Ranking 

The Transaction Security has or will have the ranking in priority which it is expressed to have in the Transaction Security
Documents and it is not subject to any prior ranking or pari passu ranking Security. 
  

	6.19	 Good title to assets 

It and each member of the Plateau Group has a good and valid title to, or valid leases or licences of, and all appropriate
Authorisations to use, the assets necessary to carry on its business as presently conducted. 
  

	6.20	 Legal and beneficial ownership 

  

	6.20.1	 It and each member of the Plateau Group is the sole legal and beneficial owner of the respective assets over which it purports to grant Security.

  

	6.20.2	 Pelawan Trust is entitled and able to transfer registered and beneficial ownership in and to the Atlatsa Security Shares to Pelawan SPV in
accordance with the terms and conditions of the Pelawan Share for Share Agreement and the Pelawan Trust Deed. 

  

	6.21	 Shares 

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

	6.22	 Intellectual Property 

It and each member of the Plateau Group: 
  

	6.22.1	 is the sole legal and beneficial owner of or has licensed to it on normal commercial terms all the Intellectual Property which is material in the
context of its business and which is reasonably required by it in order to carry on its business as it is being conducted; 

  
 24 

	6.22.2	 to the best of its knowledge and belief, after due and careful enquiry, does not, in carrying on its respective businesses, infringe any
Intellectual Property of any third party in any respect which has or is reasonably likely to have a Material Adverse Effect; and 

  

	6.22.3	 has taken all formal or procedural actions (including payment of fees) required to maintain any material Intellectual Property owned by it.

  

	6.23	 Accounting reference date 

The financial year end of each member of the Pelawan Group is 31 December in each year. 

 

	6.24	 No adverse consequences 

  

	6.24.1	 It is not necessary under the laws of its or any member of the Plateau Group’s Relevant Jurisdictions: 

 

	6.24.1.1	 in order to enable any Finance Party to enforce its rights under any Finance Document; or 

 

	6.24.1.2	 by reason of the execution of any Finance Document or the performance by it of its obligations under any Finance Document, 

that any Finance Party should be licensed, qualified or otherwise entitled to carry on business in any of such Relevant
Jurisdictions. 
  

	6.24.2	 No Finance Party is or will be deemed to be resident, domiciled or carrying on business in any Relevant Jurisdiction by reason only of the
execution, performance and/or enforcement of any Finance Document 

  

	6.25	 Immunity 

  

	6.25.1	 The entry into by it and each member of the Atlatsa Group of each Finance Document to which it is a party constitutes, and the exercise by it and
each member of the Atlatsa Group of its respective rights and performance of its respective obligations under each Finance Document will constitute, private and commercial acts performed for private and commercial purposes. 

 

	6.25.2	 It and each member of the Atlatsa Group will not be entitled to claim immunity from suit, execution, attachment or other legal process in any
proceedings taken in any Relevant Jurisdiction in relation to any Finance Document. 

  

	6.26	 Issued share capital 

The issued share capital of the Pelawan SPV, the Parent and Plateau will be as set out in the group structure diagram referred
to in Schedule 1 in the agreed form to be delivered to the Lender on or before the Initial Commencement Date. 

  
 25 

	6.27	 Times when representations made 

  

	6.27.1	 All the representations and warranties in this Clause 6 are made by each applicable Obligor on the date of this Agreement and on the Closing Date.

  

	6.27.2	 The Repeating Representations are deemed to be made by each applicable Obligor on each Repayment Date (except that those contained in paragraphs
6.13.1 - 6.13.4 of Clause 6.13 (Original Financial Statements) will cease to be so made once subsequent financial statements have been delivered under this Agreement). 

 

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

  

	7.	 INFORMATION UNDERTAKINGS 

The provisions of clause 20 of the June 2009 Senior Facilities Agreement (Information Undertakings) are incorporated by
reference into this Agreement, mutatis mutandis, including construing the Lender as a “Finance Party” and the Obligors defined under this Agreement as “Obligors”. 

 

	8.	 GENERAL UNDERTAKINGS 

The undertakings in this Clause 8 remain in force from the date of this Agreement for so long as any amount is outstanding
under the Finance Documents or any Commitment is in force. 
  

	8.1	 Authorisations 

Each Obligor shall (and shall ensure that each member of the Plateau Group will) promptly: 

 

	8.1.1	 obtain, comply with and do all that is necessary to maintain in full force and effect; and 

 

	8.1.2	 supply certified copies to the Lender of, 

any Authorisation required under any law or regulation of a Relevant Jurisdiction to: 

 

	8.1.2.1	 enable it and each member of the Plateau Group to perform its respective obligations under the Transaction Documents; 

 

	8.1.2.2	 ensure the legality, validity, enforceability or admissibility in evidence of each Transaction Document; and 

 

	8.1.2.3	 enable it and each member of the Plateau Group to carry on its respective business where failure to do so has or is reasonably likely to have a
Material Adverse Effect. 

  
 26 

	8.2	 Environmental compliance 

  

	8.2.1	 Each Obligor (other than the Parent) shall (and the Parent and Plateau shall ensure that Opco and each Project Company will):

  

	8.2.1.1	 comply with all Environmental Law; 

  

	8.2.1.2	 obtain, maintain and ensure compliance with all requisite Environmental Permits; 

 

	8.2.1.3	 implement procedures to monitor compliance with and to prevent liability under any Environmental Law, 

where failure to do so has or is reasonably likely to have a Material Adverse Effect. 

 

	8.2.2	 Each Obligor (other than the Parent) shall (and the Parent and Plateau shall ensure that Opco and each Project Company will) conduct its business
in a manner which substantially complies, and enables each Finance Party and its Affiliates to comply, with the Equator Principles, to the extent applicable. Each Obligor shall provide the Lender with all documentation reasonably requested by the
Lender to confirm such compliance. 

  

	8.2.3	 Opco and each Project Company shall (and the Parent and Plateau shall ensure that Opco and each Project Company will) comply in all material
respects with all recommended actions set out in the Environmental Report relating to compliance with the Equator Principles, including, but not limited to the various “LPM Management Commitments” set out in the Environmental Report and
summarised in the table with headings “Principle 1: Review and Categorisation” to “Principal 9: Independent Monitoring and Reporting” of the Environmental Report. 

 

	8.2.4	 Plateau shall: 

  

	8.2.4.1	 appoint an independent expert (the identity of which is approved by the Lender) to conduct an annual review of the compliance and implementation by
Opco and each Project Company of the various recommendations set out in the Environmental Report, the first such annual review to be completed by no later than 30 June 2010 and thereafter each succeeding annual review to be completed by the
anniversary of the preceding annual review completion; and 

  

	8.2.4.2	 provide a copy of each annual review to the Lender. 

  

	8.3	 Environmental claims 

Each Obligor shall (through Plateau), promptly upon becoming aware of the same, informs the Lender in writing of: 

 

	8.3.1	 any Environmental Claim against any member of the Plateau Group which is current, pending or threatened; and 

  
 27 

	8.3.2	 any facts or circumstances which are reasonably likely to result in any Environmental Claim being commenced or threatened against any member of the
Plateau Group, 

 where the claim, if determined against that member of the Plateau Group, has or is
reasonably likely to have a Material Adverse Effect. 
  

