Document:

Sale of Business Agreement

 Exhibit 4.26 
 SALE OF BUSINESS AGREEMENT 
 between 

HARMONY GOLD MINING COMPANY LIMITED 
 and 
 EVANDER GOLD MINES LIMITED 

 
 

 

 TABLE OF CONTENTS 

 

							
	 1
	 	 PARTIES
	  	 	1	  
	 2
	 	 INTERPRETATION
	  	 	1	  
	 3
	 	 INTRODUCTION
	  	 	5	  
	 4
	 	 PURCHASE AND SALE
	  	 	6	  
	 5
	 	 PURCHASE CONSIDERATION AND PAYMENT
	  	 	6	  
	 6
	 	 VALUE-ADDED TAX
	  	 	6	  
	 7
	 	 CLOSING
	  	 	7	  
	 8
	 	 BUSINESS LIABILITIES
	  	 	8	  
	 9
	 	 TRANSFERRING EMPLOYEES
	  	 	8	  
	 10
	 	 GENERAL WARRANTIES
	  	 	12	  
	 11
	 	 WARRANTIES OR REPRESENTATIONS BY THE SELLER
	  	 	13	  
	 12
	 	 PUBLICITY
	  	 	13	  
	 13
	 	 SUPPORT
	  	 	13	  
	 14
	 	 BREACH
	  	 	14	  
	 15
	 	 TERMINATION
	  	 	15	  
	 16
	 	 DISPUTE RESOLUTION
	  	 	15	  
	 17
	 	 NOTICES AND DOMICILIA
	  	 	16	  
	 18
	 	 BENEFIT OF THE AGREEMENT
	  	 	17	  
	 19
	 	 APPLICABLE LAW AND JURISDICTION
	  	 	17	  
	 20
	 	 WHOLE AGREEMENT
	  	 	17	  
	 21
	 	 VARIATIONS TO BE IN WRITING
	  	 	18	  
	 22
	 	 NO INDULGENCES
	  	 	18	  
	 23
	 	 NO WAIVER OR SUSPENSION OF RIGHTS
	  	 	18	  
	 24
	 	 PROVISIONS SEVERABLE
	  	 	18	  
	 25
	 	 CONTINUING EFFECTIVENESS OF CERTAIN PROVISIONS
	  	 	19	  
	 26
	 	 NO ASSIGNMENT
	  	 	19	  
	 27
	 	 COSTS
	  	 	19	  
	 28
	 	 SIGNATURE
	  	 	19	  

  
 

 

	1	PARTIES 

  

	1.1	The parties to this Agreement are – 

  

	1.1.1	Harmony Gold Mining Company Limited; and 

  

	1.1.2	Evander Gold Mines Limited. 

  

	1.2	The Parties agree as set out below. 

  

	2	INTERPRETATION 

  

	2.1	In this Agreement, unless the context indicates a contrary intention, the following words and expressions bear the meanings assigned to them and cognate expressions
bear corresponding meanings – 

  

	2.1.1	“AFSA” means the Arbitration Foundation of Southern Africa; 

 

	2.1.2	“Agreement” means the sale of business agreement as set out in this document, including all annexures hereto; 

 

	2.1.3	“Business” means the Seller’s business of procuring for or providing for reward its employees to the Purchaser; 

 

	2.1.4	“Business Liabilities” means the Seller’s liabilities to the Transferring Employees as provided for in clauses 9.2.1, 9.2.2 and 9.2.3;

  

	2.1.5	“Closing Date” means the “Closing Date” as defined in the Sale of Shares and Claims Agreement; 

 

	2.1.6	“Harmony ESOP” means the Seller’s broad-based employee share ownership plan approved by its shareholders at its Annual General Meeting held on
1 December 2010, as amended by its shareholders on 30 November 2011; 

  

	2.1.7	“Labour Relations Act” means the Labour Relations Act 66 of 1995; 

 

	2.1.8	“Pan African” means Pan African Resources PLC, registration number 3937466, a limited liability public company duly incorporated and registered in
England and Wales; 

  

	2.1.9	“Parties” means the parties listed in clause 1.1, and “Party” shall be a reference to either one of them as the context requires;

  
 

 

  
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	2.1.10	“Profit Share Scheme” means the scheme referred to as the “Harmony Profit Share Scheme”, which forms part of the Agreement entered
into on 2 August 2011 between the Chamber of Mines and certain representative trade unions regarding the review of wages and other conditions of employment of certain gold mining companies for the period commencing on 1 July 2011 and
terminating on 30 June 2013; 

  

	2.1.11	“Purchase Consideration” means the Purchase Consideration payable by the Purchaser to the Seller as consideration for the sale of the Business, being
R1.00 (one rand), inclusive of VAT, at the rate of 0% (zero percent); 

  

	2.1.12	“Purchaser” means Evander Gold Mines Limited, registration number 1963/006226/06, a limited liability public company duly incorporated in accordance
with the laws of South Africa; 

  

	2.1.13	“Rands” or “R” means the official currency of South Africa; 

 

	2.1.14	“Sale” means the sale of the Business by the Seller to the Purchaser in terms of this Agreement; 

 

	2.1.15	“Sale Agreement Purchaser” means Emerald Panther Investments 91 Proprietary Limited, registration number 2012/050034/07, a private company duly
incorporated in South Africa; 

  

	2.1.16	“Sale of Shares and Claims Agreement” means the sale of shares and claims agreement concluded or to be concluded between the Purchaser, the Seller, Pan
African and the Sale Agreement Purchaser, in terms of which the Sale Agreement Purchaser purchases (i) the entire issued share capital of the Purchaser and (ii) all amounts owing by the Purchaser to the Seller on the Closing Date by way of
loan account, from the Seller; 

  

	2.1.17	“Seller” means Harmony Gold Mining Company Limited, registration number 1950/038232/06, a private company duly incorporated in accordance with the laws
of South Africa; 

  

	2.1.18	“Signature Date” means the date of signature of this Agreement by the last Party to sign it; 

 

	2.1.19	“Share Rights” means options, share appreciation rights, performance share rights and any other rights, but specifically excludes rights under the
Harmony ESOP; 

  
 

 

  
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	2.1.20	“South Africa” means the Republic of South Africa; 

  

	2.1.21	“Transferring Employees” means all of the employees employed by the Seller and who render services to, or perform work for the Purchaser as at the
Closing Date; 

  

	2.1.22	“VAT” means value-added tax levied in terms of the VAT Act; and 

 

	2.1.23	“VAT Act” means the Value-Added Tax Act, 89 of 1991. 

 

	2.2	In this Agreement – 

  

	2.2.1	clause headings and the heading of the Agreement are for convenience only and are not to be used in its interpretation; 

 

	2.2.2	an expression which denotes – 

  

	2.2.2.1	any gender includes the other genders; 

  

	2.2.2.2	a natural person includes a juristic person and vice versa; 

  

	2.2.2.3	the singular includes the plural and vice versa; 

  

	2.2.2.4	a Party includes a reference to that Party’s successors in title and assigns allowed at law; and 

 

	2.2.2.5	a reference to a consecutive series of two or more clauses is deemed to be inclusive of both the first and last mentioned clauses. 

 

	2.3	Any reference in this Agreement to – 

  

	2.3.1	“business hours” shall be construed as being the hours between 08h30 and 17h00 on any business day. Any reference to time shall be based upon South
African Standard Time; 

  

	2.3.2	“days” shall be construed as calendar days unless qualified by the word “business”, in which instance a “business day” will be any
day other than a Saturday, Sunday or public holiday as gazetted by the government of the Republic of South Africa from time to time; 

  

	2.3.3	“laws” means all constitutions; statutes; regulations; by-laws; codes; ordinances; decrees; rules; judicial, arbitral, administrative, ministerial,
departmental or regulatory judgements, orders, decisions, rulings, or awards; 

  
 

 

  
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policies; voluntary restraints; guidelines; directives; compliance notices; abatement notices; agreements with, requirements of, or instructions by any Governmental Body; and the common law, and
“law” shall have a similar meaning and 

  

	2.3.4	“person” means any person, company, close corporation, trust, partnership or other entity whether or not having separate legal personality.

  

	2.4	The words “include” and “including” mean “include without limitation” and “including without limitation”. The use
of the words “include” and “including” followed by a specific example or examples shall not be construed as limiting the meaning of the general wording preceding it. 

 

	2.5	Any substantive provision, conferring rights or imposing obligations on a Party and appearing in any of the definitions in this clause 2 or elsewhere in this Agreement,
shall be given effect to as if it were a substantive provision in the body of the Agreement. 

  

	2.6	Words and expressions defined in any clause shall, unless the application of any such word or expression is specifically limited to that clause, bear the meaning
assigned to such word or expression throughout this Agreement. 

  

	2.7	Unless otherwise provided, defined terms appearing in this Agreement in title case shall be given their meaning as defined, while the same terms appearing in lower case
shall be interpreted in accordance with their plain English meaning. 

  

	2.8	A reference to any statutory enactment shall be construed as a reference to that enactment as at the Signature Date and as amended or substituted from time to time.

  

	2.9	Unless specifically otherwise provided, any number of days prescribed shall be determined by excluding the first and including the last day or, where the last day falls
on a day that is not a business day, the next succeeding business day. 

  
 

 

  
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	2.10	If the due date for performance of any obligation in terms of this Agreement is a day which is not a business day then (unless otherwise stipulated) the due date for
performance of the relevant obligation shall be the next succeeding business day. 

  

	2.11	Where figures are referred to in numerals and in words, and there is any conflict between the two, the words shall prevail, unless the context indicates a contrary
intention. 

  

	2.12	The rule of construction that this Agreement shall be interpreted against the Party responsible for the drafting of this Agreement, shall not apply.

  

	2.13	No provision of this Agreement shall (unless otherwise stipulated) constitute a stipulation for the benefit of any person (stipulatio alteri) who is not a Party
to this Agreement. 

  

	2.14	The use of any expression in this Agreement covering a process available under South African law, such as winding-up, shall, if either 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. 

 

	2.15	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 amended, varied, novated or supplemented from time to time. 

  

	2.16	In this Agreement the words “clause” or “clauses” and “annexure” or “annexures” refer to clauses of
and annexures to this Agreement. 

  

	3	INTRODUCTION 

  

	3.1	The Seller undertakes the Business as a going concern and wishes to sell the Business to the Purchaser, and the Purchaser in turn wishes to purchase the Business, as a
going concern, on the terms and subject to the conditions of this Agreement. 

  

	3.2	The Parties wish to record their agreement, in writing, on the terms and conditions set out herein. 

 
 

 

  
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	4	PURCHASE AND SALE 

  

	4.1	On and with effect from the Closing Date, the Seller hereby sells the Business to the Purchaser, which hereby purchases the Business, on the terms and subject to the
conditions set out in this Agreement. 

  

	4.2	Notwithstanding the Signature Date, ownership of, and all of the risk in and benefits attaching to, the Business shall pass to the Purchaser on and with effect from the
Closing Date. 

  

	5	PURCHASE CONSIDERATION AND PAYMENT 

  

	5.1	The Purchaser shall pay the Purchase Consideration to the Seller on the Closing Date in cash. 

 

	5.2	The payment of the Purchase Consideration in terms of clause 5.1 by the Purchaser shall constitute a valid and proper discharge by the Purchaser of its obligations to
the Seller to pay the Purchase Consideration in terms of clause 5.1. 

  

	6	VALUE-ADDED TAX 

  

	6.1	The Parties have agreed that – 

  

	6.1.1	the Sale is the sale of an enterprise which is capable of separate operation; 

 

	6.1.2	such enterprise is sold as a going concern; 

  

	6.1.3	at the Signature Date and the Closing Date, such enterprise is and will be an income earning activity and will be transferred as such; 

 

	6.1.4	all the assets of such enterprise necessary for its continued operation are being sold in terms hereof; and 

 

	6.1.5	the Purchase Consideration is inclusive of VAT at the rate of 0% (zero percent). 

 

	6.2	Each of the Seller and the Purchaser warrants that it is, registered as a vendor in terms of the VAT Act. 

 

	6.3	The Seller will, if so requested by the Purchaser, furnish to the Purchaser the appropriate tax invoice (on a zero rated basis) by not later than the Closing Date.

  
 

 

  
 6 

	6.4	Should for any reason VAT be payable by the Seller at the standard rate in respect of the disposal of the Business, then the Purchase Consideration in respect thereof
shall be deemed to be exclusive of VAT and the Purchaser shall be obliged, on written demand from the Seller, to pay, in addition to such Purchase Consideration, the amount of such VAT to the Seller 2 (two) business days prior to the date upon which
the Seller is required to pay such VAT to the South African Revenue Service, against delivery by the Seller to the Purchaser of an appropriate tax invoice. 

 

	7	CLOSING 

 On the Closing
Date, the Seller will – 
  

	7.1	give possession of the Business to the Purchaser and place the Purchaser in control of the Business; and 

 

	7.2	deliver to the Purchaser – 

  

	7.2.1	a list of the Transferring Employees; 

  

	7.2.2	the details relating to each Transferring Employee, being his or her position, the existence or otherwise of a written employment agreement in respect of that
Transferring Employee, the date on which his or her employment commenced and the length of the continuity of his or her employment, the notice period applicable to the termination of his or her employment and the total remuneration package
(including all financial benefits enjoyed by such Transferring Employee) on a “cost to company” basis; and 

  

	7.2.3	to the extent to which they exist, all books, records and other relevant documents pertaining solely to the Business, provided that –

  

	7.2.3.1	insofar as the Seller is obliged in law to retain any such book, record or document, it shall deliver a photocopy thereof to the Purchaser; and

  

	7.2.3.2	if the Seller requires, at any time after the Closing Date, to make copies of or inspect any such book, record or document relating to any period prior to the Closing
Date, in terms of or in order to comply with any law or other legal obligation, it shall be entitled to do so during normal business hours upon reasonable notice to the Purchaser. 

 
 

 

  
 7 

	8	BUSINESS LIABILITIES 

  

	8.1	Against compliance by the Purchaser with its obligation under clause 5.1 – 

 

	8.1.1	the Seller hereby delegates the Business Liabilities to the Purchaser with effect from the Closing Date; and 

 

	8.1.2	the Purchaser hereby accepts such delegation and assumes the Business Liabilities with effect from the Closing Date. 

 

	8.2	The Purchaser undertakes to discharge such Business Liabilities as and when they fall due. 

 

	8.3	The Purchaser hereby indemnifies and holds the Seller harmless against all claims, damage, loss and/or expense which may be made against and/or suffered by the Seller
in connection with and/or arising from the Business Liabilities or in respect of the Purchaser’s failure to discharge the Business Liabilities timeously. 

 

	9	TRANSFERRING EMPLOYEES 

  

	9.1	The Parties agree that with effect from the Closing Date, section 197(2) of the Labour Relations Act shall be applicable in relation to the Transferring Employees and
that accordingly – 

  

	9.1.1	the Purchaser is automatically substituted as the “New Employer” in the place of the Seller as the “Old Employer” in respect of all contracts of
employment in existence as at the Closing Date, between the Seller and the Transferring Employees; 

  

	9.1.2	all the rights and obligations between the Seller and the Transferring Employees as at the Closing Date shall continue in force as if they had been rights and
obligations between the Purchaser and the Transferring Employees; and 

  

	9.1.3	anything done before the Closing Date by or in relation to the Seller, including the dismissal of any Transferring Employee or the commission of an unfair labour
practice or act of unfair discrimination, is not considered to have been done by or in relation to the Purchaser and – 

  

	9.1.3.1	the Seller hereby indemnifies the Purchaser against, and undertakes to reimburse the Purchaser in respect of, any lawful claim and taxed legal 

 
 

 

  
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costs paid to any Transferring Employee by the Purchaser (including any legal costs incurred by the Purchaser in defending any such claim) relating to any term or condition of employment (other
than relating to severance pay liability), the dismissal of an Transferring Employee, the commission of an unfair labour practice or an act of unfair dismissal, but only in respect of claims, the cause of action of which arose prior to the Closing
Date, following a determination in favour of the Transferring Employee in question by a competent court or tribunal or otherwise in accordance with a settlement agreement approved by the Seller; provided that the Seller shall by way of adequate
notice have been given the opportunity, by the Purchaser, of participating, in its discretion, personally in the defence or settlement of the claim and shall then have failed to comply with the payment terms of any settlement or order of damages
awarded by the court of competent jurisdiction, including any award of such legal costs; 

  

	9.1.3.2	where the Seller participates in the defence or settlement of the claim it shall do so actively and diligently and – 

 

	9.1.3.2.1	afford the Purchaser a reasonable opportunity to be present at and to participate in all discussions and meetings which are held by the Seller or by any counsel,
attorney or third party (acting on behalf of the Seller) in connection with such defence; 

  

	9.1.3.2.2	without unreasonable delay, and from time to time, provide the Purchaser with the same information which the Seller has in its possession or under its control, the
intention being that the Purchaser should be as well informed, at all times, as the Seller is informed; and 

  

	9.1.3.2.3	permit the Purchaser to express its views and opinions from time to time in regard to the defence of the claim; 

 

	9.1.3.2.4	for so long as the Seller is conducting the defence of the claim in accordance with the provisions of this clause 9.1.3 – 

 

	9.1.3.2.4.1	the Purchaser will not consent to the entry of any judgment or enter into any settlement with respect to the claim without the prior written consent of the Seller
(which consent shall not be unreasonably withheld); and 

  
 

 

  
 9 

	9.1.3.2.4.2	the Seller will not consent to the entry of any judgment or enter into any settlement with respect to the Third Party Claim without the prior written consent of the
Purchaser (which consent shall not be unreasonably withheld); and 

  

	9.1.4	the transfer does not interrupt the continuity of employment of the Transferring Employees, or any of them, and the contracts of employment of the Transferring
Employees, or any of them, continue with the Purchaser as if with the Seller. 

  

	9.2	The Seller and the Purchaser hereby agree, for the purpose of section 197(7) of the Labour Relations Act, that – 

 

	9.2.1	the valuation as at the Closing Date of the leave pay accrued to the Transferring Employees shall be undertaken by the Seller as at the Closing Date, and shall be due
to each of the Transferring Employees as indicated in a written schedule which the Seller shall prepare and deliver to the Purchaser by not later than 20 (twenty) days after the Closing Date; 

 

	9.2.2	the Seller shall prepare and deliver to the Purchaser by not later than 20 (twenty) days after the Closing Date a written schedule setting out the amounts to which
the Transferring Employees would be entitled, as at the Closing Date, in the event that the Transferring Employees were to be dismissed as at the Closing Date by reason of the Seller’s operational requirements (“Potential Severance
Pay”); and 

  

	9.2.3	the value of any other payments that will have accrued as at the Closing Date to the Transferring Employees but will not have been paid to them by the Seller, will be
an amount which the Seller shall determine as at the Closing Date and will be payable to the Transferring Employees as indicated in a written schedule which the Seller shall prepare and deliver to the Purchaser by not than 20 (twenty) days after the
Closing Date. 

  

	9.3	The Seller and the Purchaser hereby agree, for the purposes of section 197(7)(b) of the Labour Relations Act, that – 

 

	9.3.1	to the extent that any of the amounts referred to in clause 9.2 shall be payable to the Transferring Employees or any of them, the Purchaser is responsible for paying
all of the amounts referred to in clause 9.2, it being specifically recorded that there shall be no apportionment of liability between the Seller 

  

 

  
 10 

	 	
and the Purchaser, and that the Purchaser shall be responsible for and shall pay the full amounts specified in clauses 9.2.1, 9.2.2 and 9.2.3, provided that the Seller shall remain liable for
payments to the Transferring Employees that will have accrued in terms of the Harmony ESOP, Share Rights and the Profit Share Scheme as at the Closing Date as set out in the Sale of Shares and Claims Agreement; and 

 

	9.3.2	there is no intention, as at the Signature Date and as at the Closing Date, that any of the Transferring Employees will be dismissed by reason of the operational
requirements of the Purchaser, and consequently it is not intended that the amount as specified in terms of clause 9.2.2 will become payable to any of the Transferring Employees. In so far as the Purchaser undertakes, after the Closing Date, a
process in accordance with section 189 of the Labour Relations Act which results in the dismissal, by reason of the operational requirements of the Purchaser, as employer, of any Transferring Employee who transferred employment in the context of
this clause 8, then the Purchaser, as employer, shall be solely responsible for all severance pay expenditure due to any such Transferring Employee which will arise, including the amount of the Potential Severance Pay. 

 

	9.4	The Seller hereby undertakes to disclose the terms agreed with the Purchaser in clause 9.3 to the Transferring Employees in compliance with the provisions of section
197(7)(c) of the Labour Relations Act by no later than the Closing Date. 

  

	9.5	The Seller shall have no claim of whatsoever nature against the Purchaser arising from any industrial action or unrest on the part of the Transferring Employees, or any
of them, prior to the Closing Date and the Purchaser shall have no claim of whatsoever nature against the Seller in respect of any industrial action or unrest on the part of the Transferring Employees, or any of them, with effect from the Closing
Date. 

  

	9.6	The Seller shall, prior to the Closing Date and subject to the provisions of clause 9.3, discharge all and any of its obligations to the Transferring Employees, arising
from or in connection with the employment by the Seller of the Transferring Employees prior to the Closing Date, including but not restricted to the obligations relating to bonuses and salaries prior to the Closing Date. 

 
 

 

  
 11 

	9.7	The contents of this clause 8 do not constitute, nor shall they be deemed to constitute a stipulation for the benefit of the Transferring Employees, nor shall the
Transferring Employees, or any of them, be entitled to accept and/or to enforce any of the obligations arising in terms of and/or in connection with this clause 8. 

 

	10	GENERAL WARRANTIES 

  

	10.1	Each of the Parties hereby warrants to and in favour of the other that – 

 

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

 

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

 

	10.1.3	the execution of this Agreement and the performance of its obligations hereunder does not and shall not – 

 

	10.1.3.1	contravene any law or regulation to which that Party is subject; 

  

	10.1.3.2	contravene any provision of that Party’s constitutional documents; or 

 

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

  

	10.1.3.4	in the case of the Seller, result in the acceleration of, create in any party the right to accelerate, terminate, modify, or cancel, or require any notice under any
agreement, instrument or other arrangement to which the Seller is a party or by which the Seller is bound or to which any of the Seller’s assets are subject (or result in the imposition of any encumbrance upon any of the Seller’s assets).

  

	10.2	Each of the representations and warranties given by the Parties in terms of clause 10.1, shall – 

 

	10.2.1	be a separate warranty; and 

  

	10.2.2	continue and remain in force notwithstanding the completion of any or all the transactions contemplated in this Agreement. 

 
 

 

  
 12 

	11	WARRANTIES OR REPRESENTATIONS BY THE SELLER 

 Save for those warranties and representations expressly given or made in this Agreement, no warranties or representations are given or made, in respect of the Business, or any other matter whatsoever,
whether express, tacit or implied, and the Business is being sold on a voetstoots basis. 
  

	12	PUBLICITY 

  

	12.1	Subject to clause 12.3 each Party undertakes to keep confidential and not to disclose to any third party, save as may be required in law (including by the rules of any
securities exchange on which the shares of either of the Parties may be listed, where applicable) or permitted in terms of this Agreement, the nature, content or existence of this Agreement. 

 

	12.2	No announcements of any nature whatsoever will be made by or on behalf of a Party relating to this Agreement without the prior written consent of the other Parties,
save for any announcement or other statement required to be made in terms of the provisions of any law (or by the rules of any securities exchange on which the shares of either of the Parties may be listed, where applicable), in which event the
Party obliged to make such statement will first consult with the other Parties in order to enable them in good faith to attempt to agree the content of such announcement, which (unless agreed) must go no further than is required in terms of such law
or rules. This will not apply to a Party wishing to respond to the other Party which has made an announcement of some nature in breach of this clause. 

  

	12.3	This clause 10 shall not apply to any disclosure made by a Party to its professional advisors or consultants, provided that they have agreed to the same confidentiality
undertakings, or to any judicial or arbitral tribunal or officer, in connection with any matter relating to this Agreement or arising out of it. 

  

	13	SUPPORT 

 The Parties
undertake at all times to do all such things, perform all such actions and take all such steps and to procure the doing of all such things, the performance of all such actions and the taking of all such steps as may be open to them and necessary for
or incidental to the putting into effect or maintenance of the terms, conditions and/or import of this Agreement. 
  

 

  
 13 

	14	BREACH 

  

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

 

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

  

	14.1.2	subject to clause 14.4, to cancel this Agreement, with or without claiming damages, in which case written notice of the cancellation shall be given to the Defaulting
Party, and the cancellation shall take effect on the giving of the notice. Neither Party shall be entitled to cancel this Agreement unless the breach is a material breach. A breach will be deemed to be a material breach if –

  

	14.1.2.1	it is capable of being remedied, but is not so remedied within the Notice Period; or 

 

	14.1.2.2	it is incapable of being remedied or is not remedied within the Notice Period, and payment in money will compensate for such breach but such payment is not made within
the Notice Period. 

  

	14.2	The Parties agree that any costs awarded will be recoverable on an attorney-and-own-client scale unless the Court specifically determines that such scale shall not
apply, in which event the costs will be recoverable in accordance with the High Court tariff, determined on an attorney-and-client scale. 

  

	14.3	The Aggrieved Party’s remedies in terms of this clause 14 are without prejudice to any other remedies to which the Aggrieved Party may be entitled in law.

  

	14.4	Notwithstanding the aforegoing, after the closing in full of the sale recorded in the Sale of Shares and Claims Agreement, none of the Parties will have the right to
cancel this Agreement as a result of a breach thereof, and the Parties’ only remedies thereafter will be to claim specific performance of all the obligations of the Party in breach, together with damages, if any. 