	8.4	 Compliance with laws 

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

	8.5	 Taxation 

  

	8.5.1	 Each Obligor shall (and the Parent and Plateau shall ensure that each member of the Plateau Group will) pay and discharge all Taxes imposed upon it
or its assets within the time period allowed without incurring penalties unless and only to the extent that: 

  

	8.5.1.1	 such payment is being contested in good faith; 

  

	8.5.1.2	 adequate reserves are being maintained for those Taxes and the costs required to contest them which have been disclosed in its latest financial
statements delivered to the Lender under Clause 7 (Information Undertakings); and 

  

	8.5.1.3	 such payment can be lawfully withheld and failure to pay those Taxes does not have or is not reasonably likely to have a Material Adverse Effect.

  

	8.5.2	 No member of the Atlatsa Group or the Plateau Group may change its residence for Tax purposes, provided that the Parent may change its residence
for Tax purposes if the Lender has confirmed that it is satisfied that the change to the Parent’s residence for Tax purposes will not result in any negative tax consequences (including the imposing of any withholding tax on any member of the
Plateau Group). 

  

	8.6	 Merger 

No Obligor shall (and the Parent and Plateau shall ensure that no other member of the Plateau Group will) enter into any
amalgamation, demerger, merger, consolidation or corporate reconstruction other than a Permitted Transaction. 
  

	8.7	 Change of business 

The Parent and Plateau shall procure that no substantial change is made to the general nature of the business of the Parent,
the Obligors or the Plateau Group taken as a whole from that carried on by such entity at the Initial Commencement Date. 

  
 28 

	8.8	 Acquisitions 

  

	8.8.1	 Except as permitted under paragraph 8.8.2 below, no Obligor (other than the Parent) shall (and the Parent and Plateau shall ensure that no other
member of the Plateau Group will): 

  

	8.8.1.1	 acquire a company or any shares or securities or a business or undertaking (or, in each case, any interest in any of them); or

  

	8.8.1.2	 incorporate a company. 

  

	8.8.2	 Paragraph 8.8.1 above does not apply to an acquisition of a company, of shares, securities or a business or undertaking (or, in each case, any
interest in any of them) or the incorporation of a company which is: 

  

	8.8.2.1	 a Permitted Acquisition; or 

  

	8.8.2.2	 a Permitted Transaction. 

  

	8.9	 Joint ventures 

No Obligor (other than the Parent) shall (and the Parent and Plateau shall ensure that no member of the Plateau Group will),
except with the prior written consent of the Lender: 
  

	8.9.1	 enter into, invest in or acquire (or agree to acquire) any shares, stocks, securities or other interest in any Joint Venture; or

  

	8.9.2	 transfer any assets or lend to or guarantee or give an indemnity for or give Security for the obligations of a Joint Venture or maintain the
solvency of or provide working capital to any Joint Venture (or agree to do any of the foregoing). 

  

	8.10	 Holding Companies 

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

	8.10.1	 the provision of administrative services (excluding treasury services) to other members of the Atlatsa Group of a type customarily provided by a
Holding Company to its Subsidiaries; 

  

	8.10.2	 ownership of shares in its Subsidiaries, intra-Group debit balances, intra- Group credit balances and other
credit balances in bank accounts, Cash and Cash Equivalent Investments but only if those shares (other than share in Excluded Subsidiaries), credit balances, Cash and Cash Equivalent Investments are subject to the Transaction Security (in form and
substance satisfactory to the Lender); 

  

	8.10.3	 any liabilities under the Transaction Documents to which it is a party and professional fees and administration costs in the ordinary course of
business as a holding company. 

  

	8.11	 Mining Licenses and New Order Rights 

Each Obligor shall ensure that: 

  
 29 

	8.11.1	 each member of the Plateau Group, other than the Project Companies, has been granted all Mining Licences and New Order Rights required by it for
the lawful conduct of its business and which are material for the conduct of its business; 

  

	8.11.2	 the Mining Licences and New Order Rights which are material to the conduct of any member of the Plateau Group’s business, other than that of
the Project Companies, are in full force and effect and that each member of the Plateau Group, to the extent applicable to it, is in compliance in all material respects with all provisions thereof; and 

 

	8.11.3	 all relevant steps are taken to ensure that each Project Company applies for and obtains all Mining Licenses and New Order Rights required by it
for the lawful conduct of its business and which are material for the conduct of its business and that once such Mining Licenses and New Order Rights are obtained, to the extent applicable to it, it is in compliance in all material respects with all
provisions thereof. 

  

	8.12	 Preservation of assets 

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

	8.13	 Pari passu ranking 

Each Obligor shall ensure that at all times any unsecured and unsubordinated claims of a Finance Party against it or any member
of the Plateau Group under the Finance Documents rank at least pari passu with the claims of all its other unsecured and unsubordinated creditors except those creditors whose claims are mandatorily preferred by laws of general application to
companies. 
  

	8.14	 Negative pledge 

In this Clause 8.14, “Quasi-Security” means a transaction described in paragraph 8.14.2 below. 

Except as permitted under paragraph 8.14.3 below: 
  

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

  

	8.14.2	 No Obligor shall (and the Parent and Plateau shall ensure that no other member of the Plateau Group will): 

 

	8.14.2.1	 sell, transfer or otherwise dispose of any of its assets on terms whereby they are or may be leased to or re-acquired by an Obligor or any other
member of the Plateau Group; 

  

	8.14.2.2	 sell, transfer or otherwise dispose of any of its receivables on recourse terms; 

  
 30 

	8.14.2.3	 enter into any arrangement under which money or the benefit of a bank or other account may be applied, set-off or made subject to a combination of
accounts; or 

  

	8.14.2.4	 enter into any other preferential arrangement having a similar effect, 

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

	8.14.3	 Paragraphs 8.14.1 and 8.14.2 above do not apply to any Security or (as the case may be) Quasi-Security, which is: 

 

	8.14.3.1	 Permitted Security; 

  

	8.14.3.2	 a Permitted Transaction; or 

  

	8.14.3.3	 granted by the Parent to any person, provided such Security or Quasi Security is not given over the shares held by the Parent in N1C Resources or
the loan claims of the Parent against N1C Resources. 

  

	8.15	 Disposals 

  

	8.15.1	 Except as permitted under paragraph 8.15.2 below, no Obligor shall (and the Parent and Plateau shall ensure that no member of the Plateau Group
will) enter into a single transaction or a series of transactions (whether related or not) and whether voluntary or involuntary to sell, lease, transfer or otherwise dispose of any asset. 

 

	8.15.2	 Paragraph 8.15.1 above does not apply to any sale, lease, transfer or other disposal which is: 

 

	8.15.2.1	 a Permitted Disposal; 

  

	8.15.2.2	 a Permitted Transaction; or 

  

	8.15.2.3	 made by the Parent, provided it is not a disposal of the shares held by the Parent in N1C Resources or the loan claims of the Parent against N1C
Resources. 

  

	8.16	 Arm’s length basis 

  

	8.16.1	 Except as permitted by paragraph 8.16.2 below, no Obligor (other than the Parent) shall (and the Parent and Plateau shall ensure no member of the
Plateau Group will) enter into any transaction with any person except on arm’s length terms and for fair market value. 

  

	8.16.2	 The following transactions shall not be a breach of this Clause 8.16: 

 

	8.16.2.1	 intra-Group loans permitted under Clause 8.17 (Loans or credit); 

 

	8.16.2.2	 fees, costs and expenses payable under the Transaction Documents in the amounts set out in the Transaction Documents or agreed by the Lender;

  
 31 

	8.16.2.3	 any Permitted Transactions. 

  

	8.17	 Loans or credit 

  

	8.17.1	 Except as permitted under paragraph 8.17.2 below, no Obligor (other than the Parent) shall (and the Parent and Plateau shall ensure that no member
of the Plateau Group will) be a creditor in respect of any Financial Indebtedness. 

  

	8.17.2	 Paragraph 8.17.1 above does not apply to: 

  

	8.17.2.1	 a Permitted Loan; or 

  

	8.17.2.2	 a Permitted Transaction. 

  

	8.18	 No Guarantees or indemnities 

  

	8.18.1	 Except as permitted under paragraph 8.18.2 below, no Obligor (other than the Parent) shall (and the Parent and Plateau shall ensure that no member
of the Plateau Group will) incur or allow to remain outstanding any guarantee in respect of any obligation of any person. 

  

	8.18.2	 Paragraph 8.18.1 does not apply to: 

  

	8.18.2.1	 a guarantee which is a Permitted Transaction; or 

  

	8.18.2.2	 a guarantee which is a Permitted Guarantee. 

  

	8.19	 Dividends and share redemption 

  

	8.19.1	 Except as permitted under paragraph 8.19.2 below, Plateau shall not (and the Parent and Plateau will ensure that no other member of the Plateau
Group (other than N1C Resources or N2C Resources) will): 

  

	8.19.1.1	 declare, make or pay any dividend, charge, fee or other distribution (or interest on any unpaid dividend, charge, fee or other distribution)
(whether in cash or in kind) on or in respect of its share capital (or any class of its share capital); 

  

	8.19.1.2	 repay or distribute any dividend or share premium reserve; 

 

	8.19.1.3	 pay or allow any member of the Plateau Group to pay any management, advisory or other fee to or to the order of any of the direct or indirect
shareholders of any member of the Plateau Group or any of their respective Affiliates; or 

  

	8.19.1.4	 redeem, repurchase, defease, retire or repay any of its share capital or resolve to do so. 

 

	8.19.2	 Paragraph 8.19.1 above does not apply to: 

  

	8.19.2.1	 a Permitted Distribution; 

  

	8.19.2.2	 a Permitted Payment; or 

  

	8.19.2.3	 a Permitted Transaction. 

  
 32 

	8.20	 Financial Indebtedness 

  

	8.20.1	 Except as permitted under paragraph 8.20.2 below, no Obligor (other than the Parent) shall (and the Parent and Plateau shall ensure that no member
of the Plateau Group will) incur or allow to remain outstanding any Financial Indebtedness. 

  

	8.20.2	 Paragraph 8.20.1 above does not apply to Financial Indebtedness which is: 

 

	8.20.2.1	 Permitted Financial Indebtedness; or 

  

	8.20.2.2	 a Permitted Transaction. 

  

	8.21	 Share capital 

No Obligor shall (and the Parent and Plateau shall ensure no member of the Plateau Group will) issue any shares except pursuant
to: 
  

	8.21.1.1	 a Permitted Share Issue; or 

  

	8.21.1.2	 a Permitted Transaction. 

  

	8.22	 Access 

If a Default is continuing or the Lender reasonably suspects a Default is continuing or may occur, then each Obligor shall, and
the Parent and Plateau shall ensure that each member of the Plateau Group will, (not more than once in every financial year unless the Lender reasonably suspects a Default is continuing or may occur) permit the Lender and/or the Plateau Security SPV
and/or the Opco Security SPV and/or accountants or other professional advisers and contractors of the Lender, the Security Agent and/or the Plateau Security SPV and/or the Opco Security SPV free access at all reasonable times and on reasonable
notice to (a) the premises, assets, books, accounts and records of each member of the Pelawan group and (b) meet and discuss matters with senior management of the Pelawan Group. 

 

	8.23	 Amendments 

  

	8.23.1	 No Obligor shall (and the Parent and Plateau shall ensure that no member of the Plateau Group will) amend, vary, novate, supplement, supersede,
waive or terminate any term of a Transaction Document or, except in the form of the Transaction Documents as at the signature date of the June 2009 RPM Funding Common Terms Agreement, enter into any agreement with any direct or indirect shareholders
of the Parent holding more than 10 per cent. of the issued share capital of the Parent, or any of their Affiliates which is not a member of the Pelawan Group except in writing and with the consent of the Lender, and subject to any applicable
restrictions in the Global lntercreditor Agreement. 

  

	8.23.2	 Plateau shall promptly supply to the Lender a copy of any document relating to any of the matters referred to in paragraph 8.23.1 above.

  
 33 

	8.24	 Financial assistance 

Each Obligor shall (and the Parent and Plateau shall procure each member of the Plateau Group will) comply in all respects with
Sections 44 and 45 of the South African Companies Act and any equivalent legislation in other jurisdictions including in relation to the execution of the Transaction Security Documents and payment of amounts due under this Agreement. 

 

	8.25	 Treasury Transactions 

No Obligor shall (and the Parent and Plateau will procure that no members of the Plateau Group will) enter into any Treasury
Transaction, other than: 
  

	8.25.1	 spot delivery foreign exchange contracts entered into in the ordinary course of business and not for speculative purposes; and

  

	8.25.2	 any other Treasury Transaction which is entered into to hedge actual or projected exposures arising in the ordinary course of trading of Opco or a
Project Company. 

  

	8.26	 Finance Documents 

  

	8.26.1	 The Obligors shall ensure that: 

  

	8.26.1.1	 the Finance Documents (as well as any rights, benefits or exemptions available thereunder) shall: 

 

	8.26.1.1.1	 subject only to execution thereof and, where applicable, registration, be enforceable, in full force and effect and all suspensive conditions and
conditions precedent thereto shall have been satisfied; 

  

	8.26.1.1.2	 not be terminated, cancelled or revoked by any party thereto or the rights thereto assigned or transferred (in whole or in part) to any person
other than pursuant to the Finance Documents; 

  

	8.26.1.2	 no rights or claims for damages or penalties shall arise under any Opco Security Document, Holdco Security Document or Plateau Security Document in
favour of any member of the Plateau Group other than pursuant to the Finance Documents 

  

	8.26.1.3	 any member of the Pelawan Group who is a party to any Transaction Security Document complies with its obligations thereunder.