 
 

 

  
 14 

	15	TERMINATION 

 If the Sale
of Shares and Claims Agreement is terminated, cancelled or lapses for any reason whatsoever this Agreement shall immediately automatically terminate. 
  

	16	DISPUTE RESOLUTION 

  

	16.1	In the event of there being any dispute or difference between the Parties arising out of this Agreement, the said dispute or difference shall on written demand by
either Party be submitted to arbitration in Johannesburg in accordance with the AFSA rules, which arbitration shall be administered by AFSA. 

  

	16.2	Should AFSA, as an institution, not be operating at that time or not be accepting requests for arbitration for any reason, then the arbitration shall be conducted in
accordance with the AFSA rules for commercial arbitration (as last applied by AFSA) before an arbitrator appointed by agreement between the parties to the dispute or failing agreement within 10 (ten) business days of the demand for arbitration, then
any party to the dispute shall be entitled to forthwith call upon the chairperson of the Johannesburg Bar Council to nominate the arbitrator, provided that the person so nominated shall be an advocate of not less than 10 (ten) years standing as
such. The person so nominated shall be the duly appointed arbitrator in respect of the dispute. In the event of the attorneys of the parties to the dispute failing to agree on any matter relating to the administration of the arbitration, such matter
shall be referred to and decided by the arbitrator whose decision shall be final and binding on the parties to the dispute. 

  

	16.3	Any party to the arbitration may appeal the decision of the arbitrator or arbitrators in terms of the AFSA rules for commercial arbitration. 

 

	16.4	Nothing herein contained shall be deemed to prevent or prohibit a party to the arbitration from applying to the appropriate court for urgent relief or for judgment in
relation to a liquidated claim. 

  

	16.5	Any arbitration in terms of this clause 15 (including any appeal proceedings) shall be conducted in camera and the Parties shall treat as confidential details of
the dispute submitted to arbitration, the conduct of the arbitration proceedings and the outcome of the arbitration. 

  

	16.6	This clause 15 will continue to be binding on the Parties notwithstanding any termination or cancellation of the Agreement. 

 
 

 

  
 15 

	16.7	The Parties agree that the written demand by a party to the dispute in terms of clause 16.1 that the dispute or difference be submitted to arbitration, is to be deemed
to be a legal process for the purpose of interrupting extinctive prescription in terms of the Prescription Act, 1969. 

  

	17	NOTICES AND DOMICILIA 

  

	17.1	The Parties select as their respective domicilia citandi et executandi the following physical addresses, and for the purposes of giving or sending any notice
provided for or required under this Agreement, the said physical addresses – 

  

					
	 Name
	  	 Physical Address
	  	 Telefax

	Seller	  	Block 18	  	+27(0) 86 628 2332
		  	Randfontein Office Park	  	
		  	Cnr Main Reef Road & Ward Avenue	  	
		  	Randfontein	  	

 Marked for the attention of: The Chief Executive Officer 

 

					
	 Name
	  	 Physical Address
	  	 Telefax

	Purchaser	  	Block 18	  	+27(0) 86 628 2332
		  	Randfontein Office Park	  	
		  	Cnr Main Reef Road and	  	
		  	Ward Avenue	  	
		  	Randfontein	  	
			
		  	with a copy to:	  	
			
		  	 First Floor, Office 101
 The
Firs
 Cnr Cradock and Bierman

Avenue
 Rosebank
	  	+27(0) 86 266 4266

 Marked for the attention of: The General Manager 

provided that a Party may change its domicilium or its address for the purposes of notices to any other physical address by written
notice to the other Party to that effect. Such change of address will be effective 5 (five) business days after receipt of the notice of the change. 
  

	17.2	All notices to be given in terms of this Agreement will be given in writing and will – 

 

	17.2.1	be delivered by hand, and not by way of telefax or email; and 

  

 

  
 16 

	17.2.2	if delivered by hand during business hours, be presumed to have been received on the date of delivery. Any notice delivered after business hours or on a day which is
not a business day will be presumed to have been received on the following business day. 

  

	17.3	Notwithstanding the above, any notice given in writing, and actually received by the Party to whom the notice is addressed, will be deemed to have been properly given
and received, notwithstanding that such notice has not been given in accordance with this clause 17. 

  

	18	BENEFIT OF THE AGREEMENT 

This Agreement will also be for the benefit of and be binding upon the successors in title and permitted assigns of the Parties or either
of them. 
  

	19	APPLICABLE LAW AND JURISDICTION 

  

	19.1	This Agreement will in all respects be governed by and construed under the laws of the Republic of South Africa. 

 

	19.2	Subject to clause 15, the Parties hereby consent and submit to the non-exclusive jurisdiction of the South Gauteng High Court, Johannesburg in any dispute arising from
or in connection with this Agreement. 

  

	20	WHOLE AGREEMENT 

  

	20.1.1	This Agreement constitutes the whole of the agreement between the Parties relating to the matters dealt with herein and, save to the extent otherwise provided herein,
no undertaking, representation, term or condition relating to the subject matter of this Agreement not incorporated in this Agreement shall be binding on either of the Parties. 

 

	20.1.2	This Agreement supersedes and replaces any and all agreements between the Parties (and other persons, as may be applicable) and undertakings given to or on behalf of
the Parties (and other persons, as may be applicable) in relation to the subject matter hereof. 

  

 

  
 17 

	21	VARIATIONS TO BE IN WRITING 

  

	21.1	No addition to or variation, deletion, or agreed cancellation of all or any clauses or provisions of this Agreement will be of any force or effect unless in writing and
signed by the Parties. 

  

	21.2	If as a result of the implementation of the terms of this Agreement it becomes apparent that any of the terms hereof result in an unintended consequence, or any of the
Parties would benefit in one way or the other by the amendment of the terms hereof, the Parties undertake to, in good faith, meet and negotiate any such amendments with the other. 

 

	22	NO INDULGENCES 

 No
latitude, extension of time or other indulgence which may be given or allowed by any Party to the other Party in respect of the performance of any obligation hereunder, and no delay or forbearance in the enforcement of any right of any Party arising
from this Agreement and no single or partial exercise of any right by any Party under this Agreement, shall in any circumstances be construed to be an implied consent or election by such Party or operate as a waiver or a novation of or otherwise
affect any of the Party’s rights in terms of or arising from this Agreement or estop or preclude any such Party from enforcing at any time and without notice, strict and punctual compliance with each and every provision or term hereof. Failure
or delay on the part of any Party in exercising any right, power or privilege under this Agreement will not constitute or be deemed to be a waiver thereof, nor will any single or partial exercise of any right, power or privilege preclude any other
or further exercise thereof or the exercise of any other right, power or privilege. 
  

	23	NO WAIVER OR SUSPENSION OF RIGHTS 

 No waiver, suspension or postponement by any Party of any right arising out of or in connection with this Agreement shall be of any force or effect unless in writing and signed by such Party. Any such
waiver, suspension or postponement will be effective only in the specific instance and for the purpose given. 
  

	24	PROVISIONS SEVERABLE 

 All
provisions and the various clauses of this Agreement are, notwithstanding the manner in which they have been grouped together or linked grammatically, severable from each other. Any provision or clause of this Agreement which is or 

 
 

 

  
 18 

 
becomes unenforceable in any jurisdiction, whether due to voidness, invalidity, illegality, unlawfulness or for any other reason whatever, shall, in such jurisdiction only and only to the extent
that it is so unenforceable, be treated as pro non scripto and the remaining provisions and clauses of this Agreement shall remain of full force and effect. The Parties declare that it is their intention that this Agreement would be executed
without such unenforceable provision if they were aware of such unenforceability at the time of execution hereof. 
  

	25	CONTINUING EFFECTIVENESS OF CERTAIN PROVISIONS 

 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. 
  

	26	NO ASSIGNMENT 

 Neither
this Agreement nor any part, share or interest herein nor any rights or obligations hereunder may be ceded, delegated or assigned by either Party without the prior signed written consent of the other Party, save as otherwise provided herein.

  

	27	COSTS 

 Except as
otherwise specifically provided herein, each Party will bear and pay its own legal costs and expenses of and incidental to the negotiation, drafting, preparation and implementation of this Agreement. 

 

	28	SIGNATURE 

  

	28.1	This Agreement is signed by the Parties on the dates and at the places indicated below. 

 

	28.2	This Agreement may be executed in counterparts, each of which shall be deemed an original, and all of which together shall constitute one and the same Agreement as at
the date of signature of the Party last signing one of the counterparts. 

  

	28.3	The persons signing this Agreement in a representative capacity warrant their authority to do so. 

  
 

 

  
 19 

	28.4	The Parties record that it is not required for this Agreement to be valid and enforceable that a Party shall initial the pages of this Agreement and/or have its
signature of this Agreement verified by a witness. 

 SIGNED at Sandton on 30 May 2012 

 

	
	For and on behalf of
	HARMONY GOLD MINING COMPANY LIMITED
	
	 /s/

	Signature
	
	 Frank Abbott

	Name of Signatory
	
	 Director

	Designation of Signatory

 SIGNED at Sandton on 30 May 2012 

 

	
	For and on behalf of
	EVANDER GOLD MINES LIMITED
	
	 /s/

	Signature
	
	 Frank Abbott

	Name of Signatory
	
	 Director

	Designation of Signatory

  
 

 

  
 20Sale of Shares Agreement

 Exhibit 4.27 
 Execution Copy 
 SALE OF SHARES AGREEMENT 

between 
 PAMODZI URANIUM (PROPRIETARY)
LIMITED 
 and 
 PAMODZI COOKE
(PROPRIETARY) LIMITED 
 and 

ARMGOLD/HARMONY JOINT INVESTMENT COMPANY (PROPRIETARY) LIMITED 
 and 
 GOLD ONE INTERNATIONAL LIMITED 

and 
 NEWSHELF 1114 (PROPRIETARY)
LIMITED 
 and 
 RAND URANIUM
(PROPRIETARY) LIMITED 
 in respect of 100% of the issued shares of 
 RAND URANIUM (PROPRIETARY) LIMITED 
  

 
 

 

 

 
 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page No.	 
			
	 1.
	 	 Parties
	  	 	1	  
			
	 2.
	 	 Definitions and interpretation
	  	 	1	  
			
	 3.
	 	 Introduction
	  	 	22	  
			
	 4.
	 	 Suspensive Conditions
	  	 	23	  
			
	 5.
	 	 Sale and Purchase of Sale Shares and guarantee by Gold One
	  	 	28	  
			
	 6.
	 	 Purchase Price
	  	 	30	  
			
	 7.
	 	 Delivery of the Sale Shares and other documents and assets
	  	 	32	  
			
	 8.
	 	 Implementation Undertakings
	  	 	36	  
			
	 9.
	 	 Warranties of the Sellers
	  	 	48	  
			
	 10.
	 	 Limitations on Warranty and Undertaking claims against the Sellers
	  	 	50	  
			
	 11.
	 	 Security for Warranty and Undertaking Claims
	  	 	55	  
			
	 12.
	 	 Warranties and Representations by the Purchaser and Gold One
	  	 	57	  
			
	 13.
	 	 Confidentiality
	  	 	59	  
			
	 14.
	 	 Breach
	  	 	60	  
			
	 15.
	 	 Arbitration
	  	 	62	  
			
	 16.
	 	 Miscellaneous matters
	  	 	64	  
		
	 Annexure A - Warranties
	  	 	75	  
		
	 Annexure B - Disclosure Schedule
	  	 	90	  
		
	 Annexure C - Sale Shares at Signature Date
	  	 	94	  
		
	 Annexure D - Consideration Shares Warranties
	  	 	95	  
		
	 Annexure E - Escrow Agreement
	  	 	98	  
		
	 Annexure F - Debt Financing Commitment letter
	  	 	99	  
		
	 Annexure G - Relevant individuals
	  	 	100	  

  
  

 
 

 

	1.	Parties 

  

	1.1	The Parties to this Agreement are: 

  

	1.1.1	Pamodzi; 

  

	1.1.2	Pamodzi Cooke; 

  

	1.1.3	Investco; 

  

	1.1.4	Gold One; 

  

	1.1.5	Purchaser; and 

  

	1.1.6	the Company. 

  

	1.2	Any reference herein to “Party” and “Parties” shall be a reference to the Parties described above either individually or collectively,
as may be required by the context of this Agreement, and their respective successors in title, administrators, assigns, liquidators, curators, executors, trustees or other duly authorised representatives of the Parties as fully and effectively as if
they had signed this Agreement in the first instance. 

 THE PARTIES HEREBY AGREE WITH ONE ANOTHER AS FOLLOWS:

  

	2.	Definitions and interpretation 

  

	2.1	In this Agreement the following expressions shall, unless otherwise stated or inconsistent with the context in which they appear, bear the following meanings and
cognate expressions shall bear corresponding meanings: 

  

							
	2.1.1	 	   ““A” Shares”	 	1200 “A” ordinary shares with a par value of R1.00 each beneficially owned by Pamodzi Cooke and registered in the name of Pamodzi as nominee for Pamodzi Cooke,
comprising 60% of the issued share capital of the Company;

  
 1 

							
	2.1.2	 	“Acquisition Proposal”	    	means with regard to the Sale Shares, the Company and/or any assets of the Company:
				
		 		    	(i)	  	any proposal or offer for a merger, amalgamation, re-organisation, recapitalisation or other business combination; or
				
		 		    	(ii)	  	any proposal or offer to acquire in any manner directly or indirectly any material asset or property of the Company; or
				
		 		    	(iii)	  	any proposal or offer to acquire in any manner directly or indirectly the Sale Shares and/or any securities of the Company, either in full or in part only; or
				
		 		    	(iv)	  	any sale or issue of securities of the Company or rights or interests therein,
			
		 		    	in each case of the foregoing sub-clauses (i) to (iv), other than the Transaction and the transactions contemplated hereby;
			
	2.1.3	 	“Agreement”	    	this sale of shares agreement, including all annexures hereto, as varied or amended from time to time;
			
	2.1.4	 	“ASIC”	    	the Australian Securities and Investments Commission;

  
 2 

							
	2.1.5	 	 “ASX”	 	the ASX Limited (ACN 008 624 691), a public company incorporated under the laws of Australia, or where the context requires, the financial market conducted by it known
as the Australian Securities Exchange;
			
	2.1.6	 	 “ASX Listing Rules”	 	the Listing Rules of ASX and any other rules of ASX which are applicable to Gold One while it remains admitted to the Official List of ASX, each as amended or replaced
from time to time, except to the extent of any express written waiver by ASX;
			
	2.1.7	 	 “AUD”	 	Australian Dollars, the lawful currency of Australia;
			
	2.1.8	 	 “Australia”	 	the Commonwealth of Australia;
			
	2.1.9	 	 “Balance Payment”	 	the balance of the Purchase Price, if any, remaining after deduction of the amount of the Cash Payment from the amount of the Purchase Price;
			
	2.1.10	 	 “BEE”	 	Black Economic Empowerment;
			
	2.1.11	 	 “Board”	 	the board of directors of the Company;
			
	2.1.12	 	 “Business Day”	 	any day other than a Saturday, Sunday or official public holiday in South Africa or in Sydney, New South Wales, Australia or in Perth, Western Australia,
Australia;

  
 3 

							
	2.1.13	 	 “Cash Escrow Amount”	 	the cash portion of the Escrow Amount, equal to one tenth of the amount of the Cash Payment;
			
	2.1.14	 	 “Cash Payment”	 	the cash payment in an amount of not less than USD150,000,000.00 (one hundred and fifty million United States dollars) to be paid by the Purchaser to the Sellers in
respect of the Purchase Price;
			
	2.1.15	 	 “CHESS”	 	the Clearing House Electronic Sub-register System operated by the ASX;
			
	2.1.16	 	 “Company”	 	Rand Uranium (Proprietary) Limited, registration number 2007/007531/07, a private company incorporated and registered in accordance with the laws of South
Africa;
			
	2.1.17	 	 “Companies Act”	 	the South African Companies Act, 2008, as amended or replaced from time to time;
			
	2.1.18	 	 “Competition Act”	 	the South African Competition Act, 1998, as amended or replaced from time to time;
			
	2.1.19	 	 “Completion Date”	 	the fifth Business Day following the Fulfilment Date, or such later date as the Parties may agree in writing;
			
	2.1.20	 	 “Completion Period”	 	the period from the Signature Date to the Completion Date, both dates inclusive;

  
 4 

							
	2.1.21	 	 “Consideration Shares”	 	the number of new fully paid ordinary shares in the share capital of Gold One, freely tradable on the ASX and JSE (where relevant), equal in value to the Balance
Payment, determined by dividing the amount of the Balance Payment by AUD 0.46, which is the 5 day volume weighted average price at which Gold One’s shares traded on the ASX over the 5 Business Days prior to the first public announcement of the
Transaction on 28 April 2011, converted to 0.503 United States dollars at the closing Australian/United States dollar exchange rate on the date immediately preceding the date of such public announcement, as quoted by the Standard Bank of South
Africa Limited;
			
	2.1.22	 	 “Consideration Shares Warranties”	 	the warranties given by the Purchaser to the Sellers in Annexure D;
			
	2.1.23	 	 “Corporations Act”	 	the Australian Corporations Act 2001(Cth);
			
	2.1.24	 	 “Debt Financing”	 	the portion (which may be the entire amount) of the Cash Payment that is provided by the lender pursuant to, and subject to the terms and conditions of, the Debt
Financing Commitment, which, together with the Gold One Funding Amount, if any, comprises the Cash Payment;

  
 5 

							
	2.1.25	 	 “Debt Financing Commitment”	 	the debt financing commitment pursuant to letters from Investec Bank Limited dated 19 April 2011, 19 May 2011 and 20 May 2011, respectively, each attached
hereto as Annexure F;
			
	2.1.26	 	 “Disclosure Material”	 	all matters disclosed in the body of this Agreement, the Annexures hereto and all documents and other written materials made available by the Sellers and the Company in
an electronic data room, the contents of which have been included on CD ROMs delivered to Gold One and the Purchaser on the Signature Date;
			
	2.1.27	 	 “DMR”	 	the Department of Mineral Resources of South Africa;
			
	2.1.28	 	 “Due Diligence”	 	the due diligence investigation carried out by or on behalf of the Purchaser and Gold One into the affairs of the Company;
			
	2.1.29	 	 “Escrow Accounts”	 	the accounts held at the Escrow Agent in the aggregate of the Escrow Amount as security for any Warranty Claim in accordance with clause 10;
			
	2.1.30	 	 “Escrow Agent”	 	Webber Wentzel Attorneys of 10 Fricker Road, Illovo, Johannesburg;

  
 6 

							
	2.1.31	 	 “Escrow Agreement”	 	the Escrow Agreement to be executed on or as soon as is reasonably possible after the Signature Date amongst the Escrow Agent, the Sellers, Gold One and the Purchaser,
substantially in the form of Annexure E;
			
	2.1.32	 	 “Escrow Amount”	 	an amount equal to USD25,000,000.00 (twenty-five million United States dollars) to be deposited in cash and Consideration Shares (with the Consideration Shares valued in
accordance with the definition thereof) in the proportions in which the Cash Payment and the Consideration Shares respectively make up the Purchase Price;
			
	2.1.33	 	 “Founding Documents”	 	the documents constituting a company under the Applicable Laws, including the memorandum and articles of association or the constitution, as the case may be, together in
each case with all amendments thereto;
			
	2.1.34	 	 “Fulfilment Date”	 	the Business Day immediately following the day on which all the Suspensive Conditions have been fulfilled or waived, as the case may be;
			
	2.1.35	 	 “Future Shareholder Loans”	 	shareholder loans that may be advanced to the Company by the Sellers after the Signature Date;

  
 7 

							
	2.1.36	 	 “Gold One”	 	 Gold One International Limited (ACN 094265746), a company incorporated and registered in accordance with the laws of
Australia and registered in South Africa as an external company (as defined in the South African Companies Act), under number 2009/000032/10, with its principal place of business at First Floor, 45 Empire Road, Parktown, 2193, Johannesburg, Gauteng,
South Africa and its registered office at Level 3, 100 Mount Street, North Sydney, NSW 2060, Australia;

			
	2.1.37	 	 “Gold One Board”	 	the board of directors of Gold One, as constituted from time to time;
			
	2.1.38	 	 “Gold One Board Recommendation”	 	the recommendation by the Gold One Board, described in clause 12.1.6;
			
	2.1.39	 	 “Gold One Funding Amount”	 	the portion of the Cash Payment, if any, that is funded by Gold One from its currently available funds or any equity financing, which, together with the Debt Financing,
comprises the Cash Payment;

  
 8 

							
	2.1.40	 	 “Governmental Authority”	 	any multinational, federal, provincial, state, county, regional, municipal, local or other government, governmental or public department, ministry, central bank,
regulatory authority or tribunal, domestic or foreign, or any quasi-governmental or private body exercising administrative, regulatory, expropriation or taxing authority;
			
	2.1.41	 	 “Hedging Facility”	 	all transactions contemplated under the ISDA 2002 Master Agreement dated 24 August 2010 (including all relevant schedules thereto) between the Company and Standard
Chartered Bank and the ISDA 2002 Master Agreement dated 7 October 2008 between the Company and Standard Bank (including all relevant schedules thereto), relating to gold production sold forward to Standard Bank and Standard Chartered Bank until
March 2013;
			
	2.1.42	 	 “Income Tax Act”	 	the South African Income Tax Act, 1962, as amended or replaced from time to time;

  
 9 

							
	2.1.43	 	 “Interest Rate”	 	the rate of interest (nominal annual compounded monthly in arrears) from time to time published by Standard Bank as its prime overdraft lending rate plus 4% (a
certificate from any manager of that bank, whose appointment or authority need not be proved, as to the prime rate at any time and the usual way in which it is calculated and compounded at such time shall, in the absence of manifest or clerical
error, be final and binding on the Parties);
			
	2.1.44	 	 “Interim Funding Purposes”	 	the purposes for which the Company will require funding during the Completion Period, as described in clause 8.4.3;
			
	2.1.45	 	 “Investco”	 	Armgold/Harmony Joint Investment Company (Proprietary) Limited, registration number 2002/032163/07, a private company incorporated and registered in accordance with the
laws of South Africa;
			
	2.1.46	 	 “Investco Escrow Shares”	 	the number of Consideration Shares that constitutes a portion of the Escrow Amount, equal to one tenth of the total number of Consideration Shares multiplied by the
Payment Ratio applicable to Investco;

  
 10 

							
	2.1.47	 	 “Investco Subordinated Loan”	 	the subordinated loan owing by the Company to Investco as at the Completion Date, together with all interest thereon not yet paid at the Completion
Date;
			
	2.1.48	 	 “Investco Warranties”	 	the warranties given by Investco to the Purchaser in terms of paragraph 2 of Annexure A;
			
	2.1.49	 	 “JIBAR”	 	the Johannesburg Inter Bank Rate for a period of three months which appears on the Reuters screen SAFEY page under the caption “YIELD” (or on the SAFEX
nominated successor screen for JIBAR) as at 11h00, Johannesburg time, on the date any Future Shareholder Loan is advanced, provided that if for any reason JIBAR cannot be determined by reference to Reuters on any relevant date or services of Reuters
ceases to be available as a result of discontinuation of such service, JIBAR will mean the mid market deposit rate in Rand quoted to the Company by any of the major banks in South Africa at approximately 11h00, Johannesburg time, on the relevant
date;

  
 11 

							
	2.1.50	 	 “JSE”	 	the stock exchange operated by the JSE Limited, registration number 2005/022939/06, a public company incorporated and registered in accordance with the laws of South
Africa;
			
	2.1.51	 	 “JSE Listings Requirements”	 	the listings requirements of the JSE and any other rules of the JSE which are applicable to Gold One while its shares remain listed on the JSE;
			
	2.1.52	 	 “Law”	 	all laws, regulations, directives, statutes, subordinate legislation, common law, judgements, orders, notices and awards of any competent court or authority or tribunal
having force of law in South Africa or Australia, or any other matter or announcement of any nature having a similar affect to the above and the term “Applicable” with respect to such Laws and in a context that refers to one or more
persons, means that such Laws apply to such person or persons or its or their business, undertaking, property, assets or securities and emanate from a Governmental Authority having jurisdiction over the person or persons or its or their business,
undertaking, property, assets or securities;
			
	2.1.53	 	 “Material Adverse Change”	 	any change or matter occurring during the Completion Period, which when used in connection with the
Sellers

  
 12 

							
		 		  	would result in an inability to deliver their respective Sale Shares to the Purchaser pursuant to the terms of this Agreement and when used in connection with the
Company means any change or matter that has had a material adverse effect on the business, condition (financial or otherwise), assets, liabilities or results of operations of the Company; provided, however, that when determining whether a Material
Adverse Change has occurred, any change or matter, to the extent resulting from the following shall not be taken into account:
				
		 		  	2.1.53.1	  	any change generally affecting the gold or uranium mining industry;
				
		 		  	2.1.53.2	  	any change relating to the price of gold or uranium;
				
		 		  	2.1.53.3	  	any change generally affecting the international, national or regional mining markets;
				
		 		  	2.1.53.4	  	any change in markets for commodities generally;
				
		 		  	2.1.53.5	  	any change in general regulatory or political conditions, including any engagements of hostilities, acts of war or terrorist activities or
changes

  
 13 

							
	 	 	 	  	 	  	imposed by a Governmental Authority (other
than any of the foregoing that causes any
damage or destruction to or renders unusable
material assets of the
Company);
				
		 		  	2.1.53.6	  	any change in any Laws (including environmental Laws) or industry standards;
				
		 		  	2.1.53.7	  	any change in the financial, banking, securities or currency markets (including the inability to finance the acquisition or any increased costs for financing or suspension of
trading in, or limitation on prices for, securities on any domestic or international securities exchange);
				