  

	8.26.2	 The Lender, the Security Agent, the Opco Security SPV or the Plateau Security SPV shall at all times be entitled and be capable (directly or
indirectly) of exercising and enforcing the rights given or purported to be given under or in connection with the Transaction Security Documents. 

  

	8.26.3	 No member of the Atlatsa Group shall exercise any of its rights under any Finance Document, if such exercise would be contrary to the provisions of
the Global lntercreditor Agreement. 

  
 34 

	8.26.4	 Except for Permitted Payments and a Permitted Distribution under paragraph (i) of the definition of “Permitted Distribution”,
no Obligor shall (and the Parent and Plateau shall ensure that no member of the Plateau Group will): 

  

	8.26.4.1	 repay or prepay any principal amount (or capitalised interest) outstanding under the Finance Documents; 

 

	8.26.4.2	 pay any interest or any other amounts payable in connection with the Finance Documents; or 

 

	8.26.4.3	 purchase, redeem, defease or discharge any amount outstanding with respect to the Finance Documents. 

 

	8.27	 Further assurance 

  

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

 

	8.27.1.1	 to perfect the Security created or intended to be created under or evidenced by the Transaction Security Documents (which may include the execution
of a mortgage, charge, assignment, cession or other Security over all or any of the assets which are, or are intended to be, the subject of the Transaction Security) or for the exercise of any rights, powers and remedies of the Security Agent and/or
the Plateau Security SPV and/or the Opco Security SPV or the Finance Parties provided by or pursuant to the Finance Documents or by law; 

  

	8.27.1.2	 to confer on the Security Agent and/or the Plateau Security SPV and/or the Opco Security SPV or confer on the Finance Parties, Security over any
property and assets of each member of the Pelawan Group, (other than the Project Companies) located in any jurisdiction equivalent or similar to the Security intended to be conferred by or pursuant to the Transaction Security Documents; and/or

  

	8.27.1.3	 to facilitate the realisation of the assets which are, or are intended to be, the subject of the Transaction Security. 

 

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

  
 35 

	 	 
assets comprising the whole or any portion of the mills or plants or any component thereof). 

  

	8.28	 Account Bank 

The provisions of clauses 22.35 (Accounts), 22.36 (Withdrawals), 22.37 (Access to Books and records), 22.38
(Disbursement Accounts) and 22.39 (Opco Business Account, Holdco Business Account, Borrower Business Account and Borrower WCF Account) of the Senior Facilities Agreement are incorporated by reference into this Agreement, mutatis
mutandis, including construing the Lender as a “Finance Party” and the Obligors defined under this Agreement as “Obligors”. 
  

	8.29	 Atlatsa listing 

The Parent undertakes to use reasonable commercial endeavours to transfer the primary listing of the Atlatsa Common Shares from
the TSX-V (Toronto Stock Exchange Venture Exchange) to the TSX main board as soon as reasonably possible after the Signature Date. 
  

	8.30	 Amendments to Senior Finance Documents 

No Obligor shall agree to any amendments to or variation of the Senior Finance Documents (as defined in the Global
lntercreditor Agreement) without the prior written consent of the Lender, which consent shall not be unreasonably withheld. 
  

	8.31	 Reduction of Pelawan Investments shareholding in the Parent 

 

	8.31.1	 Pelawan Investments and the Parent will use their reasonable commercial endeavours to, as soon as reasonably practical after the Initial
Commencement Date, obtain the approval of the South African Reserve Bank and the National Treasury (to the extent required) to reduce the minimum shareholding held by Pelawan Investments in the Parent to below 51%. Upon such approvals being granted,
all proceeds received by Pelawan Investments and/or the Parent pursuant to the sale and/or issue of Atlatsa Common Shares shall be injected into Plateau by way of shareholder loan. 

 

	8.31.2	 If Plateau, the Parent and the Lender have: 

  

	8.31.2.1	 identified and agreed to proceed with capital project not envisaged in the Base Case Model in the form as at the Signature Date and to be held
directly or indirectly by HoldCo; or 

  

	8.31.2.2	 agreed to another dedicated use of such proceeds, 

then Plateau may utilise such proceeds as agreed with the Lender, but subject to the provisions of the Senior Facilities
Agreement and the consent of the Senior Agent. 
  

	9.	 EVENTS OF DEFAULT 

Each of the events or circumstances set out in this Clause 9 is an Event of Default (save for Clause 9.18 (Acceleration)). 

  
 36 

	9.1	 Non-payment 

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

	9.1.1	 its failure to pay is caused by an administrative or technical error; and 

 

	9.1.2	 payment is made within 2 (two) Business Days of its due date. 

 

	9.2	 Information Undertakings and other obligations 

  

	9.2.1	 Plateau or the Parent does not comply with the provisions of Clause 7 (Information Undertakings), provided that where no time period is specified
for the delivery of documents or information under Clause 7 non delivery of such documents or information shall only be an Event of Default if such documents or information are not delivered within 5 (five) Business Days of the occurrence of the
relevant event giving rise to the notification or delivery obligation. 

  

	9.2.2	 An Obligor or member of the Plateau Group does not comply with any provision of any Transaction Security Document. 

 

	9.3	 Other obligations 

  

	9.3.1	 An Obligor or member of the Plateau Group does not comply with any provision of the Transaction Documents (other than those referred to in Clause
9.1 (Non-payment) and Clause 9.2 (Information Undertakings and other obligations)). 

  

	9.3.2	 No Event of Default under paragraph 9.3.1 above will occur if the failure to comply is capable of remedy and is remedied within 7 (seven) Business
Days of the Lender giving notice to Plateau or Plateau becoming aware of the failure to comply. 

  

	9.4	 Misrepresentation 

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

 

	9.5	 Cross default 

  

	9.5.1	 Any Financial Indebtedness of any Obligor or any member of the Plateau Group is not paid when due or within any originally applicable grace period.

  

	9.5.2	 Any Financial Indebtedness of any Obligor or any member of the Plateau Group is declared to be or otherwise becomes due and payable prior to its
specified maturity as a result of an event of default (however described). 

  

	9.5.3	 Any commitment for any Financial Indebtedness of any Obligor or any member of the Plateau Group is cancelled or suspended by a creditor of

  
 37 

	 	 
any member of the Plateau Group as a result of an event of default (however described). 

  

	9.5.4	 Any creditor of any Obligor or any member of the Plateau Group becomes entitled to declare any Financial Indebtedness of any Obligor or any member
of the Plateau Group due and payable prior to its specified maturity as a result of an event of default (however described). 

  

	9.5.5	 No Event of Default will occur under this Clause 9.5 if: 

 

	9.5.5.1	 the aggregate amount of Financial Indebtedness or commitment for Financial Indebtedness falling within paragraphs 9.5.1 to 9.5.4 above is, in
relation to Opco, less than ZAR5,000,000 (Indexed) (or its equivalent in any other currency or currencies), or in relation to Holdco or Plateau, is less than ZAR1,000,000 (Indexed); or 

 

	9.5.5.2	 the Financial Indebtedness or commitment for Financial Indebtedness falling within paragraphs 9.5.1 to 9.5.4 above is in relation to Project
Finance Borrowings of a Project Company (provided, for the avoidance of doubt, that no creditor of a Project Company has any recourse to any member of the Plateau Group other than that Project Company in respect of such Project Finance Borrowings).

  

	9.6	 Insolvency 

  

	9.6.1	 An Obligor or a member of the Plateau Group, other than a Project Company, is unable or admits inability to pay its debts as they fall due or is
deemed to or declared to be unable to pay its debts under applicable law, suspends or threatens to suspend making payments on any of its debts or, by reason of actual or anticipated financial difficulties, commences negotiations with one or more of
its creditors with a view to rescheduling any of its indebtedness. 

  

	9.6.2	 The value of the assets of any Obligor or any member of the Plateau Group, other than a Project Company, is less than its liabilities (taking into
account contingent and prospective liabilities, but excluding any liabilities which are subordinated to the liabilities of the Obligor to the Lender). 

  

	9.6.3	 A moratorium is declared in respect of any indebtedness of any Obligor or any member of the Plateau Group, other than a Project Company. If a
moratorium occurs, the ending of the moratorium will not remedy any Event of Default caused by that moratorium. 

  

	9.7	 Insolvency proceedings 

  

	9.7.1	 Any corporate action, legal proceedings or other procedure or step is taken in relation to: 

 

	9.7.1.1	 the suspension of payments, a moratorium of any indebtedness, winding-up, dissolution, business rescue, administration or reorganisation (by way of
voluntary arrangement, scheme of arrangement or otherwise) of any Obligor or any member of the Plateau Group, other than a Project Company; 

  
 38 

	9.7.1.2	 a composition, compromise, assignment or arrangement with any creditor of any Obligor or any member of the Plateau Group, other than a Project
Company; 

  

	9.7.1.3	 the appointment of a liquidator, receiver, administrator, administrative receiver, business rescue practitioner, compulsory manager or other
similar officer in respect of any Obligor or any member of the Plateau Group, other than a Project Company, or any of its assets; or 

  

	9.7.1.4	 enforcement of any Security over any assets of any Obligor or any member of the Plateau Group, other than a Project Company, where the claim giving
rise to such enforcement is for an amount of more than ZAR5,000,000 (Indexed) 

 or any analogous procedure
or step is taken in any jurisdiction. 
  

	9.7.2	 Paragraph 9.7.1 shall not apply to: 

  

	9.7.2.1	 any winding-up petition which is frivolous or vexatious and is discharged, stayed or dismissed either (x) within 10 (ten) days of commencement
or, if earlier, the date on which it is advertised or (y) within such other period as agreed to in writing by the Lender on or before the lapse of the 10 (ten) day period referred to in (x) provided, for the avoidance of doubt, the Lender
is not obliged to agree to any such extended period; or 

  

	9.7.2.2	 any step or procedure contemplated by paragraph 9.7.2 of the definition of Permitted Transaction; or 

 

	9.7.2.3	 any enforcement of any Security over any assets of any Obligor or any member of the Plateau Group as contemplated by paragraph 9.7.1.4 above, if
the relevant Obligor or any member of the Plateau Group, as applicable, takes steps to oppose such legal proceedings within the time frames allowed by the rules of court and before any final order is granted and provides evidence to the reasonable
satisfaction of the Lender that its opposition of such enforcement proceedings has merit. 

  

	9.8	 Creditors’ process 

  

	9.8.1	 Any expropriation, attachment, distress, implementation of any business rescue plan, or execution or any analogous process in any jurisdiction
affects any asset or assets of any Obligor or any member of the Plateau Group, other than a Project Company, and is not discharged either (x) within 10 (ten) days or (y) within such other period as agreed to in writing by the Lender on or
before the lapse of the 10 (ten) day period referred to in (x), provided, for the avoidance of doubt, the Lender is not obliged to agree to any such extended period. 

 

	9.8.2	 Paragraph 9.8.1 shall not apply if the fair value of the relevant asset or assets is, in relation to Opco, ZAR5,000,000 (Indexed) or less, or in
relation to Holdco or Plateau, ZAR1,000,000 (Indexed) or less. 

  
 39 

	9.9	 Unlawfulness and invalidity 

  

	9.9.1	 It is or becomes unlawful for an Obligor or any other member of the Plateau Group that is a party to any Transaction Document to perform any of its
obligations under the Transaction Documents or any Transaction Security created or expressed to be created or evidenced by the Transaction Security Documents ceases to be effective. 

 

	9.9.2	 Any obligation or obligations of any Obligor or any member of the Plateau Group under any Transaction Document are not (subject to the Legal
Reservations) or cease to be legal, valid, binding or enforceable and the cessation individually or cumulatively materially and adversely affects the interests of the Lender under the Finance Documents. 

 

	9.9.3	 Any Transaction Document ceases to be in full force and effect or any Transaction Security ceases to be legal, valid, binding, enforceable or
effective or is alleged by a party to it (other than a Finance Party) to be ineffective. 

  

	9.10	 lntercreditor Agreements 

Any party to the Global lntercreditor Agreement (other than a Finance Party) fails to comply in any material respects with the
provisions of, or does not perform its obligations under the Global lntercreditor Agreement; or a representation or warranty given by that party in the Global lntercreditor Agreement is incorrect in any material respect. 

 

	9.11	 Cessation of business 

Any Obligor or any member of the Plateau Group suspends or ceases to carry on (or threatens to suspend or cease to carry on)
all or a material part of its business, unless it is a temporary suspension of the business of Opco: 
  

	9.11.1	 which is required by law and provided such business resumes within 30 (thirty) days of the temporary suspension; or 

 

	9.11.2	 which arises as a result of Force Majeure but the Lender is satisfied (in its sole discretion) that there is adequate business interruption
insurance in place for the whole period of suspension. 

  

	9.12	 Mining Licenses and New Order Rights 

Any Mining Licence or New Order Right which is material to the business of any member of the Plateau Group is materially and
adversely amended or is terminated or not renewed (in each case, without a replacement being put in place with which the Lender is satisfied) or is otherwise adversely appealed or challenged. 

 

	9.13	 Audit qualification 

The Auditors of any Obligor or any member of the Plateau Group qualify the audited annual consolidated financial statements of
that Obligor or that member of the Plateau Group. 

  
 40 

	9.14	 Expropriation 

The authority or ability of any Obligor or any member of the Plateau Group to conduct its business is limited or wholly or
substantially curtailed by any seizure, expropriation, nationalisation, intervention, restriction or other action by or on behalf of any governmental, regulatory or other authority or other person in relation to any Obligor or any member of the
Plateau Group or any of its assets. 
  

	9.15	 Repudiation and rescission of agreements 

  

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

  

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

  

	9.16	 Litigation 

Any litigation, arbitration, administrative, governmental, regulatory or other investigations, proceedings or disputes are
commenced or threatened in relation to the Transaction Documents or the transactions contemplated in the Transaction Documents or against any Obligor or any member of the Plateau Group or its assets which is reasonably likely to be adversely
determined and would reasonably be expected to have a Material Adverse Effect. 
  