		 		  	2.1.53.8	  	any actions specifically required to be taken pursuant to this Agreement; or
				
		 		  	2.1.53.9	  	the announcement or pendency of the transactions contemplated hereby;
			
		 		  	provided however that in the case of the foregoing clauses 2.1.53.1 to 2.1.53.7, any such changes or matters may
be

  
 14 

							
	 	 	 	 	included in any determination whether a Material Adverse
Change has occurred if disproportionately affecting the
Company relative to other persons operating in the
gold or
uranium mining industry;
			
	2.1.54	 	 “MPRD Act”	 	the South African Minerals and Petroleum Resources Development Act, 2002, as amended or replaced from time to time;
			
	2.1.55	 	 “Ordinary Shares”	 	800 ordinary shares with a par value of R1.00 each owned by and registered in the name of Investco, comprising 40% of the issued share capital of the
Company;
			
	2.1.56	 	 “Pamodzi”	 	Pamodzi Uranium (Proprietary) Limited, registration number 2007/012390/07, a private company incorporated and registered in accordance with the laws of South
Africa;
			
	2.1.57	 	 “Pamodzi Cooke”	 	Pamodzi Cooke (Proprietary) Limited, registration number 07652107, a limited liability company incorporated in the Republic of Mauritius;
			
	2.1.58	 	 “Pamodzi Payment Amount”	 	an amount equal to USD209,000,000.00 (two hundred nine million United States dollars) less an amount equal to the Escrow Amount multiplied by the Payment Ratio
applicable to Pamodzi;

  
 15 

							
	2.1.59	 	 “Pamodzi Escrow Shares”	 	the number of Consideration Shares that constitutes a portion of the Escrow Amount, equal to one tenth of the total number of Consideration Shares multiplied by the
Payment Ratio applicable to Pamodzi;
			
	2.1.60	 	 “Pamodzi Warranties”	 	the warranties given by Pamodzi and Pamodzi Cooke to the Purchaser in terms of paragraph 1 of Annexure A;
			
	2.1.61	 	 “Parties”	 	the Parties referred to in clause 1 and “Party” refers to any one of them;
			
	2.1.62	 	 “Payment Ratio”	 	the proportions in which the balance of the Purchase Price, as described in clause 6.8 will be paid by the Purchaser to the Sellers;
			
	2.1.63	 	 “Payments Letter”	 	the letter described in clause 6.7;
			
	2.1.64	 	 “Project Maverick Confidentiality and Non-disclosure Agreement”	 	the Confidentiality and Non-disclosure Agreement entered into between the Parties (other than the Purchaser) on 22 February 2011;
			
	2.1.65	 	 “Purchase Price”	 	the aggregate purchase price for the Sale Shares, as described in clause 6;

  
 16 

							
	2.1.66	 	 “Purchaser”	 	Newshelf 1114 (Proprietary) Limited, (registration number 2010/018841/07), a private company incorporated and registered under the laws of South Africa and a majority
owned subsidiary of Gold One, or any other majority owned subsidiary of Gold One which may be nominated in writing by Gold One no later than 5 Business Days prior to the Section 11 Filing Date;
			
	2.1.67	 	 “Rand or R”	 	the South African rand, the lawful currency of the Republic of South Africa;
			
	2.1.68	 	 “Randfontein Estates Limited”	 	Randfontein Estates Limited (Registration Number 1889/0007251/06), a public company incorporated and registered in accordance with the laws of South
Africa;
			
	2.1.69	 	 “Rand Uranium Operating Strategy”	 	the Rand Uranium Operating Strategy - H2 FY2011, prepared in written form by the Company in respect of the resources and operations of the Company and disclosed as part
of the Disclosure Material;

  
 17 

							
	2.1.70	 	 “Rehabilitation Guarantee”	 	the guarantee issued to the DMR by Nedbank Limited, for an amount of R 130,441,289.00 (one hundred thirty million four hundred forty one thousand and two hundred eight
nine South African rand), as security for the rehabilitation obligations of the Company under the MPRD Act, which guarantee is valid until 30 June 2011;
			
	2.1.71	 	 “Sale Shares”	 	the entire issued share capital of the Company, comprising the “A” Shares and the Ordinary Shares as detailed in Annexure C;
			
	2.1.72	 	 “Section 11 Filing Date”	 	the date referred to in clause 4.1.5.1;
			
	2.1.73	 	 “Sellers”	 	Pamodzi (as nominee for Pamodzi Cooke) and Investco, and “Seller” refers to either of them;
			
	2.1.74	 	 “Seller Warranties”	 	the warranties given severally by the Sellers to the Purchaser in terms of paragraph 3 of Annexure A;
			
	2.1.75	 	 “Signature Date”	 	the date on which this Agreement is signed by the last signing of the Parties;
			
	2.1.76	 	 “South Africa”	 	the Republic of South Africa;
			
	2.1.77	 	 “Standard Bank”	 	The Standard Bank of Southern Africa Limited, a public company registered as a bank under the Banks Act;
			
	2.1.78	 	 “Standard Bank Facility”	 	the credit facility dated 30 March 2011 provided to the Company by Standard Bank;

  
 18 

							
	2.1.79	 	 “Standard Bank Facility Amount”	 	the amount owing by the Company to Standard Bank under the Standard Bank Facility, which amount shall not exceed R200,000,000.00 (two hundred million South African rand)
at any time after the Signature Date until the Completion Date;
			
	2.1.80	 	 “Standard Chartered Bank”	 	Standard Chartered Bank, a limited liability company incorporated in England by Royal Charter 1853 reference number ZC 18;
			
	2.1.81	 	 “STRATE”	 	the licensed central securities depository for the electronic settlement of securities on the JSE;
			
	2.1.82	 	 “Suspensive Conditions”	 	the suspensive conditions contained in clause 4;
			
	2.1.83	 	 “Taxes”	 	all taxes, fees, imposts, assessments or charges of any kind whatsoever, including any interest, penalties or other additions that may become payable in respect thereof,
imposed by any Governmental Authority, including all income taxes (including any tax on or based upon net income, gross income, income that is specifically defined, earnings, profits or selected items of income), capital taxes, gross receipts taxes,
environmental taxes, sales taxes, use taxes, ad valorem taxes, value added taxes, transfer taxes, securities transfer taxes, stamp duties, franchise taxes, license taxes, withholding
taxes,

  
 19 

							
		 		 	payroll taxes, employment taxes, excise, social security premiums, workers’ compensation premiums, unemployment insurance or compensation premiums, stamp taxes,
occupation taxes, premium taxes, property taxes, windfall profits taxes, minimum taxes, goods and services tax, customs duties, pension or health plan assessments, mining taxes, mining or mineral royalties, governmental charges and other obligations
of the same or of a similar nature to any of the foregoing, which a Party or any of its subsidiaries is required to pay, withhold or collect;
			
	2.1.84	 	 “Tax Returns”	 	all returns, declarations, reports, information returns and statements required to be filed with any taxing authority relating to Taxes, including any attached
schedules, claim for refund, amended return or declarations of estimated Tax;
			
	2.1.85	 	 “Transaction”	 	the transactions embodied in this Agreement;

  
 20 

							
	2.1.86	 	 “Transaction Fees”	 	the transaction fees incurred by the Sellers and the Company in negotiating, entering into and and implementing the Transaction, the amount of which shall be notified by
the Sellers to the Purchaser in the Payments Letter no later than 2 Business Days prior to the Completion Date;
			
	2.1.87	 	 “Undertaking Claim”	 	any claim made against any or both of the Sellers for breach of any undertaking of the Sellers made in this Agreement;
			
	2.1.88	 	 “USD or $”	 	United States Dollars, the lawful currency of the United States of America;
			
	2.1.89	 	 “VAT”	 	value-added tax, levied in terms of the Value-Added Tax Act, 1991;
			
	2.1.90	 	 “Warranties”	 	the Pamodzi Warranties, the Investco Warranties and the Seller Warranties; and
			
	2.1.91	 	 “Warranty Claim”	 	any claim made against any or both of the Sellers for breach of any Warranty in accordance with clause 10.

  

	2.2	In this Agreement: 

  

	2.2.1	any reference to the singular includes the plural and vice versa; 

  

	2.2.2	any reference to natural persons includes legal persons and vice versa; 

 

	2.2.3	any reference to a gender includes the other genders. 

  
 21 

	2.3	The headings in this Agreement are for ease of reference only and shall not affect the interpretation of this Agreement. 

 

	2.4	Words and expressions defined in any clause shall, unless the application of any such word or expression is limited to that clause, bear the meaning assigned to such
word or expression throughout this Agreement. 

  

	2.5	To the extent that substantive rights and obligations are imposed on a Party by this clause, effect shall be given to such rights and obligations notwithstanding that
they are contained in this clause. 

  

	2.6	No provision herein shall be construed against or interpreted to the disadvantage of any Party by reason of such Party having or being deemed to have structured,
drafted or introduced such provision. 

  

	2.7	The eiusdem generis rule shall not apply and whenever the term “including” is used followed by specific examples, such examples shall not be construed
so as to limit the meaning of that term. 

  

	2.8	Unless specifically otherwise provided, any number of days prescribed shall be determined by excluding the first and including the last day. 

 

	2.9	This Agreement incorporates the annexures hereto, which annexures shall have the same force and effect as if set out in the body of this Agreement.

  

	3.	Introduction 

  

	3.1	Pamodzi Cooke is the beneficial owner and Pamodzi the registered holder of the “A” Shares and Investco is the beneficial owner and registered holder of the
Ordinary Shares, which shares are collectively the Sale Shares. 

  

	3.2	The Sellers wish to sell, and the Purchaser wishes to purchase, the Sale Shares for the Purchase Price on the terms and conditions set out in this Agreement.

  

	3.3	The Parties accordingly agree to enter into this Agreement with regard to the above, on the terms and conditions set out below. 

  
 22 

	4.	Suspensive Conditions 

  

	4.1	The rights and obligations of the Parties under this Agreement, save for those set out in clauses 1 to 4, clause 8 and clauses 13 to 16 (inclusive) are subject to the
fulfilment of the following Suspensive Conditions: 

  

	4.1.1	that all and any approvals for the Transaction that may be required in terms of the Competition Act are granted, provided that: 

 

	4.1.1.1	each Party shall use its reasonable commercial endeavours to cooperate with and assist the other Parties in the preparation and lodging of the competition filing as
soon as reasonably possible after the Signature Date and, in any event, within 45 days after the Signature Date; 

  

	4.1.1.2	the costs of the competition filing proceedings shall be borne and paid as follows: 

 

	4.1.1.2.1	the costs incurred by each Party in connection with gathering and collecting information required of it for the competition filing and of preparing that filing shall be
borne by that Party (with the Sellers’ costs in this regard being part of the Transaction Fees) and all other costs incurred in connection with the competition proceedings shall be shared equally between the Sellers, on the one hand (as part of
the Transaction Fees), and the Purchaser, on the other; and 

  

	4.1.1.2.2	the filing fee payable upon the filing of the merger notice shall be paid by the Purchaser; 

 

	4.1.1.3	such approval shall either be unconditional or, if such approval is conditional, on conditions acceptable to the Purchaser, acting reasonably, insofar as such
conditions affect the Purchaser, and to the Sellers, acting reasonably, insofar as such conditions affect the Sellers; and 

  
 23 

	4.1.1.4	neither the Purchaser nor the Sellers 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; 

  

	4.1.2	the Purchaser successfully raising at least USD150,000,000.00 (one hundred fifty million United States dollars) pursuant to the Debt Financing from Investec Bank
Limited, or from another debt or equity financing source; 

  

	4.1.3	that all approvals which will be required by the Purchaser for its funding arrangements for the payment of the Purchase Price are duly obtained, at the Purchaser’s
cost, from the South African exchange control authorities in terms of the Exchange Control Regulations, 1961 and if such approval is subject to conditions, the written acceptance of such conditions by the Parties, acting reasonably. The Purchaser
shall make all filings required to obtain such approvals within 45 days after the Signature Date; 

  

	4.1.4	that all approvals which will be required by the Sellers in order to effect the provision of Future Shareholder Loans and the receipt of the Purchase Price are duly
obtained, at the Sellers’ cost (as part of the Transaction Fees), from the South African exchange control authorities in terms of the Exchange Control Regulations, 1961 and if such approval is subject to conditions, the written acceptance of
such conditions by the Parties, acting reasonably. The Sellers shall make all filings required to obtain such approvals within 45 days after the Signature Date; 

 

	4.1.5	that the approval of the Minister of Mineral Resources has been obtained as required in terms of section 11(1) of the MPRD Act in respect of the change in control of
the Company resulting from the Transaction; provided, that: 

  

	4.1.5.1	each Party shall use its reasonable commercial endeavours to cooperate with and assist the Purchaser in the preparation and lodging of this filing and, in any event,
the Purchaser shall make such filing within 60 days after the Signature Date; and 

  
 24 

	4.1.5.2	the costs incurred by each Party in connection with gathering and collecting information required of it for this filing and the costs of preparing the filing shall be
borne by that Party (with the Sellers’ costs being part of the Transaction Fees) and all other costs incurred in connection with the proceedings shall be paid by the Purchaser; 

 

	4.1.6	Gold One receiving approval by its shareholders of the Transaction, if required, and if required as evidenced by the delivery by Gold One to the Sellers and the Company
of the results of the duly adopted, resolution by the Gold One shareholders giving such approval as released to the ASX; 

  

	4.1.7	as of the time of fulfillment of the last of the Suspensive Conditions described in clauses 4.1.1 to 4.1.6, there shall have been no action taken under any Applicable
Law or by any Governmental Authority which: 

  

	4.1.7.1	makes it illegal or otherwise enjoins or prohibits the Transaction, or any other transactions contemplated hereby; or 

 

	4.1.7.2	results or would reasonably be expected to result in a judgment, order, decree or assessment of damages directly or indirectly relating to the Transaction, which would
have a Material Adverse Change on the Company; 

  

	4.1.8	a Material Adverse Change shall not have occurred on or before the date of fulfillment of the Suspensive Conditions other than the Suspensive Conditions contained in
this clause 4.1.8 or clause 4.1.9 or should such Material Adverse Change have occurred, it will have been remedied by such fulfilment date; and 

  
 25 

	4.1.9	this Agreement shall not have been terminated pursuant to clause 14 below prior to the fulfilment of all of the Suspensive Conditions described in clauses 4.1.1 to
4.1.8. 

  

	4.2	Save as provided in clause 4.3 below, each of the Parties shall (where it is within their power to do so) use its reasonable commercial endeavours to procure the
fulfilment or the waiver, where permitted by this Agreement and Law, of the Suspensive Conditions on or before the date falling 16 months after the Signature Date (the “Suspensive Conditions Termination Date”).

  

	4.3	The following Suspensive Conditions Termination Date, and not the date provided for in clause 4.2, shall apply to the following clauses: 

 

	4.3.1	clause 4.1.2 - 75 days after the Signature Date; and 

  

	4.3.2	clause 4.1.6 - the earlier of: i) 6 months after the Signature Date, and; ii) the date on which, at a meeting of Gold One shareholders called for purposes of
considering the Transaction, the requisite shareholder approval of the Approval Items shall not have been obtained. 

  

	4.4	The Parties may at any time on or before the Suspensive Conditions Termination Date, by written agreement, extend the Suspensive Conditions Termination Date for such
further period or periods as they may agree, save for the Suspensive Condition Termination Dates set out in clauses 4.3.1 and 4.3.2, which may be extended by the Sellers in their sole discretion to any later date up until the date falling 16 months
after the Signature Date. 

  

	4.5	The following Suspensive Conditions are for the benefit only of the Party listed next to the clause number in which such Suspensive Condition appears and only that
Party may, in its sole and absolute discretion, rely on or waive or condone the breach or non-fulfilment of the Suspensive Condition (except that a Party must not waive a Suspensive Condition if it would result in a breach of law):

  

			
	 Party
	  	 Suspensive Condition clause number

		
	 Sellers
	  	4.1.4
		
	 Purchaser
	  	4.1.2; 4.1.3; 4.1.6 and 4.1.8

  
 26 

	4.6	The Suspensive Conditions in clauses 4.1.1, 4.1.5 and 4.1.7 have been included for the benefit of all the Parties and the waiver or the condonation of the breach or
non-fulfilment of those Suspensive Conditions may be done only by the consent of all the Parties. 

  

	4.7	The waiver or condonation of the breach or non-fulfilment of a Suspensive Condition may only be done in writing. 

 

	4.8	If a Suspensive Condition is not fulfilled or waived (where any such waiver is permitted by this Agreement and Law) by the Suspensive Conditions Termination Date
applicable to such Suspensive Condition, or any extension of that date, the rights and obligations of the Parties, save for those contained in clauses 1 to 4, clause 8 and clauses 13 to 16 (inclusive), shall not come into existence and, to the
extent that this Agreement may have been partially implemented, the Parties shall be restored, as nearly as may be possible, to the positions in which they would have been had this Agreement not been entered into. No Party shall have any claim
against any other Party arising from the rights and obligations of the Parties not coming into existence, save for such claims as may arise from a breach of the provisions of this clause 4 and clause 14.3. 

 

	4.9	 Without prejudice to any other right that the Sellers may have, in the event that any of the Suspensive Conditions set out in clauses 4.1.2 or 4.1.6
fail to be fulfilled (or waived by the Purchaser where any such waiver is not prohibited by Law) on or before the applicable Suspensive Conditions Termination Date or any extension of that date, the Purchaser shall be obliged to pay the Sellers a
break fee in the amount of USD 5,000,000.00 (five million United States dollars) (plus VAT) free of deduction within 7 days of the expiry of the applicable Suspensive Conditions Termination Date or any extension of that date (“Break
Fee”). The Purchaser shall pay 88.5% of the Break Fee to Pamodzi and 11.5% of the Break Fee to Investco. The 

  
 27 

	 	
Sellers shall provide the Purchaser with details of the relevant bank accounts into which such payments must be made within 2 days of the expiry of the last Suspensive Conditions Termination Date
or any extension of that date. Any amount owing in terms of this clause but which remains unpaid shall bear interest at the Interest Rate from the scheduled date of payment until the actual date of payment. 

 

	5.	Sale and Purchase of Sale Shares and guarantee by Gold One 

  

	5.1	The Sellers hereby sell to the Purchaser, which hereby purchases from the Sellers, the Sale Shares. 

 

	5.2	The Company acknowledges and consents to such sale and purchase. 

  

	5.3	The sale and purchase in terms of clause 5.1 above is subject to the fulfilment of the Suspensive Conditions and the terms and conditions of this Agreement.

  

	5.4	The Sellers, as the only shareholders of the Company, hereby waive in favour of the Purchaser, with the consent of the Company hereby given, their respective
pre-emptive rights in respect of the Sale Shares. 

  

	5.5	Ownership in, title to and risk and benefit of the Sale Shares shall pass to the Purchaser on the Completion Date against payment in full to the Sellers of the Purchase
Price. 

  

	5.6	Gold One irrevocably and unconditionally, as principal obligor, and not merely as surety, and on the basis of a severable and discrete obligation enforceable against
Gold One, guarantees to the Sellers the due performance by the Purchaser of all its obligations under this Agreement (“Guaranteed Obligations”). 

 

	5.7	All admissions and acknowledgements of indebtedness by the Purchaser to the Sellers shall be binding on Gold One. 

 

	5.8	 Gold One waives any rights that it may have to first require the Sellers to make any demand of the Purchaser, to proceed against or claim payment from
the Purchaser, to take action or obtain judgement in any court against 

  
 28 

	 	
the Purchaser, to make, file or prove any claim in the winding up or dissolution of the Purchaser, or to enforce or seek to enforce any guarantee or security granted by the Purchaser, before
making payment under clause 5.6. 

  

	5.9	Gold One hereby renounces the benefits of the legal exception of simultaneous citation and division of debt (de duobus vel pluribus reis debendi), insofar as
such exception may be applicable. Gold One acknowledges that it is fully aware of the meaning and effect of those benefits and the renunciations thereof. 

  

	5.10	The liability of Gold One under clause 5.6 shall not be prejudiced, affected or diminished by any act, omission, circumstances, matter or thing which, but for this
provision might operate to release or otherwise exonerate Gold One from its obligations hereunder in part or in whole, including, without limitation and whether or not known to Gold One: 

 

	5.10.1	the variation, compromise, renewal, release, refusal or neglect to perfect or enforce any rights, remedies or securities against the Purchaser;

  

	5.10.2	any variation of or extension of the due date for performance of any term of this agreement in connection with the Guaranteed Obligations (with the intent that Gold
One’s obligations in respect of the Guaranteed Obligations shall apply as varied or in respect of the extended due date) or any increase, reduction, exchange, acceleration, renewal, surrender, release or loss of or failure to perfect any of the
Guaranteed Obligations or any security therefor or any non-presentment or non-observance of any formality in respect of any instruments; 

  

	5.10.3	the winding up or any change in the name or constitution of the Purchaser; or 

 

	5.10.4	any legal limitation, disability, incapacity or other circumstances relating to the Purchaser or Gold One. 

  
 29 

	6.	Purchase Price 

  

	6.1	Subject to the fulfilment or waiver of the Suspensive Conditions in accordance with the provisions of clause 4 and the terms and conditions of this Agreement, the
Purchase Price payable by the Purchaser to the Sellers in respect of the Sale Shares is the sum of USD250,000,000.00 (two hundred fifty million United States dollars). 

 

	6.2	The Purchase Price shall be paid by the Purchaser to the Sellers on the Completion Date against delivery by the Sellers to the Purchaser of the Sale Shares and the
documents and assets described in clause 6. 

  

	6.3	The Purchaser shall pay the Purchase Price: 

  

	6.3.1	wholly in cash; or 

  

	6.3.2	if, after having first used its reasonable commercial endeavours to raise the amount of the Purchase Price in cash from third party lenders and/or equity investors, it
is unable to do so, then it shall pay the Purchase Price partly in cash by way of the Cash Payment plus the Balance Payment, being the issue to the Sellers of the Consideration Shares, provided that if the aggregate value of Consideration Shares on
the Completion Date, determined by multiplying the number of Consideration Shares by the thirty day volume weighted average price at which Gold One’s shares traded on the ASX over the 30 Business Days prior to the Completion Date, converted to
United States dollars at the closing Australian/United States dollar exchange rate on the Completion Date, as quoted by the Standard Bank of South Africa Limited, differs from the Balance Payment, then Cash Payment shall be increased or decreased by
the amount such deficit or excess, as applicable. 

  

	6.4	The Purchaser shall deduct from the Cash Payment portion of the Purchase Price, before making payment to the Sellers of the balance of the Cash Payment remaining after
such deductions, the following: 

  

	6.4.1	the amount of the funds made available by the Purchaser to the Company in accordance with clause 8.4.2.1 below, if any; 

  
 30 

	6.4.2	the amount of the cost referred to in clause 8.4.2.2 below; 

  

	6.4.3	the Investco Subordinated Loan, and thereupon pay it directly to Investco in order to settle in full the obligations of the Company to Investco in this regard;

  

	6.4.4	the Transaction Fees and thereupon pay it directly to the relevant advisors of the Sellers as set out in the Payments Letter; and 

 

	6.4.5	the Cash Escrow Amount to the Escrow Agent to be held in the Escrow Account and disbursed pursuant to clause 11 of this Agreement and the terms of the Escrow Agreement.

  

	6.5	It is specifically recorded and agreed that: 

  

	6.5.1	the deductions from the Cash Payment referred to in clauses 6.4.1 and 6.4.2 will result in a corresponding increase in the Balance Payment; and

  

	6.5.2	the deductions from the Cash Payment referred to in clauses 6.4.3 to 6.4.5 will not result in an increase in the Balance Payment. 

 

	6.6	The Purchaser shall deduct from the Balance Payment portion of the Purchase Price, before making payment to the Sellers of the balance of the Balance Payment remaining
after such deductions, the Investco Escrow Shares and Pamodzi Escrow Shares, which shall be delivered to the Escrow Agent to be held in the Escrow Accounts in accordance with the terms of the Escrow Agreement and disbursed pursuant to clause 11 of
this Agreement and the terms of the Escrow Agreement. 

  

	6.7	 The Sellers shall jointly provide the Purchaser with a payments letter which provides explicit instructions to the Purchaser on the amounts to be paid
to relevant Parties and their advisors in respect of the Transaction Fees (including relevant account details of each Party and each such advisor) and the relevant percentages of Consideration Shares to be issued to each

  
 31 

	 	
Seller and listed on the ASX and JSE (as the case may be) in accordance with clause 6.3 by no later than 2 Business Days prior to the Completion Date. 

 

	6.8	The balance of the Cash Payment remaining after the deductions referred to in clause 6.4 together with the balance of the Balance Payment remaining after the deductions
referred to in clause 6.6, i.e. the balance of the Purchase Price, shall be paid to the Sellers as follows:- 

  

	6.8.1	Pamodzi (acting as nominee shareholder for Pamodzi Cooke), the Pamodzi Payment Amount, provided that, where the balance of the Purchase Price is less than the Pamodzi
Payment Amount then Pamodzi shall receive the entire Purchase Price; and 

  

	6.8.2	Investco, the difference between the balance of the Purchase Price and the amount received by Pamodzi as calculated in clause 6.8.1. 

 

	6.9	The Purchase Price shall be paid by the Purchaser by transferring to each Seller, by no later than 14h00 (South African time) on the Completion Date, the portion of the
Purchase Price due to that Seller, free of any set-off or deduction of any nature save for the deductions referred to in clause 6.4 above. Such transfer shall be made by electronic funds transfer to a bank account nominated in writing by that Seller
in respect of the Cash Payment and by the credit of the Consideration Shares to the Sellers’ respective CSDP accounts, to be identified in the Payments Letter. 