	9.17	 Material adverse change 

Any event or circumstance occurs which the Lender reasonably believes has or is reasonably likely to have a Material Adverse
Effect. 
  

	9.18	 Senior Debt 

A Senior Event of Default (as defined in the Global lntercreditor Agreement) other than an Excluded Default occurs and is
continuing, it being recorded that, notwithstanding anything to the contrary contained in this Agreement no Event of Default shall occur under any provision of this Agreement solely as result of the occurrence of an Excluded Default unless the
Senior Agent is instructed to take any of the actions referred to in clause 28.20 (Acceleration) of the Senior Facility Agreement as a result of the occurrence of such Excluded Default. 

 

	9.19	 Atlatsa listing 

The listing of the Atlatsa Common Shares on any applicable stock exchange is suspended, other than a suspension from the TSX-V
(Toronto Stock Exchange Venture Exchange) pursuant to a transfer of such listing to the TSX main board, the Johannesburg Stock Exchange or AMEX (the American Stock Exchange). 

  
 41 

	10.	 PAYMENTS 

  

	10.1	 All payments to be made by any Obligor to the Lender in terms of any Finance Document shall be made directly into the Lender’s bank account
held with Standard Bank (Account: Rustenburg Platinum Mines Limited; Account No: 000 000 0175 722; Branch: Johannesburg Branch; Branch code:000 205) or such other bank account in South Africa of which, or in such other manner as, the Lender may
notify the Obligor’s Agent in writing from time to time. 

  

	10.2	 All payments to be made to the Lender in terms of this Agreement shall be made free of exchange, any other costs, charges or expenses and without
any deduction, set-off or counterclaim whatsoever. 

  

	11.	 RENUNCIATION OF BENEFITS 

Each Obligor renounces all benefits of the exceptions of excussion, division, “no value received”,“non
numeratae pecuniae” , “non causa debiti”, and “errore calculi”, the meaning and effect of which it declares it understands. 
  

	12.	 CERTIFICATE OF INDEBTEDNESS 

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

	13.	 CESSION 

  

	13.1	 No Obligor shall be entitled to cede, assign or delegate all, or any part of its rights and/or obligations, as the case may be, under this
Agreement without the prior written consent of the Lender. 

  

	13.2	 Subject to any consents required in terms of the Global lntercreditor Agreement, the Lender shall be entitled to cede, assign or delegate all or
otherwise transfer, or any part of its rights and/or obligations, as the case may be, under any Finance Document and/or all or any of the RPM Preference Shares to one or more persons without the consent of any Obligor and each Obligor consents to
any splitting of claims which may arise. 

  

	13.3	 If, following a transfer pursuant to clause 13.2 there is more than one Lender, such Lenders shall be entitled to enter into such inter-creditor
arrangements as they deem fit and/or to appoint an agent(s) to act on their behalf in relation to all or any of the Finance Documents on such terms and conditions as they deem fit, subject to the Global lntercreditor Agreement.

  

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

 

	14.1	 Role of Plateau Security SPV and Opco Security SPV 

Each Party acknowledges that the Plateau Security SPV and the Opco Security SPV have been established to hold the Transaction
Security and that the taking of any enforcement action by the Plateau Security SPV or the Opco 

  
 42 

 
Security SPV in relation thereto shall be taken in accordance with the Global lntercreditor Agreement. 
  

	14.2	 No fiduciary duties 

Nothing in this Agreement constitutes the Plateau Security SPV or the Opco Security SPV as a trustee or fiduciary of any other
person. 
  

	14.3	 Responsibility for documentation 

None of the Security Agent, the Opco Security SPV or the Plateau Security SPV: 

 

	14.3.1	 is responsible for the adequacy, accuracy and/or completeness of any information (whether oral or written) supplied by an Obligor or any other
person given in or in connection with any Finance Document or the transactions contemplated in the Finance Documents; or 

  

	14.3.2	 is responsible for the legality, validity, effectiveness, adequacy or enforceability of any Finance Document or the Transaction Security or any
other agreement, arrangement or document entered into, made or executed in anticipation of or in connection with any Finance Document or the Transaction Security. 

 

	14.4	 Exclusion of liability 

  

	14.4.1	 Without limiting paragraph 14.4.2 below, none of the Security Agent, the Opco Security SPV or the Plateau Security SPV will be liable (including,
without limitation, for negligence or any other category of liability whatsoever) for any action taken by it under or in connection with any Finance Document or the Transaction Security, unless directly caused by its gross negligence or wilful
misconduct. 

  

	14.4.2	 No Party (other than the Security Agent, the Opco Security SPV or the Plateau Security SPV (as applicable)) may take any proceedings against any
officer, employee or agent of the Security Agent, the Opco Security SPV or the Plateau Security SPV, in respect of any claim it might have against the Security Agent, the Opco Security SPV or Plateau Security SPV or in respect of any act or omission
of any kind by that officer, employee or agent in relation to any Finance Document or any Transaction Document and any officer, employee or agent of the Security Agent, the Opco Security SPV or the Plateau Security SPV may rely on this Clause as
a stipulatio alteri. 

  

	14.4.3	 The Security Agent, the Opco Security SPV and the Plateau Security SPV will not be liable for any delay (or any related consequences) in crediting
an account with an amount required under the Finance Documents to be paid by the Security Agent, the Opco Security SPV or the Plateau Security SPV if the Security Agent, the Opco Security SPV or the Plateau Security SPV have taken all necessary
steps as soon as reasonably practicable to comply with the regulations or operating procedures of any recognised clearing or settlement system used by the Security Agent, the Opco Security SPV or the Plateau Security SPV for that purpose.

  
 43 

	15.	 NOTICES AND DOMICILIA 

  

	15.1	 Notices 

  

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

  

					
	 15.1.1.1
	 	 Lender:

		
		 	 Rustenburg Platinum Mines Limited

		 	 13th Floor

		 	 55 Marshall Street

		 	 Johannesburg

		 	 2001

		
		 	 Telefax No.: +27 11 373 5111

			
		 	 Email:
	 	 companysecretary@angloplat.com

			
		 	 Attention:
	 	 The Company Secretary, the Finance Director and the Financial Controller

		
	 15.1.1.2
	 	 Plateau Security SPV

		
		 	 GMG Trust Company (SA) Proprietary Limited

		 	 3rd Floor 200 on Main

		 	 Corner Main and Bowwood Road

		 	 Claremont

			
		 	 Telefax No.
	 	 086 673 4390

			
		 	 Attention:
	 	 The Managing Director

		
		 	 with a copy to the Lender

		
	 15.1.1.3
	 	 Opco Security SPV:

		
		 	 GMG Trust Company (SA) Proprietary Limited

		 	 3rd Floor 200 on Main

		 	 Corner Main and Bowwood Road

		 	 Claremont

			
		 	 Telefax No.
	 	 086 673 4390

			
		 	 Attention:
	 	 The Managing Director

		
		 	 with a copy to the Lender

  
 44 

					
	 15.1.1.4
	 	 each Obligor (c/o the Obligor’s Agent) 

		
		 	Plateau Resources Proprietary Limited
		 	 4th Floor 82 Grayston Drive, off Esterhysen Lane

		 	Sandton
		 	2146
		
		 	Telefax No.: +27 11 883 0836
			
		 	 Email:
	 	 iemrahn@Atlatsaresources.co.za

			
		 	 Attention:
	 	 The Company Secretary,

  

	15.1.2	 Any notice or communication required or permitted to be given in terms of a Finance Document shall be valid and effective only if in writing but it
shall be competent to give notice by telefax transmitted to its telefax number set out opposite its name above. 

  

	15.1.3	 Any Party may by written notice to the other Parties change its chosen addresses and/or telefax number for the purposes of clause 15.1.1 to any
other address(es) and/or telefax number, provided that the change shall become effective on the fourteenth day after the actual or deemed receipt of the notice by the other Party pursuant to clause 15.1.4. 

 

	15.1.4	 Any notice given in terms of this Agreement shall: 

  

	15.1.4.1	 if sent by a courier service be deemed to have been received by the addressee on the 7th (seventh) Business Day following the date of such sending;

  

	15.1.4.2	 if delivered by hand be deemed to have been received by the addressee on the date of delivery; 

 

	15.1.4.3	 if transmitted by facsimile be deemed to have been received by the addressee on the first Business Day after the date of transmission, unless the
contrary is proved. 

  

	15.1.5	 Notwithstanding anything to the contrary herein contained, a written notice or communication actually received by a Party shall be an adequate
written notice or communication to it, notwithstanding that it was not sent to or delivered at its chosen address and/or telefax number. 

  

	15.2	 Domicilia 

  

	15.2.1	 Each of the Parties chooses its physical address referred to in clause 15.1 as its domicilium citandi et executandi at which address
documents in legal proceedings in connection with the Finance Documents may be served. 

  

	15.2.2	 Any Party may by written notice to the other Parties change its domicilium from time to time to another address, not being a post office box
or a poste restante, in South Africa; provided that any such change 

  
 45 

	 	 
shall only be effective on the fourteenth day after deemed receipt of the notice by the other Party pursuant to clause 15.1.4. 

 

	16.	 GOVERNING LAW 

The entire provisions of this Agreement shall be governed by and construed in accordance with the laws of South Africa. 

 

	17.	 JURISDICTION 

  

	17.1	 Each Obligor hereby irrevocably and unconditionally consents to the non- exclusive jurisdiction of the
South Gauteng High Court, Johannesburg (or any successor to that division) in regard to all matters arising from the Finance Documents. 

  

	17.2	 Clause 17.1 is for the benefit of the Finance Parties only. As a result, no Finance Party shall be prevented from taking proceedings relating to
any matter arising from the Finance Documents in any other courts with jurisdiction. To the extent allowed by law, the Finance Parties may take concurrent proceedings in any number of jurisdictions 

 

	18.	 GENERAL 

  

	18.1	 The Finance Documents contain the entire agreement between the Parties in regard to the subject matter thereof. 

 

	18.2	 No Party shall be bound by or have any claim or right of action arising from any express or implied term, undertaking, representation, warranty,
promise or the like not included or recorded in a Finance Document whether it induced the contract and/or whether it was negligent or not 

  

	18.3	 No variation, amendment or consensual cancellation of a Finance Document or any provision or term and no extension of time, waiver or relaxation or
suspension of any of the provisions or terms of a Finance Document shall be binding or have any force and effect unless reduced to writing and signed by or on behalf of the relevant parties thereto and the Lender. Any such extension, waiver or
relaxation or suspension which is so given or made shall be construed as relating strictly to the matter in respect whereof it was made or given. 

  

	18.4	 No extension of time or waiver or relaxation of any of the provisions or terms of a Finance Document shall operate as an estoppel against another
Party in respect of its rights under this Agreement. 

  

	18.5	 No failure by either Party to enforce any provision of a Finance Document shall constitute a waiver of such provision or affect in any way such
Party’s right to require the performance of such provision at any time in the future, nor shall a waiver of a subsequent breach nullify the effectiveness of the provision itself. 

 

	18.6	 If any clause or term of a Finance Document should be invalid, unenforceable, defective or illegal for any reason whatsoever, then the remaining
terms and provisions of a Finance Document shall be deemed to be severable therefrom and shall continue in full force and effect unless such invalidity, unenforceability, defect or illegality goes to the root of a Finance Document

  
 46 

	18.7	 The Parties undertake at all times to do all such things, to perform all such acts and to take all such steps and to procure the doing of all such
things, the performance of all such actions and the taking of all such steps as may be open to them and necessary for or incidental to the putting into effect or maintenance of the terms, conditions and import of the Finance Documents.

  

	19.	 COSTS AND EXPENSES 

  

	19.1	 Transaction expenses 

  

	19.1.1	 Each party, other than the Opco Security SPV and the Plateau Security SPV shall bear its own costs and expenses (including legal fees) incurred in
connection with the negotiation, preparation, printing, execution, and perfection of this Agreement and any other documents referred to in this Agreement and the Transaction Security Documents. 

 

	19.1.2	 Plateau shall bear the agreed costs and expenses (including legal fees) incurred by the Security Agent, the Plateau Security SPV, the Opco Security
SPV or any Delegate in connection with the negotiation, preparation, printing, execution, and perfection of: 

  

	19.1.2.1	 this Agreement and any other documents referred to in this Agreement and the Transaction Security Documents; 

 

	19.1.2.2	 any other Finance Documents executed after the date of this Agreement, which costs shall be payable within 3 (three) Business Days of demand.

  

	19.2	 Amendment costs 

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

	19.3	 Security Agent’s and the Plateau Security SPV’s ongoing costs 

 

	19.3.1	 In the event of (i) a Default or (ii) the Security Agent, the Opco Security SPV or the Plateau Security SPV considering it necessary or
expedient or (iii) the Security Agent, the Opco Security SPV or the Plateau Security SPV being requested by an Obligor or the Lender to undertake duties which the Security Agent or the Opco Security SPV, the Plateau Security SPV and Plateau
agree to be of an exceptional nature and/or outside the scope of the normal duties of the Security Agent or the Opco Security SPV, the Plateau Security SPV under the Finance Documents, Plateau shall pay to the Security Agent and/or the Opco Security
SPV, the Plateau Security SPV any additional remuneration that may be agreed between them. 

  

	19.3.2	 If the Security Agent, the Opco Security SPV or the Plateau Security SPV, as the case may be, and Plateau fail to agree upon the nature of the
duties or upon any additional remuneration, that dispute shall be determined by an investment bank (acting as an expert and not as an 

  
 47 

	 	 
arbitrator) selected by the Security Agent, the Opco Security SPV or the Plateau Security SPV, as the case may be, and approved by Plateau or, failing approval, nominated (on the application of
the Security Agent, the Opco Security SPV or the Plateau Security SPV, as the case may be) by the President for the time being of the Law Society of the Northern Provinces (the costs of the nomination and of the investment bank being payable by
Plateau) and the determination of any investment bank shall be final and binding upon the parties to this Agreement. 