 

	6.10	All overdue amounts owing by the Purchaser to the Sellers and/or the Company in terms of this Agreement shall bear interest at the Interest Rate from the scheduled date
of payment to the actual date of payment. 

  

	7.	Delivery of the Sale Shares and other documents and assets 

 On the Completion Date representatives of each of the Sellers and the Purchaser will meet at the offices of the Company and simultaneously: 

 

	7.1	each of the Sellers will: 

  

	7.1.1	procure that its nominees to the Board will vote in favor of, and cause to be delivered to the Purchaser, a written resolution of the directors of the Company
appointing the Purchaser’s nominees as directors of the Company with effect from the Completion Date, and resolving to approve the transfer of the Sale Shares; 

  
 32 

	7.1.2	procure that its nominees to the Board will vote in favor of, and cause to be delivered to the Purchaser, a duly completed authority to alter the signatories of each
bank account of the Company, effective as of the Completion Date, as notified by the Purchaser before the Completion Date; 

  

	7.1.3	deliver to the Purchaser or place the Purchaser in control of: 

  

	7.1.3.1	the certificate of registration or incorporation of the Company; 

  
 33 

	7.1.3.2	a copy of the Founding Documents of the Company certified by its secretary; 

 

	7.1.3.3	the minute books and records of meetings or resolutions of members and directors of the Company; 

 

	7.1.3.4	the register of members and each other register (including the register of options and register of charges) of the Company; 

 

	7.1.3.5	(at the places at which they are usually located in the normal course of operations of the Company’s business) the books and records of the Company including:

  

	7.1.3.5.1	all financial records and reports of the Company; 

  

	7.1.3.5.2	the original of any contracts of the Company; and 

  

	7.1.3.5.3	every document and record (for example, business data, correspondence, customer lists, supplier details, pricing information, catalogues, promotional materials,
marketing data and employment files) in its possession relating to the Company’s business and needed for it to be carried on. 

  

	7.2	Pamodzi shall deliver to the Purchaser: 

  

	7.2.1	the original share certificates in respect of the “A” Shares, accompanied by share transfer forms (in a form reasonably acceptable to Purchaser) signed and
dated no later than that day by the registered shareholders of the “A” Shares; 

  

	7.2.2	any other document the Purchaser reasonably requests to obtain good title to the “A” Shares and get the “A” Shares registered in the name of
Purchaser or its nominee; 

  
 34 

	7.2.3	written resignations of those directors of the Company appointed by Pamodzi, as may be nominated in writing by the Purchaser to the Pamodzi and the Company effective as
of the Completion Date; 

  

	7.3	Investco shall deliver to the Purchaser: 

  

	7.3.1	the original share certificates in respect of the Ordinary Shares, accompanied by share transfer forms (in a form reasonably acceptable to Purchaser) signed and dated
no later than that day by the registered shareholders of the Ordinary Shares; 

  

	7.3.2	any other document the Purchaser reasonably requests to obtain good title to the Ordinary Shares and get the Ordinary Shares registered in the name of Purchaser or its
nominee; 

  

	7.3.3	written resignations of those directors of the Company appointed by Investco, as may be nominated in writing by the Purchaser to the Investco and the Company effective
as of the Completion Date; 

  

	7.4	the Purchaser will deliver to the Sellers: 

  

	7.4.1	written confirmation from the Purchaser’s bankers that the amounts payable by the Purchaser in respect of the Cash Payment in terms of clause 6 have been
electronically transferred in accordance with the written instructions of the Sellers; and 

  

	7.4.2	if Consideration Shares are included in the Purchase Price, written confirmation from its broker or CSDP that they have been irrevocably and unconditionally instructed
to register the Consideration Shares in the names of the Sellers in accordance with the written instructions of the Sellers, and that such instruction has been executed and effected in accordance with the standard transfer practices of the ASX and
CHESS (with regards to Consideration Shares received by Pamodzi) and the JSE and STRATE (with regards to Consideration Shares received by Investco). 

  
 35 

	8.	Implementation Undertakings 

  

	8.1	Each of the Sellers, the Purchaser and Gold One undertakes that during the Completion Period it will use its reasonable commercial endeavours and will cooperate in good
faith with each of the others to give effect to its respective implementation undertakings (the “Implementation Undertakings”) set out below in this clause 8. 

 

	8.2	Each of the Sellers undertakes (except in respect of clause 8.2.8, which Pamodzi alone undertakes) to procure, as soon as is reasonably possible after the Signature
Date but in any event by not later than the Completion Date (unless otherwise specified): 

  

	8.2.1	that it will vote at a shareholders meeting of the Company in favour of a special shareholders resolution conditional upon the closing of the Transaction with regard to
the adoption of a memorandum of incorporation for the Company, in the form to be provided by Purchaser to the Sellers, in order to ensure full compliance of the memorandum of incorporation of the Company with Schedule 10 of the JSE Listings
Requirements and any applicable requirements of the ASX Listing Rules or the Corporations Act; 

  
 36 

	8.2.2	to cause a notice of amendment in respect of the memorandum of incorporation referred to in clause 8.2.1 above to be filed in terms of the Companies Act on the
Completion Date; 

  

	8.2.3	that it will not, whether directly or indirectly: 

  

	8.2.3.1	solicit, initiate, encourage, engage in or respond to any expression of interest, inquiry, proposal or offer by or from any non-party to this Agreement (an
“Acquiring Person“) regarding any Acquisition Proposal; 

  

	8.2.3.2	encourage or participate in any discussions or negotiations with an Acquiring Person regarding any Acquisition Proposal; 

 

	8.2.3.3	agree to, approve or recommend an Acquisition Proposal; or 

  

	8.2.3.4	enter into any agreement related to an Acquisition Proposal; 

  

	8.2.4	that the Standard Bank Facility will be used to fund the reasonable working capital requirements of the Company during the Completion Period; 

 

	8.2.5	that the Company will implement the Rand Uranium Operating Strategy in accordance with its terms; provided that such terms may be amended by the Company with the
written consent of the Purchaser; 

  

	8.2.6	 that the Company will pay any long term incentive scheme benefits under the Company’s Management Long Term Incentive Plan that the Company’s
employees may be entitled to as a consequence of this 

  
 37 

	 	
Agreement and the Sellers indemnify the Purchaser, in the Payment Ratio applicable to each Seller, regarding any and all claims which employees of the Company may have regarding the non-payment
of such incentive scheme benefits; 

  

	8.2.7	that such Seller shall provide to the Purchaser a true copy of a written special resolution duly adopted by its shareholders in terms of Section 112 of the
Companies Act; and 

  

	8.2.8	that Pamodzi Cooke shall provide to the Purchaser a true copy of the written shareholders and/or board of directors’ resolution, approval or authorisation that may
be required by the Law of Mauritius, the country of its incorporation, in connection with the Transaction. 

  

	8.3	The Purchaser and Gold One undertake as follows: 

 Financing 
  

	8.3.1	The Debt Financing: 

  

	8.3.1.1	Gold One shall use its best efforts to take, or cause to be taken, all actions and to do, or cause to be done, all things necessary, proper or advisable to arrange and
obtain the Debt Financing on the terms and conditions described in the Debt Financing Commitment. 

  
 38 

	8.3.1.2	Without limiting the generality of the foregoing, Gold One shall use its best efforts to: 

 

	8.3.1.2.1	maintain in effect the Debt Financing Commitment until the Transaction is completed, 

 

	8.3.1.2.2	satisfy on a timely basis all conditions and undertakings applicable to Purchaser or Gold One in the Debt Financing Commitment and otherwise comply with its obligations
thereunder, 

  

	8.3.1.2.3	enter into definitive agreements with respect thereto on the terms and conditions contemplated by the Debt Financing Commitment, 

 

	8.3.1.2.4	finalise the Debt Financing at or prior to the date that is 75 days following the Signature Date, or such longer period as the Sellers may agree to in terms of clause
4.4, 

  

	8.3.1.2.5	enforce Purchaser’s rights under the Debt Financing Commitment, and 

  

	8.3.1.2.6	cause the lender providing the Debt Financing to fund on the Completion Date so as to implement the Transaction. 

 

	8.3.1.3	In furtherance of the foregoing, Gold One agrees that it shall use its best efforts to enter into definitive agreements with respect to the Debt Financing as
contemplated by clause 8.3.1.2.3 above not later than the date that is 75 days following the Signature Date or such other date that the Sellers may agree to in writing and that any failure to do so shall be a material breach of this Agreement.

  
 39 

	8.3.1.4	Without limiting the generality of the foregoing, Purchaser and Gold One shall give Sellers prompt notice: 

 

	8.3.1.4.1	of any breach or default (or any event or circumstance that, with or without notice, lapse of time or both, could reasonably be expected to give rise to any breach or
default) by any party to any Debt Financing Commitment or definitive document related to the Debt Financing; 

  

	8.3.1.4.2	of the receipt of any written notice or other written communication from any person with respect to any (i) actual or potential breach, default, termination or
repudiation by any party to any Debt Financing Commitment or any definitive document related to the Debt Financing or any provisions of the Debt Financing Commitment or any definitive document related to the Debt Financing or (ii) material
dispute or disagreement between or among any parties to any Debt Financing Commitment or any definitive document related to the Debt Financing; and 

  

	8.3.1.4.3	if for any reason Gold One believes in good faith that (i) there is (or there is likely to be) a dispute or disagreement between or among any parties to any Debt
Financing Commitment or any definitive document related to the Debt Financing or (ii) there is a material possibility that it will not be able to obtain all or any portion of the Debt Financing on the terms, in the manner or from the sources
contemplated by the Debt Financing Commitment or the definitive documents related to the Debt Financing. 

 As soon
as reasonably practicable, but in any event within five (5) Business Days after the date any Seller delivers to Gold One a written request, Gold One shall provide any information reasonably requested by such Seller relating to any circumstance
referred to in clauses 8.3.1.4.1 to 8.3.1.4.3 above. 

  
 40 

	8.3.1.5	If all or any portion of the Debt Financing becomes unavailable on the terms and conditions contemplated in the Debt Financing Commitment, Gold One shall use its best
efforts to arrange and obtain financing from alternative debt or equity financing sources in an amount sufficient to finalise the Transaction contemplated by this Agreement as promptly as practicable following the occurrence of such event but no
later than the Suspensive Conditions Termination Date. 

  

	8.3.1.6	Gold One shall keep Sellers informed on a reasonably current basis in reasonable detail of the status of its efforts to arrange the Debt Financing and concurrently
provide copies of all documents provided to or by the lenders or otherwise related to the Debt Financing to Sellers. 

  

	8.3.2	Gold One shall fund or cause the funding of the Gold One Funding Amount to Purchaser no later than the Completion Date. 

Gold One Approvals 
  

	8.3.3	From the Signature Date until the fulfilment or waiver (where permitted under this Agreement and Applicable Law) of the Suspensive Condition in clause 4.1.6, the Gold
One Board shall not withhold, withdraw or modify in a manner adverse to the Sellers or publicly propose to withhold, withdraw or modify in a manner adverse to the Sellers the Gold One Board Recommendation. 

 

	8.3.4	In the event that Gold One shareholder approval is required for either the Transaction or the issue of the Consideration Shares (“Approval Items”) ,
Gold One shall use its best efforts to obtain such approval as promptly as possible following the Signature Date, including by: 

  

	8.3.4.1	not later than 15 Business Days following the Signature Date, providing to the Sellers irrevocable undertakings to vote for the Approval Items from so many of the Gold
One shareholders as reasonably practicable; 

  
 41 

	8.3.4.2	preparing a notice of meeting and accompanying proxy statement (“Notice”), to be sent to Gold One shareholders, relating to the meeting of such holders
to consider the Approval Items; 

  

	8.3.4.3	unless the Sellers consent in writing to a later date, no later than 60 days following the Signature Date, causing the Notice to be mailed to Gold One shareholders;

  

	8.3.4.4	Gold One providing a copy of the Notice to the Sellers not less than two (2) Business Days in advance of submitting the Notice to the ASX for approval, and
reasonably consulting with the Sellers, during the two (2) Business Days following the provision of the Notice to Sellers, regarding any comments which the Sellers may have regarding factual inaccuracies in respect of the Sellers, the Company
or the Transaction as recorded in the Notice; and 

  

	8.3.4.5	unless the Sellers consent in writing to a later date, causing a meeting of the Gold One shareholders to be held not later than 35 days after the mailing of the Notice
in terms of clause 8.3.4.3 above, in accordance with Applicable Law and Gold One’s Founding Documents, for the purpose of obtaining Gold One shareholder approval of the Approval Items; 

  
 42 

 Other Purchaser and Gold One Undertakings 

 

	8.3.5	Gold One shall do or cause to be done all things necessary, and take or cause to be taken all necessary actions, including the registration of the Consideration Shares,
prior to the Completion Date such that the Consideration Shares are freely tradable on JSE and no escrow or other provisions restrict the on-sale of all or any of the Consideration Shares on the ASX on the Completion Date; 

 

	8.3.6	subject to the Purchaser being provided by the Company and/or the Sellers with all relevant documentation (including in particular all relevant insurance policies) and
information reasonably required by the Purchaser for such purposes, the Purchaser shall procure that the existing directors’ and officers’ insurance policies of the Company will be maintained at the Company’s cost and for existing or
improved levels of cover and on the basis that the existing directors and officers of the Company as at the Signature Date shall continue to enjoy cover under such policies for a period of 3 years after the Closing Date; and

  

	8.3.7	Gold One and the Purchaser shall do or cause to be done all things necessary, and take or cause to be taken all necessary actions to procure that the JSE shall have
approved in writing (which may include the granting of certain dispensations) the issuance and/or listing of the Consideration Shares, where such approval is required, subject only to such conditions, including the filing and/or amendment of
documentation, as are accepted in writing by the Parties, acting reasonably. 

  

	8.4	The Purchaser, Gold One and each of the Sellers undertake: 

  

	8.4.1	that each of the Purchaser, Gold One and each of the Sellers shall (as a separate undertaking given by each Party) refrain from taking any action that would, or would
reasonably be expected to, prevent or delay the fulfillment of the Suspensive Conditions or otherwise prevent or delay consummation of the Transaction. 

  
 43 

	8.4.2	to use their respective reasonable commercial endeavours to procure, as soon as is reasonably possible after the Signature Date, but in any event by not later than the
Completion Date: 

  

	8.4.2.1	the approval of Standard Bank and Standard Chartered Bank in terms of the Hedging Facilities and the Standard Bank Facility (the “Bank Facilities”) to
the change in control of the Company resulting from the Transaction. To the extent that any or both of Standard Bank, and Standard Chartered Bank withholds their consent to the Transaction, or that any such consent is dependent on the Bank
Facilities being reduced, the Purchaser shall provide the Company with the relevant funds on the Completion Date in order to enable the Company to discharge such Bank Facilities in full and the Cash Payment (but for the sake of clarity, not the
Purchase Price) shall be reduced accordingly and the Balance Payment shall be increased accordingly in order to make up for the reduction of the Cash Payment; and 

  
 44 

	8.4.2.2	the approval of Nedbank Limited in terms of the Rehabilitation Guarantee to the change in control of the Company resulting from the Transaction and to the extension of
the Rehabilitation Guarantee until 30 June 2014. To the extent that Nedbank Limited withholds its consent to the Transaction and/or to the aforesaid extension of the Rehabilitation Guarantee or that any such consent is dependent on the terms of
the Rehabilitation Guarantee being varied in any way whatsoever, the Purchaser undertakes to procure that the Nedbank Guarantee is replaced with a similar guarantee which is to the satisfaction of the DMR and which will be valid until 30 June
2014 so as to ensure continued compliance by the Company with relevant environmental Law. The cost of obtaining such consent and extension or replacement shall be deducted from the Cash Payment (but for the sake of clarity, not the Purchase Price)
and the value of the Balance Payment shall be increased accordingly in order to make up for the reduction of the Cash Payment. 

  

	8.4.3	 that, for the purposes of implementation of the Rand Uranium Operating Strategy, paragraph 3.7.4 of Annexure A hereto and the capital budget of the
Company referred to in paragraph 3.7.8 of 

  
 45 

	 	
Annexure A hereto or otherwise in connection with operation of the Company during the Completion Period (the “Interim Funding Purposes”): 

 

	8.4.3.1	the Company shall utilise the undrawn portion of the Standard Bank Facility Amount; 

  
 46 

	8.4.3.2	should the Standard Bank Facility Amount prove to be inadequate prior to the Completion Date for the Interim Funding Purposes, the Company shall be entitled to first
request the Sellers in writing to lend and advance to it as Future Shareholder Loans, in proportion to their shareholdings in the Company, the amount or amounts from time to time that the Board reasonably assesses that the Company needs for the
Interim Funding Purposes. The Sellers shall have the option but not the obligation to make any such Future Shareholder Loans and, if such Future Shareholder Loans are made, the following provision shall apply to them: 

 

	8.4.3.2.1	the Future Shareholder Loans may not exceed an aggregate total of R200,000,000.00 (two hundred million South African rand); 

 

	8.4.3.2.2	any Future Shareholder Loan advanced to the Company shall bear interest at the rate equal to JIBAR plus 250 basis points per annum from date of advance to the
Completion Date; and 

  

	8.4.3.2.3	on the Completion Date the Purchaser shall provide a loan to the Company on shareholders loan account (which loan shall be in addition to the payment of the Purchase
Price) to enable the Company to repay in full all Future Shareholder Loans (including any applicable unpaid interest, fees or other amounts payable), free of deduction and in accordance with the relevant terms applicable to such Future Shareholder
Loans; 

  

	8.4.3.3	should the Sellers decline to make any of the Future Shareholder Loans referred to in clause 8.4.3.2 above, the Company shall be entitled to request the Purchaser to
lend and advance to it the funding required by the Company for the Interim Funding Purposes. Should the Purchaser agree to make any such loan to the Company, such loan shall: 

 

	8.4.3.3.1	be on such terms and conditions agreed to in writing between the Company and the Purchaser; 

  
 47 

	8.4.3.3.2	on the Completion Date such loan shall become a shareholder loan of the Purchaser to the Company; and 

 

	8.4.3.4	should any such loan be made by the Purchaser to the Company and the Transaction not be finalised and implemented, the Company shall repay to the Purchaser the full
amount of all loans so advanced (including any applicable unpaid interest, fees or other amounts payable), free of deduction and in accordance with the relevant terms of such loans, forthwith on demand made in writing to the Company after the date
of termination of this Agreement; 

  

	8.4.3.5	No Party shall have any claim against any other Party as a result of or in connection with any of the following: 

 

	8.4.3.5.1	the Standard Bank Facility Amount being inadequate for the Interim Funding Purposes and the Sellers not being prepared to make any or sufficient Future Shareholder
Loans available to the Company for the Interim Funding Purposes; or 

  

	8.4.3.5.2	the Purchaser not being prepared to make and advance to the Company the loans described in clause 8.4.3.3 above or being prepared to make and advance such loans but in
an amount or amounts insufficient for the Interim Funding Purposes. 

  

	9.	Warranties of the Sellers 

  

	9.1	Subject to the Disclosure Material: 

  

	9.1.1	Pamodzi and Pamodzi Cooke give the Purchaser the Pamodzi Warranties; 

  
 48 

	9.1.2	Investco gives the Purchaser the Investco Warranties; and 

  

	9.1.3	the Sellers give the Purchaser the Seller Warranties; 

 on the terms and conditions set out herein. 
  

	9.2	The Warranties are, unless otherwise stated in respect of any Warranty, (in which case the specified date or period shall apply), given as at the Signature Date and as
at the Completion Date. 

  

	9.3	The Warranties are limited and qualified: 

  

	9.3.1	by the provisions of clauses 10 and 11; 

  

	9.3.2	to the extent to which any fact or circumstance giving rise to such limitation or qualification has been disclosed in the Disclosure Material; 

 

	9.3.3	by the actual knowledge of the Purchaser or Gold One as at the Signature Date; 

 

	9.3.4	by any information which is publicly available to the Purchaser or Gold One; and 

 

	9.3.5	by anything which arises as a result of any change of Law. 

  

	9.4	Save as set out herein, the Sale Shares are sold “voetstoots” and without any warranties of any nature (whether express, tacit or arising by operation
of law) whatsoever, the Purchaser irrevocably waiving any right to rely thereon and agreeing that all its other common law remedies are specifically excluded. 

 

	9.5	Each of the Purchaser and Gold One acknowledges that it has completed the Due Diligence and it does not know of, or have any ground to suspect, anything which may be or
would be with the lapse of time or giving of notice, be likely to become a breach of a Warranty. 

  
 49 

	9.6	Each Party shall not be liable to the other Party for any indirect or consequential loss in any circumstances. 

 

	10.	Limitations on Warranty and Undertaking claims against the Sellers 

  

	10.1	Pamodzi and Pamodzi Cooke shall be liable to the Purchaser for any breach of the Pamodzi Warranties (“Pamodzi Warranty Claims”) and any breach by
Pamodzi or Pamodzi Cooke of any undertaking by them in this Agreement (“Pamodzi Undertaking Claims”) and shall indemnify the Purchaser in respect thereof, to the extent described in this clause 10. 

 

	10.2	Investco shall be liable to the Purchaser for any breach of the Investco Warranties (“Investco Warranty Claims”) and any breach by Investco of any
undertaking by it in this Agreement (“Investco Undertaking Claims”) and shall indemnify the Purchaser in respect thereof, to the extent described in this clause 10. 

 

	10.3	The liability of the Sellers in respect of claims made under the Seller Warranties (“Seller Warranty Claims”) and/or claims for a breach of any
undertaking of the Sellers other than a Pamodzi Undertaking Claim or an Investco Undertaking Claim (“Seller Undertaking Claims”) shall be several (and not joint), in the Payment Ratio applicable to each Seller; provided that
liability for Seller Undertaking Claims prior to the Completion Date shall be several (and not joint), with 88.5% of such liability allocated to Pamodzi and 11.5% allocated to Investco. Any Seller Warranty Claim and Seller Undertaking Claim must be
made separately against both Sellers and not one of them only. 

  

	10.4	No Warranty Claim, or Undertaking Claim made after the Completion Date, shall be made against the Sellers (or any one Seller) for an amount less than USD2,500,000.00
(two million five hundred thousand United States dollars) per claim (the “Claims Threshold”). 

  

	10.5	Where a Warranty Claim, or Undertaking Claim made after the Completion Date, exceeds the Claims Threshold: 

 

	10.5.1	the Sellers will be severally liable to the Purchaser for any Seller Warranty Claims, and any Seller Undertaking Claims made after the Completion Date, pro rata
in the Payment Ratio; 

  
 50 

	10.5.2	Pamodzi shall be liable to the Purchaser for any Pamodzi Warranty Claim, and any Pamodzi Undertaking Claim made after the Completion Date; 

 

	10.5.3	Investco shall be liable to the Purchaser for any Investco Warranty Claim, and any Investco Undertaking Claim made after the Completion Date; 

for the amount of the Warranty Claim or the Undertaking Claim; provided that if any such claim is brought for an amount in excess of the
Claims Threshold and is proven for less than the Claims Threshold, the Purchaser shall not be entitled to recover any amount under such claim and shall be liable for all attorney and client costs incurred by the Sellers in defending or investigating
such claim. 
  

	10.6	The maximum aggregate liability of the Sellers in respect of all Warranty Claims, and all Undertaking Claims made after the Completion Date, shall be limited to the
Escrow Amount, save with regard to any claim made in connection with the Pamodzi Warranties set forth in paragraphs 1.5 to 1.8 of Annexure A hereto, the Investco Warranties set forth in paragraphs 2.5 to 2.7 of Annexure A hereto and the Seller
Warranties set forth in paragraph 3.1.13 of Annexure A hereto, in which regard the maximum aggregate liability of the Sellers in respect of such Warranty Claims shall be limited to the portion of the Purchase Price received by such Seller together
with interest, at a rate equal to JIBAR plus 450 basis points per annum, accrued on such amount from the Completion Date to the date on which all or any portion of such amount is paid to the Purchaser pursuant to such Warranty Claims.

  

	10.7	 To the extent that the Purchaser recovers any amount in respect of any matter which may give rise to a Warranty Claim or Undertaking Claim under any
insurance policy or other right of recourse available to the Purchaser 

  
 51 

	 	
prior to instituting any Warranty Claim or Undertaking Claim, the amount that the Purchaser may claim shall be the full amount of its damages up to the maximum aggregate liability as provided for
in clause 10.6, plus any costs incurred by the Purchaser in making such recovery, reduced by the amount of such recovery. 

  

	10.8	To the extent that the Purchaser receives, or will receive, a tax benefit in respect of any matter which may give rise to a Warranty Claim or Undertaking Claim, the
amount that the Purchaser may claim shall be the full amount of its damages up to the maximum aggregate liability as provided for in clause 10.6, plus any costs incurred by the Purchaser in receiving such benefit, reduced by the amount of such tax
benefit. 

  

	10.9	If any payment is made by the Sellers in respect of any Warranty Claim or Undertaking Claim and the Purchaser subsequently recovers an amount in respect of the matter
giving rise to such claim from a third party (including any insurer), such that the aggregate of the recoveries exceeds the Purchaser’s damages, the Purchaser shall repay to the Sellers (in the ratio in which the Sellers paid the original
Warranty Claim or Undertaking Claim) an amount equal to the excess over the damages suffered by the Purchaser. However, if the cap on Warranty Claims and Undertaking Claims precluded the Purchaser from recovering the full amount of its damages from
the Sellers, the provisions of the preceding sentence shall only operate to the extent that the Purchaser has recovered its full damages. 