  

	19.4	 Enforcement and preservation costs 

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

	20.	 COUNTERPARTS 

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

	21.	 AMENDMENT AND RESTATEMENT OF THE ORIGINAL AGREEMENT 

With effect from the Closing Date, this Agreement shall amend and restate the June 2009 RPM Funding Common Terms Agreement in
its entirety. 

  
 48 

 SIGNATURE PAGE 
  

									
	Signed at	 	     Sandton
	 	 on
	 	     27 March 2013.

			
	 

  
	 		 	 
	For and on behalf of:	 		 	For and on behalf of:
			
	ATLATSA                     RESOURCES CORPORATION	 		 	ATLATSA                     RESOURCES CORPORATION
					
	Name:	 	 T M Motsisi
	 		 	Name:	 	  

					
	 Office:
	 	 Director
	 		 	Office:	 	  

		 	(who warrants his authority)	 		 		 	(who warrants his authority)

  
 49 

 SIGNATURE PAGE 
  

									
	Signed at	 	     Sandton
	 	 on
	 	     27 March 2013.

			
	 

  
	 		 	  

	For and on behalf of:	 		 	For and on behalf of:
			
	N1C RESOURCES INC.	 		 	N1C RESOURCES INC.
					
	Name:	 	 T M Motsisi
	 		 	Name:	 	  

					
	 Office:
	 	 Director
	 		 	Office:	 	  

		 	(who warrants his authority)	 		 		 	(who warrants his authority)

  
 50 

 SIGNATURE PAGE 
  

									
	Signed at	 	     Sandton
	 	 on
	 	     27 March 2013.

			
	 

  
	 		 	  

	For and on behalf of:	 		 	For and on behalf of:
			
	N2C RESOURCES INC.	 		 	N2C RESOURCES INC.
					
	Name:	 	 T M Motsisi
	 		 	Name:	 	  

					
	 Office:
	 	 Director
	 		 	Office:	 	  

		 	(who warrants his authority)	 		 		 	(who warrants his authority)

  
 51 

 SIGNATURE PAGE 
  

									
	Signed at	 	     Sandton
	 	 on
	 	     27 March 2013.

			
	 

  
	 		 	  

	For and on behalf of:	 		 	For and on behalf of:
			
	PLATEAU RESOURCES PROPRIETARY LIMITED	 		 	PLATEAU RESOURCES PROPRIETARY LIMITED
					
	Name:	 	 T M Motsisi
	 		 	Name:	 	  

					
	 Office:
	 	 Director
	 		 	Office:	 	  

		 	(who warrants his authority)	 		 		 	(who warrants his authority)

  
 52 

 SIGNATURE PAGE 
  

									
	Signed at	 	     Johannesburg
	 	 on
	 	     6th December 2012.

			
	 

  
	 		 	  

	For and on behalf of:	 		 	For and on behalf of:
			
	RUSTENBURG PLATINUM MINES LIMITED	 		 	RUSTENBURG PLATINUM MINES LIMITED
					
	Name:	 	 B. NQWABABA
	 		 	Name:	 	  

					
	 Office:
	 	 DIRECTOR
	 		 	Office:	 	  

		 	(who warrants his authority)	 		 		 	(who warrants his authority)

  
 53 

 SIGNATURE PAGE 
  

									
	Signed at	 	     Sandton
	 	 on
	 	     12 December 2012.

			
	 

  
	 		 	  

	For and on behalf of:	 		 	For and on behalf of:
			
	MICAWBER 634 PROPRIETARY LIMITED	 		 	MICAWBER 634 PROPRIETARY LIMITED
					
	Name:	 	 B.HARMSE

 
	 		 	Name:	 	 

  

					
	 Office:
	 	 Director
	 		 	Office:	 	  

		 	(who warrants his authority)	 		 		 	(who warrants his authority)

  
 54 

 SIGNATURE PAGE 
  

									
	Signed at	 	     Sandton
	 	 on
	 	     12 December 2012.

			
	 

  
	 		 	  

	For and on behalf of:	 		 	For and on behalf of:
			
	MICAWBER 603 PROPRIETARY LIMITED	 		 	MICAWBER 603 PROPRIETARY LIMITED
					
	Name:	 	 B.HARMSE

 
	 		 	Name:	 	 

  

					
	 Office:
	 	 Director
	 		 	Office:	 	  

		 	(who warrants his authority)	 		 		 	(who warrants his authority)

  
 55 

 SIGNATURE PAGE 
  

									
	Signed at	 	     Sandton
	 	 on
	 	     27 March 2013.

			
	 

  
	 		 	  

	For and on behalf of:	 		 	For and on behalf of:
			
	ATLATSA HOLDINGS PROPRIETARY LIMITED	 		 	ATLATSA HOLDINGS PROPRIETARY LIMITED
					
	Name:	 	 T M Motsisi
	 		 	Name:	 	  

					
	 Office:
	 	 Director
	 		 	Office:	 	  

		 	(who warrants his authority)	 		 		 	(who warrants his authority)

  
 56 

 SIGNATURE PAGE 
  

									
	Signed at	 	     Sandton
	 	 on
	 	     27 March 2013.

			
	 

  
	 		 	  

	For and on behalf of:	 		 	For and on behalf of:
			
	PELAWAN FINANCE SPV PROPRIETARY LIMITED	 		 	PELAWAN FINANCE SPV PROPRIETARY LIMITED
					
	Name:	 	 T M Motsisi
	 		 	Name:	 	  

					
	 Office:
	 	 Director
	 		 	Office:	 	  

		 	(who warrants his authority)	 		 		 	(who warrants his authority)

  
 57 

 SIGNATURE PAGE 
  

									
	Signed at	 	     Sandton
	 	 on
	 	     27 March 2013.

			
	 

  
	 		 	 

  

	For and on behalf of:	 		 	For and on behalf of:
			
	PELAWAN TRUST	 		 	PELAWAN TRUST
					
	Name:	 	 T M Motsisi
	 		 	Name:	 	 AHCH Motaung

					
	 Office:
	 	 Trustee
	 		 	Office:	 	 Trustee

		 	(who warrants his authority)	 		 		 	(who warrants his authority)

  
 58 

 SCHEDULE 1 

TRANSACTION SECURITY DOCUMENTS 
  

	1.	 Each of the Transaction Security Documents referred to in Schedule 8 of the Senior Facilities Agreement. 

 

	2.	 Pelawan Investments Security Documents. 

  

	3.	 Cession and Pledge in Security by Pelawan Investments in favour of RPM of its rights and interests in: 

 

	 	a)	 Shares held by Pelawan Investments in Pelawan SPV; and 

  

	 	b)	 Claims against Pelawan SPV. 

  
 59

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00228-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00228-of-00352.parquet"}]]