  

	10.10	If the Purchaser has a right of recovery under an insurance policy in respect of any matter warranted by the Sellers or in respect of any matter covered by an
undertaking of Seller, the Purchaser shall be obliged to make a claim under such policy for the maximum amount that it is able to recover under such policy in respect of the matter. The fact that the Purchaser has an obligation to make such an
insurance claim shall not however preclude the Purchaser from lodging a Warranty Claim or an Undertaking Claim to ensure that such Warranty Claim or Undertaking Claim is brought within the time period specified in clause 10.13. If:

  

	10.10.1	the insurer repudiates such insurance claim in full, the Purchaser shall cede its rights of action against the insurer arising from such repudiation to the Sellers upon
demand by the Sellers, and against payment by the Sellers of the full amount of the Warranty Claim or the Undertaking Claim. To the extent that the cap on Warranty Claims and Undertaking Claims results in the Purchaser not recovering the full amount
of its damages no such cession of action shall be required but the provisions of clause 10.9 shall be applicable; 

  
 52 

	10.10.2	the insurer offers to pay out an amount less than the amount claimed, the Purchaser shall promptly notify the Sellers of this fact prior to accepting the amount
proposed by the insurer and the Sellers shall respond promptly. Should the Sellers accept the amount offered by the insurer, the Purchaser may proceed to recover the balance of the claim from the Sellers, subject to the cap on Warranty Claims and
Undertaking Claims. Should the Sellers not accept such offer within 10 Business Days of it being made, the provisions of clause 10.10.1 shall apply, mutatis mutandis. 

 

	10.11	If the Purchaser has any other right of recovery in respect of a matter giving rise to a Warranty Claim or an Undertaking Claim it shall be entitled to make a Warranty
Claim or an Undertaking Claim notwithstanding such right. Against payment of the amount of the Warranty Claim or the Undertaking Claim proven or admitted, and provided that such amount equals the Purchaser’s damages, plus costs, the Purchaser,
as the case may be, shall either cede its right of action against the third party to the Sellers, or, should the Sellers so request in writing and provide an indemnity to the Purchaser to the Purchaser’s reasonable satisfaction, (including
without limitation against all costs, not as limited by any scale, incurred by the Purchaser in enforcing the rights concerned), institute proceedings in the name of the Purchaser against the third party. In this case the Sellers shall be entitled
to appoint the legal representatives to institute and prosecute the claim and to control and direct the Purchaser’s strategy with respect to such claim. 

  
 53 

	10.12	Without prejudice to the Purchaser’s right to recover damages which it may suffer as a result of a breach of a Warranty or an undertaking of Sellers, if at any
time after the Completion Date any claim is made against the Purchaser, or any liability (actual or contingent) comes to the attention of the Purchaser (a “Third Party Claim”) which may give rise to a Warranty Claim or an
Undertaking Claim, then the Purchaser shall: 

  

	10.12.1	promptly notify the Sellers of such Third Party Claim together with full details of the circumstances giving rise to such Third Party Claim and give the Sellers
reasonable access at the cost of the Sellers to the relevant books and records of the Purchaser for the purposes of assessing such Third Party Claim; 

  

	10.12.2	not compromise or settle such Third Party Claim without the prior written consent of the Sellers (which shall not be unreasonably withheld); 

 

	10.12.3	allow the Sellers to contest the Third Party Claim concerned in the name of the Purchaser and to control the proceedings in regard thereto, provided that the Sellers
(severally in the Payment Ratio) indemnify the Purchaser, on terms reasonably acceptable to the Purchaser, against all costs (not as limited by any scale) which may be incurred as a consequence thereof; and 

 

	10.12.4	provide the Sellers with all reasonable assistance required for the purposes of contesting the Third Party Claim at the Sellers’ cost. 

 

	10.13	 The Purchaser shall be obliged to give written notice of a Warranty Claim or an Undertaking Claim setting out the claim in reasonable detail by no
later than close of business on the last day of the twelfth month after the month in which the Completion Date falls (“the Claim Expiry Date”) failing which the Purchaser shall not be entitled to make any Warranty Claims or
Undertaking Claims, provided that, if the Purchaser gives the Sellers written notice of a Warranty Claim or an Undertaking Claim within such period the relevant Warranty will survive for as long as may be necessary for the Warranty Claim or the
Undertaking Claim to be finally resolved, subject to the 

  
 54 

	 	
Purchaser commencing proceedings against the Sellers in respect of such claims by no later than sixty days after the Claim Expiry Date unless any of clauses 10.10 to 10.12 are applied, in which
case such proceedings shall be instituted within a reasonable time of concluding the processes set out in such clauses. 

  

	10.14	This clause 10 shall constitute the sole and exclusive remedy after the Completion Date for recovery of damages by the Purchaser arising from or relating to this
Agreement or the transactions contemplated hereby. 

  

	11.	Security for Warranty and Undertaking Claims 

  

	11.1	The Escrow Amount (exclusive of interest earned thereon in the Escrow Account) shall serve as security for the obligations of the Sellers to make payment of any amount
due in respect of a breach of Warranty or a breach of undertaking of any Seller. The Purchaser’s only recourse after the Completion Date for recovery of damages arising from or relating to this Agreement or the transactions contemplated hereby,
including for breach of Warranty or an undertaking of any Seller, shall be for payment of all or a part of the Escrow Amount. 

  

	11.2	A Seller may substitute its pro rata portion (in accordance with the Payment Ratio) of the Escrow Amount with a first demand bank guarantee acceptable to the Purchaser,
acting reasonably. 

  

	11.3	The Escrow Agreement shall provide that no amount shall be paid from the Escrow Account by the Escrow Agent unless: 

 

	11.3.1	such amount represents interest earned on such monies from their investment in the Escrow Account, which the Escrow Agent shall pay to the Sellers every 6 months in
arrears; 

  

	11.3.2	in the case of a substitution as contemplated by clause 11.2, the Escrow Agent has received a written payment instruction signed by the Purchaser and the Seller
effecting the substitution, specifying the amount substituted. In this case payment of the amount substituted, plus interest earned thereon, shall be made to the Seller effecting the substitution; 

  
 55 

	11.3.3	the Sellers and/or the Purchaser deliver to the Escrow Agent a written notice signed by the Sellers and the Purchaser instructing the Escrow Agent to pay an amount
specified in the notice to the Purchaser in settlement of an agreed or proven Warranty Claim or Undertaking Claim; 

  

	11.3.4	the Sellers and/or the Purchaser deliver to the Escrow Agent a copy of a final judgement or arbitration order in favour of the Purchaser reflecting the amount due to
the Purchaser in respect of a proven Warranty Claim or Undertaking Claim. In this case the amount to be paid shall be the amount reflected in the judgement or arbitration award (including costs) (pro rated if required to take account of any
substitution effected pursuant to clause 11.2); 

  

	11.3.5	within 30 days after the Claim Expiry Date (and if there are pending but not yet proven Warranty Claims or Undertaking Claims at that date (“Pending
Claims”), the Sellers and/or the Purchaser deliver to the Escrow Agent a written notice signed by the Sellers and the Purchaser (and the Sellers and the Purchaser shall be obliged to deliver such written notice) instructing the Escrow Agent
to refund to the Sellers the balance standing to the credit of the Escrow Account, less the value of the Pending Claims (which value shall include the capital amount, interest for the period up to the expected payment date and costs of the Pending
Claim, pro rated if applicable to take account of substitutions effected pursuant to clause 11.2); 

  

	11.3.6	 within 30 days after final resolution and payment of all Warranty Claims and Undertaking Claims that were Pending Claims at the Claim Expiry Date, the
Sellers and/or the Purchaser deliver to the Escrow Agent a written notice signed by the Sellers and the Purchaser (and the Sellers and the Purchaser shall be obliged to deliver such written notice) instructing the Escrow Agent to refund to the
Sellers (excluding any Seller who effected a substitution pursuant to clause 11.2) the balance 

  
 56 

	 	
standing to the credit of the Escrow Account; provided that the Escrow Agent shall at all times be entitled to effect payment in accordance with any final judgement or arbitration order
instructing or authorising payments from the Escrow Account. 

  

	11.4	The Purchasers and the Sellers undertake to act in good faith and promptly with respect to any notice required to be signed and/or given by them in connection with the
payment of any money from the Escrow Account. 

  

	12.	Warranties and Representations by the Purchaser and Gold One 

  

	12.1	Each of the Purchaser and Gold One warrants and represents to the Sellers as at the Signature Date and the Completion Date that: 

 

	12.1.1	it is and shall remain validly incorporated in accordance with the Applicable Laws; 

 

	12.1.2	it has and shall continue to have the necessary legal capacity to enter into and perform each of its obligations under this Agreement; 

 

	12.1.3	the execution of this Agreement and performance by each of the Purchaser and Gold One of its obligations hereunder does not and shall not: 

 

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

  

	12.1.3.2	contravene any provision of its constitutional documents; or 

  

	12.1.3.3	conflict with, or result in a breach of any of the terms of, or constitute a default under any agreement or other instrument to which the Purchaser or Gold One is a
party or subject or by which it or any of its assets are bound; 

  

	12.1.4	except for Qinisele Resources, whose costs and fees will be paid entirely by Gold One, Gold One was not introduced to the Transaction by any broker, finder or arranger;

  
 57 

	12.1.5	the provisions of this Agreement are and shall remain legally binding on the Purchaser and Gold One and the execution and performance of all rights and obligations
imposed on the Purchaser and Gold One pursuant to this Agreement constitute legal, valid, binding and enforceable rights and obligations of the Purchaser and Gold One; 

 

	12.1.6	at a meeting duly called and held prior to the Signature Date, the Gold One Board has unanimously: 

 

	12.1.6.1	approved, adopted and declared advisable this Agreement and the Transaction; and 

 

	12.1.6.2	resolved to recommend to Gold One shareholders, in the event that Gold One shareholder approval is required, the approval and adoption of this Agreement (including
recommending approval of the issuance of the Consideration Shares by Gold One’s shareholders, if such approval is required (such recommendation, the “Gold One Board Recommendation”); and 

 

	12.1.7	a true, complete and correct copy of the Debt Financing Commitment is attached hereto as Annexure F. The Debt Financing Commitment has not been amended or modified
prior to the Signature Date, no such amendment is contemplated, and the respective commitments contained in the Debt Financing Commitment have not been withdrawn or rescinded in any respect. Gold One has fully paid any and all commitment fees or
other fees in connection with the Debt Financing Commitment that are payable on or prior to the Signature Date. There are no conditions precedent or other contingencies related to the funding of the full amount of the Cash Payment, other than as
expressly set forth in or expressly contemplated by the Debt Financing Commitment. Gold One has no reason to believe that any of the conditions contemplated by the Debt Financing Commitment will not be satisfied. Subject to the fulfilment of the
Suspensive Condition contained in clause 4.1.2, the Purchaser will have at and after the Completion Date funds sufficient to pay the Cash Payment. Gold One does not have any reason to believe that the Debt Financing or the Gold One Funding Amount
will not be available on the Completion Date. 

  
 58 

	12.2	Gold One gives the Sellers the Consideration Shares Warranties at the Completion Date. 

 

	12.3	Save for any indirect or consequential loss suffered by the Sellers and the Company, the Purchaser and Gold One jointly and severally indemnify the Sellers and the
Company for any damages that they may suffer as a result of any breach of the representations and warranties given by it in this clause. 

  

	13.	Confidentiality 

  

	13.1	Without the prior written consent of the other Parties, each Party will keep confidential and will not disclose to any person: 

 

	13.1.1	the details of this Agreement, the details of the negotiations leading to this Agreement, and the information provided to such Party during the course of negotiations,
as well as the details of all the transactions or agreements contemplated in this Agreement; and 

  

	13.1.2	all information relating to the business or the operations and affairs of the Parties; 

(together “Confidential Information”). 
  

	13.2	The Parties agree to keep all Confidential Information confidential and to disclose it only to their officers, directors, employees, consultants and professional
advisers who: 

  

	13.2.1	have a need to know (and then only to the extent that each such person has a need to know); 

 

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

  

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

  
 59 

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

  

	13.3	The obligations of the Parties in relation to the maintenance and non-disclosure of Confidential Information in terms of this Agreement is subject to the terms and
conditions of the Project Maverick Confidentiality and Non-disclosure Agreement and do not extend to information that: 

  

	13.3.1	is disclosed to the receiving 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
that Party and not subject to an obligation of confidentiality; 

  

	13.3.2	is or becomes public knowledge, otherwise than pursuant to a breach of this Agreement by the Party who disclosed such Confidential Information;

  

	13.3.3	is required by the provisions of any law, statute or regulation, or during any court proceedings, or by the rules or regulations of any recognised stock exchange to be
disclosed and subject to the provisions of clause 13.4, the Party required to make the disclosure has taken all reasonable steps to oppose or prevent the disclosure of and to limit, as far as reasonably possible, the extent of such disclosure and
has consulted with the other Parties prior to making such disclosure. 

  

	13.4	Save for compliance by a Party with the requirements of any Applicable Law, or of the JSE Listings Requirement, ASX Listing Rules or ASIC requirements, no Party shall
publish any announcement of the existence or terms of this Agreement without the prior written consent of the other Parties, which shall not be unreasonably withheld. The Parties shall use their reasonable commercial endeavours to allow the other
Parties to review and comment in advance of any required announcement. 

  

	14.	Breach 

  

	14.1	If: 

  

	14.1.1	the Purchaser fails to effect payment of the Purchase Price on the Completion Date as contemplated by clause 6.1; or 

  
 60 

	14.1.2	the Sellers fail to discharge the obligations imposed on them by clause 7.1 on the Completion Date; or 

 

	14.1.3	a Party breaches any other provision of this Agreement and remains in breach for 14 days after receipt of written notice from any Seller (in the event of a breach by
the Purchaser or Gold One) or from the Purchaser or Gold One (in the event of a breach by a Seller) requiring it to rectify the breach; 

 that Party shall be in default. 
  

	14.2	If Gold One or the Purchaser, on the one hand, or either Seller, on the other hand, is in default either Seller (in the case of a default by Gold One or the Purchaser)
and Gold One or the Purchaser (in the case of a default by either Seller) shall be entitled at their option (and without prejudice to any other rights that they may have at law): 

 

	14.2.1	to sue for specific performance of the defaulting Party’s obligations under this Agreement, with or without a claim for damages; or 

 

	14.2.2	(either as an alternative to a claim in terms of 14.2.1 or upon the abandonment of such a claim) to cancel this Agreement by notice in writing to the defaulting Party
and any other Party and to sue for such damages as that Party may have suffered as a result of the cancellation. 

  

	14.3	Notwithstanding the preceding provisions of this clause 14 no Party may cancel this Agreement as a result of a breach unless such breach is either:

  

	14.3.1	a failure by the Purchaser to pay the Purchase Price; or 

  

	14.3.2	a failure by a Seller to deliver the documents required by clause 7; 

  

	14.3.3	a breach by the Purchaser or Gold One of the provisions in clauses 8.3.1 or 8.3.2. 

  
 61 

 If this Agreement is cancelled by Sellers because of clause 14.3.3, then Purchaser shall
promptly, but in no event later than two (2) Business Days after the date of such cancellation, pay to Sellers the Break Fee in the ratio set out in clause 4.9 (88.5% to Pamodzi and 11.5% to Investco). The Sellers shall provide the Purchaser
with details of the relevant bank accounts into which such payments must be made. Any amount owing in terms of this clause but which remains unpaid shall bear interest at the Interest Rate from the scheduled date of payment until the actual date of
payment. 
  

	15.	Arbitration 

  

	15.1	separate, divisible agreement 

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

	15.1.1	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 be subject to arbitration in terms
of this clause; 

  

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

  

	15.2	disputes subject to arbitration 

 Any dispute arising out of or in connection with this Agreement or the subject matter of this Agreement including, without limitation, any dispute concerning: 

 

	15.2.1	the existence of the Agreement apart from this clause, including whether or not the Suspensive Conditions have been timeously fulfilled; 

 

	15.2.2	the interpretation and effect of the Agreement; 

  

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

  
 62 

	15.2.4	the rectification of the Agreement; 

  

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

 

	15.2.6	damages 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 decided by arbitration as set out in this clause. 

 

	15.3	appointment of arbitrator 

  

	15.3.1	The Parties shall agree on the arbitrator who shall be an attorney or advocate on the panel of arbitrators of the Arbitration Foundation of Southern Africa
(“AFSA”). If agreement is not reached within 10 days after either Party in writing calls for agreement, the arbitrator shall be an attorney or advocate nominated by the Chairman of AFSA for the time being or should AFSA, for any
reason, have ceased to exist at the time of the referral of the Dispute to arbitration, by the chairperson for the time being of the Law Society of the Northern Provinces, South Africa or its successor. 

 

	15.3.2	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, and a copy shall be furnished to the other Party who may, within 7 days, submit written comments on the request to the addressor of the request. 

 

	15.4	venue and period for completion of arbitration 

 The arbitration shall be held in Sandton 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. 

  
 63 

	15.5	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. 
  

	15.6	urgent interim relief 

The provisions of this clause 15 shall not prevent any Party from approaching any court of competent jurisdiction for urgent interim
relief. 
  

	16.	Miscellaneous matters 

  

	16.1	addresses 

  

	16.1.1	The Parties choose the following addresses to which notices must be given, and at which documents in legal proceedings must be served (i.e. their domicilia citandi
et executandi), in connection with this Agreement: 

 in the case of Pamodzi: 

 

			
	postal address:	  	Pamodzi House
		  	1st Floor
		  	5 Willowbrook Close
		  	Melrose North
		  	Atholl
		  	Republic of South Africa
		
	physical address:	  	Pamodzi House
		  	1st Floor
		  	5 Willowbrook Close
		  	Melrose North
		  	Atholl
		  	Republic of South Africa
		
	current fax no:	  	+27 11 252 8616
		
	with a copy to:	  	
		
	postal address	  	First Reserve International
		  	Limited
		  	7th Floor, 25 Victoria Street
		  	London, SW1H OEX
		  	United Kingdom

  
 64 

 in the case of Pamodzi Cooke: 

 

			
	postal address:	  	Abax Corporate Services Ltd
		  	6th Floor, Tower A, 1
		  	CyberCity, Ebene, Mauritius
		
	physical address:	  	Abax Corporate Services Ltd
		  	6th Floor, Tower A, 1
		  	CyberCity, Ebene, Mauritius
	current fax no:	  	+230 403 6060
		
	with a copy to:	  	
		
	postal address	  	First Reserve International
		  	Limited
		  	7th Floor, 25 Victoria Street
		  	London, SW1H OEX
		  	United Kingdom

  

	16.1.1.1	in the case of Investco: 

  

			
	postal address:	  	Postal address
		  	P.O. Box 2
		  	Randfontein
		  	1760
		  	South Africa
		
	physical address:	  	ARMgold/Harmony Joint
		  	Investment Company (Proprietary)
		  	Limited
		  	Block 27
		  	Randfontein Office Park
		  	Corner Main Reef Road & Ward
		  	Avenue
		  	Randfontein
		  	1759
		  	Republic of South Africa
		
	current fax no:	  	+27 11 692 3879

  

	16.1.1.2	in the case of the Purchaser or Gold One: 

  

			
	postal address:	  	Postnet Suite 345
		  	Private Bag X30500
		  	Houghton, 2041
		  	Gauteng
		  	South Africa

  
 65 

			
	physical address:	  	45 Empire Road
		  	First Floor
		  	Parktown, 2193
		  	Gauteng
		  	South Africa
		
	current fax no	  	+27 11 726 1087

  

	16.1.2	Notices given to the above addresses shall be deemed to have been duly given: 

 

	16.1.2.1	on delivery, if delivered to the Party’s physical address; 

  

	16.1.2.2	on the same day of transmission if sent by facsimile to the Party’s then fax number, with receipt received confirming completion of transmission.

  

	16.1.3	A Party may change that Party’s addresses for this purpose, by notice in writing to the other Parties, provided that the new addresses include a physical address
in the Republic of South Africa. 

  

	16.2	entire contract 

 This
Agreement contains all the express provisions agreed on by the Parties with regard to the subject matter of the agreement and the Parties waive the right to rely on any alleged express provision not contained in this Agreement. 

 

	16.3	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. 

  
 66 

	16.4	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
Parties. 
  

	16.5	indulgences 

 The grant of
any indulgence 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. 

 

	16.6	cession 

 A Party may not
cede or delegate that Party’s rights or obligations under this Agreement without the prior written consent of the other Parties, save that the Purchaser shall be entitled at any time after the Signature Date to cede and assign to Investec Bank
Limited or such other debt or equity source which has advanced to the Purchaser the funds required to make the Cash Payment to the Sellers, effective as of the Completion Date, all of its rights to payment arising from a breach by any Seller of the
Warranties or any release of funds from the Escrow Amount. 
  

	16.7	applicable law 

 This
Agreement is to be interpreted and implemented in accordance with the law of the Republic of South Africa. 
  

	16.8	overdue amounts 

 All
amounts due and payable which remain unpaid by one Party to any other in terms of this Agreement shall bear interest from the due date to date of payment. Such interest shall be calculated at the Interest Rate and shall be compounded monthly in
arrear. 

  
 67 

	16.9	jurisdiction 

 The Parties
irrevocably consent to the exclusive jurisdiction of the courts of the Republic of South Africa for the resolution of all disputes and the determination of all matters arising from this Agreement, and in particular consent to the jurisdiction of the
South Gauteng High Court, Johannesburg. 
  

	16.10	costs and related issues 

  

	16.10.1	Each Party shall bear its own legal costs of and incidental to the negotiation, preparation, settling, signing and implementation of this Agreement.

  

	16.10.2	Any costs, including attorney and own client costs and value added tax, incurred by a Party arising out of a breach by any other Party shall be borne by the Party in
breach. 

  

	16.11	invalidity and severability 

 If any of the provisions of this Agreement becomes invalid, illegal, or unenforceable for any reason, the validity, legality and enforceability of the remaining provisions of this Agreement shall not be
impaired or affected in any way by such invalidity, illegality or unenforceability. 
  

	16.12	Counterparts 

 This
Agreement may be executed in counterparts by the Parties hereto, each of which when so executed shall be deemed to be an original and all of which when taken together shall constitute one and the same Agreement. 

  
 68 

 Signed at JOHANNESBURG on 20 MAY 2011 

 

					
	Witness	 		 	
			
	  
  
 

	 		 	 

		 		 	PAMODZI URANIUM (PROPRIETARY) LIMITED
		 		 	G.H. KEMP

  
 Signature
Page to the Sale of Shares Agreement 

 Signed at JOHANNESBURG on      MAY 2011 

 

					
	Witness    Josephine Eichner	 		 	David Schuler
			
	 

	 		 	  
 

		 		 	PAMODZI COOKE (PROPRIETARY) LIMITED

  
 Signature
Page to the Sale of Shares Agreement 

 Signed at JOHANNESBURG on 21 MAY 2011 

 

					
	Witness	 		 	
			
	  
  
  

 
 

	 		 	 

		 		 	ARMGOLD HARMONY JOINT INVESTMENT COMPANY (PROPRIETARY) LIMITED

  
 Signature
Page to the Sale of Shares Agreement 

							
	For	  	GOLD ONE INTERNATIONAL LIMITED	 		 	
				
	Signature:	  	 

	 		 	  
  
  

 
  
  

 
  
  

		  	director	 		 	secretary
		  	who warrants that he / she is duly authorised	 		 	who warrants that he / she is duly authorised
		  	thereto	 		 	thereto
				
	Name:	  	 Neal Froneman
	 		 	 Pierre Kruger

	Date:	  	 21 May 2011
	 		 	 21 May 2011

	Place:	  	 Johannesburg
	 		 	 Johannesburg

				
	Witness:	  	  
 

	 		 	 

				
	Name:	  	 Christopher Chadwick
	 		 	 Christopher Chadwick

 Signature Page to the Sale of Shares Agreement 

							
	For	  	NEWSHELF 1114 (PROPRIETARY) LIMITED	 		 	
				
	Signature:	  	 

	 		 	  
  
  

 
  
  

 
  
  

		  	director	 		 	secretary
		  	who warrants that he / she is duly authorised	 		 	who warrants that he / she is duly authorised
		  	thereto	 		 	thereto
				
	Name:	  	 Neal Froneman
	 		 	 Pierre Kruger

	Date:	  	 21 May 2011
	 		 	 21 May 2011

	Place:	  	 Johannesburg
	 		 	 Johannesburg

				
	Witness:	  	  
  
 

	 		 	 

				
	Name:	  	 Christopher Chadwick
	 		 	 Christopher Chadwick

 Signature Page to the Sale of Shares Agreement 

 Signed at JOHANNESBURG on      MAY 2011 

 

					
	Witness	 		 	
			
	  
  
 

	 		 	 

		 		 	RAND URANIUM (PROPRIETARY) LIMITED

  
 Signature
Page to the Sale of Shares Agreement 

 Annexure A - Warranties 
 Each Warranty given below is and will: 
  

	1.	be a separate Warranty and will in no way be limited or restricted by inference from the terms of any other Warranty, provided that any disclosure contained in the
Disclosure Material shall qualify each Warranty to which such disclosure is relevant; 

  

	2.	continue and remain in force for the periods contemplated by this Agreement, notwithstanding the completion of transactions contemplated in this Agreement;

  

	3.	be deemed to a representation of fact inducing the Purchaser to enter into this Agreement; 

 

	4.	be deemed to be material; and 

  

	5.	insofar as it is promissory or relates to a future event, shall be deemed to have been given as at the date of fulfilment of the promise or the happening of the future
event, as the case may be. 

 Where a Warranty is recorded as being given “to Company’s knowledge” (or any similar
wording), such knowledge shall be deemed to be the actual knowledge of any of the individuals listed in Annexure G. 
  

	1.	Pamodzi Warranties 

  

	1.1	Pamodzi and Pamodzi Cooke are and shall remain validly incorporated in accordance with the Applicable Laws (as applicable in Mauritius with regards to Pamodzi Cooke).

  

	1.2	Pamodzi and Pamodzi Cooke are have and shall continue to have the necessary legal capacity to enter into and perform each of their obligations under this Agreement.

  

	1.3	The execution of this Agreement and performance by Pamodzi and Pamodzi Cooke of their obligations hereunder does not and shall not: 

 

	1.3.1	contravene any law or regulation to which Pamodzi and Pamodzi Cooke are subject; or 

  
 75 

	1.3.2	contravene any provision of Pamodzi’s and Pamodzi Cooke’s Founding Documents; or 

 

	1.3.3	conflict with, or result in a breach of any of the terms of, or constitute a default under any agreement or other instrument to which Pamodzi and/or Pamodzi Cooke are a
party or subject or by which they or any of their assets are bound. 

  

	1.4	The provisions of this Agreement are and shall remain legally binding on Pamodzi and Pamodzi Cooke and the execution and performance of all rights and obligations
imposed on Pamodzi and Pamodzi Cooke pursuant to this Agreement constitute legal, valid, binding and enforceable rights and obligations of Pamodzi and Pamodzi Cooke. 

 

	1.5	Pamodzi is the registered holder, and Pamodzi Cooke the beneficial owner, of the “A” Shares. 

 

	1.6	Pamodzi and Pamodzi Cooke will be able, entitled and authorised validly and effectively to transfer the “A” Shares to the Purchaser free and clear of any
encumbrance. 

  

	1.7	Except for such resolution, authorization or approval that Pamodzi Cooke provides to the Purchaser in accordance with clause 8.2.8 of this Agreement, Pamodzi Cooke does
not require any special resolution, authorisation or approval by its shareholders or board of directors to dispose of and transfer the “A” Shares to the Purchaser in terms of this Agreement. 

 

	1.8	No person has any right or option or right of first refusal to acquire any of the “A” Shares, nor are any of the “A” Shares subject to any lien or
other preferential right. Pamodzi and Pamodzi Cooke are entitled to dispose of the “A” Shares to the Purchaser and upon delivery the Purchaser will become the beneficial owner of the “A” Shares to the exclusion of all others.

  
 76 

	1.9	The BEE structure of the Company has not been altered in any manner which would materially affect any rights granted to the Company under MPRD Act.

  

	2.	Investco Warranties 

  

	2.1	Investco is and shall remain validly incorporated in accordance with the Applicable Laws. 

 

	2.2	Investco has and shall continue to have the necessary legal capacity to enter into and perform each of its obligations under this Agreement. 

 

	2.3	The execution of this Agreement and performance by Investco of its obligations hereunder does not and shall not: 

 

	2.3.1	contravene any law or regulation to which Investco is subject; or 

  

	2.3.2	contravene any provision of Investco’s Founding Documents; or 

  

	2.3.3	conflict with, or result in a breach of any of the terms of, or constitute a default under any agreement or other instrument to which Investco is a party or subject or
by which it or any of its assets are bound. 

  

	2.4	The provisions of this Agreement are and shall remain legally binding on Investco and the execution and performance of all rights and obligations imposed on Investco
pursuant to this Agreement constitute legal, valid, binding and enforceable rights and obligations of Investco. 

  

	2.5	Investco is the registered holder and beneficial owner of the Ordinary Shares. 

 

	2.6	Investco will be able, entitled and authorised validly and effectively to transfer the Ordinary Shares to the Purchaser free and clear of any encumbrance.

  

	2.7	No person has any right or option or right of first refusal to acquire any of the Ordinary Shares, nor are any of the Ordinary Shares subject to any lien or other
preferential right. Investco is entitled to dispose of the Ordinary Shares to the Purchaser and upon delivery the Purchaser will become the beneficial owner of the Ordinary Shares to the exclusion of all others. 

  
 77 

	3.	Sellers Warranties and Indemnities 

  

	3.1	Registration and capacity 

  

	3.1.1	The Company is a private company, duly registered in accordance with the provisions of the Companies Act. 

 

	3.1.2	No steps have been taken or are contemplated in respect of the Company in terms of section 82 of the Companies Act. 

 

	3.1.3	No steps have been taken or are contemplated by the Sellers, nor, to the best of the Sellers’ knowledge and belief, by any third party, to apply for the winding up
of the Company. 

  

	3.1.4	The Company has the capacity in terms of its Founding Documents to carry on its business currently carried on by the Company. 

 

	3.1.5	Save for a water use license in respect of which an application has been submitted, the Company will have all such material licences, consents, permits and other
authorities prescribed by law for the lawful conduct of its business in the manner in which it is presently conducted including the necessary import and export permits. Save as disclosed, the Sellers and the Company are not aware of any facts or
circumstances which may result in the cancellation or material alteration or non-renewal of any such licences, consents, permits, approvals or other authorities or, in respect of the water use license, the rejection of the application therefor.

  

	3.1.6	There are no agreements, arrangements, commitments, understandings, judgments, orders, warrants, writs, injunctions or decrees binding upon the Company that has or
could have the effect of prohibiting or materially restricting or impairing any business practice of the Company, any acquisition of property or assets by the Company or the conduct of business by the Company as currently conducted.

  
 78 

	3.1.7	The Company has materially complied with and is not in violation of its Founding Documents, any resolution of its directors or shareholders or any Applicable Law,
including but not limited to environmental and mining laws. 

  

	3.1.8	The Company has not received any written demand, written notice of default, summons, notice of judgment or commencement of proceedings with respect to any breach,
liability or remedial action (or any alleged breach, liability or remedial action) arising under any Applicable Law, including but not limited to environmental and mining Laws. 

 

	3.1.9	There is no claim, suit, action, arbitration, review, proceeding or investigation pending, or, to the Sellers’ knowledge, threatened by or against the Company or
affecting any of its properties, assets or businesses before or by any Governmental Authority that if adversely determined would have a Material Adverse Change for the Company or prevent or delay completion of the Transactions, nor is there any
basis for any such claim, suit, action, arbitration, review, proceeding or investigation. 

  

	3.1.10	Neither the Company nor any of its assets, properties or businesses, is subject to an outstanding judgment, order, decision, ruling, decree, award or injunction.

  

	3.1.11	There is no insolvency, bankruptcy, liquidation, winding-up or other similar proceeding pending or, to the Sellers’ knowledge, threatened against the Company.

  

	3.1.12	The immovable properties owned or controlled by the Company comply in all material respects with all Applicable Laws and no person has any right or option or right of
first refusal to acquire the properties nor are any of the properties subject to any restrictions or encumbrances save as are at present registered in the Deeds Office having jurisdiction over the property or which occur through operation of
Applicable Law. 

  
 79 

	3.1.13	The Transaction is not at the Signature Date and will not at the Completion Date be an affected transaction within the meaning of Section 117 of the Companies Act.
In particular, 10% or more of the issued securities of the Company have not been transferred within the 24 months period immediately before the Signature Date. 

 

	3.2	Capital structure 

  

	3.2.1	The authorised share capital of the Company is R100,000.00 (one hundred thousand South African rand) divided into 60,000 “A”: Shares and 40,000 Ordinary
Shares of R1.00 each. 

  

	3.2.2	The issued share capital of the Company is R2,000.00 (two thousand South African rand) divided into 1,200 “A” Shares and 800 ordinary shares of R1.00 each,
fully paid up. 

  

	3.2.3	Neither the Company nor its directors have issued or agreed to issue any further shares (including bonus and capitalisation shares) in the capital of the Company, nor
have they passed or agreed to pass any resolution for the increase or reduction of the Company’s capital, or for the creation or issue of any debentures or securities, or for the alteration of the memorandum or articles of association of the
Company. 

  

	3.2.4	The Company’s share premium account, if any, has not been reduced in any manner and the Company has not transferred any amount from its reserves or undistributed
profits to its share capital or its share premium account. 

  

	3.2.5	No person has any right to obtain an order for the rectification of the register of members of the Company. 

 

	3.2.6	The minute books and all other corporate and business records of the Company have been properly maintained in all material respects in accordance with the Applicable
Laws and are in all material respects complete and accurate. 

  
 80 

	3.2.7	To the Sellers’ and the Company’s knowledge, there are no filings or applications outstanding or proceedings underway in relation to the Company which could
in any way alter its corporate status. 

  

	3.3	Tax and Financial Matters 

  

	3.3.1	All Tax Returns required to be filed by or on behalf of the Company in any country or political subdivision thereof having jurisdiction over the affairs of the Company
for all periods in respect of which such filings have heretofore been required, have been duly filed, except for Tax Returns for which the failure to file at the time required to be filed would not have a Material Adverse Change for the Company, and
such Tax Returns are true, complete and correct in all material respects. 

  

	3.3.2	All Taxes heretofore owing by the Company have been paid or accrued on the books of the Company and there are no outstanding agreements or waivers extending the
statutory period of limitations applicable to any income tax return for any period, and all payments where the payment is subject to withholding tax obligations, have been made in accordance with all Applicable Laws in respect of withholding tax.

  

	3.3.3	To the extent that any Taxes have not been paid by the Company, including but not limited to the payment of value added tax in respect of the acquisition by the Company
from Randfontein Estates Limited of the hostels and residential properties made available to employees as a fringe benefit for purposes of the Income Tax Act and any tax liability arising from the provision by the Company to employees of the hostels
and residential properties as a fringe benefit for purposes of the Income Tax Act, the Sellers warrant that they shall procure that the Company pays such Taxes as soon as is reasonably possible, but in any event prior to the Completion Date.

  

	3.3.4	There is no assessment or reassessments pursuant to which there are amounts owing or discussions in respect thereof with any taxing authority or other Governmental
Authority by the Company. 

  
 81 

	3.3.5	The Company has withheld from each payment made to any directors, officers and employees and former directors, officers and employees, the amount of all Taxes and other
deductions required to be withheld therefrom and have paid the same to the proper taxing authority or other Governmental Authority within the time required under any applicable tax legislation. 

 

	3.3.6	The Company is not a party to any action or proceeding for assessment or collection of Taxes, nor has such event been asserted or threatened against the Company or its
properties or assets, except where such deficiencies, actions or proceedings, individually or in the aggregate, has not had and would not reasonably be expected to have a Material Adverse Change for the Company. 

 

	3.3.7	The audited consolidated financial statements of the Company for the financial years ended 30 June 2008, 2009 and 2010 have been prepared in accordance with
International Financial Reporting Standards applied, with regard to 2009 and 2010 only, on a basis consistent with that for the audited consolidated financial statements of the Company for the preceding financial years, are true and correct in all
material respects and present fairly the financial condition of the Company as at 30 June 2008, 2009 and 2010. 

  

	3.3.8	All accounts receivable arising in the ordinary course of the Company’s business shall not be subject to any legal impediment in respect of the receipt of payment
thereof by the Company. 

  

	3.3.9	To the best of the knowledge of the Company and the Sellers, there is, at the Signature Date, no matter of an environmental nature that would reasonably be expected to
give rise to a claim against the Company, save as disclosed in the Disclosure Material. 

  

	3.4	Labour and employment related matters 

  

	3.4.1	The Company has as at the Signature Date and will at the Completion Date have complied with all of its material obligations under the Labour Relations Act, the Basic
Conditions of Employment Act, the Occupational Health and Safety Act and the Employment Equity Act. 

  
 82 

	3.4.2	The Company has as at the Signature Date, materially complied with all collective agreements, employment agreements and/or policies that are applicable to employee
wages, remuneration and/or benefits in its workplace. 

  

	3.4.3	The Company has materially complied with all its obligations as an employer as contemplated in the Occupational Health and Safety Act, 1993 and has not been furnished
with any prohibition and/or directive in terms of section 30 of the Occupational Health and Safety Act. 

  

	3.4.4	On the Signature Date and the Completion Date - 

  

	3.4.4.1	the only employment related contracts by which the Company will be bound will be the formal written contracts with the Company’s employees, all of which will be
lawfully terminable, subject to the provisions of the Labour Relations Act, 1995, without compensation (other than in respect of accrued leave pay and salary) on reasonable notice; 

 

	3.4.4.2	all of the contracts referred to in clause 3.4.4.1 will be of full force and effect according to their terms and the Company will not be in breach of any of those terms
nor will they require any rectification to record an intention other than that expressly set out in the contracts. The Company will have complied in all material respects with its obligations under all such contracts; 

 

	3.4.4.3	the Company will have materially complied with all Applicable Laws affecting, regulating or providing for the employment of labour; 

 

	3.4.4.4	except as disclosed on the Company’s last audited balance sheet, no person will have any right to any payment in lieu of leave, pension, any payment in respect of
retirement, death, or disability, annuity, gratuity, compensation for loss of office or similar payment from the Company or to any exceptional leave privileges or accumulated leave; 

  
 83 

	3.4.4.5	the Company participates only in defined contribution third party retirement funds (and does not participate in defined benefit third party retirement funds) and has
complied with all its material obligations in connection therewith; 

  

	3.4.4.6	no discretion or power has been exercised under any pension fund pertaining to the Company’s employees, in respect of the employees and former employees of the
Company to augment a benefit thereunder, to admit to membership a person who would not otherwise have been admissible, to provide a benefit which would not otherwise have been provided or to pay a contribution thereto which would not otherwise have
been paid; and 

  

	3.4.4.7	there is no practise of granting material discretionary pension increases under any pension fund relating to the Company’s employees. 

 

	3.4.5	There is no obligation to provide any of the Company’s employees with any post retirement benefits of any nature whatsoever and the Sellers do not contribute in
any way whatsoever in relation to such benefits. 

  

	3.4.6	To the extent that the Company has already commenced a restructuring exercise in relation to the Company’s employees, such restructuring exercise has taken place
strictly in accordance with section 189 and/or section 189A of the Labour Relations Act. To the extent that the Company commences a restructuring exercise on or after the Signature Date in relation to the Company’s employees, such restructuring
exercise will take place in accordance with section 189 and/or section 189A of the Labour Relations Act. 

  

	3.4.7	 There will be no claims or complaints by employees of the Company pursuant to events on or before the Completion Date including but not limited to any
claims or complaints in terms of the Labour Relations Act 

  
 84 

	 	
of 1995 and/or the Basic Conditions of Employment Act and/or the Employment Equity Act and/or the Occupational Safety and Health Act, 1993. 

 

	3.5	Intellectual Property 

  

	3.5.1	The Company is and will continue to be the beneficial owner or duly registered user or licensee of all the trademarks, designs and patents used in the course of its
business and - 

  

	3.5.1.1	no other person whatsoever has any right or right to acquire or to use or expunge such trademark, design or patent in the area for which such is valid, whether as
registered user, licensee or otherwise howsoever; 

  

	3.5.1.2	to the best of the Sellers’ knowledge, there has been no infringement of such trademarks, designs or patents by any third party, and 

 

	3.5.1.3	such trademarks, designs or patents are the only trademarks, designs, names, devices, logos or patents which are used by the Company in the course of its business;

  

	3.6	At the Signature Date: 

  

	3.6.1.1	all written contracts and Founding Documents of the Company included in the Disclosure Material are complete and correct in all material respects;

  

	3.6.1.2	to the knowledge of the Sellers and the knowledge of the Company and except where expressly stated or clearly apparent to the contrary from the context thereof,

  

	3.6.1.2.1	all other documents and written information included in the Disclosure Material reflect the current versions of such documents and written information; and

  
 85 

	3.6.1.2.2	no material portions of such documents have been omitted in the presentation thereof to Gold One and/or the Purchaser; and 

 

	3.6.1.3	there is no fact that has not been disclosed by the Company or the Sellers that has had or would have a Material Adverse Change for the Company.

  

	3.7	Conduct of the Sellers and the Company during the Completion Period 

 During the Completion Period, except as otherwise contemplated by this Agreement or as may be specifically consented to in writing by the Purchaser (which consent will not be unreasonably withheld,
conditioned or delayed), the Sellers warrant that they will procure (on the basis that the undertakings given by Investco in this paragraph 3.7 shall be qualified to the extent that Investco is actually able to procure such conduct given its
minority 40% shareholding in the Company and the fact that it does not control the Board) that: 
  

	3.7.1	the Company will not, directly or indirectly issue, sell, pledge, lease, dispose of, encumber or agree to issue, sell, pledge, lease, dispose of or encumber any shares
in the Company except in the ordinary course of business and consistent with past practice; 

  

	3.7.2	the Company will not subdivide, combine or reclassify any of its issued securities or redeem, purchase or offer to purchase any of its securities;

  

	3.7.3	the Company will not amend or propose to amend its Founding Documents, except to the extent required by the terms of this Agreement or by the ASX, ASIC, the JSE and/or
any Governmental Authority pursuant to the Transaction; 

  

	3.7.4	the business of Company will be conducted in the ordinary and regular course in a manner consistent with past practice and the Rand Uranium Operating Strategy, and the
Company shall use its commercially reasonable efforts to: 

  

	3.7.4.1	preserve intact the Company’s present business organisation; 

  
 86 

	3.7.4.2	preserve the goodwill and relationships with customers, suppliers and others having business dealings with the Company; 

 

	3.7.4.3	cause its insurance policies not to be cancelled or terminated or any of the coverage thereunder to lapse, unless simultaneously with such termination, cancellation or
lapse, replacement policies underwritten by insurance companies of nationally recognised standing providing coverage equal to or greater than the coverage under the cancelled, terminated or lapsed policies for substantially similar premiums are in
full force and effect; 

  

	3.7.4.4	maintain the assets that constitute tangible movable property of the Company in normal operating condition and repair in accordance with past practice (ordinary wear
and tear excepted); 

  

	3.7.4.5	perform in all material respects all of the Company’s obligations under any material contracts to which it is party; and 

 

	3.7.5	the Company will not incur any material indebtedness for borrowed money, other than (a) borrowings under the Future Shareholder Loans, (b) loans from the
Purchaser in accordance with clause 8.4.3.3 of this Agreement or (c) borrowings under the Standard Bank Facility, in the ordinary and regular course of carrying on business; 

 

	3.7.6	save as otherwise provided herein and except in the ordinary course of business the Company will not: 

 

	3.7.6.1	satisfy or settle any claims, liabilities or legal actions or relinquish any contractual rights, which are, individually or in the aggregate, material to the Company;
or 

  

	3.7.6.2	enter into or modify any interest rate, currency, metal or other commodity swap, hedge or other similar financial or derivative instrument; 

  
 87 

	3.7.7	the Company will not have sold, transferred, alienated or encumbered any or any part of its material assets other than in the ordinary and regular course of business;

  

	3.7.8	the Company will not approve or contract for any new individual capital expenditure above R5,000,000.00 per item other than set out in the capital budget disclosed in
the Disclosure Materials; 

  

	3.7.9	except as required by Law or otherwise agreed between the Parties in writing, the Company will not increase or amend the salary, wages, rate of compensation,
commission, bonus or other direct or indirect remuneration payable to, or other compensation of, or the terms and conditions of employment or appointment of any employee or independent contractor or extend the contract of any employee or independent
contractor or enter into any contract or other binding commitment in respect of any such increase or amendment except market related annual wage and salary increases or in the ordinary course of business or as consistent with past practice;

  

	3.7.10	the Company will not make written offers of employment or enter into employment contracts with any prospective new E band and above level employees;

  

	3.7.11	the Company will not amend, vary or terminate in any respect any material contract other than in the ordinary course of business or as consistent with past practice;

  

	3.7.12	the Company will continue its pricing and sales practices substantially in accordance with its past practices; 

 

	3.7.13	the Company will not declare, set aside or pay any dividend or make any distribution payable in cash, securities, property, assets or otherwise with respect to its
securities, to the Sellers in their capacity as shareholders in the Company, save as my be required by or consented to in writing by the Purchaser; and 

  
 88 

	3.7.14	the Company will use the same accounting methods and bases as were previously used in the preparation of the management accounts and audited financial statements of the
Company 

  

	3.8	each Seller will ensure that its representatives to the Board will not, without the prior written consent of the Purchaser (which shall not be unreasonably withheld,
conditioned or delayed), take any decision in respect of - 

  

	3.8.1	matters outside the ordinary course of the Company’s business; 

  

	3.8.2	any transaction, agreement, arrangement, commitment, understanding, acquisition or disposal with a monetary value in excess of R500,000.00 or for a period longer than 3
months; 

  

	3.8.3	entering into, terminating or varying any material contract or material commitment; 

 

	3.8.4	any investment in excess of R5,000,000.00 (for example, the purchase or lease of plant or equipment); 

 

	3.8.5	disposing of, agreeing to dispose of, granting an option over or granting any interest in any material asset; 

 

	3.8.6	encumbering any of its assets (except in the ordinary course of carrying on its business); or 

 

	3.8.7	altering its capital structure in any way. 

  
 89 

 Annexure B - Disclosure Schedule 
 The Disclosure Material shall include all matters disclosed in the body of the Agreement, the Annexures attached hereto and all documents and other written materials made available by the seller and the
Company in an electronic data room, the contents of which have been included on CD ROMs delivered to Gold One and the Purchaser on the Signature Date and notwithstanding anything to the contrary in the Agreement or any annexure thereto, all such
documents and other written materials contained on such CD ROMs shall be Disclosure Materials for all purposes under the Agreement. 
 Without
limiting the foregoing, the Sellers hereby disclose certain information in respect of the Seller Warranties. To the extent that any information is disclosed herein in respect of any Seller Warranty, such information shall be deemed to be disclosed
in respect of all Seller Warranties for which such information would otherwise be required to be disclosed so long as the relevance of such information to such other Seller Warranties is reasonably apparent on its face. Disclosure of any fact or
item on this annexure shall not be considered an admission by the Sellers that such item or fact (or any non-disclosed item or information of comparable or greater significance) represents a material exception or fact, event or circumstance or that
such item has had or would reasonably be expected to have a Material Adverse Effect on the Company and shall not be construed as an admission by the Sellers of any non-compliance with, or violation of, any third party rights or any Applicable Law of
any Governmental Authority, such disclosures having been made solely for the purposes of creating exceptions to the warranties made in the Sale of Shares Agreement. 
  

			
	 Sellers Warranties
	  	 Warranty Exception

		
	3.1.5	  	 The Company does not have a Water Use License (“WUL”) but has made an application for a WUL to the Department of Water
Affairs.
  
 The Converted Mining Right (GP) 30/5/1/2/2 (173) MR (Lindum Reefs
Mining Right) has not yet been registered.

  
 90 

			
		  	 Various permits and authorizations required for the Uranium Project remain underway. The Uranium Project refers to the proposed
construction of a uranium plant by the Company to process and treat its historical tailings material as well as current tailings materials arising from the Company’s gold mining operations, for gold, uranium and sulphur, in the Republic of
South Africa.
  
 The 2010 Directive for the Company’s Water Treatment
Plant was appealed by the Company and has subsequently expired. Discussions with Department of Water Affairs continue.

		
	3.1.6	  	 1.      Standard Bank Facility Letter and ISDA Agreement and
associated documents
  

2.      Standard Chartered Bank ISDA Agreement

		
	3.1.8	  	The DMR has requested an Environmental Compliance Inspection in connection with a request by the Company to reduce closure liabilities.
		
		  	The Company deals with actions and claims by or on behalf of employees related to disciplinary actions, grievances and terminations (Industrial Relations related) in the normal
course of business.
		
		  	The Company is involved in an ongoing dispute with Randfontein Golf Course, regarding intermittent non payment by the latter of its electricity charges to the
Company.
		
		  	The Company is involved in ongoing actions to recover R3.8m (Excluding VAT) from Mintails SA (Pty) Ltd.
		
	3.1.12	  	Various Company properties are the subject of commitments made under the Social and Labour Plan (SLP).
		
		  	Transfer to, and registration in the name of, the Company of properties of which the Company has beneficial ownership of is in process and has not yet been
completed.

  
 91 

			
	3.2.3	  	The 2008 (Original) management incentive scheme is “underwater” and was contemplated as an option scheme. This scheme will terminate on a change of
control.
		
	3.3.4	  	The Company together with KPMG is in the process of responding to the South African Revenue Service (“SARS”) in respect the 20th April 2011 notification by SARS to the
Company of a finding in respect of its June 30 2009 tax assessment.
		
	3.3 and 3.7	  	The Company conducts ongoing monitoring and internal and external reporting of the environmental impacts of its operations and undertakes ongoing environmental management related to
its operations and has a long term plan for closure of the mine and related facilities and management of environmental impacts, which is set out in the Company’s Environmental Management Plan, which has been made available to the Purchaser and
Gold One.
		
	3.4	  	The employment terms of the executive and senior management are governed by employment contracts specific to those employees. The employment letters and subsequent amendments
thereto have been made available to the Purchaser and Gold One.
		
	3.4.3	  	The Company’s working places are the subject of routine monitoring for compliance with laws and regulations and internal and external reporting. From time to time sub-standard
conditions are identified and addressed by the Company in the ordinary course.
		
	3.4.4.4	  	The Company makes ongoing payments in the normal course of business to employees for ill health and retirement according to industry practice.
		
	3.4.6	  	The Company’s consultation with organized labour regarding a possible labour restructuring commenced in August of 2010. The Company has not yet given formal notice under
section 189A of the Labor Relations Act in respect of such labour restructuring.

  
 92 

			
	3.7.9	  	Annual salary increases due to management of the Company were not given in January 2011 and following the Signature Date may be provided, with retroactive effect to January 1,
2011.
		
		  	2011 wage negotiations are due to start after the Signature Date. The Company is a party to the Chamber of Mines of South Africa, a voluntary membership, private sector employer
organisation founded in 1889. The Chamber exists as the principal advocate of major policy positions endorsed by the mining employers and represents these to various organs of South African national and provincial governments and to other relevant
policy-making and opinion-forming entities.

  
 93 

 Annexure C - Sale Shares at Signature Date 

 

							
	 Name of Seller
	  	 Number of Sale

Shares sold
	  	Seller’s Ratio	 
	 Pamodzi
	  	1200 “A” Shares	  	 	60	% 
	 Investco
	  	800 Ordinary Shares	  	 	40	% 
		  	  
	  	  
	  
	 
	 Total
	  	2000	  	 	100	% 
		  	  
	  	  
	  
	 

  
 94 

 Annexure D - Consideration Shares Warranties 

 

	1.	Gold One warrants and represents to the Sellers that, as at the Completion Date: 

 

	1.1	it has taken all necessary actions (whether corporate, internal or otherwise) to empower and authorise it to issue the Consideration Shares to the Sellers, whether in
terms of company law in Australia or South Africa or the JSE and ASX Listings Requirements; 

  

	1.2	no person has any right to obtain an order for the rectification of the register of members of Gold One which would increase the issued share capital of Gold One;

  

	1.3	the Consideration Shares shall, upon issue, rank pari passu in every respect with the existing issued shares in the capital of Gold One; 

 

	1.4	the Consideration Shares shall be listed on the JSE and an application made for admission to the official list of the ASX as required by the Sellers and be freely
tradable on the JSE and/or there will be no escrow or other provisions restricting the on-sale of all or any of the Consideration Shares on the ASX, as the case may be, in compliance with the JSE Listing Requirements and ASX Listing Requirements;

  

	1.5	the JSE shall have consented to the admission to listing of the Consideration Shares to be issued pursuant to this Agreement (which consent may be given subject to
conditions relating only to the implementation of this Agreement and other customary conditions of an administrative nature) and the Seller shall be provided with a copy of such consent; 

 

	1.6	no person has, and it has not granted or promised any person, any right or option or right of first refusal to acquire or subscribe for any of the Consideration Shares;

  

	1.7	 Neither Gold One nor its directors have issued or agreed to issue any further shares (including bonus and capitalisation shares but excluding any
issues pursuant to the exercise of options, performance rights or the conversion of any convertible bonds) in the capital of Gold One, nor have they passed or 

  
 95 

	 	
agreed to pass any resolution for the increase or reduction of Gold One’s capital, or for the creation or issue of any debentures or securities, or for the alteration of the memorandum of
association of Gold One, except as notified in writing to the Sellers prior to the Completion Date. 

  

	1.8	Gold One has complied in all material respects with its obligations under ASX Listing Rule 3.1 and Chapter 6CA of the Corporations Act. 

 

	1.9	Gold One has complied in all material respects with its obligations under Chapter 4 of the Listing Rules and Part 2M.3 of the Corporations Act.

  

	1.10	To Gold One’s knowledge, there are no filings or applications outstanding or proceedings underway in relation to Gold One which could in any way alter its
corporate status. 

  

	1.11	As at 9 May 2011 Gold One has 807 664 732 ordinary shares in issue; 

  

	1.12	As at 9 May 2011 Gold One has granted listed share options to public shareholders to acquire 6 561 098 shares at AUD 0.50 each; 

 

	1.13	As at 9 May 2011 Gold One has granted share options to employees, non-executive directors and service providers of Gold One to acquire 81 498 266 shares; and

  

	1.14	As at 31 December 2010, Gold One had 501 convertible bonds with a total value of AUD66,593,000.00 (sixty-six million five hundred ninety three thousand Australian
dollars) outstanding. 

  

	2.	Each warranty and each representation given by Gold One and contained herein is deemed to be a representation of fact inducing the Sellers to enter into this Agreement.

  

	3.	Each warranty shall be deemed to be material. 

  

	4.	Insofar as the warranties are promissory or relate to a future event, they shall be deemed to have been given as at the date of fulfilment of the promise or the
happening of the event, as the case may be. 

  
 96 

	5.	Each warranty shall be a separate warranty and in no way limited or restricted by any reference to or inference from the terms of any other warranty or by any other
provision in this Agreement. 

  

	6.	Other than the warranties and representations set out in this Agreement, the Parties give no other warranties or representations (whether express, implied or tacit) in
relation to or in connection with the Consideration Shares. 

  
 97 

 Annexure E - Escrow Agreement 

  
 98 

 Annexure F - Debt Financing Commitment letter 

  
 99 

			
	

	  	Johannesburg
	  	  
 Investec Bank Limited

	  
 Capital Markets
	  	  
 100 Grayston Drive Sandown Sandton 2196

		  	PO Box 785700 Sandton 2146 South Africa
		  	T +27 (0) 11 286 7000 F +27 (0) 11 286 7777 www.capitalmarkets.investec.com

 Mr Chris Chadwick 
 Gold One International Limited (the “Company”) 
 Level 3 

100 Mount Street 
 North Sydney

 NSW 
 2060

 19 April 2011 

Dear Sir 
 COMMITMENT TO PROVIDE FINANCING
FACILITIES TO THE COMPANY FOR THE ACQUISITION OF RAND URANIUM LIMITED (“THE COMMITMENT LETTER”) 
 We, Investec Bank Limited
(“Investec”), confirm that we have obtained the necessary approvals to arrange and underwrite Facilities for the Company, to partially finance the acquisition of 100% of the entire issued share capital or substantially all the
assets of Rand Uranium Limited (“the Acquisition”). 
 In this Commitment Letter: 

“Affiliate” means in relation to a person, a subsidiary or holding company of that person, a subsidiary of any such holding company (as
each such term is defined in the Companies Act, 61 of 1973, as amended). 
 “Facilities” means the debt facilities for the
Acquisition, as set out in the Term Sheet totaling R1,530 million (circa USD$210 million, plus interest accruals). 
 “Facility
Documents” means facility agreements, security and other related documentation (based on the terms set out in the Term Sheet and the Mandate Letter) in form and substance satisfactory to Investec. 

“Group” means the Company and its Affiliates. 
 “Mandate Documents” means the Mandate Letter, the Term Sheet and any other agreement or document at any time designated a Mandate Document by written agreement between the Parties.

 “Mandate Letter” means the mandate letter appointing Investec to arrange and underwrite the Facilities dated 19 April
2011. 
 “Term Sheet” means the final credit committee approved term sheet dated 19 April 2011. 

  
 Capital Markets, a
division of Investec Bank Limited. Reg. No. 1969/004763/06. A member of the Investec Group. An authorised financial services provider. A registered credit provider registration number NCRCP9. 

Directors F Titi (Chairman), D M Lawrence* (Deputy Chairman), S Koseff* (Chief Executive), B Kantor* (Managing), S E Abrahams, G R Burger*,
M P Malungani, K X T Socikwa, B Tapnack*, P R S Thomas, C B Tshili    * Executive Company Secretary: B Coetsee 
 Australia
Botswana Canada Guernsey Hong Kong Ireland Jersey Mauritius Namibia South Africa Switzerland Taiwan United Kingdom United States 

 

 
  

 Investec’s commitment to arrange and underwrite the Facilities is made in terms of the Mandate
Documents and is subject to fulfilment of, inter alia, the following conditions to the satisfaction of Investec: 
  

	1.	timeous compliance in full by the Company with all the terms and conditions of the Term Sheet and Mandate Letter, including, but not limited to:

  

	 	1.1	completion of legal, regulatory, financial, tax, insurance, technical and environmental due diligence processes in respect of the Company, the Group and the
Acquisition, and the results being in all respects satisfactory to Investec; 

  

	 	1.2	the Company and relevant entities within the Group obtaining all necessary regulatory approvals in connection with the Facilities and the Acquisition from all relevant
authorities in all relevant jurisdictions; 

  

	 	1.3	there being no material adverse change as set out in the Mandate Letter; 

  

	 	1.4	there being no event or circumstance in relation to the Acquisition which would result in Investec, the Company or its Affiliates acting contrary to any law,
regulation, treaty or official directive binding on it, and; 

  

	 	1.5	the preparation, execution, implementation and coming into force of the Facility Documents to the satisfaction of Investec, implementing the terms under the Term Sheet.

 We look forward to working with you on the conclusion of the Acquisition and related Facilities. 

 

	
	Yours faithfully
	
	 

	For and on behalf of
	Investec Bank Limited

 

 
  

					
		 	 TERM SHEET

Financing Facility for Gold One

International Limited
	  	
			
		 	Prepared by	  	Consultants
		 	Resource & Commodity Finance	  	Tony Harris
		 		  	Jared Kalish
			
		 	Date	  	Telephone
		 	19 April 2011	  	+2711 286 7366
		 		  	+2711 291 3298
			
		 		  	Facsimile
		 		  	+2711 286 7097
			
		 		  	Email
		 		  	tharris@investec.co.za
		 		  	jkalish@investec.co.za
			
		 		  	Physical address
		 		  	 100 Grayston Drive

Sandton
 Johannesburg

2196

  

					
		 		 	         Out of the Ordinary*
			
		 		 	

			
		 		 	         Resources

			
	

	  	  
 Credit Approved Term Sheet

Gold One International Limited

 

 This document contains a summary of the key terms on which Investec Bank Limited, acting through its
Capital Markets division (“Investec”) would, subject to final documentary approvals, satisfactory technical, financial, insurance and legal due diligence and satisfactory documentation (including execution thereof and fulfilment of all
conditions precedent) provide the envisaged finance. 
 Confidentiality 
 This document is confidential and is not for circulation or publication. The financial arrangements outlined herein are for the benefit and information of the person to whom this document is addressed and
submitted in good faith (“the addressee”), and who is deemed to have accepted responsibility for ensuring that the confidentiality of this document will be maintained at all times. It is not to be circulated nor shall its contents be
disclosed to anyone other than the addressee, its employees and, subject to the consent of Investec, its professional advisors. Moreover, it shall not be reproduced or used directly or indirectly or, in whole or in part, for any purpose other than
for internal consideration of the financing described herein, without the prior written consent of Investec. 
 Disclaimer 

The information contained in this document does not constitute an offer, commitment, advertisement or solicitation for investment, financial or banking
services. It is for informative purposes and not intended to constitute advice in any form, including but not limited to investment, accounting, tax, legal or regulatory advice. The information therefore has no regard to the specific investment
objectives, financial situation or particular needs of any specific recipient. The material is based upon information that is considered to be reliable, but is not represented that it is accurate or complete, and it should not be relied upon as
such. No liability is accepted whatsoever for any loss or damage of any kind arising out of the use of or reliance on all or any part of this document. 
 Whilst every effort has been made to ensure the accuracy and completeness of the information contained in this document, it is based solely on the facts made available to Investec by the addressee. No
responsibility is accepted by Investec for the treatment of any court of law, tax, banking or other authorities in any jurisdiction of any transaction referred to herein and no undertaking can be given with regard to the outcome of any such
transaction. It is recommended that, whilst this proposal has been made in good faith, independent professional legal, tax, accounting and other appropriate advice should be taken so as to consider the proposal in the light of the addressee’s
particular and unique circumstances. 
 FAIS 
 Capital Markets, a division of Investec Bank Limited. Reg. No. 1969/004763/06. An authorised Financial Services and registered Credit Provider. A member of the Investec Group. 

  

					
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	 1.       FACILITY OVERVIEW AND
PARTIES
	  	
		
	Facility Amount:	  	 Total Facilities of R1,530 million (consisting of up to R1,470 million in principal (approx $210 million) and up to R60 million
in capitalised interest). The Facilities consist of:
  
 •        Five year senior secured amortising term loan facility (“the Term Debt Facility”) of up to R985 million (consisting of up to R945
million in principal (approx $135 million) and up to R40 million in capitalised interest, and;
  

•        Two year senior secured amortising term loan facility
(“the Loan for Shares Facility”) of up to R545 million (consisting of R525 million of principal (approx $75 million) capital plus R20 million in capitalised interest), to potentially be settled from the proceeds of the sale
of shares in Gold One International Limited,
  
 •        Jointly referred to as the Facilities.

		
	Facility Purpose:	  	R1,020 million (approx $150 million) of the Facilities Amount to be applied towards the acquisition price of 100% of the shares in Rand Uranium Limited (“RUL”), and R420
million (approx $60 million) of the Facilities Amount to be applied towards the full settlement of the Convertible Bonds, including transaction costs, limited to the extent of the Facility Amount.
		
	Borrower:	  	Gold One International Limited (“GDO”), listed on the Australian Stock Exchange and the JSE Securities exchange.
		
	Guarantors:	  	New Kleinfontein Mining Company Limited (RSA) (“NKM”) (i.e. the company owning and operating 100% of the Modder East Mine company), Rand Uranium Limited (“RUL”)
(i.e. the company owning and operating 100% of the acquired mining company), Gold One International Limited (Australia), Gold One Africa Limited and other relevant group entities.
		
	Convertible Bonds:	  	The remaining approx $60 million 8.5% convertible bonds issued by the Borrower due in December 2012.
		
	Arranger, Facility Agent, Account Bank and Underwriter:	  	Investec Bank Limited (“Investec”), or any other Investec group company.
		
	Lenders:	  	Investec and other financial institutions as required.

  

					
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	The Project:	  	The gold mine known as the Modder East Gold Mine, near Benoni, Gauteng (i.e. New Kleinfontein Mining Company Limited (RSA) the company owning and operating 100% of the Modder East
Mine company).
		
	Lenders’ Technical Consultant:	  	A suitable advisor to be appointed by the Arranger at the cost of the Borrower to act on behalf of the Lenders to review and monitor the Project. This role is to be fulfilled
initially by Derek Kyle.
		
	Syndication:	  	Successful Syndication shall mean the point when Investec reduces its participation in the Facility to a final hold of not more than R750 million.
		
	 2.       THE TERM DEBT
FACILITY
	  	
		
	Facility Amount:	  	Five year senior secured amortising term loan facility (“the Term Debt Facility”) of up to R985 million (consisting of up to R945 million in principal (approx
$135 million) and up to R40 million in capitalised interest.
		
	Drawdown:	  	As required.
		
	Term and Amortisation:	  	 Approximately 5 year fully amortising loan tenor, with sculptured quarterly capital repayments (together with payment of accrued
interest for the period) commencing on 30 September 2011 and ending on 30 June 2016.
  
 Expressed as a percentage of the total principal drawn, the quarterly repayments will be as follows:
  

•      Quarterly repayments 1 to 8 inclusive: 9%

 

•      Quarterly repayments 9 to 18 inclusive: 2.8%

		
	Upfront Fees:	  	3.00% (excl. VAT) of the Facility Amount, inclusive of fees payable on Syndication, payable on the earlier of Financial Close or 30 days after signature of the Facility
agreement.
		
	Commitment Fee:	  	1.00% (excl. VAT) of the Facility Amount per annum payable quarterly in arrears on the undrawn Facility balance during the Availability Period.
		
	Option Package:	  	The Borrower shall issue to Investec an option package convertible into 15 million ordinary shares in the Borrower, on the earlier of first drawdown or 30 days after signature of
the Facility agreement (the “Options”). The Options shall be convertible into ASX or JSE listed ordinary shares of the Borrower, at Investec’s election, at any time prior to 3 years after the issue date. The strike price payable by
Investec for the ordinary shares shall be R3.00 per share.

  

					
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		 	Investec shall retain the right to request net settlement in a certain number of GDO shares in terms of which such number of GDO shares to be delivered to Investec shall equate to
[(15 million times the 10 day VWAP of GDO shares) less R45 million] divided by the 10 day VWAP of GDO shares.
		
	Interest Rate:	 	3 month JIBAR plus a margin 4.50% nacq (exclusive of all statutory costs currently 0.20%) until 50% of the Term Debt Facility Amount has been repaid, and 3 Month JIBAR plus a margin
3.25% thereafter.
		
	 3.       THE LOAN FOR SHARES
FACILITY
	 	
		
	Facility Amount:	 	Two year senior secured amortising term loan facility (“the Loan for Shares Facility”) of up to R545 million (consisting of R525 million of principal (approx $75
million) capital plus R20 million in capitalised interest), to potentially be settled from the proceeds of the sale of shares in GDO.
		
	Facility Currency:	 	Investec and the Borrower may jointly agree to denominate the Loan For Shares Facility Amount in Australian or United States Dollars, on equivalent terms.
		
	Drawdown:	 	As required.
		
	Term and Amortisation:	 	 Approximately 2 year fully amortising loan tenor, with sculptured quarterly capital settlements (together with payment of accrued
interest for the period) commencing on 30 September 2011.
  
 The settlement
profile is to be agreed between the parties with a minimum of 40% of the original principal amount settled within 13 months from the date of advance of the Facility Amount.

		
	Upfront Fees:	 	3.00% (excl. VAT) of the Facility Amount, inclusive of fees payable on Syndication, payable on the earlier of Financial Close or 30 days after signature of the Facility
agreement.
		
	Commitment Fee:	 	1.00% (excl. VAT) of the Facility Amount per annum payable quarterly in arrears on the undrawn Facility balance during the Availability Period.
		
	Interest Rate:	 	3 month JIBAR plus a margin 3.25% nacq (exclusive of all statutory costs).
		
	Settlement Mechanics:	 	Investec shall, at its sole election, call for settlement (in tranches) over the duration of the term in a specified number of (ASX and/or JSE listed) GDO shares. Upon delivery of
the GDO shares into a securities account specified by

  

					
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		 	 Investec, the outstanding balance of the Facility Amount will be reduced by the number of GDO shares delivered multiplied by 97% of the
arithmetic average of the daily VWAP of the applicable GDO share price. Over the 15 trading days preceding the date that Investec calls for partial settlement in shares.
  

GDO, may at its sole election, settle in the Loan For Shares Facility in cash or shares (as above) after 13 months, subject to a minimum of $50 million
being settled in GDO shares.

		
	 4.      COMMON TERMS
	 	
		
	Availability Period:	 	The Facilities shall become available from Financial Close and will remain available for drawing up to 31 May 2011.
		
	Financial Close:	 	The date upon which the Conditions Precedent have been fulfilled or waived to the satisfaction of the Lenders.
		
	Drawdowns:	 	The Facilities are not mutually exclusive; accordingly the Term Debt Facility and the Loan For Shares Facility must be drawn together.
		
	Interest Period:	 	Quarterly throughout the Term of the Facilities.
		
	Conditions Precedent to Drawdown:	 	As are customary for a financing of this nature, to include but not limited to the following matters to the satisfaction of the Lenders:
		
		 	 a)       NKM is the lawful holder and has valid title to the Project’s Mining Rights in
accordance with the provisions of the Mineral and Petroleum Resources Development Act, to the exclusion of third parties, and the Lenders are satisfied with the form and substance thereof;

		
		 	 b)       NKM is in the process of finalising a BEE transaction that is in accordance with the
provisions of the Mineral and Petroleum Resources Development Act and the Lenders are satisfied with the form and substance thereof;

		
		 	 c)       The Lenders have received the Project’s development plan (“the Development
Plan”) in a form and substance satisfactory to them, covering normal physical operating parameters, production, revenue and off-take assumptions, operating costs, capital expenditure and expenditure required by the environmental plan. This
Development Plan is to have the Borrower’s Board approval and is to include a financial model of the Project’s projected monthly cash flows for the full life of mine, as derived from the Development Plan;

  

					
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		 	 d)      Satisfactory review by the Lenders’ Technical Consultant of the
Development Plan,, including satisfactory reserve reports, confirmation of compliance with environmental and social issues, licensing, off-take arrangements, confirmation of operational performance and underlying assumptions included in the Base
Case Financial Model, in a form acceptable to the Lenders;

		
		 	 e)       All Material Contracts, permits, licences and consents in place,
including, Power and Water Supply Agreement for the Project to the satisfaction of the Lenders, and off-take contracts (on terms, and with parties, acceptable to the Lenders);

		
		 	 f)       Legal, financial, insurance, technical and environmental due diligence on
the Borrower and Guarantors, to the satisfaction of the Lenders;

		
		 	 g)      The following Project ratios (as calculated in the Base Case Financial Model,
and including group and head office costs) must be satisfied on a forward looking basis:

			
		 	 Minimum Debt Service Cover Ratio
	  	>1.5x
			
		 	 Loan Life Cover Ratio
	  	>2.0x
			
		 	 Project Life Cover Ratio
	  	>3.0x
			
		 	 Reserve Tail
	  	>30%
			
		 	 Debt to Equity Ratio
	  	Maximum 50:50
		
		 	 h)      Satisfactory conclusion of a suitable sale and purchase agreement in respect of
the entire issued share capital in RUL, and proof of settlement of the balance of the acquisition costs;

		
		 	 i)       Satisfactory settlement of the
Convertible Debentures, including release of security arrangements;
  
 j)       All Security is in place, with all required formalities having been concluded, including evidence that all necessary consents, licenses, board approvals and
governmental authorisations required by law are in place;
  
 k)      All Project Accounts are opened;
  

l)       Evidence to the satisfaction of the Lenders that an environmental
rehabilitation fund has been established in respect of the Principle Guarantors in compliance with applicable law and is fully funded to the levels required by the relevant government entity;

  

					
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		  	 m)     Executed documentation along with evidence of authorisation to execute the documentation,
including appropriate shareholder and regulatory approvals;

		
		  	 n)      The Lenders have received all documents in respect of the Borrower and Guarantors as may
be required in relation to compliance with the Financial Intelligence Centre Act;

		
		  	 o)      Evidence to the satisfaction of the Lenders that there has been no material adverse
change (“Material Adverse Change”) (i) to the business, operations, assets, property, condition (financial or otherwise), prospects or results of the operations of the Borrower, the Project, the Guarantors or the Guarantor group taken as a
whole since their last audited annual financial statements; and/or (ii) in either the local or international debt, capital, syndicated loan or commodity markets relevant to the Facility;

		
		  	 p)      Opinions of legal counsel to the Lenders, the Borrower and the Guarantors, from each
relevant jurisdiction in a form satisfactory to the Lenders;

		
		  	 q)      Provision of the audited consolidated financial accounts for the Borrower and the
Guarantors for the most recent financial year;

		
		  	 r)      Payment of fees;

		
		  	 s)      No Event of Default or potential Event of Default.

		
	Security:	  	As are customary for a financing of this nature, to include but not limited to the following matters to the satisfaction of the Lenders:
		
		  	 a)      Pledge of the Borrower’s shares in and cession in security of loans to and claims
against NKM and RUL;

		
		  	 b)      Guarantees by the Guarantors and cession in security of loans to and claims against the
Borrower, whether arising directly or indirectly through other group companies;

		
		  	 c)      Subordination and cession of all the Guarantor group of companies’ claims against
and inter-company loans to the Borrower, NKM and RUL;

  

					
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		  	 d)      First ranking Security over the assets of the Borrower, NKM and RUL, including but not
limited to special and general notarial bonds over movable property and plant & equipment. This shall include a cession in security of all relevant material consents, permits and licenses where appropriate;

		
		  	 e)      Suitable first ranking security over the Project Accounts;

		
		  	 f)       Confirmation by Rand Refinery Limited of irrevocable payment instruction from NMK
and RUL to make all metals sales payments directly to the Proceeds Accounts;

		
		  	 g)      Negative pledge over assets of the Borrower and the Guarantors

		
	Additional Security for the Loan For Shares Facility	  	As are customary for a financing of this nature, to include but not limited to the following matters to the satisfaction of the Lenders:
		
		  	 a)      The Borrower will be required to pledge GDO shares to the Lender to the value of 1.5
times the initial drawdown amount under the Loan For Shares Facility (“the Pledged Shares”);

		
		  	 b)      The Borrower will be required to post additional shares to the Lender as security in the
event that the Share Cover Ratio (defined below) falls below 1.1 times. The additional number of GDO shares required, will be calculated in order to restore the Share Cover Ratio to above 1.2 times and such shares will form part of the Pledged
Shares;

		
		  	 c)      The Share Cover Ratio shall be defined as the number of Pledged Shares, multiplied by
the 10 day VWAP, divided by the outstanding balance of the Loan For Shares Facility.

		
	Borrower and Guarantor Covenants:	  	As are customary for a financing of this nature, to include but not limited to the following matters to the satisfaction of the Lenders:
		
		  	 a)      No new indebtedness except:

 
 •     The
Facility;
  

•     Trade creditors and shareholder funding at levels to be agreed by the
Lenders;
  

•     Equipment leases where the aggregate value under lease is less than R25
million;

		
		  	 b)      Maintenance of minimum Financial Ratios;

  

					
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		 	 c)      Subordination of shareholder and group claims, including annual management fees and cost
allocations or recoveries;

		
		 	 d)      Arm’s length transactions, except as otherwise
agreed;
  

e)       Not to agree to material alterations or termination to Material
Contracts or Project documents without the Lenders’ prior written consent;
  
 f)       Compliance with the approved NKM Development Plan and approved RUL’s Mine Plan at all times;

 

g)      Maintain the agreed Project insurances;

 

h)      Compliance with environmental and social guidelines, laws, permits and
standards;
  

i)       Ensuring that all required environmental rehabilitation funds are at
all times funded to the levels required by the relevant government entity and no withdrawals or transfers save as provided in the rehabilitation trust deed and/or applicable law;

 

j)       No granting of security or encumbrances to any other party without
the Lenders’ prior written consent with the exception of agreed permitted liens;
  

k)      Advising the Lenders within two business days of any unscheduled stoppage
or disruption to production for a period greater than two days;

		 	  

l)       Preservation of assets;

 
 m)     No disposal
of assets, except as permitted by the Lenders;
  
 n)      Access to the premises of the Project for the Lenders;
  

o)      No disposal of its interest in the Project without the Lenders’ prior
written approval;
  

p)      Access to the premises of the Project for the Lenders;

 
 q)      No
disposal of its interest in the Project without the Lenders’ prior written approval;
  

r)       Provision of information, including:

 

i)       audited annual financial statements no later than 90 days after year
end;
  

ii)      monthly internal financial statements no later than 30 days after the end
of the month;

  

					
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		  	 iii)     monthly operating reports;

 
 iv)     quarterly
compliance certificate from a director of the Borrower;
  
 v)      any other information as may be required by the Lenders in relation to the Project.

		
		  	 j)       Obtain and maintain all necessary consents, permits, licenses
etc;

		
		  	 k)      No change in business; and

		
		  	 l)       No hedging (whether commodity, forex or interest rate) without the Lenders’
prior written consent. No granting or sharing of security or encumbrances to any other party without the Lenders’ prior written consent will be permitted.

		
		  	 m)     Not to dispose of any interest in any subsidiaries without the Lenders’ prior written
approval;

		
		  	 n)      Not to undertake any business activities not associated with the mining
industry;

		
		  	 o)      Current assets to exceed current liabilities on a consolidated basis by a ratio of at
least 1.5 times;

		
		  	 p)      Maximum 50:50 Debt to Equity ratio in the Guarantor and Borrower group, without the
Lenders’ prior written approval;

		
		  	 q)      In the event of a breach by the Borrower of the terms outlined in this Term Sheet, or a
50% fall in the GDO ASX share price since date of first disbursement, the Lender shall retain the right to take GDO to a rights offer or implement an equity placement in order to reduce outstanding debt under the Facilities. In such an event,
Investec will manage the capital raising and charge market related fees.

		
	Additional Borrower Covenants:	  	As are customary for a financing of this nature, to include but not limited to the following matters to the satisfaction of the Lenders:
		
		  	 (a)     Net Debt to underlying EBITDA not to exceed 4.5 times;

		
		  	 (b)    Underlying EBITDA to Net Interest Payable not to be less than 3 times.

		
	Permitted Distributions:	  	Any distributions, dividends, fees, interest on shareholder loans, repayment of shareholder or group company loans or any amounts (in cash, in specie, byway of set off or
otherwise) to shareholders or group company’s and/or expenditure on

  

					
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		  	items not approved within the Development Plan (together “Permitted Distributions”) will only be permitted after 50% of the loan facilities have been
repaid.
		
		  	 a)       No potential Event of Default or Event of Default is continuing or
will or is likely to result from any such payment;

		
		  	 b)      all Covenants are and will be in compliance before and immediately after
payment;

		
		  	 c)      all Project Accounts are funded as required;

		
		  	 d)      Mandatory Prepayment requirements have been met;

		
		  	 e)      the following minimum ratios are met on a forward looking
basis:

			
		  	 Minimum Debt Service Cover Ratio
	  	>1.5x
			
		  	 Loan Life Cover Ratio
	  	>2.0x
			
		  	 Project Life Cover Ratio
	  	>3.0x
			
		  	 Reserve Tail
	  	>30%
			
		  	 Debt to Equity Ratio
	  	Maximum 50:50
		
		  	 f)       the following minimum ratios are met on a historical
basis:

			
		  	 Minimum Debt Service Cover Ratio
	  	>1.5x
		
	 Mandatory

Prepayments:
	  	The Borrower will be required to prepay all or a portion of the Facility as follows:
		
		  	 a)       75% of the Excess Cash Flow
generated by the Project after the required debt servicing in terms of the Facilities shall be applied pro rata towards Facility repayments on a quarterly basis.
  

The Excess Cash Flow shall be determined as the cash flow available after debt servicing less a suitable provision (estimated as R300
million) for operating and working capital costs for the following two quarters.

		
		  	 b)       in the event that the Borrower elects to make a Permitted
Distribution, then the Borrower shall make a mandatory prepayment of the Facility equal to such Permitted Distribution;

		
		  	 c)       proceeds received under physical damage insurance which are not
applied to the rectification/repair of assets; and

		
		  	 d)       the outstanding debt is to be
prepaid in full, as is customary for a financing of this nature, in circumstances which include but are not limited to:
  

•     If it becomes illegal for a Lender to fund or maintain is participation in
the Facility;

  

					
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•      Certain disposals of assets by the Borrower;

 

•      Change in control of the Borrower, the Guarantors, and/or Gold One
Africa.

		
	Voluntary Prepayment:	  	The Borrower may voluntarily prepay part (subject to a minimum prepayment amount of R20 million) or all of the Facility at any time subject to payment of interest and breakage costs
(if any) and any other expenses incurred as a result of such prepayment and provided that such prepayment is funded by the Borrower’s operational cashflows.
		
	Prepayments:	  	All prepayments (whether Mandatory or Voluntary) shall be applied to the Facility in inverse order of maturity. Any amounts prepaid or repaid or cancelled shall not be available to
be redrawn. Prepayments shall not be subject to prepayment fees, although the Borrower shall be liable for interest and breakage costs, if any.
		
	Project Accounts:	  	The Proceeds Account and any other accounts required to be opened in respect of the Project. Should a potential Event of Default or Event of Default occur, the Lenders shall have
the right to immediately take control of the Project Accounts.
		
	Proceeds Account:	  	NKM and RUL shall maintain USD and/or Rand proceeds accounts with the Account Bank, through which all of the cash flows and cash receipts to which NKM and RUL are entitled under the
Project, and the acquired mine, shall be deposited. Payments from the Proceeds Account will be made in the following order:
		
		  	 a)       payment of direct operating costs and capital costs in accordance with approved
budgets, tax and royalties payments;

		
		  	 b)       payment of the Facility fees and costs;

		
		  	 c)       payments of all uncapitalised, accrued and unpaid interest in respect of the
Facilities;

		
		  	 d)       payments of outstanding capital (including capitalised interest) in respect of the
Facilities;

		
		  	 e)       Mandatory Prepayments;

		
		  	 f)       Permitted Distributions; and

  

					
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		  	 g)      Voluntary Prepayments.

		
	Events of Default:	  	As are customary for a financing of this nature, to include but not limited to:
		
		  	 a)      Failure to pay principal, interest or other amounts when
due;

		
		  	 b)      Failure to observe or perform any covenant or undertaking (subject to suitable
remedy periods including cash lock ups as appropriate);

		
		  	 c)      Any representation or warranty is incorrect or misleading;

		
		  	 d)      Cross defaults;

		
		  	 e)      Bankruptcy, insolvency, winding up, receivership, creditor process or forced
reorganisation;

		
		  	 f)       Seizure, expropriation, nationalisation, intervention, restriction or
other action by or on behalf of any governmental, regulatory or other authority;

		
		  	 g)      Claim of immunity by the Borrower or Guarantors;

		
		  	 h)      Unlawfulness and invalidity;

		
		  	 i)       Default by the Borrower or termination of, or any material adverse change
by any counterparty (subject to remedy periods to be agreed, if appropriate), to any Material Contract or Project document;

		
		  	 j)       Force majeure affecting the Project;

		
		  	 k)      Loss of or Material Adverse Change to any material concession, material
agreements, licence, permit or authorisation;

		
		  	 l)       Failure to satisfy any or all of the following ratio
tests:

			
		  	 Minimum Debt Service Cover Ratio
	 	>1.3x
			
		  	 Loan Life Cover Ratio
	 	>1.8x
			
		  	 Project Life Cover Ratio
	 	>2.0x
			
		  	 Reserve Tail
	 	>25%
			
		  	 Debt to Equity Ratio
	 	Maximum 50:50
		
		  	 m)    Material Adverse Change;

		
	Default Interest Rate:	  	Interest Rate plus 4,00% nacq, applicable to any amount not paid on due date and at any time whilst an Event of Default is continuing.
		
	Taxes and Charges:	  	Any and all taxes and charges for the account of the Borrower. All payments of principal and interest and other sums due under the Facility are to be
made

  

					
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		  	without set-off or counterclaim and free and clear of any form of present or future taxes, duties, levies, withholdings or other deductions or retention whatsoever unless required
by law, in which case an obligation to gross up (subject to agreed exceptions) will apply.
		
	Costs and Expenses:	  	All costs and expenses which are incurred by the Lenders in implementing and/or enforcing rights under the Facility shall be for the Borrower’s account, irrespective of whether
the Facility is implemented or not. Such costs and expenses shall include the Lenders’ Technical Consultant, Independent Insurance Consultant, Independent Financial Consultant and Lenders’ Legal Advisor and other advisors as necessary.
This is also regardless of whether these terms and conditions are incorporated into a signed Facility agreement or not or whether Financial Close is achieved. Any and all taxes and charges for the account of the Borrower. All payments of principal
and interest and other sums due under the Facility are to be made without set-off or counterclaim and free and clear of any form of present or future taxes, duties, levies, withholdings or other deductions or retention whatsoever unless required by
law, in which case an obligation to gross up (subject to agreed exceptions) will apply.
		
	Increased Costs:	  	The Borrower will indemnify the Lenders against any increased costs or reduced returns (including reserve requirements, statutory duties and capital adequacy charges) incurred by
the Lenders in making, maintaining or funding its loans or maintaining any obligations under the Facility arising by reason of a change in law or regulation or the interpretation thereof or compliance with any central bank regulation or similar
request after the signature date of the Facility agreement, including the Lenders mandatorily complying with or applying the provisions of the International Convergence of Capital Measurement and Capital Standards (A Revised Framework) (i.e. Basel
II).
		
	Market Flex:	  	 During the period from the date of this term sheet to the date of Financial Close, the Lenders shall be entitled (after consultation
with the Borrower) to change the pricing, terms and/or structure (but not the total amount) of the Facility if the Lenders determine that such changes are advisable in order to ensure the Facility is fully subscribed.

 
 During the period from the date of Financial Close to the date of Successful
Syndication, the Lenders shall be entitled (after consultation with the Borrower) to change the pricing of the Facility if required in order to ensure the Facility is fully subscribed.

  

					
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	  	Confidential

			
	

	  	  
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Gold One International Limited

 

			
	Assignments and Participation:	  	The Lenders will be permitted to freely transfer any rights and obligations, including commitments, under the Facility, to one or more persons. Upon such transfer or assignment at
the Lenders’ cost, the transferee or assignee shall become a lender for all purposes of the documentation.
		
	Documentation:	  	The terms and conditions of the Facility are not limited to those in this term sheet and all the terms and conditions relating to the Facility shall be contained in the definitive
documentation. The Facility documentation will contain standard provisions relating to, inter alia, illegality, taxes, market disruption, breakage costs, default interest, currency indemnity, etc.
		
	Governing Law:	  	South African law and jurisdiction.
		
	Expiry:	  	The terms set out in this term sheet are available for acceptance by the Borrower until 17h00 South African time on 20 April 2011 after which they will expire.
		
	Right of First Refusal:	  	 The Borrower grants to Investec the first right, but not the obligation, to provide all general and/or working capital banking
facilities, capital market services and exchange rate transfers and any other facility to mitigate any commodity price risk, exchange rate risk or interest rate risk, in relation to the Borrower, NKM and RUL in priority to any other bank or
financial institution, during the term of the Facilities.
  
 The Borrower
shall, and shall procure that its subsidiaries shall, during the term of the Facilities, allow Investec an opportunity to submit terms and conditions on required corporate finance services, and shall include Investec as a participant in equity
market placements.

		
	Information:	  	The Facility is based, among other things, on the information furnished by the Borrower to the Lenders in terms of a bona fide application for the Facility. The Lenders reserves the
right to withdraw the Facility, on written notice to the Borrower, should any additional information or previously undisclosed facts come to light which does or may adversely affect the Lenders’ assessment of the Borrower or any Security to be
provided for the Facility.
		
	Confidentiality:	  	This term sheet and its content are intended for the exclusive use of the Borrower and shall not be disclosed by the Borrower to any person other than the Borrower’s legal and
financial advisors for the purposes of the proposed transaction unless the prior written consent of the Lenders is obtained.

  

					
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Gold One International Limited

 

			
	Publicity:	  	Any publicity regarding the Facility to be agreed in advance by the Lenders.
		
	 5.       DEFINITIONS AND
RATIOS
	  	
		
	Ratios:	  	All ratios referred to in this term sheet will be calculated with reference to total advances under the Facility and the cash flow projections contained in the agreed Base Case
Financial Model on a minimum projected basis. The ratio tests and requirements could be considered on a consolidated basis. For the purpose of the ratios, the Discount Rate shall be calculated using a rate which is based on the aggregate of 3-month
JIBAR. and the Interest Rate of the Facility
		
	Cash Available for Debt Service (“CAFDS”):	  	Gross revenue less all associated royalties, cash operating costs, hedge settlements, taxes, capital expenditures, agreed rehabilitation/closure costs and agreed exploration
expenditure, available for debt servicing.
		
	Debt Service Cover Ratio (“DSCR”):	  	The ratio of Cash Available for Debt Service to Scheduled Debt Service (scheduled principal and interest payments) over the stipulated period.
		
	Reserve Tail Ratio:	  	 Percentage of Reserves projected to remain in the ground when the Facility is repaid, to the Reserves in the ground at the date of first
drawdown.
  
 The Reserve Statement prepared by the Borrower and confirmed by
the Independent Technical Consultant relating to the mining operations is to be in a form and substance satisfactory to the Lenders, showing a number of tons of ore and metal grades as proven and probable reserves as defined under Nl 43-101 or as
agreed by the Lenders. The Development Plan shall be reconciled to this reserve statement.

		
	Loan Life Cover Ratio (“LLCR”):	  	Ratio of present value of Cash Available for Debt Service (arrived at by using the Discount Rate) over the remaining term of the Facility to the amount outstanding under the
Facility.
		
	 Project Life Cover Ratio

(“PLCR”):
	  	Ratio of present value of Cash Available for Debt Service (arrived at by using the Discount Rate) over the remaining term of the Project life, to the amount outstanding under the
Facility.

  

					
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	Debt to Equity Ratio:	  	The ratio of the aggregate of the Borrower’s liabilities at that date to the amount of Equity as calculated at such date. “Net Debt” means financial indebtedness of
the Borrower net of cash on hand, cash equivalents and bank deposits. “Equity” means at any time, the aggregate of share capital, share premium, subordinated shareholder loans, distributable and non-distributable reserves, non-redeemable
preference shares, retained earnings, excluding the revaluation of assets, goodwill, intangible assets and reserves created as a result of a change in accounting policy.

  

					
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	  	Johannesburg
	  	  
 Investec Bank Limited

	  
 Capital Markets
	  	  
 100 Grayston Drive Sandown Sandton 2196

PO Box 785700 Sandton 2146 South Africa
 T +27
(0) 11 286 7000 F +27 (0) 11 286 7777
 www.capitalmarkets.investec.com

 Mr Chris Chadwick 
 Gold One International Limited (the “Company”) 
 Level 3 

100 Mount Street 
 North Sydney

 NSW 
 2060

 19 May 2011 
 Dear
Sir 
 REVISED COMMITMENT TO PROVIDE FINANCING FACILITIES TO THE GROUP FOR THE ACQUISITION OF ALL OF THE SHARES IN RAND URANIUM (PROPRIETARY)
LIMITED (THE “COMMITMENT LETTER”) 
 We, Investec Bank Limited (“Investec”), confirm that we have obtained the
necessary approvals to arrange and underwrite Facilities for the Group, to partially finance the acquisition of 100% of the entire issued share capital or substantially all the assets of Rand Uranium (Proprietary) Limited (the
“Acquisition”). 
 We confirm that we have completed our financial, technical legal, regulatory, tax, insurance and
environmental due diligence, in respect of the Acquisition. We confirm that we have not identified any contentious matters in respect of the Acquisition. All relevant issues raised in the due diligence will be addressed in the Facility Documents.

 In this Commitment Letter: 

“Affiliate” means in relation to a means in relation to a person, a subsidiary or holding company of that person, a subsidiary of any
such holding company (as each such term is defined in the Companies Act, 2008). 
 “Facilities” means the debt facilities to be
provided to the Group for the Acquisition, as set out in the Term Sheet totaling R1,530 million (circa USD$210 million, plus interest accruals). 
 “Facility Documents” means facility agreements, security and other related documentation including relating to the Acquisition (based substantially on the terms set out in the Term Sheet
and the Mandate Letter) in form and substance satisfactory to Investec. 
 “Group” means the Company and its Affiliates.

 “Mandate Documents” means the Mandate Letter, the Term Sheet and any other agreement or document at any time designated a
Mandate Document by written agreement between Investec and the Company. 
 “Mandate Letter” means the mandate letter appointing
Investec to arrange and underwrite the Facilities dated 19 April 2011. 
 “Term Sheet” means the final credit committee
approved term sheet dated 19 April 2011. 

  
 Capital Markets, a
division of Investec Bank Limited. Reg. No. 1969/004763/06. A member of the Investec Group. An authorised financial services provider. A registered credit provider registration number NCRCP9. 

Directors F Titi (Chairman), D M Lawrence* (Deputy Chairman), S Koseff* (Chief Executive), B Kantor* (Managing), S E Abrahams, G R Burger*,
M P Malungani, K X T Socikwa, B Tapnack*. P R S Thomas, C B Tshill    * Executive Company Secretary: B Coetsee 
 Australia
Botswana Canada Guernsey Hong Kong Ireland Jersey Mauritius Namibia South Africa Switzerland Taiwan United Kingdom United States 

 

 
  

	1.	Investec’s commitment to arrange and underwrite the Facilities is made in terms of the Mandate Documents and is subject to fulfilment of the following conditions
to the satisfaction of Investec: 

  

	 	1.1	the Company and relevant entities within the Group obtaining ail necessary approvals, including regulatory in connection with the Facilities and the Acquisition from
all relevant authorities in all relevant jurisdictions; 

  

	 	1.2	there being no material adverse change as set out in the Mandate Letter; 

  

	 	1.3	there being no event or circumstance in relation to the Acquisition which would result in Investec, the Company and/or its Affiliates acting contrary to any law,
regulation, treaty or official directive binding on it, and 

  

	 	1.4	the preparation, execution, implementation and coming into force of the Facility Documents to the satisfaction of Investec, implemented substantially on the terms and
conditions under the Term Sheet. 

 We look forward to working with you on the conclusion of the Acquisition and related
Facilities. 
  

	
	Yours faithfully
	
	 

	For and on behalf of
	Investec Bank Limited

			
	 

  
 Capital Markets
	  	Johannesburg
	  	  
 Investec Bank Limited

 
 100 Grayston Drive Sandown Sandton 2196

PO Box 785700 Sandton 2146 South Africa
 T +27
(0) 11 286 7000 F +27 (0) 11 286 7777
 www.capitalmarkets.investec.com

 Mr Chris Chadwick 
 Gold One International Limited 
 Level 3 

100 Mount Street 
 North Sydney

 NSW 
 2060

 19 May 2011 
 Dear
Sir 
 OUTSTANDING TERM SHEET CONDITIONS PRECEDENT IN RESPECT OF FINANCING FACILITIES TO THE GROUP FOR THE ACQUISITION OF ALL OF THE SHARES
IN RAND URANIUM (PROPRIETARY) LIMITED 
 We, Investec Bank Limited (“Investec”), refer to the revised commitment letter dated
19 May 2011 (“the Revised Commitment Letter”). Terms defined in the Revised Commitment Letter shall have the same meaning for purposes of this letter. 
 We refer to the Term Sheet and confirm that only the following conditions precedent to drawdown, as set out in the Term Sheet, remain to be fulfilled to the satisfaction of Investec: 

 

	 	1.	paragraph (h): satisfactory conclusion of a suitable sale and purchase agreement in respect of the entire issued share capital in Rand Uranium (Proprietary) Limited and
proof of settlement of the balance of the acquisition costs; 

  

	 	2.	paragraph (i): satisfactory settlement of the convertible debentures, including the release of security arrangements; 

 

	 	3.	paragraph (j) all security is in place, with all required formalities having been concluded, including evidence that all necessary consents, licenses, board
approvals and governmental authorisations required by law are in place; 

  

	 	4.	paragraph (k): all project accounts are opened; 

  

	 	5.	paragraph (m): executed documentation along with evidence of authorisation to execute the documentation, including appropriate shareholder and regulatory approvals;

  

	 	6.	paragraph (n): receipt of all documents in respect of the borrower and guarantors as may be required in relation to compliance with the Financial Intelligence Centre
Act; 

  

	 	7.	paragraph (o): evidence to the satisfaction of the lenders that there has been no material adverse change (i) to the business, operations, assets, property,
condition (financial or otherwise), prospects or results of the operations of the borrower, the project, the guarantors or the guarantor group taken as a whole since their last audited annual financial statements; and/or (ii) in either the
local or international debt, capital, syndicated loan or commodity markets relevant to the facility; 

 Capital Markets, a
division of Investec Bank Limited. Reg. No. 1969/004763/06. A member of the Investec Group. An authorised financial services provider. A registered credit provider registration number NCRCP9. 

Directors F Titi (Chairman), D M Lawrence* (Deputy Chairman), S Koseff* (Chief Executive), B Kantor* (Managing), S E Abrahams, G R Burger*, M P
Malungani, K X T Socikwa, B Tapnack*, P R S Thomas, C B Tshlli    * Executive Company Secretary: B Coetsee 
 Australia
Botswana Canada Guernsey Hong Kong Ireland Jersey Mauritius Namibia South Africa Switzerland Taiwan United Kingdom United States 

 

 
  

	 	8.	paragraph (p): opinions of legal counsel to the lenders, the borrower and the guarantors from each relevant jurisdiction in a form satisfactory to the lenders;

  

	 	9.	paragraph (r): payment of fees; and 

  

	 	10.	paragraph (s): no event of default or potential event of default. 

  

	
	Yours faithfully
	
	 

	For and on behalf of
	Investec Bank Limited

			
	 

  
 Capital Markets
	  	Johannesburg
	  	  
 Investec Bank Limited

 
 100 Grayston Drive Sandown Sandton 2196

PO Box 785700 Sandton 2146 South Africa
 T +27
(0) 11 286 7000 F +27 (0) 11 286 7777
 www.capitalmarkets.investec.com

 Mr Chris Chadwick 
 Gold One International Limited 
 Level 3 

100 Mount Street 
 North Sydney

 NSW 
 2060

 20 May 2011 
 Dear
Sir 
 REVISED LETTER WITH REGARD TO OUTSTANDING TERM SHEET CONDITIONS PRECEDENT IN RESPECT OF FINANCING FACILITIES TO THE GROUP FOR THE
ACQUISITION OF ALL OF THE SHARES IN RAND URANIUM (PROPRIETARY) LIMITED 
 We, Investec Bank Limited (“Investec”), refer to our
letter dated 19 May 2011 confirming the outstanding term sheet conditions precedent in respect of the above financing. 
 We refer to the
Term Sheet and confirm that only the following conditions precedent to drawdown, as set out in the Term Sheet, remain to be fulfilled to the satisfaction of Investec: 
  

	1.	paragraph (h): satisfactory conclusion of a suitable sale and purchase agreement in respect of the entire issued share capital in Rand Uranium (Proprietary) Limited and
proof of settlement of the balance of the acquisition costs. We confirm that we are satisfied with the terms of the current draft of the sale and purchase agreement (marked “Purchaser’s draft May, 19, 2011”); 

 

	2.	paragraph (l): satisfactory settlement of the convertible debentures, including the release of security arrangements; 

 

	3.	paragraph (j) all security is in place, with all required formalities having been concluded, including evidence that all necessary consents, licenses, board
approvals and governmental authorisations required by law are in place; 

  

	4.	paragraph (k): all project accounts are opened; 

  

	5.	paragraph (m): executed documentation along with evidence of authorisation to execute the documentation, including appropriate shareholder and regulatory approvals;

  

	6.	paragraph (n): receipt of all documents in respect of the borrower and guarantors as may be required in relation to compliance with the Financial Intelligence Centre
Act; 

  

	7.	paragraph (o): evidence to the satisfaction of the lenders that there has been no material adverse change (i) to the business, operations, assets, property,
condition (financial or otherwise), prospects or results of the operations of the borrower, the project, the guarantors or the guarantor group taken as a whole since their last audited annual financial statements; and/or (ii) in either the
local or international debt, capital, syndicated loan or gold markets relevant to the facility. We confirm that as at the date of this letter no material adverse change has occurred; 

Capital Markets, a division of Investec Bank Limited. Reg. No. 1969/004763/06. A member of the Investec Group. An authorised financial services
provider. A registered credit provider registration number NCRCP9. 
 Directors F Titi (Chairman), D M Lawrence* (Deputy Chairman), S Koseff*
(Chief Executive), B Kantor* (Managing), S E Abrahams, G R Burger*, M P Malungani, K X T Socikwa, B Tapnack*, P R S Thomas, C B Tshili    * Executive Company Secretary: B Coatsee 

Australia Botswana Canada Guernsey Hong Kong Ireland Jersey Mauritius Namibia South Africa Switzerland Taiwan United Kingdom United States 

 

 
  

	8.	paragraph (p): opinions of legal counsel to the lenders, the borrower and the guarantors from each relevant jurisdiction, in respect of the powers, capacity and
authority of the parties to enter the Facility Documents and the enforceability thereof, in a form satisfactory to the lenders; 

  

	9.	paragraph (r): payment of fees; and 

  

	10.	paragraph (s): no event of default or potential event of default. 

  

	
	Yours faithfully
	
	 

	For and on behalf of
	Investec Bank Limited

 Annexure G - Relevant individuals 
 John Munro - CEO 
 Dave King - CFO 
 Grant Stuart - Executive 
 Harry Joelson - Project Manager 

Herculus Jacobs - Head Metallurgy 
 Rex Zorab -
Head Environment 
 Frans Agenbag - GM 

Hiiten Ooka - Fin Manager 
 Deon Hahn -
Engineering Manager 
 Marius Jacobs - H.R. Manager 
 Jurgens Visser - Corporate Mineral Resource Manager 

  
 100

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